WASHINGTON -- Riggs National Corp. said the Office of the Comptroller of the Currency has terminated the written agreement under which Riggs National Bank has been operating since May 14, 1993.
The bank has completed four consecutive quarters of profitability and has reported capital ratios significantly in excess of regulatory guidelines, the company noted.
In May 1993, Riggs and its Riggs National Bank unit entered into pacts under which banking authorities would monitor some of the companies' business activities. Riggs was to adopt a capital plan that required a minimum total risk-based capital ratio of 10%, a minimum Tier 1 risk-based capital ratio of 6%, and a minimum leverage ratio of 5%. The bank also said it would implement recommendations previously made by an independent management consultant. All these requirements have been met, Riggs said.