UNITED STATES
            SECURITIES AND EXCHANGE COMMISSION
       WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)   [X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                                  OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2002

[   ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                                  OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to _________

Commission File Number 0-9756

RIGGS NATIONAL CORPORATION
           (Exact name of registrant as specified in its charter)

Delaware                              52-1217953
              (State or other jurisdiction of             (I.R.S. Employer
               incorporation or organization)              Identification No.)

1503 Pennsylvania Avenue, N.W., Washington, D.C.    20005
                                            (Address of principal executive offices)             (Zip Code)

(202) 835-4309
       (Registrant's telephone number, including area code)

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

Common Stock, $2.50 par value              28,505,855
                       (Title of Class)               (Outstanding at April 30, 2002)

## RIGGS NATIONAL CORPORATION

## TABLE OF CONTENTS

PART I.  FINANCIAL INFORMATION                                                                                                                                                     PAGE NO.

`Item 1.      Financial Statements

                         Consolidated Statements of Income (Unaudited)
                         Three months ended March 31, 2002 and 2001                              3

                         Consolidated Statements of Condition (Unaudited)
                         March 31, 2002 and 2001, and December 31, 2001                          4

                         Consolidated Statements of Changes in Shareholders' Equity (Unaudited)
                         Three months ended March 31, 2002 and 2001                              5

                         Consolidated Statements of Cash Flows (Unaudited)
                         Three months ended March 31, 2002 and 2001                              6

                         Notes to the Consolidated Financial Statements (Unaudited)            7-13

Item 2.      Management's Discussion and Analysis of Financial
             Condition and Results of Operations                                              14-20

Item 3.      Quantitative and Qualitative Disclosures about Market Risk                       20-21`

PART II. OTHER
INFORMATION

`Item 1.                  Legal Proceedings                                                       22

Item 2.                  Change in Securities                                                    22

Item 3.                  Defaults Upon Senior Securities                                         22

Item 4.                  Submission of Matters to a Vote of Security Holders                     22

Item 5.                  Other Information                                                       22

Item 6.                  Exhibits and Reports on Form 8-K                                        22

Signatures                                                                                       22`

# 2

PART I FINANCIAL INFORMATION

ITEM 1.
FINANCIAL STATEMENTS-UNAUDITED

RIGGS NATIONAL
CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

`THREE MONTHS ENDED
(UNAUDITED)                                                                                                      MARCH 31,
                                                                                                           -----------------------
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)                                                                      2002       2001
==================================================================================================================================
INTEREST INCOME
  Interest and Fees on Loans                                                                                  $43,691     $53,587
  Interest and Dividends on Securities Available for Sale                                                      17,458      18,601
  Interest on Time Deposits with Other Banks                                                                      731       5,077
  Interest on Federal Funds Sold and Reverse Repurchase Agreements                                              2,541       4,124
----------------------------------------------------------------------------------------------------------------------------------
  Total Interest Income                                                                                        64,421      81,389
INTEREST EXPENSE
  Interest on Deposits:
      Savings and NOW Accounts                                                                                    291         509
      Money Market Deposit Accounts                                                                             4,538       8,673
      Time Deposits in Domestic Offices                                                                         6,380       8,932
      Time Deposits in Foreign Offices                                                                          2,364       8,343
----------------------------------------------------------------------------------------------------------------------------------
  Total Interest on Deposits                                                                                   13,573      26,457
----------------------------------------------------------------------------------------------------------------------------------
  Interest on Short-Term Borrowings and Long-Term Debt:
      Repurchase Agreements and Other Short-Term Borrowings                                                     1,988       6,888
      Long-Term Debt                                                                                            1,618       1,618
----------------------------------------------------------------------------------------------------------------------------------
  Total Interest on Short-Term Borrowings and Long-Term Debt                                                    3,606       8,506
----------------------------------------------------------------------------------------------------------------------------------
  Total Interest Expense                                                                                       17,179      34,963
----------------------------------------------------------------------------------------------------------------------------------
  Net Interest Income                                                                                          47,242      46,426
  Provision for Loan Losses                                                                                    (1,668)        115
----------------------------------------------------------------------------------------------------------------------------------
  Net Interest Income after Provision for Loan Losses                                                          48,910      46,311
NONINTEREST INCOME
  Trust and Investment Advisory Income                                                                         11,839      12,664
  Service Charges and Fees                                                                                     11,050      10,337
  Venture Capital Investment Losses, Net                                                                       (6,866)     (7,886)
  Other Noninterest Income                                                                                      2,218       2,218
  Securities Gains, Net                                                                                           287      10,388
----------------------------------------------------------------------------------------------------------------------------------
  Total Noninterest Income                                                                                     18,528      27,721
NONINTEREST EXPENSE
  Salaries and Employee Benefits                                                                               27,463      25,909
  Occupancy, Net                                                                                                5,028       5,235
  Data Processing Services                                                                                      5,259       5,587
  Furniture, Equipment and Software                                                                             3,817       4,863
  Other Noninterest Expense                                                                                    15,215      14,925
----------------------------------------------------------------------------------------------------------------------------------
  Total Noninterest Expense                                                                                    56,782      56,519
----------------------------------------------------------------------------------------------------------------------------------
  Income before Taxes and Minority Interest                                                                    10,656      17,513
  Applicable Income Tax Expense                                                                                 4,315       6,984
  Minority Interest in Income of Subsidiaries, Net of Taxes                                                     4,916       4,923
==================================================================================================================================
  Net Income                                                                                                  $ 1,425     $ 5,606

EARNINGS PER SHARE-      Basic                                                                                $  0.05     $  0.20
                         Diluted                                                                                 0.05        0.19

DIVIDENDS DECLARED AND PAID PER SHARE                                                                         $  0.05     $  0.05`

The Accompanying Notes Are An Integral Part Of These Statements

# 3

RIGGS NATIONAL CORPORATION
CONSOLIDATED
STATEMENTS OF CONDITION

`(UNAUDITED)                                                                          MARCH 31, DECEMBER 31,  MARCH 31,
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)                                                  2002        2001        2001
======================================================================================================================
ASSETS
  Cash and Due from Banks                                                           $  160,328  $  179,743 $  130,840
  Federal Funds Sold and Reverse Repurchase Agreements                                 546,000     629,000    447,000
----------------------------------------------------------------------------------------------------------------------
  Total Cash and Cash Equivalents                                                      706,328     808,743    577,840

  Time Deposits with Other Banks                                                       211,903     289,464    345,692
  Securities Available for Sale (at Market Value)                                    1,759,492   1,718,638  1,199,431
  Venture Capital Investments                                                           52,200      56,320     73,608

  Loans                                                                              2,771,840   2,868,592  2,866,444
  Reserve for Loan Losses                                                              (26,718)    (29,540)   (34,818)
----------------------------------------------------------------------------------------------------------------------
  Total Net Loans                                                                    2,745,122   2,839,052  2,831,626

  Premises and Equipment, Net                                                          194,795     197,018    211,283
  Other Assets                                                                         190,632     190,167    170,558
======================================================================================================================
  Total Assets                                                                      $5,860,472  $6,099,402 $5,410,038

LIABILITIES
  Deposits:
  Noninterest-Bearing Demand Deposits                                               $  675,249  $  661,823 $  662,284
  Interest-Bearing Deposits:
      Savings and NOW Accounts                                                         295,217     305,839    344,304
      Money Market Deposit Accounts                                                  1,887,457   1,955,483  1,686,142
      Time Deposits in Domestic Offices                                              1,329,060   1,132,200    755,903
      Time Deposits in Foreign Offices                                                 357,721     466,938    589,102
----------------------------------------------------------------------------------------------------------------------
  Total Interest-Bearing Deposits                                                    3,869,455   3,860,460  3,375,451
----------------------------------------------------------------------------------------------------------------------
  Total Deposits                                                                     4,544,704   4,522,283  4,037,735

  Repurchase Agreements and Other Short-Term Borrowings                                457,472     596,620    444,758
  Other Liabilities                                                                    139,066     203,151    119,201
  Long-Term Debt                                                                        66,525      66,525     66,525
----------------------------------------------------------------------------------------------------------------------
  Total Liabilities                                                                  5,207,767   5,388,579  4,668,219

