RESTATED CERTIFICATE OF INCORPORATION
                                       OF
                           RIGGS NATIONAL CORPORATION


                  Riggs National  Corporation,  a Delaware  corporation,  hereby
certifies as follows:
                  FIRST.  The name of the Corporation is Riggs National
Corporation.  The date of filing of its original Certificate of Incorporation
with the Secretary of State was October 27, 1980.
                  SECOND.  This  Restated   Certificate  of  Incorporation  only
restates  and  integrates  and does not  further  amend  the  provisions  of the
Certificate  of  Incorporation  of said  Corporation  as  heretofore  amended or
supplemented,  and there is no  discrepancy  between  those  provisions  and the
provisions  of  this  Restated  Certificate  of  Incorporation.   This  Restated
Certificate  of  Incorporation  has been duly  adopted  in  accordance  with the
provisions  of  Section  245 of the  General  Corporation  Law of the  State  of
Delaware.
                  THIRD.  The text of the Certificate of Incorporation is hereby
restated to read herein as set forth in full:

                  "FIRST:  The name of the Corporation is:
                           RIGGS NATIONAL CORPORATION
                  SECOND:  The address of its registered  office in the State of
Delaware is No. 100 West Tenth Street, in the City of Wilmington,  County of New
Castle.  The name of its  registered  agent at such  address is The  Corporation
Trust Company.
                  THIRD:   The nature of the business or purposes to be
conducted or promoted by the Corporation is:

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                  (a)  To act as a holding company and to acquire and own shares
and other interests in, and securities of, other corporations, associations,
partnerships or individuals; and as such shareholder or as owner of such other
interests  and  securities,  to  exercise  all rights incident thereto.
                  (b)  To  acquire  by  purchase,   subscription,   contract  or
otherwise,  and to  receive,  hold,  own,  guarantee,  sell,  assign,  exchange,
transfer,  mortgage,  pledge or otherwise  dispose of or deal in and with any of
the shares of the capital stock, or any voting trust  certificates in respect of
the shares of capital stock, scrip, warrants, rights, bonds, debentures,  notes,
trust  receipts,  and  other  securities,  obligations,  choses  in  action  and
evidences of  indebtedness  or interest  issued or created by any  corporations,
joint  stock  companies,  syndicates,  associations,  firms,  trusts or persons,
public or private,  or by the government of the United States of America,  or by
any foreign government,  or by any state, territory,  province,  municipality or
other political  subdivision or by any governmental agency, and as owner thereof
to possess and  exercise all the rights,  powers and  privileges  of  ownership,
including the right to execute consents and vote thereon,  and to do any and all
acts  and  things  necessary  or  advisable  for the  preservation,  protection,
improvement and enhancement in value thereof.
                  (c) To  acquire,  and pay for in cash,  stock or bonds of this
Corporation or otherwise,  the good will,  rights,  assets and property,  and to
undertake or assume the whole or any part of the  obligations  or liabilities of
any person, firm, association or corporation.
                  (d) To borrow or raise  monies for any of the  purposes of the
Corporation  and, from time to time without limit as to amount,  to draw,  make,
accept, endorse,  execute and issue promissory notes, drafts, bills of exchange,
warrants,  bonds, debentures and other negotiable or non-negotiable  instruments
and evidences of  indebtedness,  and to secure the payment of any thereof and of
the interest  thereon by mortgage  upon or pledge,  conveyance  or assignment in
trust of the whole or any part of the  property of the  Corporation,  whether at
the time owned or thereafter acquired,  and to sell, pledge or otherwise dispose
of such  bonds  or  other  obligations  of the  Corporation  for  its  corporate
purposes.

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<PAGE>

                  (e) To purchase,  receive,  lease, or otherwise acquire,  own,
hold,  improve,  employ,  use and  otherwise  deal in and with real or  personal
property,  or any interest  therein,  wherever  situated,  and to sell,  convey,
lease, exchange, transfer or otherwise dispose of, or mortgage or pledge, all or
any of the Corporation's property and assets, or any interest therein,  wherever
situated.
                  (f)  To  engage  in  any  lawful  act or  activity  for  which
corporations may be organized under the General Corporation Law of Delaware.
                  (g) In  general,  to possess and  exercise  all the powers and
privileges  granted by the General  Corporation  Law of Delaware or by any other
law of Delaware or by this Certificate of Incorporation together with any powers
incidental  thereto,  so far as such  powers and  privileges  are  necessary  or
convenient  to the conduct,  promotion or attainment of the business or purposes
of the Corporation.
                  FOURTH:  The total  number of shares of all classes of capital
stock which the Corporation shall have authority to issue is Ninety-five Million
(95,000,000)  shares, of which Fifty Million (50,000,000) shares shall be shares
of Common  Stock of the par value of Two  Dollars  and Fifty  Cents  ($2.50) per
share (the `Common Stock');  Twenty Million  (20,000,000) shares shall be shares
of Class B Common Stock of the par value of Two Dollars and Fifty Cents  ($2.50)
per share (the `Class B Common  Stock');  and Twenty-five  Million  (25,000,000)
shares shall be shares of Preferred Stock of the par value of One Dollar ($1.00)
per share (the `Preferred Stock').

