Riggs National Bank, Washington, DC (Charter 5046)

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The old Riggs National Bank building at Pennsylvania Avenue and 15th Street, ca2022. At that time it was the Washington Hotel.
The old Riggs National Bank building at Pennsylvania Avenue and 15th Street, ca2022. At that time it was the Washington Hotel. Courtesy of Google Maps

Riggs National Bank, Washington, DC (Chartered 1896 - Liquidated 2005)

Town History

The Riggs National Bank located on 15th and Pennsylvania Avenue, ca1950. Library of Congress, Prints & Photographs Division, Theodor Horydczak Collection, [reproduction number LC-H823-2389-001]
The Riggs National Bank located on 15th and Pennsylvania Avenue, ca1950. Library of Congress, Prints & Photographs Division, Theodor Horydczak Collection, [reproduction number LC-H823-2389-001]
A 1922 advertisement for The Riggs National Bank at Pennsylvania Avenue and 15th Street across from the U.S. Treasury. The bank is depicted and Officers are as given in the Bank History Section.
A 1922 advertisement for The Riggs National Bank at Pennsylvania Avenue and 15th Street across from the U.S. Treasury.

Washington, D.C., formally the District of Columbia, also known as just Washington or simply D.C., is the capital city and federal district of the United States. It is located on the east bank of the Potomac River, which forms its southwestern and southern border with Virginia, and it shares a land border with Maryland on its other sides. The city was named for George Washington, a Founding Father and the first president of the United States, and the federal district is named after Columbia, a female personification of the nation. As the seat of the U.S. federal government and several international organizations, the city is an important world political capital. It is one of the most visited cities in the U.S. with over 20 million annual visitors as of 2016.

Washington, DC had 29 National Banks chartered during the Bank Note Era, and 25 of those banks issued National Bank Notes.

Bank History

A 1958 advertisement for The Riggs National Bank announcing the consolidation with The Lincoln National Bank of Washington, DC. Depicted are the 15 offices of the bank.
A 1958 advertisement for The Riggs National Bank announcing the consolidation with The Lincoln National Bank of Washington, DC. Depicted are the 15 offices of the bank.

In 1836, William Wilson Corcoran opened a note brokerage house in Washington, DC. In 1840, Mr. Corcoran and George Washington Riggs, the son of Elisha Riggs, a neighbor, formed "Corcoran & Riggs", which offered checking and depositing services. Upon the closure of the Second Bank of the United States, Corcoran & Riggs took advantage of the opportunity, purchasing the Washington branch of the federal bank which then became a symbol of Corcoran & Riggs' relationship to the federal government.

In November 1844, the Treasurer of the United States had on deposit in the Merchants' Bank of Boston, $2,138,297.36; in the Bank of Commerce, New York, $1,480,875.63; Bank of America, NY, $1,552,551.23; Merchants' Bank, New York, $1,382,145.57; American Exchange Bank, New York, $956,431.76; Philadelphia Bank, Pennsylvania, $927,710.70; Bank of Baltimore, $685,982.32; Bank of the Metropolis, $1,257,508.45; with Corcoran & Riggs, Washington, $1,199,995.75; besides other large sums at various points amounting to $13,820,250.73.

Between 1847 and 1848, Corcoran & Riggs financed the Mexican War, by raising $5 million from European merchants and financiers.

On April 1, 1854, the co-partnership existing between the subscribers under the firm of Corcoran & Riggs was dissolved by mutual consent. Signed in Washington, W.W. Corcoran and Elish Riggs. And on the same day, Geo. W. Riggs, Jr. and A.T. Kieckhoefer formed a co-partnership under the name of Riggs & Co. for the purpose of continuing the general banking business formerly conducted by the friends, Messrs. Corcoran & Riggs.

In 1867, just after the end of the Civil War, the federal government requested another major transaction from Riggs & Company. Lacking the confidence in the U.S. money supply, the Russian minister required $7.2 million in gold bullion ($10.12 billion in 2006 dollars) for the sale of Alaska.