GUARANTEED  PREFERRED  BENEFICIAL  INTERESTS  IN  JUNIOR
  SUBORDINATED  DEFERRABLE  INTEREST  DEBENTURES                                       294,284     350,000    350,000
======================================================================================================================
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
  Common Stock-$2.50 Par Value
                                      3/31/02    12/31/01     3/31/01
                                     -----------------------------------
             Authorized              50,000,000  50,000,000  50,000,000
             Issued                  31,806,448  31,795,703  31,749,264
             Outstanding             28,505,650  28,494,905  28,448,466                 79,516      79,489     79,373
  Additional Paid in Capital                                                           168,360     163,125    162,620
  Retained Earnings                                                                    197,544     197,545    230,800
  Accumulated Other Comprehensive Loss                                                 (15,642)     (7,979)    (9,617)
  Treasury Stock - 3,300,798 shares at March 31, 2002 and 2001, and
         December 31, 2001                                                             (71,357)    (71,357)   (71,357)
----------------------------------------------------------------------------------------------------------------------
  Total Shareholders' Equity                                                           358,421     360,823    391,819
======================================================================================================================
  Total Liabilities and Shareholders' Equity                                        $5,860,472  $6,099,402 $5,410,038`

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)

`COMMON                            ACCUMULATED
                                                               STOCK    ADDITIONAL                 OTHER                  TOTAL
                                                               $2.50     PAID IN    RETAINED   COMPREHENSIVE TREASURY  SHAREHOLDERS'
                                                                PAR      CAPITAL    EARNINGS   INCOME (LOSS)  STOCK      EQUITY
==================================================================================================================================
Balance, December 31, 2000                                      $79,254   $162,206    $226,616    $(13,973)  $(71,357)   $382,746
Comprehensive Income:
   Net Income                                                                            5,606                              5,606
   Other Comprehensive Income
     (Loss), Net of Tax: (1)
    Unrealized Gain (Loss) on
      Securities Available for Sale, Net
      of Reclassification Adjustments                                                                6,523                  6,523
    Unrealized Gain (Loss) on Derivatives,
      Net of Reclassification Adjustments                                                           (1,047)                (1,047)
    Foreign Exchange
      Translation Adjustments                                                                       (1,120)                (1,120)
                                                                                                                      ------------
   Total Other Comprehensive
     Income (Loss)                                                                                                          4,356
                                                                                                                      ============
Total Comprehensive Income (Loss)                                                                                           9,962

Issuance of Common Stock for
  Stock Option Plans-47,800 Shares                                  119        414                                            533

Cash Dividends -
  Common Stock, $.05 per Share                                                          (1,422)                            (1,422)
==================================================================================================================================
Balance, March 31, 2001                                         $79,373   $162,620    $230,800     $(9,617)  $(71,357)   $391,819

Balance, December 31, 2001                                      $79,489   $163,125    $197,545     $(7,979)  $(71,357)   $360,823
Comprehensive Income:
   Net Income                                                                            1,425                              1,425
   Other Comprehensive Income
     (Loss), Net of Tax: (1)
    Unrealized Gain (Loss) on
      Securities Available for Sale, Net
      of Reclassification Adjustments                                                               (7,205)                (7,205)
    Unrealized Gain (Loss) on Derivatives,
      Net of Reclassification Adjustments                                                              255                    255
    Foreign Exchange
      Translation Adjustments                                                                         (713)                  (713)
                                                                                                                      ------------
   Total Other Comprehensive
     Income (Loss)                                                                                                         (7,663)
                                                                                                                      ============
Total Comprehensive Income (Loss)                                                                                          (6,238)

Issuance of Common Stock for
  Stock Option Plans-10,745 Shares                                   27        113                                            140
Repurchase of
  Trust Preferred Securities, Net                                            5,122                                          5,122
Cash Dividends -
  Common Stock, $.05 per Share                                                          (1,426)                            (1,426)
==================================================================================================================================
Balance, March 31, 2002                                         $79,516   $168,360    $197,544    $(15,642)  $(71,357)   $358,421

(1) - See Notes to the Financial Statements for gross unrealized gains or losses arising during each period and the tax effect
         on each item of comprehensive income.`

The Accompanying Notes Are An Integral Part Of These Statements

# 5

RIGGS NATIONAL CORPORATION CONSOLIDATED
STATEMENTS OF CASH FLOWS(UNAUDITED)

(IN THOUSANDS)

`THREE MONTHS ENDED
                                                                                                                  MARCH 31,
                                                                                                           -----------------------
                                                                                                              2002       2001
==================================================================================================================================
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income                                                                                                 $    1,425    $  5,606
  Adjustments to Reconcile Net Income to Cash
    Provided By Operating Activities:
     Provision for Loan Losses                                                                                 (1,668)        115
     Unrealized Losses on Venture Capital Investments                                                           6,385      13,352
     (Gains) Losses on Sales of Venture Capital Investments                                                       481      (5,466)
     Depreciation Expense and Amortization of Leasehold Improvements                                            4,182       3,741
     Gains on Sales of Securities Available for Sale                                                             (287)    (10,388)
     (Increase) Decrease in Other Assets                                                                         (205)     21,305
     Decrease in Other Liabilities                                                                            (88,237)    (11,753)
----------------------------------------------------------------------------------------------------------------------------------
  Total Adjustments                                                                                           (79,349)     10,906
----------------------------------------------------------------------------------------------------------------------------------
Net Cash (Used In) Provided By Operating Activities                                                           (77,924)     16,512
----------------------------------------------------------------------------------------------------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Net Decrease In Time Deposits with Other Banks                                                               77,561      20,209
  Principal Collections and Maturities of Securities Available for Sale                                     2,772,466     477,683
  Proceeds from Sales of Securities Available for Sale                                                            520      81,342
  Purchases of Securities Available for Sale                                                               (2,799,625)   (464,545)
  Purchases of Venture Capital Investments                                                                     (2,801)     (5,862)
  Proceeds from Sale of Venture Capital Investments                                                                55       8,102
  Net Decrease in Loans                                                                                        94,270      73,192
  Net Increase in Premises and Equipment                                                                       (1,959)     (1,151)
  Other, Net                                                                                                      188        (392)
----------------------------------------------------------------------------------------------------------------------------------
Net Cash Provided By Investing Activities                                                                     140,675     188,578
----------------------------------------------------------------------------------------------------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Net Increase (Decrease) in:
    Demand, NOW, Savings and Money Market Deposit Accounts                                                    (65,222)      6,245
    Time Deposits                                                                                              87,643     (44,487)
    Repurchase Agreements and Other Short-Term Borrowings                                                    (139,148)   (138,074)
  Proceeds from the Issuance of Common Stock                                                                      140         533
  Dividend Payments - Common                                                                                   (1,426)     (1,422)
  Repurchase of Trust Preferred Securities                                                                    (46,440)          -
----------------------------------------------------------------------------------------------------------------------------------
Net Cash Used In Financing Activities                                                                        (164,453)   (177,205)
----------------------------------------------------------------------------------------------------------------------------------
Effect of Exchange Rate Changes                                                                                  (713)     (1,120)
----------------------------------------------------------------------------------------------------------------------------------
Net (Decrease) Increase in Cash and Cash Equivalents                                                         (102,415)     26,765
Cash and Cash Equivalents at Beginning of Period                                                              808,743     551,075
==================================================================================================================================
Cash and Cash Equivalents at End of Period                                                                 $  706,328    $577,840

SUPPLEMENTAL SCHEDULE OF CASH FLOW ACTIVITIES:

NONCASH ACTIVITIES:
  Trade Dated Securities                                                                                   $   25,012    $ 33,515
  Loans Transferred to Other Real Estate Owned                                                                  1,551           -

CASH PAID DURING  THE YEAR FOR:
  Interest Paid                                                                                            $   16,192    $ 34,592
  Income Tax Payments                                                                                               -          13`

The Accompanying Notes Are An Integral Part Of These Statements

# 6

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 accounting principles generally accepted in the United States of
America which have been applied on a consistent basis and follow general
practice within the banking industry. In our opinion these interim consolidated
financial statements include all normal recurring adjustments necessary to
fairly present our 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 months ended March
31, 2002 are not necessarily indicative of the results to be expected for all of
2002. For comparability, certain prior period amounts have been reclassified to
conform with current period presentation. The financial statements contained
herein should be read in conjunction with the financial statements and
accompanying notes in our Annual Report on Form 10-K.