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<PAGE>

                  The Board of Directors may, at any time and from time to time,
subject to the  provisions of Article NINTH herein,  if all of the capital stock
which the  Corporation  is authorized  to issue has not been issued,  subscribed
for,  or  otherwise  committed  to be  issued,  issue or take  subscription  for
additional  shares of its  capital  stock up to the  amount  authorized  in this
Article.
                  Any amendment to the Certificate of Incorporation  which shall
increase or decrease the  authorized  capital  stock of the  Corporation  may be
adopted by the affirmative  vote of the holders of a majority of the outstanding
shares of the voting stock of the Corporation entitled to vote thereon.
                  Class B Common Stock.  Except with regard to voting powers and
to the extent that the Board of Directors  provides  otherwise in the resolution
or  resolutions  providing for the issuance of Class B Common  Stock,  shares of
Class B Common Stock shall have the same designations,  rights,  qualifications,
limitations and restrictions as shares of Common Stock; provided,  however, that
holders of Class B Common Stock shall not have the  preemptive  rights set forth
in Article NINTH herein.
                  The voting powers,  designations,  rights and  qualifications,
limitations or restrictions of the authorized but unissued shares of the Class B
Common Stock shall be as follows:
                  (a) The Board of Directors is authorized, at any time and from
time to time,  subject to the provisions of Article NINTH herein, to provide for
the issuance of shares of Class B Common Stock in one or more series,  with such
voting  powers  (provided  that such voting powers must be more limited on a per
share basis than those relating to the Common Stock),  or without voting powers,
and with such designations,  participating, optional or other special rights and
qualifications,  limitations  or  restrictions  thereof,  as shall be stated and
expressed in the  resolution  or  resolutions  providing  for the issue  thereof
adopted  by the  Board  of  Directors  (except  as  otherwise  provided  in this
Certificate  of  Incorporation  or any  amendment  thereto),  including  without
limitation the following:

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<PAGE>

                  (i)      The designation and number of shares of such series.
                  (ii)     The dividend rate or policy  relating to such series,
                           the conditions and dates upon which  dividends  shall
                           be payable,  the relation which such dividends  shall
                           bear to the  dividends  payable on any other class or
                           classes or of any other series of capital stock.
                  (iii)    Whether or not the shares of such series
                           shall be convertible  into or exchangeable for shares
                           of any other class or classes or of any other  series
                           of any class or classes of the  capital  stock of the
                           Corporation, and, if provision is made for conversion
                           or exchange,  the times, prices, rates,  adjustments,
                           and other terms and conditions of such  conversion or
                           exchange.
                  (iv)     The voting  powers of the series,  provided that each
                           share of Class B Common  Stock must have more limited
                           voting  rights than each share of Common  Stock,  and
                           further,  that except as required by law, the holders
                           of Common  Stock and Class B Common  Stock shall vote
                           together as a single class.

                                      -5-
<PAGE>

                  (v)      Any  other  powers,  participating  or other  special
                           rights,  and  the   qualifications,   limitations  or
                           restrictions  thereof,  of the shares of such  series
                           that the Board of Directors may deem advisable.
                  (b)   Notwithstanding   Article  TENTH  of  the  Corporation's
Certificate of  Incorporation,  the holders of any such series of Class B Common
Stock shall have no voting power except as otherwise  required by law and except
for any  voting  powers  as may be  stated  in the  resolutions  of the Board of
Directors providing for the issuance of such shares.
                  Preferred Stock.  The designations and the powers, preferences
and rights, and the qualifications, limitations or restrictions of the
authorized but unissued shares of Preferred Stock shall be as follows:
                  (a) The Board of Directors is authorized, at any time and from
time to time,  subject to the provisions of Article NINTH herein, to provide for
the  issuance  of shares of  Preferred  Stock in one or more  series,  with such
voting  powers,  full or  limited,  or  without  voting  powers,  and with  such
designations,  preferences,  and  relative,  participating,  optional  or  other
special rights,  and  qualifications,  limitations or restrictions  thereof,  as
shall be stated and expressed in the resolution or resolutions providing for the
issue thereof adopted by the Board of Directors, except as otherwise provided in
this Certificate of Incorporation,  or any amendment  hereto,  including without
limitation the following:
                  (i)      The designation and number of shares of such series.
                  (ii)     The dividend rate of such series,  the conditions and
                           dates upon which such dividends shall be payable, the
                           preference  or relation  which such  dividends  shall
                           bear to the  dividends  payable on any other class or
                           classes or of any other series of capital stock,  and
                           whether  such   dividends   shall  be  cumulative  or
                           noncumulative.

