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, 2000


  [  ]      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)

                               (301) 887-6000
                               --------------
           (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                          28,316,197
 -----------------------------                        ---------------
       (Title of Class)                        (Outstanding at April 30, 2000)

<PAGE>



                          RIGGS NATIONAL CORPORATION


                               TABLE OF CONTENTS



PART I. FINANCIAL INFORMATION                                         PAGE NO.


Item 1. Financial Statements-Unaudited

          Consolidated Statements of Income
          Three months ended March 31, 2000 and 1999                      3

          Consolidated Statements of Condition
          March 31, 2000 and 1999, and December 31, 1999                  4

          Consolidated Statements of Changes in Shareholders' Equity
          Three months ended March 31, 2000 and 1999                      5

          Consolidated Statements of Cash Flows
          Three months ended March 31, 2000 and 1999                      6

          Notes to the Consolidated Financial Statements                7-9


Item 2. Management's Discussion and Analysis of Financial
        Condition and Results of Operations                           10-16


Item 3. Quantitative and Qualitative Disclosures about Market Risk    17-19


PART II.OTHER INFORMATION


Item 1.  Legal Proceedings                                             None

Item 2.  Change in Securities                                          None

Item 3.  Defaults Upon Senior Securities                               None

Item 4.  Submission of Matters to a Vote of Security Holders           None

Item 5.  Other Information                                             None

Item 6.  Exhibits and Reports on Form 8-K                                20


Signatures                                                               20

                                      -2-
<PAGE>



                       PART I FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS-UNAUDITED

RIGGS NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
(unaudited)                                                                                               THREE MONTHS ENDED
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)                                                                      MARCH 31,
                                                                                                     -----------------------------

                                                                                                           2000          1999
==================================================================================================================================
<S>                                                                                                       <C>            <C>
INTEREST INCOME
  Interest and Fees on Loans                                                                              $59,348        $57,874
  Interest and Dividends on Securities Available for Sale                                                  20,339         14,313
  Interest on Time Deposits with Other Banks                                                                5,589          7,234
  Interest on Federal Funds Sold and Reverse Repurchase Agreements                                          4,805          2,106
----------------------------------------------------------------------------------------------------------------------------------
  Total Interest Income                                                                                    90,081         81,527

INTEREST EXPENSE
  Interest on Deposits:
      Savings and NOW Accounts                                                                                626            687
      Money Market Deposit Accounts                                                                         9,498          8,356
      Time Deposits in Domestic Offices                                                                    12,242         10,013
      Time Deposits in Foreign Offices                                                                      7,899          8,299
----------------------------------------------------------------------------------------------------------------------------------
  Total Interest on Deposits                                                                               30,265         27,355
----------------------------------------------------------------------------------------------------------------------------------
  Interest on Short-Term Borrowings and Long-Term Debt:
      Repurchase Agreements and Other Short-Term Borrowings                                                 9,165          3,978
      Long-Term Debt                                                                                        1,618          4,368
----------------------------------------------------------------------------------------------------------------------------------
  Total Interest on Short-Term Borrowings and Long-Term Debt                                               10,783          8,346
----------------------------------------------------------------------------------------------------------------------------------

  Total Interest Expense                                                                                   41,048         35,701
----------------------------------------------------------------------------------------------------------------------------------

  Net Interest Income                                                                                      49,033         45,826
  Less:  Provision for Loan Losses                                                                            600             --
----------------------------------------------------------------------------------------------------------------------------------
  Net Interest Income after Provision for Loan Losses                                                      48,433         45,826

NONINTEREST INCOME
  Trust and Investment Advisory Income                                                                     13,598         12,605
  Service Charges and Fees                                                                                  9,608          9,451
  Venture Capital Investment Gains, Net                                                                     7,036             --
  Other Noninterest Income                                                                                  1,989          2,188
  Securities Gains, Net                                                                                       310             86
----------------------------------------------------------------------------------------------------------------------------------
  Total Noninterest Income                                                                                 32,541         24,330