NOTE 2.
EARNINGS PER SHARE

Earnings per share computations are as follows:

`THREE MONTHS ENDED      THREE MONTHS ENDED
                                                                                       MARCH 31, 2002          MARCH 31, 2001
                                                                                   ===============================================
                                                                                      BASIC      DILUTED     BASIC      DILUTED
                                                                                       EPS         EPS        EPS         EPS
                                                                                   ===============================================
Net Income Available to Common Shareholders                                            $ 1,425     $ 1,425    $ 5,606     $ 5,606

Weighted-Average Shares Outstanding                                                 28,502,828  28,502,828 28,438,357  28,438,357
Weighted-Average Dilutive Effect
   of Stock Option Plans                                                                   n/a     324,735        n/a     364,043
                                                                                   -----------------------------------------------
Adjusted Weighted-Average Shares Outstanding                                        28,502,828  28,827,563 28,438,357  28,802,400


Basic EPS                                                                              $   .05                $   .20
Diluted EPS                                                                                        $   .05                $   .19`

# 7

NOTES TO THE
CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

NOTE 3. OTHER
COMPREHENSIVE INCOME (LOSS)

`BEFORE-      TAX
                                                                                                   TAX     (EXPENSE)  NET-OF-TAX
                                                                                                 AMOUNT     BENEFIT     AMOUNT
==================================================================================================================================
THREE MONTHS ENDED MARCH 31, 2001:
Foreign Currency Translation Adjustments                                                           $(1,723)   $   603     $(1,120)
Unrealized Gains (Losses) on Securities:
  Unrealized Holding Gains (Losses) Arising During Period                                           10,111     (3,539)      6,572
  Reclassification Adjustment for (Gains) Losses Realized in Net Income                                (76)        27         (49)
----------------------------------------------------------------------------------------------------------------------------------
  Net Unrealized Gains (Losses) on Securities                                                       10,035     (3,512)      6,523
----------------------------------------------------------------------------------------------------------------------------------
Unrealized Gains (Losses) on Derivatives:
  Unrealized Holding Gains (Losses) Arising During Period                                           (1,337)       468        (869)
  Reclassification Adjustment for (Gains) Losses Realized in Net Income                               (274)        96        (178)
----------------------------------------------------------------------------------------------------------------------------------
  Net Unrealized Gains (Losses) on Derivatives                                                      (1,611)       564      (1,047)
==================================================================================================================================
Other Comprehensive Income (Loss)                                                                  $ 6,701    $(2,345)    $ 4,356`

THREE MONTHS ENDED MARCH 31, 2002:

`Foreign Currency Translation Adjustments                                                          $ (1,097)    $  384     $  (713)
Unrealized Gains (Losses) on Securities:
  Unrealized Holding Gains (Losses) Arising During Period                                          (10,797)     3,779      (7,018)
  Reclassification Adjustment for (Gains) Losses Realized in Net Income                               (287)       100        (187)
----------------------------------------------------------------------------------------------------------------------------------
  Net Unrealized Gains (Losses) on Securities                                                      (11,084)     3,879      (7,205)
----------------------------------------------------------------------------------------------------------------------------------
Unrealized Gains (Losses) on Derivatives:
  Unrealized Holding Gains (Losses) Arising During Period                                            1,980       (693)      1,287
  Reclassification Adjustment for (Gains) Losses Realized in Net Income                             (1,587)       555      (1,032)
----------------------------------------------------------------------------------------------------------------------------------
  Net Unrealized Gains (Losses) on Derivatives                                                         393       (138)        255
==================================================================================================================================
Other Comprehensive Income (Loss)                                                                 $(11,788)   $ 4,125     $(7,663)`

ACCUMULATED
OTHER COMPREHENSIVE INCOME (LOSS) BALANCES

`FOREIGN   UNREALIZED  UNREALIZED  ACCUMULATED
                                                                                    CURRENCY   GAIN (LOSS) GAIN (LOSS)   OTHER
                                                                                   TRANSLATION     ON          ON     COMPREHENSIVE
                                                                                   ADJUSTMENTS SECURITIES DERIVATIVES INCOME (LOSS)
==================================================================================================================================
THREE MONTHS ENDED MARCH 31, 2001:
Balance, December 31, 2000                                                             $(4,657)    $(9,316)   $    -     $(13,973)
Period Change                                                                           (1,120)      6,523     (1,047)      4,356
==================================================================================================================================
Balance, March 31, 2001                                                                $(5,777)    $(2,793)   $(1,047)   $ (9,617)

THREE MONTHS ENDED MARCH 31, 2002:
Balance, December 31, 2001                                                             $(5,679)    $   (69)   $(2,231)   $ (7,979)
Period Change                                                                             (713)     (7,205)       255      (7,663)
==================================================================================================================================
Balance, March 31, 2002                                                                $(6,392)    $(7,274)   $(1,976)   $(15,642)`

# 8

NOTES TO THE
CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

NOTE 4:
SEGMENT PROFITABILITY

Our reportable segments are
strategic business units that provide diverse products and services within the
financial services industry. We have six reportable segments: Banking,
International Banking, Riggs & Company, Treasury, Riggs Capital Partners and
Other. The Banking segment provides traditional banking services such as lending
and deposit taking to retail, corporate and commercial customers. The
International Banking segment includes our Washington, D.C. based embassy
banking business, the London-based banking subsidiary, Riggs Bank Europe Limited
and a branch in Berlin. The International Banking segment also includes our
international private-client services division. Riggs & Company is the
domestic private client services division that provides trust and investment
management services to a broad customer base. The Treasury segment is
responsible for asset and liability management throughout our company. Riggs
Capital Partners represents our venture capital subsidiaries, which specialize
in equity investments in privately-held high-growth companies. The Other segment
consists of our unallocated parent-company income and expense, net interest
income from unallocated equity, foreclosed real estate activities and other
revenue or expenses not attributable to one of the other segments.

We evaluate segment
performance based on income before taxes and minority interest. The accounting
policies of the segments are substantially the same as those described in the
summary of significant accounting policies disclosed in our December 31, 2001
Form 10-K. We account for intercompany transactions as if the transactions were
to third parties under market conditions. Overhead and support expenses are
allocated to each operating segment based on number of employees, service usage
and other factors relevant to the expense incurred.

Reconciliations are
provided from the segment totals to our consolidated financial statements. The
reconciliations of noninterest income and noninterest expense offset as these
items result from intercompany transactions and the reconciliation of total
average assets represents the elimination of intercompany transactions.

`==================================================================================================================================
THREE MONTHS                                                                           RIGGS                              RIGGS
ENDED                                           INTERNATIONAL RIGGS &                 CAPITAL                            NATIONAL
MARCH 31, 2002                        BANKING     BANKING     COMPANY    TREASURY    PARTNERS     OTHER  RECONCILIATION CORPORATION
----------------------------------------------------------------------------------------------------------------------------------
NET INTEREST INCOME
Interest Income                      $   39,276    $  7,708    $  1,474 $   23,988     $    58    $  8,784
Interest Expense                         10,054       7,339       1,148      4,907           -       9,801
Funds Transfer Income (Expense)           3,629       9,180       3,100    (19,041)       (952)      4,084
                                     ---------------------------------------------------------------------------------------------
Net Interest Income (Loss),
  Tax-Equivalent                         32,851       9,549       3,426         40        (894)      3,067
Provision for Loan Losses                     -           -           -          -           -       1,668
Tax Equivalent Adjustment                  (814)          -          17          -           -           -
                                     ---------------------------------------------------------------------------------------------
Net Interest Income (Loss)           $   32,037    $  9,549    $  3,443 $       40     $  (894)   $  4,735 $      -    $   48,910
                                     ---------------------------------------------------------------------------------------------

NONINTEREST INCOME
Noninterest Income-External
  Customers                          $   10,282    $  1,171    $ 12,879 $      892     $(6,781)   $     85
Intersegment Noninterest Income             720       3,034         658          -           -         641
                                     ---------------------------------------------------------------------------------------------
Total Noninterest Income             $   11,002    $  4,205    $ 13,537 $      892     $(6,781)   $    726 $    (5,053)$   18,528
                                     ---------------------------------------------------------------------------------------------

NONINTEREST EXPENSE
Depreciation and Amortization        $      985    $    308    $    125 $        3     $     7    $  2,185
Direct Expense                           16,220      10,507       9,411        914         708      20,463
Overhead and Support                     12,767       3,003       3,065        511          91     (19,438)
                                     ---------------------------------------------------------------------------------------------
Total Noninterest Expense            $   29,972    $ 13,818    $ 12,601 $    1,428     $   806    $  3,210 $    (5,053)$   56,782
                                     ---------------------------------------------------------------------------------------------

Income (Loss) Before Taxes and
  Minority Interest                  $   13,067    $    (64)   $  4,379 $     (496)    $(8,481)   $  2,251 $      -    $   10,656
                                     ---------------------------------------------------------------------------------------------
Total Average Assets                 $2,949,793    $699,001    $230,310 $3,219,033     $76,571    $821,027 $(2,046,306)$5,949,429
==================================================================================================================================`

