WASHINGTON -- Riggs National Corp. elevated Fred L. Bollerer to the post of president and chief executive of its lead unit, Riggs National Bank.
Mr. Bollerer, 53, had been executive vice president for general banking. He replaces Joe L. Allbritton, who filled in as the lead bank's chief executive when Paul Homan resigned in May.
Mr. Allbritton remains chairman and chief executive officer of Riggs National Corp. and chairman of the board of the Riggs National Bank of Washington.
Riggs also said Robert L. Sloan, chief executive of Sibley Memorial Hospital, has been elected vice chairman of the board of both Riggs National Corp. and the Riggs National Bank of Washington. He has served on the bank's board since 1990 and on the parent Riggs board since 1993.
Separately, Riggs National Corp. reported second quarter net income of $9.8 million, or 23 cents a share. This marked the fourth consecutive profitable quarter for Riggs. For the first half of 1994, net income totaled $17.7 million, or 38 cents a share.
Riggs also reported that it had reduced nonperforming assets by $46 million during the second quarter, to $127 million.
Second-quarter results benefited from a $2.1 million pretax credit from the recapture of severance-related restructuring expense accrued in 1993.
The net interest margin for the second quarterexpanded to 3.92% from 3.70% for the first quarter of 1994.