Commission File Number 0-9756

RIGGS NATIONAL CORPORATION

1503 Pennsylvania Avenue, N.W., Washington, D.C. 20005

(202) 835-4309

Indicate by check mark whether the registrant (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days. Yes   __X__ .  No   ___ .

Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Exchange Act). Yes   __X__ .  No   ___ .

Indicate the number of shares outstanding of each of the issuer’s classes of
common stock, as of the latest practicable date.

Transitional Small Business Format
Yes   ___ .   No    x .

RIGGS NATIONAL CORPORATION

TABLE OF CONTENTS

Unless otherwise indicated, all references in this Quarterly Report on Form 10-Q to “Riggs” and the “Company” refer to Riggs National Corporation and its consolidated subsidiaries.

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PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS-UNAUDITED
RIGGS NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

The Accompanying Notes Are An Integral Part Of These Statements

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The Accompanying Notes Are An Integral Part Of These Statements

4

RIGGS NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)

The Accompanying Notes Are An Integral Part Of These Statements

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RIGGS NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS)

The Accompanying Notes Are An Integral Part Of These Statements

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RIGGS NATIONAL CORPORATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
(TABLES IN THOUSANDS, EXCEPT SHARE AMOUNTS)

NOTE 1.        BASIS OF PRESENTATION

The interim consolidated financial statements presented in this Quarterly Report on Form 10-Q are in conformity with U.S. generally accepted accounting principles and follow general practice within the banking industry. These principles have been applied on a consistent basis and include all normal recurring adjustments necessary to fairly present the Company’s results of operations, financial condition and cash flows. The preparation of financial statements requires the use of estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates and the results of operations for the three and nine months ended September 30, 2004 are not necessarily indicative of the results to be expected for all of 2004. For comparability, certain prior period amounts have been reclassified to conform with the current period presentation. These reclassifications include those resulting from the 2004 announcement that the Company would discontinue the operations of several of its business subsidiaries and divisions as discussed below. The financial statements contained herein should be read in conjunction with the audited financial statements and accompanying notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2003.

NOTE 2.        EXIT FROM INTERNATIONAL BUSINESS

As noted in the Company’s Form 10-Q for the quarterly period ended March 31, 2004 and June 30, 2004, Riggs had intentions to exit or sell approximately all of its international banking business and focus its remaining embassy banking business on a select client base. Subsequent to June 30, 2004, the Company announced it would completely exit its foreign embassy banking relationships either through a sale or wind-down of activities. Accordingly, Riggs is pursuing a buyer for its London and Channel Islands operations and is exiting its foreign embassy relationships, and has terminated business operations at its Miami office. In the third quarter, the Company also sold a London property and its corporate aircraft, which were used in support of its international operations. For the nine months ended September 30, 2004, the Company recorded $10.8 million of expenses related to this exit, which were partially offset by a $2.5 million gain on the sale of a property in London, resulting in net expenses of $8.3 million.

The operating results related to those portions of the London and Channel Islands operations, which are classified as held for sale and which include all recurring operating results as well as some exit related expenses, as identified in the following paragraphs, are reported as discontinued operations in the Consolidated Statements of Operations. The operating results of the embassy business, and some of the London operations, which also include expenses identified in the following paragraphs, are reported in results from continuing operations because they do not meet the accounting criteria for discontinued operations.

As part of the exit from its international business, Riggs has accrued approximately $2.3 million of employee severance costs for the nine month ended September 30, 2004. This severance is payable under the terms of an existing Company policy and is therefore accrued in accordance with SFAS No. 112 (Employers’ Accounting for Postretirement Benefits). In addition, the Company recorded approximately $1.1 million of employee retention costs which are accrued in accordance with SFAS No. 146 (Accounting for Costs Associated with Exit or Disposal Activities). The Company anticipates recording approximately $700 thousand of additional retention expenses in the fourth quarter of 2004.

The Company also recorded approximately $7.4 million of additional exit-related expenses for the nine months ended September 30, 2004. These costs include accruals for leasehold obligations at vacated properties and write-downs associated with abandoned fixed assets in the amount of $272 thousand and an impairment charge on its corporate aircraft that was held for sale of $7.1 million during the second quarter of 2004. The amount of this charge was based upon an offer to purchase reduced by estimated selling costs. Consistent with its policy of allocating the operating costs of the aircraft, 45% of the impairment charge was allocated to the International Banking Segme