# 9

NOTES TO THE
CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

`==================================================================================================================================
THREE MONTHS                                                                           RIGGS                               RIGGS
ENDED                                           INTERNATIONAL RIGGS &                 CAPITAL                            NATIONAL
MARCH 31, 2001                        BANKING     BANKING     COMPANY    TREASURY    PARTNERS    OTHER  RECONCILIATION CORPORATION
----------------------------------------------------------------------------------------------------------------------------------
NET INTEREST INCOME
Interest Income                      $   45,720   $  13,577    $  1,305 $   34,035   $     106    $ 11,125
Interest Expense                         16,080      17,464       3,094     10,855           -      11,369
Funds Transfer Income (Expense)           2,609      12,878       4,957    (24,627)     (1,002)      5,185
                                     ---------------------------------------------------------------------------------------------
Net Interest Income (Loss),
  Tax-Equivalent                         32,249       8,991       3,168     (1,447)       (896)      4,941
Provision for Loan Losses                 3,444      (3,559)          -          -           -           -
Tax Equivalent Adjustment                  (580)          -           -          -           -           -
                                     ---------------------------------------------------------------------------------------------
Net Interest Income (Loss)           $   35,113   $   5,432    $  3,168 $   (1,447)  $    (896)   $  4,941 $     -     $   46,311
                                     ---------------------------------------------------------------------------------------------

NONINTEREST INCOME
Noninterest Income-External
  Customers                          $   10,349   $     497    $ 13,385 $    1,041   $  (7,886)   $ 10,335
Intersegment Noninterest Income             845       1,743         645          -           -         670
                                     ---------------------------------------------------------------------------------------------
Total Noninterest Income             $   11,194   $   2,240    $ 14,030 $    1,041   $  (7,886)   $ 11,005 $   (3,903) $   27,721
                                     ---------------------------------------------------------------------------------------------

NONINTEREST EXPENSE
Depreciation and Amortization        $    1,068   $     348    $    208 $        4   $       7    $  2,295
Direct Expense                           16,293       9,803       9,824        986       4,004      15,582
Overhead and Support                     13,347       3,274       2,573        586         112     (19,892)
                                     ---------------------------------------------------------------------------------------------
Total Noninterest Expense            $   30,708   $  13,425    $ 12,605 $    1,576   $   4,123    $ (2,015)$   (3,903) $   56,519
                                     ---------------------------------------------------------------------------------------------

Income (Loss) Before Taxes and
  Minority Interest                  $   15,599   $  (5,753)   $  4,593 $   (1,982)  $ (12,905)   $ 17,961 $      -    $   17,513
                                     ---------------------------------------------------------------------------------------------
Total Average Assets                 $2,661,525   $ 862,114    $ 95,308 $2,338,276   $  93,356    $867,851 $(1,551,581)$5,366,849
==================================================================================================================================`

# 10

NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS, CONTINUED

NOTE 5:
ACCOUNTING FOR DERIVATIVES

Under the provisions of
SFAS No. 133, Accounting for Derivative Investments and Hedging
Activities, which was amended by SFAS No. 138, all derivatives must be
recognized as assets or liabilities in the Consolidated Statements of Condition
and must be measured at fair value through adjustments to either Other
Comprehensive Income or current earnings, depending on the purpose for which the
derivative is held. When a derivative contract is entered into, we first
determine whether or not it qualifies as a hedge. If it does, we designate it as
(1) a hedge of the fair value of a recognized asset or liability, (2) a hedge of
actual or forecasted cash flows or (3) a hedge of a net investment in a foreign
operation. Changes in the fair value of a derivative that is designated a fair
value hedge and qualifies as a highly effective hedge, along with any gain or
loss on the hedged asset or liability attributable to the hedged risk, are
recorded in current period earnings. The effective portion of changes in fair
value of a derivative that is designated a cash flow hedge and that qualifies as
a highly effective hedge is recorded in Other Comprehensive Income until such
time as periodic settlements on a variable rate hedged item are recorded in
earnings. The ineffective portion of changes in fair value of cash flow
derivatives is recorded in current period earnings. Changes in the fair value of
a derivative designated as a foreign currency hedge and that qualifies as a
highly effective hedge are either recorded in current earnings, Other
Comprehensive Income, or both, depending on whether the transaction is a fair
value hedge or a cash flow hedge. If a derivative is used as a hedge of a net
investment in a foreign operation, changes in its fair value, to the extent
effective as a hedge, are recorded in Other Comprehensive Income. (See Note 3
for the impact to Other Comprehensive Income).

The Company has the following hedging instruments at March 31, 2002:

Fair Value Hedges-We enter
into pay fixed, receive floating interest rate swaps to hedge changes in fair
value of fixed rate loans attributable to changes in benchmark interest rates.
For the first quarter of 2002, we recognized a net loss of $26 thousand which
represented the ineffective portion of all fair value hedges. These amounts are
included in Other Noninterest Income in the Consolidated Statement of Income.

Cash Flow Hedges-We use
interest rate swaps to hedge the exposure to variability in expected future cash
outflows on floating rate liabilities attributable to changes in interest rates.
We also use foreign currency forward contracts to hedge the foreign exchange
risk associated with principal and interest payments on loans denominated in a
foreign currency. For the quarter ended March 31, 2002, there was no impact to
Other Noninterest Income in the Consolidated Statement of Income for the
ineffective portion of all cash flow hedges.

Gains or losses on
derivatives that are reclassified from Accumulated Other Comprehensive Income to
income are included in the line in the Consolidated Statement of Income in which
the income or expense related to the hedged item is recorded. At March 31, 2002,
$388 thousand of deferred net losses on derivative instruments in Accumulated
Other Comprehensive Income is expected to be reclassified as expense during the
next twelve months. The maximum term over which we were hedging our exposure to
the variability of cash flows was 39 months as of March 31, 2002.

The Company uses forward
exchange contracts to hedge substantially all of our net investments in a
foreign subsidiary. The purpose of this hedge is to protect against adverse
movements in currency exchange rates. At March 31, 2002, $60 thousand of net
gains related to the existing net investment forward exchange contract are
included in Accumulated Other Comprehensive Income.

Other-As of March 31, 2002,
we had certain derivative instruments used to manage interest rate risk that
were not designated to specific hedge relationships. The carrying value of these
items is a net liability of $755 thousand and they are marked to market through
current period earnings.

# 11

NOTES TO THE
CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

NOTE 6:
REPURCHASE OF TRUST PREFERRED SECURITIES

In March 2002, we
repurchased in a cash transaction $55.7 million of trust preferred securities
bearing a blended interest rate of 8.64%. As a result, Riggs will have annual
after-tax savings of $3.1 million , or $0.11 per diluted share, in minority
interest expense. This repurchase resulted in a direct increase to
shareholders equity of $5.1 million.

Subsequent to March 31,
2002, we repurchased, in a cash transaction, an additional $10.0 million of
trust preferred securities at a blended interest rate of 8.76%. This will result
in an additional after-tax annual savings of $569 thousand in minority interest
expense. This amounts to $.02 per diluted share. The repurchase also resulted in
a direct increase to shareholders equity of $1.0 million.

Since cash was utilized to repurchase the trust preferred securities in these two transactions, this cash will be unavailable for alternative
investments.

NOTE 7:
RESTRUCTURING LIABILITY

In the fourth quarter of
2001, we recorded a restructuring charge of approximately $4.4 million. A
summary of the activity in the liabilities established for restructuring costs
from January 1, 2002 to March 31, 2002 is as follows:

`Balance at               Amount                                       Balance at
                          Beginning             Charged to                                       End of
Description               of Period               Expense               Deductions               Period
-------------            ------------           ------------            -----------            ------------
Restructuring Expense      $ 2,720                 $  -                   $   13                 $ 2,707`

NOTE 8:
RELATED PARTY TRANSACTIONS

During the quarter ended
March 31, 2002, we entered into various transactions with officers and directors
of the Company and its affiliates as well as with their associates. These
transactions were of a similar nature to those described in our Annual Report on
Form 10-K.

During the quarter ended
March 31, 2002, we extended the lease term of an entity that leases space in one
of our facilities and is indirectly controlled by a senior member of the Board
of Directors. See Exhibit (10.1).