NONINTEREST EXPENSE
  Salaries and Employee Benefits                                                                           24,528         22,258
  Occupancy, Net                                                                                            4,931          4,666
  Data Processing Services                                                                                  5,200          4,561
  Furniture and Equipment                                                                                   3,059          2,565
  Other Real Estate Owned Expense (Income), Net                                                               (37)            16
  Other Noninterest Expense                                                                                16,163         16,089
----------------------------------------------------------------------------------------------------------------------------------
  Total Noninterest Expense                                                                                53,844         50,155
----------------------------------------------------------------------------------------------------------------------------------

  Income before Taxes and Minority Interest                                                                27,130         20,001
  Applicable Income Tax Expense                                                                             9,640          7,298
  Minority Interest in Income of Subsidiaries, Net of Taxes                                                 5,938          4,987
==================================================================================================================================
  Net Income
                                                                                                          $11,552        $ 7,716

EARNINGS PER SHARE-           Basic                                                                       $   .41        $   .27
                              Diluted                                                                         .41            .26

DIVIDENDS DECLARED AND PAID PER SHARE                                                                     $   .05        $   .05
</TABLE>
                                      -3-

<PAGE>



RIGGS NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF CONDITION
<TABLE>
<CAPTION>
(unaudited)                                                                        MARCH 31,           MARCH 31,       DECEMBER 31,
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)                                                 2000                1999              1999
==================================================================================================================================
<S>                                                                              <C>                <C>               <C>
ASSETS
  Cash and Due from Banks                                                        $  167,220         $  131,305        $  149,712
  Federal Funds Sold and Reverse Repurchase Agreements                              287,000            136,000           346,000
----------------------------------------------------------------------------------------------------------------------------------
  Total Cash and Cash Equivalents                                                   454,220            267,305           495,712

  Time Deposits with Other Banks                                                    362,749            625,464           413,528
  Securities Available for Sale (at Market Value)                                 1,231,628          1,290,431         1,289,884
  Venture Capital Investments                                                        64,789             11,182            39,525

  Loans                                                                           3,130,549          3,186,352         3,201,981
  Reserve for Loan Losses                                                           (38,237)           (53,004)          (41,455)
----------------------------------------------------------------------------------------------------------------------------------
  Total Net Loans                                                                 3,092,312          3,133,348         3,160,526

  Premises and Equipment, Net                                                       201,264            202,013           202,840
  Other Real Estate Owned                                                               908              1,679               908
  Other Assets                                                                      222,799            187,019           227,226
==================================================================================================================================
  Total Assets                                                                   $5,630,669         $5,718,441        $5,830,149

LIABILITIES
  Deposits:
  Noninterest-Bearing Demand Deposits                                            $  763,424         $  685,052        $  729,030
  Interest-Bearing Deposits:
      Savings and NOW Accounts                                                      375,288            390,046           395,024
      Money Market Deposit Accounts                                               1,507,513          1,508,927         1,489,690
      Time Deposits in Domestic Offices                                             901,292            965,778         1,068,920
      Time Deposits in Foreign Offices                                              633,362            625,938           492,669
----------------------------------------------------------------------------------------------------------------------------------
  Total Interest-Bearing Deposits                                                 3,417,455          3,490,689         3,446,303
----------------------------------------------------------------------------------------------------------------------------------
  Total Deposits                                                                  4,180,879          4,175,741         4,175,333

  Repurchase Agreements and Other Short-Term Borrowings                             588,173            395,617           832,202
  Other Liabilities                                                                  91,997            257,732            68,376
  Long-Term Debt                                                                     66,525            191,525            66,525
----------------------------------------------------------------------------------------------------------------------------------
  Total Liabilities                                                               4,927,574          5,020,615         5,142,436

GUARANTEED PREFERRED BENEFICIAL INTERESTS IN JUNIOR
  SUBORDINATED DEFERRABLE INTEREST DEBENTURES                                       350,000            350,000           350,000
----------------------------------------------------------------------------------------------------------------------------------