On June 30, 1896, the charter was issued authorizing The Riggs National Bank of Washington to begin business with capital of $500,000; president Charles C. Glover; cashier, Arthur T. Brice. Thus, the private banking house of Riggs & Co., prominent in the financial history of Washington for more that half a century, was merged into the Riggs National Bank of Washington. Mr. Francis Riggs retired from official connection with the bank, but as a director, would continue to participate in its affairs.

In January 1900, notice was served on the tenants in the building adjoining on the west of the Riggs National Bank to vacate, as it was the intention of the bank, owner of the property, to remove the present structure and erect a new building for its use. The work of building would be under the direction of Mr. John S. Larcombe, who proposed as soon as he can gain possession of the premises to remove the structure and clear the site for the erection of the new one. The structure to be removed was originally used as the residence of the cashier of the old United States Bank which in the early years of the city occupied the banking house where Riggs & Co. carried on its business for many years, and where the Riggs National Bank continued in business. The new structure was designed with special reference to the style of the new building of the Department of Justice, which it would practically adjoin on the east, so that there will be some harmony in the appearance of the two structures. and while the government building would be much taller, the bank structure would not be dwarfed. Mr. E. Francis Riggs, the owner or the present bank building, had under consideration plans for the erection of an addition at the rear in order to make provision for an entrance from 15th street to the upper floor, which was used for offices.

In February 1901, the new Riggs National Bank building was nearing completion. The removal of the low yellow structure in which Alexander Hamilton conducted the affairs of the first bank of the United States would occur around Washington's Birthday. The new quarters of the Riggs National faced the Treasury of the United States. The front was completely of New Hampshire granite. In design it was Greek, with all the adaptations decidedly American in character. Two substantial Corinthian columns supported a pediment decorated with an eagle with wings outstretched. At the base of the pediment and just outside the two pillars were two rectangles of carved granite which carried the ornamentation of the entablature to the Corinthian capitals of the two pillars. The wide space included by the pediment, the two pillars and the entrance steps was divided into two parts, one of generous size for a lighting space and the other for the entrance way of granite. Over the door and supporting the window space was a smaller pediment bearing half the inscription on the front of the building. Above the windows were the words "Riggs National Bank," and over the doorway was the remainder of the legend "Successors to Riggs & Co."

On January 10, 1922, Randall Hagner and Duncan Phillips were added to the list of directors of the Riggs National Bank. Those re-elected were Charles C. Glover, William J. Flather, Milton E. Ailes, H. Rosier Dulany, Charles I. Corby, Sterling Ruffin, Charles Carroll Glover, Jr., L. Kemp Duval, Louis E. Jeffries. John S. Larcombe, Henry B. Spencer, Julius Garfinkle, Fleming Newbold, James Marrion Johnston, Jr., C. Powell Minnigerode, W.M. Ritter, Harry F. Clark and Frank J. Hogan. The officers were Charles C. Glover, chairman of the board; Milton E. Ailes, president; Wm. J. Flather, vice president; Joshua Evans, Jr., vice president; Robt. V. Fleming, vice president and cashier; Chas. C. Glover, Jr., vice president and assistant trust officer; Frank J. Hogan, general counsel and trust officer; Avon M. Vevius, assistant cashier; George O. Vass, assistant cashier; and Earle M. Amick, auditor.

In November 1958, The Riggs National Bank announced the consolidation with The Lincoln National Bank of Washington, DC. This action would unite the largest bank in the nation's capital, founded in 1836, with The Lincoln National Bank, founded in 1890. Under the plan officers and employees of both banks become officers and employees of The Riggs National Bank. The three offices of the Lincoln National would be known as the Lincoln Branch (17th and H Streets, NW); the Seventh and D Street Branch (318 7th St., NW); and the Northeast Branch (1348 4th St., NE). This would give the Riggs National 15 locations including a facility at Walter Reed Army Medical Center and the Trust Department at 1508 H Street, NW. At the close of business November 10, 1958, the Capital was $8,850,000, Surplus 16,200,000, Undivided profits $9,079,067.77 with deposits of $493,569,509.07 and total assets of $531,539,070.78. The officers were Robert V. Fleming, chairman of the board; Charles C. Glover, Jr., vice chairman of the board and chairman of the executive committee; Hulbert T. Bisselle, president; John Oliver La Gorce, Lloyd B. Wilson, Morris Cafritz, Nelson T. Hartson, E. Taylor Chewning, Andrew Parker, Arthur M. Hill, William T. Faricy, Charles Stanley White, A.G. Neal, Harry A. Debutts, James B. Morrison, Alfred H. Lawson, Samuel H. Kauffmann, Frederick M. Bradley, Leo Goodwin, Sr., Samuel Spencer, Richard P. Dunn, J. Willard Marriott, Floyd E. Davis, Jr., Richard A. Norris and Alvin M. Parker, directors. In addition, Coleman Jennings, Edward D. Merrill, Ralph Bradford, Edward L. McAleer, A. Chambers Oliphant, William E. Pearson, William W. Brawner, William Calomiris, George H. Norton, Fred A. Smith, Guy T. Steuart, and Channing S. Walker were honorary directors.