NOTE 9: NEW
FINANCIAL ACCOUNTING STANDARDS

SFAS No. 142,
Goodwill and Other Intangible Assets, was issued in June 2001. It
discontinues amortization of intangible assets unless they have finite useful
lives, and, instead, requires that they be tested at least annually for
impairment by comparing their fair values with their recorded amounts. SFAS No.
142 also requires disclosure of the changes in the carrying amounts of goodwill
from period to period, the carrying amounts of intangible assets by major
intangible asset class for those subject to and not subject to amortization, and
the estimated intangible asset amortization expense for the next five years.
Since SFAS No. 142 is required to be implemented starting with fiscal years
beginning after December 15, 2001, we discontinued the amortization of goodwill
beginning on January 1, 2002. We adopted SFAS No. 142 as of January 1, 2002, and
our analysis indicated that goodwill has not been impaired.

Data concerning various intangible assets is as follows:

# 12

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

`======================================================================
                                                                   MARCH 31,               DECEMBER 31,             MARCH 31,
                                                                     2002                      2001                   2001
                                                            ======================================================================
                                                               GROSS                  GROSS                  GROSS
                                                             CARRYING   ACCUMULATED  CARRYING  ACCUMULATED  CARRYING  ACCUMULATED
                                                               VALUE    AMORTIZATION  VALUE    AMORTIZATION  VALUE    AMORTIZATION
==================================================================================================================================
Amortizable Core Deposit Intangibles                           $ 10,881  $ (10,696)   $ 10,881   $ (10,673)  $ 10,881   $ (10,577)
Amortizable Fair Value of Leasehold Improvements                  3,955     (3,708)      3,955      (3,690)     6,637      (3,463)
Unamortizable Goodwill                                           12,602     (5,908)     12,602      (5,908)    12,602      (5,424)`

Amortization Expense:

`FAIR VALUE  CORE DEPOSIT
                                                                                                ADJUSTMENT  INTANGIBLES  GOODWILL
                                                                                               ===================================
Three Months Ended March 31, 2002                                                                     $ 19       $ 23       $  -
Three Months Ended March 31, 2001                                                                       76         32         161`

Estimated Amortization Expense:

`FAIR VALUE  CORE DEPOSIT
                                                                                               ADJUSTMENT  INTANGIBLES  GOODWILL
                                                                                               ===================================
Nine Months Ended December 31, 2002                                                                   $ 56       $ 69         $ -
Year Ended December 31,
        2003                                                                                          $ 74       $ 59         $ -
        2004                                                                                            74         33           -
        2005                                                                                            21         14           -
        2006                                                                                            21          5           -
        2007                                                                                             -          3           -`

`THREE MONTHS ENDED
                                                                                                                 MARCH 31,
                                                                                                           -----------------------
                                                                                                              2002       2001
                                                                                                           =======================
Reported Net Income                                                                                           $ 1,425     $ 5,606
Add Back: Goodwill Amortization, Net of Tax                                                                         -         105
                                                                                                           -----------------------
Adjusted Net Income                                                                                           $ 1,425     $ 5,711


Reported Basic Earnings Per Share                                                                             $  0.05     $  0.20
Add Back: Goodwill Amortization Per Share, Net of Tax                                                               -           -
                                                                                                           -----------------------
Adjusted Basic Earnings Per Share                                                                             $  0.05     $  0.20


Reported Diluted Earnings Per Share                                                                           $  0.05     $  0.19
Add Back: Goodwill Amortization Per Share, Net of Tax                                                               -           -
                                                                                                           -----------------------
Adjusted Diluted Earnings Per Share                                                                           $  0.05     $  0.19`

SFAS No. 143,
Accounting for Asset Retirement Obligations, was also issued in June
2001. SFAS No. 143 addresses accounting and reporting for legal obligations and
related costs associated with the retirement of long-lived assets. The Statement
requires that the fair value of the liability for an asset retirement obligation
be recognized in the period incurred if a reasonable estimate of fair value can
be made. The estimated retirement costs are capitalized as part of the carrying
amount of the long-lived asset. SFAS No. 143 is effective for financial
statements issued for fiscal years beginning after June 15, 2002. We have not
determined the impact, if any, SFAS No. 143 will have on the company.

# 13

RIGGS NATIONAL
CORPORATION

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
             AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

We recorded earnings of
$1.4 million, or $.05 per diluted share, for the first quarter of 2002, compared
to earnings of $5.6 million, or $.19 per diluted share, in the first quarter of
2001. The decrease in the current quarter resulted primarily from a nonrecurring
securities gain in the first quarter of last year. In that quarter we recorded a
securities gain of $10.3 million from the sale of Concord EFS, Inc., an ATM
network exchange company in which we had owned shares for many years.

Offsetting some of the
decline in net income was a reversal of the loan loss provision for $1.7
million. This reversal is attributable to a decline in the level of
nonperforming assets (see Asset Quality) and a decline in loans
outstanding.

Return on average assets
was .10% for the three months ended March 31, 2002, compared to .42% for the
same period a year ago. Return on average shareholders equity was 1.59%
and 5.81% for the three months ended March 31, 2002 and 2001, respectively.

NET INTEREST
INCOME

Net interest income on a tax-equivalent
basis (net interest income plus an amount equal to the tax savings on tax-exempt
interest) totaled $48.0 million in the first quarter of 2002, an increase of
$1.0 million from the $47.0 million for the same quarter in 2001. The increase
for the three months was primarily due to a larger decrease in interest expense
(from $35.0 to $17.2 million) than in interest income ($82.0 to $65.2 million).
Decreases in interest rates were the major contributor to the declines in both
interest income and interest expense.

NET INTEREST
INCOME CHANGES (1)

`THREE MONTHS ENDED
                                                                                                    MARCH 31, 2002 VS. 2001
                                                                                               -----------------------------------
(TAX-EQUIVALENT BASIS)                                                                           DUE TO      DUE TO      TOTAL
(IN THOUSANDS)                                                                                    RATE       VOLUME     CHANGE
==================================================================================================================================
Interest Income:
   Loans, Including Fees                                                                          $ (7,455)   $(2,207)   $ (9,662)
   Securities Available for Sale                                                                    (7,227)     6,067      (1,160)
   Time Deposits with Other Banks                                                                   (3,283)    (1,063)     (4,346)
   Federal Funds Sold and Reverse
       Repurchase Agreements                                                                        (4,012)     2,429      (1,583)
----------------------------------------------------------------------------------------------------------------------------------
Total Interest Income                                                                              (21,977)     5,226     (16,751)

Interest Expense:
   Interest-Bearing Deposits                                                                       (16,877)     3,993     (12,884)
   Repurchase Agreements and Other
      Short-Term Borrowings                                                                         (4,834)       (66)     (4,900)
----------------------------------------------------------------------------------------------------------------------------------
Total Interest Expense                                                                             (21,711)     3,927     (17,784)
==================================================================================================================================
Net Interest Income                                                                               $   (266)   $ 1,299    $  1,033`

- The dollar amount of changes in interest income and interest expense
attributable to changes in rate/volume (change in rate multiplied by change in
volume) has been allocated between rate and volume variances based on the
percentage relationship of such variances to each other. Income and rates are
computed on a tax-equivalent basis using a Federal income tax rate of 35% and
local tax rates as applicable.

# 14

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
             AND RESULTS OF OPERATIONS, CONTINUED

AVERAGE
CONSOLIDATED STATEMENTS OF CONDITION AND RATES

`THREE MONTHS ENDED                 THREE MONTHS ENDED
                                                                MARCH 31, 2002                     MARCH 31, 2001
                                                            ----------------------------------------------------------------------
(TAX-EQUIVALENT BASIS) (1)                                    AVERAGE    INCOME/                 AVERAGE    INCOME/
(IN THOUSANDS)                                                BALANCE    EXPENSE      RATE       BALANCE    EXPENSE      RATE
==================================================================================================================================
ASSETS

  Loans (2)                                                 $ 2,786,207   $ 44,505        6.48% $2,908,229   $ 54,167        7.55%
  Securities Available for Sale (3)                           1,727,729     17,441        4.09   1,236,091     18,601        6.10
  Time Deposits with Other Banks                                262,323        731        1.13     354,832      5,077        5.80
  Federal Funds Sold and Reverse Repurchase Agreements          586,830      2,541        1.76     293,927      4,124        5.69
----------------------------------------------------------------------------------------------------------------------------------
    Total Earning Assets and Average Rate Earned (5)          5,363,089     65,218        4.93   4,793,079     81,969        6.94

  Reserve for Loan Losses                                       (29,157)                           (35,962)
  Cash and Due from Banks                                       174,875                            133,640
  Other Assets                                                  440,622                            476,092
==================================================================================================================================
    Total Assets                                            $ 5,949,429                         $5,366,849