SHAREHOLDERS' EQUITY
  Common Stock-$2.50 Par Value
      Shares Authorized - 50,000,000 at March 31, 2000 and 1999, and
         December 31, 1999
      Shares Issued - 31,616,995 at March 31, 2000, 31,556,545 at
         March 31, 1999 and 31,615,495 at December 31, 1999                          79,042             78,891            79,039
  Surplus - Common Stock                                                            161,450            160,773           161,439
  Undivided Profits                                                                 220,819            191,047           210,682
  Accumulated Other Comprehensive Loss                                              (36,859)           (11,528)          (42,090)
  Treasury Stock - 3,300,798 shares at March 31, 2000 and 1999,
  and December 31, 1999                                                             (71,357)           (71,357)          (71,357)
----------------------------------------------------------------------------------------------------------------------------------
  Total Shareholders' Equity                                                        353,095            347,826           337,713
==================================================================================================================================
  Total Liabilities and Shareholders' Equity                                     $5,630,669         $5,718,441        $5,830,149
</TABLE>
                                      -4-


<PAGE>

RIGGS NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
<TABLE>
<CAPTION>

                                                     COMMON                             ACCUMULATED
                                                     STOCK                                 OTHER                         TOTAL
                                                     $2.50                UNDIVIDED    COMPREHENSIVE     TREASURY    SHAREHOLDERS'
                                                      PAR      SURPLUS     PROFITS     INCOME (LOSS)      STOCK          EQUITY
===================================================================================================================================
<S>                                                  <C>        <C>         <C>              <C>          <C>              <C>

Balance, December 31, 1998                           $ 78,888   $160,760    $184,794         $ (2,548)    $(29,166)        $392,728

Comprehensive Income:
   Net Income                                                                  7,716                                       $  7,716
   Other Comprehensive Income
     (Loss), Net of Tax: (1)
    Unrealized Gain (Loss) on
      Securities Available for
Sale, Net
      of Reclassification                                                                      (7,881)                       (7,881)
Adjustments
    Foreign Exchange
      Translation Adjustments                                                                  (1,099)                       (1,099)
                                                                                                                    ---------------
   Total Other Comprehensive
     Income (Loss)                                                                                                           (8,980)
                                                                                                                    ===============
Total Comprehensive Income (Loss)                                                                                          $ (1,264)

Issuance of Common Stock for
  Stock Option Plans-1,200 Shares                           3         13                                                         16

Cash Dividends -
  Common Stock, $.05 per Share                                                (1,463)                                        (1,463)

Common Stock Repurchase-
   2,125,000 shares                                                                                        (42,191)         (42,191)
===================================================================================================================================

Balance, March 31, 1999                              $ 78,891   $160,773    $191,047         $(11,528)    $(71,357)        $347,826



Balance, December 31, 1999                           $ 79,039   $161,439    $210,682         $(42,090)    $(71,357)        $337,713

Comprehensive Income:
   Net Income                                                                 11,552                                       $ 11,552
   Other Comprehensive Income
     (Loss), Net of Tax: (1)
    Unrealized Gain (Loss) on
      Securities Available for
Sale, Net
      of Reclassification                                                                       5,472                         5,472
Adjustments
    Foreign Exchange
      Translation Adjustments                                                                    (241)                         (241)
                                                                                                                    ---------------
   Total Other Comprehensive
     Income (Loss)                                                                                                            5,231
                                                                                                                    ===============
Total Comprehensive Income (Loss)                                                                                          $ 16,783

Issuance of Common Stock for
  Stock Option Plans, 1,500 Shares                          3         11                                                         14

Cash Dividends -
  Common Stock, $.05 per Share                                                (1,415)                                        (1,415)

===================================================================================================================================

Balance, March 31, 2000                              $ 79,042   $161,450    $220,819         $(36,859)    $(71,357)        $353,095
</TABLE>

(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.
                                      -5-