                                      -6-
<PAGE>

             (iii)         Whether the shares of such series shall be subject to
                           redemption by the  Corporation,  and, if made subject
                           to such redemption, the times, prices and other terms
                           and conditions of such redemption.
             (iv)          The terms and  amount of any  sinking  fund  provided
                           for the purchase  or  redemption  of the  shares of
                           such  series.
                  (v)      Whether or not the shares of such series shall be
                           convertible into or exchangeable for shares of any
                           other class or classes or of any other  series of any
                           class or classes of the  capital stock of the
                           Corporation and, if provision is made for conversion
                           or exchange, the  times, prices, rates, adjustments,
                           and other terms and conditions of such conversion or
                           exchange.
                  (vi)     The  extent,  if any,  to which  the  holders  of the
                           shares of such series  shall be entitled to vote as a
                           class or  otherwise  with  respect to the election of
                           the directors or otherwise.
             (vii) The  restrictions,  if any,  on the issue or  reissue  of any
                   additional Preferred Stock.
            (viii) The  rights  of the  holders  of the  shares  of such
                   series   upon  the   dissolution   of,  or  upon  the
                   distribution of assets of, the Corporation.
                  (ix)     Any   other   powers,   preferences   and   relative,
                           participating  or  other  special  rights,   and  the
                           qualifications,  limitations or restrictions thereof,
                           of the  shares  of such  series,  that  the  Board of
                           Directors may deem advisable.

                                      -7-
<PAGE>

                  (b)   Notwithstanding   Article  TENTH  of  the  Corporation's
Certificate of Incorporation,  the holders of any such series of Preferred Stock
shall have no voting power  except as  otherwise  required by law and except for
any voting  powers with respect to the election of directors or other matters as
may be stated in the  resolutions  of the Board of Directors  providing  for the
issuance of such shares.
                  FIFTH:   Deleted
                  SIXTH:  The number of  directors of the  Corporation  shall be
fixed by, or in the manner  provided  in, the  By-laws and may be  increased  or
decreased  from time to time as therein  provided,  but the number thereof shall
not be less than five.
                  SEVENTH: Deleted
                  EIGHTH:   The  following   provisions   are  adopted  for  the
management  of  the  business  and  for  the  conduct  of  the  affairs  of  the
Corporation,  and for creating,  defining, limiting and regulating the powers of
the Corporation, the directors, and the stockholders:
                  (a) The  private  property  of the  stockholders  shall not be
                  subject to the payment of corporate debts to any extent
                  whatever.
                  (b) The directors shall have power to adopt By-laws, and, from
                  time to time, to amend or repeal any By-law. (c) The Directors
                  may from time to time  declare  such  dividends  as they shall
                  deem advisable and proper, subject to such restrictions as may
                  be imposed by law, and pay the same to the stockholders at
                  such times as they shall fix.
                  (d) The Board of  Directors  shall have power to issue  bonds,
debentures, or other obligations,  either nonconvertible or convertible into the
Corporation's  stock,  upon such terms, in such manner and under such conditions
in conformity  with law, as may be fixed by the Board of Directors  prior to the
issue of such bonds, debentures or other obligations.