LIABILITIES, MINORITY INTEREST AND
    SHAREHOLDERS' EQUITY

  Interest-Bearing Deposits                                 $ 4,026,968   $ 13,573        1.37% $3,429,600   $ 26,457        3.13%
  Repurchase Agreements and Other Short-Term Borrowings         528,559      1,988        1.53     533,666      6,888        5.23
  Long-Term Debt                                                 66,525      1,618        9.86      66,525      1,618        9.86
----------------------------------------------------------------------------------------------------------------------------------
    Total Interest-Bearing Funds and Average Rate Paid        4,622,052     17,179        1.51   4,029,791     34,963        3.52

  Demand Deposits (4)                                           509,888                            509,362
  Other Liabilities                                             105,433                             86,427
  Minority Interest in Preferred Stock of Subsidiaries          348,143                            350,000
  Shareholders' Equity                                          363,913                            391,269
----------------------------------------------------------------------------------------------------------------------------------
  Total Liabilities, Minority Interest and
     Shareholders' Equity                                   $ 5,949,429                         $5,366,849
==================================================================================================================================
  NET INTEREST INCOME AND SPREAD                                          $ 48,039        3.42%              $ 47,006        3.42%
==================================================================================================================================
  NET INTEREST MARGIN ON EARNING ASSETS                                                   3.63%                              3.98%`

(1) - Income and rates are computed on a tax-equivalent basis using a Federal income tax rate of 35% and local tax rates as applicable.
(2) - Nonperforming loans are included in average balances used to determine rates.
(3) - The averages and rates for the securities available for sale portfolio are based on amortized cost.
(4) - Demand deposit balances for all periods presented exclude certain accounts transferred to the money market classification to reduce the level of deposit reserves required.
(5) - Excludes venture capital investments

NONINTEREST INCOME

# 15

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
             AND RESULTS OF OPERATIONS, CONTINUED

Net venture capital losses were $6.9 million for the quarter ended March 31, 2002 compared to $7.9 million for the comparable quarter of 2001.
Continuing losses in our venture capital operations are primarily the result of reduced corporate spending on technology related assets, which
affects the financial performance and valuations of information technology asset vendors to which our venture capital portfolio is exposed, the
decreased valuations of publicly-traded technology companies from earlier levels and a very sluggish IPO market.

The $287 thousand in securities gains recorded in the first quarter of 2002 was due to the demutualization of an insurance company in which we
own life insurance policies.

NONINTEREST EXPENSE

Noninterest expense for the three months ended March 31, 2002, was $56.8 million, an increase of $263 thousand from the $56.5 million
reported for the three months ended March 31, 2001.  This increase was due principally to increases in benefits related to our 401(k) Plan.
Effective January 1, 2002, we increased our matching of employee contributions into the 401(k) Plan from $0.50 for every dollar contributed
(up to 6% of eligible wages) to a dollar-for-dollar match (up to 6% of eligible wages).  More than offsetting this increase was a decrease in premises
and equipment expense, resulting primarily from write-offs related to premises and leasehold improvements in the fourth quarter of 2001.

FINANCIAL CONDITION

SECURITIES

Securities available for sale totaled $1.76 billion as of March 31, 2002, compared to $1.72 billion as of year-end 2001 and $1.20 billion as of
March 31, 2001. The activity for the first three months included purchases of securities available for sale totaling $2.82 billion, which were
partially offset by maturities and calls, principal payments and sales of securities available for sale totaling $2.73 billion.  The weighted-average
duration and yield for the portfolio, adjusted for anticipated prepayments, were approximately 2.7 years and 4.51%, respectively, as of March 31,
2002.  As of March 31, 2001, the weighted-average duration and yield were 2.9 years and 6.10%, respectively.

`MARCH 31, 2002         MARCH 31, 2001        DECEMBER 31, 2001
                                                            ----------------------------------------------------------------------
                                                             AMORTIZED     FAIR     AMORTIZED     FAIR     AMORTIZED     FAIR
AVAILABLE FOR SALE                                             COST       VALUE       COST        VALUE       COST       VALUE
==================================================================================================================================
(IN THOUSANDS)

U.S. Treasury Securities                                     $   89,967 $   89,967  $  229,731  $  227,537 $  104,887  $  104,887
Government Agencies Securities                                  841,986    839,457     409,253     410,573    952,085     953,559
Mortgage-Backed Securities                                      787,329    778,653     508,327     505,630    613,855     612,275
Other Securities                                                 51,401     51,415      56,423      55,691     47,917      47,917
==================================================================================================================================
Total                                                        $1,770,683 $1,759,492  $1,203,734  $1,199,431 $1,718,744  $1,718,638`

LOANS

As of March 31, 2002, loans
outstanding totaled $2.77 billion, decreasing from a balance of $2.87 billion at
March 31, 2001 and December 31, 2001. The decreases from both periods were
primarily in residential real estate/home equity, consumer, foreign and loans
available for sale. These decreases were partially offset by increases in real
estate-commercial/construction loans.

# 16

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
             AND RESULTS OF OPERATIONS, CONTINUED

`MARCH 31,              MARCH 31,              DECEMBER 31,
(IN THOUSANDS)                                                 2002                   2001                    2001
=====================================================================================================================
Commercial and Financial                                    $   469,311            $   440,988             $  479,285
Real Estate - Commercial/Construction                           499,174                449,568                494,192
Residential Mortgage                                          1,061,087              1,153,648              1,112,409
Loans Held for Sale                                                 275                 17,027                  8,671
Home Equity                                                     285,594                330,340                297,637
Consumer                                                         63,729                 66,309                 64,888
Foreign                                                         396,407                413,240                415,841
----------------------------------------------------------------------------------------------------------------------
Total Loans                                                   2,775,577              2,871,120              2,872,923

Net Deferred Loan Fees,
 Premiums and Discounts                                          (3,737)                (4,676)                (4,331)
=====================================================================================================================
Loans                                                       $ 2,771,840            $ 2,866,444             $ 2,868,592`

RESERVE FOR
LOAN LOSSES

Changes in the reserve for loan losses are summarized as follows:

`THREE MONTHS ENDED
                                                                                                                  MARCH 31,
                                                                                                           -----------------------
(IN THOUSANDS)                                                                                                2002       2001
==================================================================================================================================
Balance, January 1                                                                                            $29,540     $36,197
Provision for loan losses                                                                                      (1,668)        115

Loans charged-off                                                                                               1,455       1,728
   Less: Recoveries on charged-off loans                                                                          524         626
----------------------------------------------------------------------------------------------------------------------------------
Net loan charge-offs                                                                                              931       1,102

Foreign exchange translation adjustments                                                                         (223)       (392)
==================================================================================================================================
Balance, March 31                                                                                             $26,718     $34,818`

For the three month period ended March 31, 2002, we had a consolidated loan loss provision reversal of $1.7 million which compares to a
provision of $115 thousand during the comparable period of the prior year.  The reversal in the current year was taken as a result of significant
improvement in asset quality as noted in "Asset Quality" and a decrease in the balance of loans outstanding.

The reserve balance has been reduced by approximately $8.1 million since March 31, 2001.  The reduction primarily relates to the reversal noted
above and charge-offs taken on both domestic loans and loans at our London office.  Since March 31, 2001, charge-offs totaling $5.9 million
have been made on domestic loans and charge-offs totaling $5.3 million have been made on loans in London.  These charge-offs were partially
offset by recoveries on domestic loans of $1.2 million and recoveries on foreign loans of $1.2 million for the same period.  As a result of these
charge-offs and repayments on some of these loans, the non-performing asset portfolio has been significantly reduced, and thus so has the reserve
for loan losses.  The remaining reserve amount has been determined based on the risk in the portfolio, including the risks related to the still slow
economy and the September 11, 2001 events.

Provisions to the reserve for loan losses are charged against, or credited to, earnings in amounts necessary to maintain an adequate reserve for
loan losses.  Commercial loans are charged off when it is determined that the loan cannot be fully recovered.  Consumer loans are charged off
upon becoming 120 days delinquent.  Residential real estate loans are charged off to the extent necessary when foreclosure occurs.