<PAGE>

RIGGS NATIONAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
(in thousands)                                                                                        THREE MONTHS ENDED
                                                                                                          MARCH 31,
                                                                                                 -----------------------------
                                                                                                       2000           1999
==============================================================================================================================
<S>                                                                                                   <C>         <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income                                                                                            $ 11,552    $    7,716
  Adjustments to Reconcile Net Income to Cash
    Provided By Operating Activities:
     Provision for Loan Losses                                                                             600            --
     Depreciation Expense and Amortization of Leasehold Improvements                                     3,434         2,909
     Gains on Sale of Securities Available for Sale                                                       (310)          (86)
     Decrease in Other Assets                                                                            1,481        11,120
     Increase in Other Liabilities                                                                      23,621       208,882
------------------------------------------------------------------------------------------------------------------------------
  Total Adjustments                                                                                     28,826       222,825
------------------------------------------------------------------------------------------------------------------------------
  Net Cash Provided By Operating Activities                                                             40,378       230,541
------------------------------------------------------------------------------------------------------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Net Decrease In Time Deposits with Other Banks                                                        50,779        70,717
  Principal Collections and Maturities of Securities Available for Sale                                361,455     1,012,799
  Proceeds from Sales of Securities Available for Sale                                                 212,280        54,056
  Purchases of Securities Available for Sale                                                          (506,751)   (1,398,597)
  Net Decrease in Loans                                                                                 67,688        70,586
  Net Increase in Venture Capital Investments                                                          (25,264)       (8,089)
  Net Increase in Premises and Equipment                                                                (1,858)       (1,851)
  Other, Net                                                                                               (74)         (253)
------------------------------------------------------------------------------------------------------------------------------
Net Cash Provided By (Used In) Investing Activities                                                    158,255      (200,632)
------------------------------------------------------------------------------------------------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Net Increase (Decrease) in:
    Demand, NOW, Savings and Money Market Deposit Accounts                                              32,481         2,999
    Time Deposits                                                                                      (26,935)       27,894
    Repurchase Agreements and Other Short-Term Borrowings                                             (244,029)       21,237
  Proceeds from the Issuance of Common Stock                                                                14            16
  Dividend Payments - Common                                                                            (1,415)       (1,463)
  Repurchase of Common Shares                                                                               --       (42,191)
------------------------------------------------------------------------------------------------------------------------------
Net Cash (Used in) Provided By Financing Activities                                                   (239,884)        8,492
------------------------------------------------------------------------------------------------------------------------------
Effect of Exchange Rate Changes                                                                           (241)       (1,099)
------------------------------------------------------------------------------------------------------------------------------
Net (Decrease) Increase in Cash and Cash Equivalents                                                   (41,492)       37,302
Cash and Cash Equivalents at Beginning of Period                                                       495,712       230,003
==============================================================================================================================
Cash and Cash Equivalents at End of Period                                                            $454,220   $   267,305


SUPPLEMENTAL SCHEDULE OF CASH FLOW ACTIVITIES:

NONCASH ACTIVITIES:
  Loans Transferred to Other Real Estate Owned                                                        $     --   $        --

CASH PAID DURING  THE YEAR FOR:
  Interest Paid (Net of Amount Capitalized)                                                           $ 40,139   $    37,670
  Income Tax Payments                                                                                       --            --
</TABLE>
                                      -6-


<PAGE>


RIGGS NATIONAL CORPORATION

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


NOTE 1. BASIS OF PRESENTATION

In our opinion,  the accompanying  unaudited  financial  statements  contain all
normal recurring  adjustments  necessary for a fair  presentation of the interim
period results,  in conformity  with generally  accepted  accounting  principles
applied on a consistent basis and which require the use of our estimates.  These
statements  should be read in  conjunction  with the  financial  statements  and
accompanying notes included in our Annual Report on Form 10-K for the year ended
December  31, 1999.  Certain  reclassifications  have been made to  prior-period
amounts  to conform  with the  current  period's  presentation.  The  results of
operations for the first three months of 2000 are not necessarily  indicative of
the results to be expected for the full 2000 year.