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<PAGE>

                  (e) The  stockholders  and directors  shall have power to hold
their  meetings  and keep the books,  documents  and  papers of the  Corporation
outside  of the state of  Delaware,  at such  places as may be from time to time
designated  by the By-laws or by resolution  of the  stockholders  or directors,
except as otherwise required by the laws of Delaware.
                  (f) It is the intention that the objects,  purposes and powers
specified in Article THIRD hereof  shall,  except where  otherwise  specified in
said Article,  be nowise limited or restricted by reference to or inference from
the  terms  of  any  other   article  or  paragraph  in  this   Certificate   of
Incorporation,  but that the objects,  purposes and powers  specified in Article
THIRD and in each of the clauses or paragraphs of this charter shall be regarded
as independent objects, purposes and powers.
                  NINTH:  Each  holder of the  Common  Stock of the  Corporation
shall have a preemptive  right,  to the extent  permitted by law, to purchase or
subscribe  for  any  stock  of any  class  of the  Corporation,  whether  now or
hereafter authorized, or to purchase or subscribe for any security or obligation
convertible  into or exchangeable  for or evidencing the right to purchase stock
of any  class,  which the  Corporation  may from time to time  issue,  unless in
approving the issuance,  or any  transaction  resulting in the issuance,  of any
stock  of  any  class  of the  Corporation,  or any  securities  or  obligations
convertible  into or exchangeable  for or evidencing the right to purchase stock
of any class,  the Board of Directors of the  Corporation  unanimously,  with at
least a majority of the Directors  voting,  votes to eliminate  such  preemptive
rights. No holder of any other class of stock of the Corporation,  including the
Class B Common Stock and the Preferred Stock, shall have any preemptive rights.

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<PAGE>

                  TENTH: At all meetings of  stockholders  held for the election
of directors or for any other corporate purpose, each holder of capital stock of
the Corporation,  whether now or hereafter authorized,  shall be entitled to one
vote,  in person or by proxy,  for each share of stock  held by him.  Cumulative
voting for the election of directors  shall not be permitted.  Shares of its own
capital stock belonging to the Corporation or belonging to another  corporation,
a majority of the voting stock of which is held  directly or  indirectly  by the
Corporation,  shall  neither  be  entitled  to vote nor be  counted  for  quorum
purposes. Nothing in this Article TENTH shall be construed as limiting the right
of any  corporation  to vote stock,  including but not limited to its own stock,
held by it in a fiduciary capacity.
                  ELEVENTH:  (a) The  Corporation  shall indemnify its officers,
directors,  employees, and agents and former officers, directors,  employees and
agents,  and any person serving at the request of the Corporation as a director,
officer, employee or agent of another corporation,  partnership,  joint venture,
trust  or  other  enterprise,  against  expenses  (including  attorneys'  fees),
judgments,  fines, and amounts paid in settlement in connection with any pending
or  threatened   action,   suit  or   proceeding,   whether   civil,   criminal,
administrative or investigative,  with respect to which such officer,  director,
employees,  agent or other  person  is a party,  or is  threatened  to be made a
party, to the full extent authorized or permitted by the General Corporation Law
of the State of  Delaware.  The  indemnification  provided  herein  shall not be
deemed exclusive of any other rights to which any person seeking indemnification
may  be  entitled  under  any  By-law,   agreement,   vote  of  stockholders  or
disinterested directors or otherwise, both as to action in his official capacity
and as to action in another capacity,  while holding any such office,  and shall
inure to the  benefit of the heirs,  executors  and  administrators  of any such
person.  The Corporation shall have the power to purchase and maintain insurance
on behalf of any persons enumerated above against any liability asserted against
him and  incurred by him in any such  capacity,  or arising out of his status as
such,  whether  or not the  Corporation  would have the power to  indemnify  him
against such liability under the provisions of this Article ELEVENTH.

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<PAGE>

                  (b) No director of the Corporation  shall be personally liable
to the  Corporation  or its  stockholders  for  monetary  damages  for breach of
fiduciary duty as a director; provided that the foregoing shall not eliminate or
limit  liability  of a director  (i) for any breach of such  director's  duty of
loyalty to the Corporation or its  stockholders,  (ii) for acts or omissions not
in good faith or which involve intentional  misconduct or a knowing violation of
law,  (iii) under  Section 174 of the  General  Corporation  Law of the State of
Delaware,  or (iv) for any  transaction  from  which  such  director  derives an
improper personal  benefit.  Any repeal or modification of this paragraph (b) by
the  stockholders  of the  Corporation  shall not adversely  affect any right or
protection of any director of the Corporation existing at the time of, or for or
with  respect  to any acts or  omissions  occurring  prior  to,  such  repeal or
modification.
                  TWELFTH:  The Corporation  reserves the right to amend, alter,
change or repeal any provision  contained in this Certificate of  Incorporation,
in the manner now or hereinafter prescribed by statute, and all rights conferred
upon stockholders herein are granted subject to this reservation.
                  THIRTEENTH: The Corporation is to have perpetual existence."
                  IN WITNESS WHEREOF, Riggs National Corporation has caused this
certificate to be signed by Timothy C. Coughlin its  President,  on the 19th day
of April, 1999.

                                         RIGGS NATIONAL CORPORATION

                                         By: /s/ TIMOTHY C. COUGHLIN
                                            ------------------------
                                                 Timothy C. Coughlin
                                                 President

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