# 17

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
             AND RESULTS OF OPERATIONS, CONTINUED

ASSET QUALITY

NONPERFORMING ASSETS

Nonperforming assets, which include nonaccrual loans, renegotiated loans and other real estate (net of reserves) and other assets owned, totaled
$3.9 million as of March 31, 2002, a $217 thousand increase from the year-end 2001 total of $3.7 million and a $10.6 million decrease from the
March 31, 2001 total of $14.4 million. The decrease in nonperforming assets from the prior year's first quarter was mainly due to repayments on
domestic loans of approximately $7.1 million, and on loans at our London-based operation of approximately $2.2 million.  Additional decreases
resulted from charge-offs on domestic loans of approximately $735 thousand.  Charge-offs on London loans amounted to approximately $4.1
million.  We also had a partial sale in our real estate owned portfolio of $308 thousand. These decreases were partially offset by additions to the
London nonaccrual portfolio of about $2.6 million, and to other assets owned of $1.6 million.

There was no specific reserve for loan losses for impaired loans assigned at March 31, 2002.

PAST-DUE AND POTENTIAL PROBLEM LOANS

Past-due loans consist of residential real estate loans, commercial and industrial loans, and consumer loans that are in the process of collection and
that are accruing interest.  Loans past-due over 90 days increased $1.4 million during the first three months of 2002 to $14.7 million, and
increased $5.6 million from March 31, 2001.  The increase from the prior year's first quarter was due to three loans totaling $4.0 million.

NONPERFORMING ASSETS AND PAST-DUE LOANS

`MARCH 31,              MARCH 31,              DECEMBER 31,
(IN THOUSANDS)                                                 2002                   2001                    2001
======================================================================================================================
NONPERFORMING ASSETS:

Nonaccrual Loans (1)                                            $   625                $12,535                $ 1,373
Renegotiated Loans                                                  568                    766                    529
Other Real Estate and Other Assets Owned, Net                     2,682                  1,133                  1,756
======================================================================================================================
Total Nonperforming Assets                                      $ 3,875                $14,434                $ 3,658

PAST-DUE LOANS (2)                                              $21,436                $44,144                $46,809

PAST-DUE LOANS (3)                                              $14,690                $ 9,078                $13,315

POTENTIAL PROBLEM LOANS                                         $   462                $ 2,674                $   436`

Loans that are in default in either principal or interest for 90 days or more
that are not well-secured and in the process of collection, or that are, in
managements opinion, doubtful as to the collectibility of either interest
or principal.

(2) Loans contractually past due 30-89 days or more in principal or interest.
(3) Loans contractually
past due 90 days or more in principal or interest that are well-secured and in
the process of collection.

# 18

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
             AND RESULTS OF OPERATIONS, CONTINUED

DEPOSITS

Deposits are our primary
and most stable source of funds. Deposits totaled $4.54 billion as of March 31,
2002, increases of $22.4 million and $507.0 million from the December 31 and
March 31, 2001 totals, respectively. For both periods, deposits increased in
time deposits in domestic offices. Balances in savings and NOW accounts and time
deposits in foreign offices decreased. Demand deposit balances remained stable.

SHORT-TERM
BORROWINGS AND LONG-TERM DEBT

Short-term borrowings
decreased $139.1 million from the year-end 2001 balance and increased $12.7
million from the March 31, 2001 balance. The decrease from year-end was due
mostly to seasonal fluctuations in customers investments in repurchase
agreements. Short-term borrowings are an additional source of funds that we have
utilized to meet certain asset/liability and daily cash management objectives
and are used to generate cash and maintain adequate levels of liquidity.

`MARCH 31,              MARCH 31,               DECEMBER 31,
(IN THOUSANDS)                                                 2002                   2001                    2001
======================================================================================================================
Repurchase Agreements and Other Short-Term Borrowings          $457,472               $444,758               $596,620

Subordinated Debentures due 2009                                 66,525                 66,525                 66,525
======================================================================================================================
Total Short-Term Borrowings and Long-Term Debt                 $523,997               $511,283               $663,145`

LIQUIDITY

We seek to maintain
sufficient liquidity to meet the needs of depositors, borrowers and creditors at
a reasonable cost and without undue stress on our operations. Our
Asset/Liability Committee (ALCO) actively analyzes and manages liquidity in
coordination with other areas of the organization (see Sensitivity to
Market Risk). As of March 31, 2002, our liquid assets, on a consolidated
basis, which include cash and due from banks, Government obligations and other
securities, federal funds sold, reverse repurchase agreements and time deposits
at other banks, totaled $2.68 billion (46% of total assets). This compares with
$2.40 billion (42%) as of December 31, 2001, and $2.12 billion (39%) as of March
31, 2001. As of March 31, 2002, $1.36 billion of our assets were pledged to
secure deposits and other borrowings. This compares with pledged assets of $1.22
billion as of December 31, 2001, and $810.7 million as of March 31, 2001.

Our liquidity position is
maintained by a stable source of funds from our core deposit relationships. We
also have a line of credit available through our membership in the Federal Home
Loan Banks (FHLB). As of March 31, 2002, December 31, 2001, and March 31, 2001,
short-term credit lines and the FHLB Atlanta line of credit available totaled
approximately $963.0 million, $1.32 billion, and $1.33 billion, respectively. As
of March 31, 2002, December 31, 2001, and March 31, 2001, the amounts
outstanding under these lines were $16.1 million, $15.9 million, and $18.9
million, respectively.

SHAREHOLDERS
EQUITY AND REGULATORY CAPITAL

Total shareholders
equity as of March 31, 2002, was $358.4 million, a decrease of $2.4 million from
year-end 2001 and a decrease of $33.4 million from a year ago. The decrease from
year-end was primarily the result of unrealized securities losses of $7.2
million, partially offset by an increase of $5.1 million due to the repurchase
of $55.7 million of trust preferred securities. The decrease from March 31, 2001
was primarily the result of net losses of $27.6 million, and cash dividends of
$5.7 million. The $27.6 million period to period loss included restructuring and
other charges totaling $40.0 million, accounted for in the fourth quarter of
2001. Unrealized losses on derivatives of $929 thousand and a foreign exchange
translation adjustment of $(615) thousand also contributed to the decrease in
equity.

Book value per common share
was $12.57 as of March 31, 2002, compared to $12.66 as of year-end 2001 and
$13.77 as of March 31, 2001. The decreases in book value from March 31 and
year-end 2001 were primarily the result of the net losses, dividends, and net
unrealized securities losses described in the preceding paragraph.

Following are our capital
ratios (as defined in the regulations) and those of our banking subsidiary,
Riggs Bank National Association (Riggs Bank N.A.) as of March 31, 2002 and 2001,
and December 31, 2001.

# 19

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
             AND RESULTS OF OPERATIONS, CONTINUED

`MARCH 31,   MARCH 31, DECEMBER 31,  REQUIRED
                                                                                       2002        2001       2001       MINIMUMS
==================================================================================================================================
RIGGS NATIONAL CORPORATION:
     Tier I                                                                              15.24%      16.60%     14.47%       4.00%
     Combined Tier I and Tier II                                                         23.60       26.80      24.34        8.00
     Leverage                                                                             8.13        9.69       8.15        4.00

RIGGS BANK N.A.:
     Tier I                                                                              14.48       14.68      14.07        4.00
     Combined Tier I and Tier II                                                         15.36       15.86      15.01        8.00
     Leverage                                                                             7.80        8.70       8.03        4.00`

ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

SENSITIVITY TO
MARKET RISK

We are exposed to various
market risks. Some of these risks, such as credit risk and currency risk, are
discussed in our Annual Report on Form 10-K. We have determined that
interest-rate risk has a material impact on our financial performance, and as
such we have established the Asset/ Liability Committee to manage interest-rate
risk. The role of this committee is to manage the asset/liability mix of our
operations in an effort to provide a stable net interest margin while
maintaining liquidity and capital. This entails the management of our overall
risk in conjunction with the acquisition and deployment of funds based upon
ALCOs view of both current and prospective market and economic conditions.

We manage our interest-rate
risk through the use of an income simulation model, which forecasts the impact
on net interest income of a variety of different interest rate scenarios. A
most likely interest rate scenario is forecasted based upon an
analysis of current market conditions and expectations. The model then evaluates
the impact on net interest income of rates moving significantly higher or lower
than the most likely scenario. The results are compared to risk
tolerance limits set by corporate policy. The models results as of March
31, 2002 and 2001 are shown in the following tables. Current policy establishes
limits for possible changes in net interest income for 12 and 36 month horizons.
The interest rate scenarios monitored by ALCO are based upon a 100 basis point
(1%) gradual increase or decrease in rates over a 12-month time period versus
the most likely scenario and a 300 basis point (3%) gradual increase or decrease
in rates over a 36-month time period versus the most likely scenario.