Riggs National Bank on Wikipedia

Official Bank Title(s)

1: The Riggs National Bank of Washington, DC

Bank Note Types Issued

1882 Brown Back $5 bank note with pen signatures of Arthur T. Brice, Cashier and Charles C. Glover, President.
1882 Brown Back $5 bank note with pen signatures of Arthur T. Brice, Cashier and Charles C. Glover, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1882 Brown Back $20 bank note with stamped signatures of Arthur T. Brice, Cashier and Charles C. Glover, President
1882 Brown Back $20 bank note with stamped signatures of Arthur T. Brice, Cashier and Charles C. Glover, President. Courtesy of Heritage Auctions, www.ha.com
1882 Value Back $5 bank note with printed signatures of Joshua Evans, Jr., Cashier and Charles C. Glover, President.
1882 Value Back $5 bank note with printed signatures of Joshua Evans, Jr., Cashier and Charles C. Glover, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $10 bank note with printed signatures of G.O. Vass, Cashier and Robert V. Fleming, President.
1902 Plain Back $10 bank note with printed signatures of G.O. Vass, Cashier and Robert V. Fleming, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $20 bank note with printed signatures of John Doe, Cashier and Jill Smith, President. This is an example of a Replacement note.
1929 Type 1 $20 bank note with printed signatures of John Doe, Cashier and Jill Smith, President. This is an example of a Replacement note. Courtesy of Cody Regennitter

A total of $15,885,450 in National Bank Notes was issued by this bank between 1896 and 2005. This consisted of a total of 1,781,586 notes (1,239,324 large size and 542,262 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1882 Brown Back 4x5 1 - 45750
1882 Brown Back 3x10-20 1 - 39500
1882 Date Back 4x5 1 - 85830
1882 Date Back 3x10-20 1 - 68668
1882 Date Back 3x50-100 1 - 849
1882 Value Back 4x5 85831 - 98827
1902 Plain Back 4x5 1 - 23550
1902 Plain Back 3x10-20 1 - 32687
1929 Type 1 6x5 1 - 46875
1929 Type 1 6x10 1 - 22643
1929 Type 1 6x20 1 - 20859

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1896 - 2005):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Library of Congress photos of the Riggs National Bank
  • Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
  • Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
  • Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
  • Predecessor Banks, Riggs Bank, PNC, accessed Feb. 2, 2024.
  • The Bankers' Magazine, Vol. 78, Jan. 1909-June 1909, p. 666.
  • The Times-Picayune, New Orleans, LA, Tue., Nov. 12, 1844.
  • The Washington Sentinel, Fri., Apr. 14, 1854.
  • Alexandria Gazette, Alexandria, VA, Thu., June 11, 1896.
  • Evening Star, Washington, DC, Wed., July 1, 1896.
  • Evening Star, Washington, DC, Sat., Jan. 6, 1900.
  • The Baltimore Sun, Baltimore, MD, Mon., Feb. 11, 1901.
  • Evening Star, Washington, DC, Tue., Jan. 10, 1922.
  • Evening Star, Washington, DC, Tue., Jan. 17, 1922.
  • Evening Star, Washington, DC, Fri., Nov. 14, 1958.
Panoramic view of Pennsylvania Avenue with the U.S. Treasury on the left and the Riggs National Bank on the right, ca1909.
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