the largest bank company headquartered in the government's backyard is reporting substantial loan troubles.

Nonperforming assets at Washington-based Riggs National Corp., which was long known for its conservative approach to lending, skyrocketed to $53.5 million in the third quarter, up 81% since the end of June. In the last year, bad loans at $5.5 billion-asset Riggs have soared by a whopping 1,345%.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.