INTEREST-RATE
SENSITIVITY ANALYSIS (1)

`MOVEMENTS IN INTEREST RATES FROM MARCH 31, 2002
==================================================================================================================================
                                                                        SIMULATED IMPACT OVER              SIMULATED IMPACT OVER
                                                                          NEXT TWELVE MONTHS               NEXT THIRTY-SIX MONTHS
----------------------------------------------------------------------------------------------------------------------------------
(In Thousands)                                                            +100BP     -100BP                  +300BP     -300BP
----------------------------------------------------------------------------------------------------------------------------------
Simulated Impact Compared With a
  "Most Likely" Scenario:

  Net Interest Income Increase/(Decrease)                                     (1.7)%       0.2%                  (3.2)%       0.7%

  Net Interest Income Increase/(Decrease)                                  $(3,278)      $ 419               $(18,042)    $ 4,107`

(1) Key Assumptions:
Assumptions with respect to the model's projections of the effect of changes in interest rates on Net Interest Income include:
1. Target balances for various asset and liability classes, which are solicited from the management of the various units of the Corporation.
2. Interest rate scenarios which are generated by ALCO for the "most likely" scenario and are dictated by ALCO's policy for the alternative scenarios.
3. Spread relationships between various interest rate indices, which are generated by the analysis of historical relationships and ALCO consensus.
4. Assumptions about the effect of embedded options and prepayment speeds: instruments that are callable are assumed to be called at the first opportunity if an
interest
rate scenario makes it advantageous for the owner of the call to do so.
Prepayment assumptions for mortgage products are derived from accepted industry
sources.

5. Reinvestment rates for funds replacing assets or liabilities that are assumed (through early withdrawal, prepayment, calls, etc.) to run off the balance sheet, which are
       generated by the spread relationships.
6. Maturity strategies with
respect to assets and liabilities, which are solicited from the management of
the various units of the Corporation.

# 20

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK, CONTINUED

As of March 31, 2002, the
forecasted impact of rates rising or falling 100 basis points versus the
most likely scenario over a 12-month time period was a change in net
interest income not exceeding 2%. For a 300 basis point movement in rates versus
the most likely scenario over a 36-month period, the impact on net
interest income did not exceed 4%. The results of the simulation for March 31,
2002 indicated that we were liability sensitive over both the 12 and
36-month time horizons due to a large portion of our assets being comprised of
fixed-rate instruments. In a rising interest rate environment, net interest
income would suffer versus the most likely scenario due to margin
compression on fixed-rate assets. In a declining interest rate environment, the
earnings benefit from increasing spreads on fixed-rate assets is offset somewhat
by floors on deposits.

In managing our
interest-rate risk, ALCO uses financial derivative instruments, such as
interest-rate swaps. Financial derivatives are employed to assist in the
management and/or reduction of our interest-rate risk and can effectively alter
the sensitivity of segments of the statement of condition for specified periods
of time. Along with financial derivative instruments, the income simulation
model includes short-term financial instruments, investment securities, loans,
deposits, and other borrowings. Interest-rate risk management strategies are
discussed and approved by ALCO prior to implementation.

We find that the
methodologies previously discussed provide a meaningful representation of our
interest-rate and market risk sensitivity, though factors other than changes in
the interest rate environment, such as levels of non-earning assets, and changes
in the composition of earning assets, may affect net interest income. We believe
our current interest-rate sensitivity level is appropriate, considering our
economic outlook and what we believe is a conservative approach taken in the
review and monitoring of our sensitivity position.

At March 31, 2002, December 31, 2001 and March 31, 2001, our cumulative one year gap was $(919.0) million, $(750.0) million and $(779.0)
million, respectively.

COMMITMENTS

Various commitments to
extend credit are made in the normal course of banking business. Commitments to
extend credit and letters of credit outstanding as of March 31, 2002 and 2001,
and December 31, 2001 are detailed below:

`MARCH 31,              MARCH 31,               DECEMBER 31,
                                                    2002                    2001                   2001
==========================================================================================================
Commitments to extend credit                       $989,126               $954,129                $942,556

Letters of credit                                   150,977                133,579                 158,406`

The above commitment
amounts are not reflected in the Consolidated Statements of Condition and many
of the commitments will expire without being drawn upon. Such commitments are
issued only upon careful evaluation of the financial condition of the customer.

The Company also was committed to fund venture capital investments in the amounts of $22.2 million and $23.1 million at March 31, 2002 and
2001, respectively.

FORWARD-LOOKING
STATEMENTS

This Quarterly Report on
Form 10-Q, including the Managements Discussion and Analysis of Financial
Condition and Results of Operations, and the Quantitative and Qualitative
Disclosures About Market Risk, contains forward-looking statements, including
the references to earnings from venture capital, implementation of our business
strategy, hedging activities and our trust and investment advisory income. A
variety of factors could cause our actual results and experiences to differ
materially from those expressed or implied by the forward-looking statements.
These factors include, but are not limited to, certain risks and uncertainties
that may affect the operations, performance, development, growth projections and
results of our business. More specifically, these factors include the growth of
(or decline in) the economy, changes in credit quality or interest rates,
changes in value of venture capital investments in the technology and other
sectors, timing of technology enhancements for products and operating systems,
the impact of competitive products, services and pricing, customer business
requirements, Congressional legislation, general economic conditions-both
domestic and international-and similar matters. In addition, the continuing
impact of the September 11, 2001 terrorist attacks on the global economy and
international political conditions also may be an important factor or make the
occurrence of one or more of the aforementioned factors more likely.

# 21

RIGGS NATIONAL
CORPORATION

PART II OTHER
INFORMATION

ITEM 1. LEGAL PROCEEDINGS

In
the normal course of business we are involved in various types of litigation and
disputes which may lead to litigation. The Company has determined that pending
or unasserted legal actions will not have a material impact on its financial
condition or future operations.

ITEM 2.
CHANGES IN SECURITIES

Not applicable.

ITEM 3. DEFAULTS
UPON SENIOR SECURITIES

Not applicable.

ITEM 4.
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not applicable.

ITEM 5. OTHER
INFORMATION

Not applicable.

ITEM 6.
EXHIBITS AND REPORTS ON FORM 8-K

(a)        Exhibits

The
exhibits listed on page 23 are incorporated by reference or filed herewith in
response to this item.

(b)         Reports on Form 8-K

On
March 12, 2002, we filed a Form 8-K regarding our press release dated March 11,
2002. The press release announced our decision not to renew the engagement of
Arthur Andersen LLP as the Companys independent auditors.

On
March 22, 2002, we filed a Form 8-KA to amend a Form 8-K previously filed on
March 12, 2002. The 8-KA included Arthur Andersens consent dated March 20,
2002 regarding the Companys Form 10-K filed March 22, 2002.

SIGNATURES

Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.

RIGGS
NATIONAL CORPORATION

`Date:                    May 6, 2002                         /s/ TIMOTHY C. COUGHLIN
                         -----------                        ------------------------
                                                             Timothy C. Coughlin
                                                             President

Date:                    May 6, 2002                         /s/ STEVEN T. TAMBURO
                         -----------                        ------------------------
                                                             Steven T. Tamburo
                                                             Treasurer
                                                            (Chief Financial Officer)`

# 22

INDEX TO EXHIBITS

`EXHIBIT          DESCRIPTION                                                                                           PAGES
    NO.
==================================================================================================================================
        (3.1) Restated Certificate of Incorporation of Riggs National Corporation, dated April 19, 1999
              (Incorporated by reference to the Registrant's Form 10-Q for the quarter ended June 30, 1999,
               SEC File No. 09756).

        (3.2) By-laws of the Registrant with amendments through January 23, 2002 (Incorporated by reference to
              the Registrant's Form 10-K for the year ended December 31, 2001, SEC File No. 09756).

        (4.1) Indenture dated June 1, 1989, with respect to $100 million 9.65% Subordinated Debentures due 2009
              (Incorporated by reference to the Registrant's Form 8-K dated June 20, 1989, SEC File No. 09756.)

        (4.2) Indenture dated December 13, 1996, with respect to $150 million, 8.625% Trust Preferred Securities,
              Series A due 2026 (Incorporated by reference to the Registrant's S-3 dated February 6, 1997, SEC
              File No. 333-21297.)

        (4.3) Indenture dated March 12, 1997, with respect to $200 million, 8.875% Trust Preferred Securities,
              Series C due 2027 (Incorporated by reference to the Registrant's S-3 dated May 2, 1997, SEC File
              No. 333-26447.)

       (10.1) Lease Agreement, dated February 1, 2002, between Allbritton Communications Company and Riggs
              National Corporation                                                                                        24-63`

(Exhibits omitted are not required or not applicable.)

# 23