NOTE 2. EARNINGS PER SHARE

Earnings per share computations are as follows:
<TABLE>
<CAPTION>

                                                              THREE MONTHS ENDED                 THREE MONTHS ENDED
                                                                MARCH 31, 2000                     MARCH 31, 1999
                                                      ---------------------------------- -----------------------------------
                                                           BASIC            DILUTED           BASIC            DILUTED
                                                            EPS               EPS              EPS               EPS
                                                      ----------------- ---------------- ----------------- -----------------
<S>                                                        <C>              <C>               <C>               <C>
Net Income Available to Common Shareholders                   $11,552          $11,552            $7,716            $7,716

Weighted-Average Shares Outstanding                        28,315,631       28,315,631        28,994,671        28,994,671
Weighted-Average Dilutive Effect
   of Stock Option Plans                                          n/a           47,188               n/a           633,945
                                                      ----------------- ---------------- ----------------- -----------------
Adjusted Weighted-Average Shares Outstanding               28,315,631       28,362,819        28,994,671        29,628,616

Basic EPS                                                     $   .41                             $  .27
Diluted EPS                                                                    $   .41                              $  .26
</TABLE>


NOTE 3. OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME (LOSS)
<TABLE>
<CAPTION>
                                                                                   Before-Tax        Tax
                                                                                      Amount      (Expense)     Net-of-Tax
                                                                                                   Benefit        Amount
=============================================================================================================================
<S>                                                                                   <C>            <C>            <C>
THREE MONTHS ENDED MARCH 31, 2000:
Foreign Currency Translation Adjustments                                              $   (371)      $   130        $  (241)
Unrealized Gains (Losses) on Securities:
  Unrealized Holding Gains (Losses) Arising During Period                                8,728        (3,055)         5,673
  Less: Reclassification Adjustment for (Gains) Losses Realized in Net Income             (310)          109           (201)
-----------------------------------------------------------------------------------------------------------------------------
  Net Unrealized Gains (Losses)                                                          8,418        (2,946)         5,472
=============================================================================================================================

Other Comprehensive Income (Loss)                                                     $  8,047       $(2,816)       $ 5,231

THREE MONTHS ENDED MARCH 31, 1999:
Foreign Currency Translation Adjustments                                              $ (1,691)      $   592        $(1,099)
Unrealized Gains (Losses) on Securities:
  Unrealized Holding Gains (Losses) Arising During Period                              (12,038)        4,213         (7,825)
  Less: Reclassification Adjustment for (Gains) Losses Realized in Net Income              (86)           30            (56)
----------------------------------------------------------------------------------------------------------------------------
  Net Unrealized Gains (Losses)                                                        (12,124)        4,243         (7,881)
============================================================================================================================

Other Comprehensive Income (Loss)                                                     $(13,815)      $ 4,835        $(8,980)
</TABLE>
                                      -7-
<PAGE>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BALANCES
<TABLE>
<CAPTION>
                                                                              Foreign                        Accumulated
                                                                             Currency        Unrealized        Other
                                                                            Translation     Gain (Loss)     Comprehensive
                                                                            Adjustments     on Securities   Income (Loss)
============================================================================================================================
<S>                                                                              <C>           <C>                <C>
THREE MONTHS ENDED MARCH  31, 2000:
Balance, December 31, 1999                                                       $(2,597)      $(39,493)          $(42,090)
Current-Period Change                                                               (241)         5,472              5,231
============================================================================================================================
Balance, March 31, 2000                                                          $(2,838)      $(34,021)          $(36,859)

THREE MONTHS ENDED MARCH 31, 1999:
Balance, December 31, 1998                                                       $(1,349)      $ (1,199)          $ (2,548)
Current-Period Change                                                             (1,099)        (7,881)            (8,980)
============================================================================================================================
Balance, March 31, 1999                                                          $(2,448)      $ (9,080)          $(11,528)
</TABLE>



NOTE 4. SEGMENT PROFITABILITY
<TABLE>
<CAPTION>

===================================================================================================================================
                                         INTER-                                  RIGGS                                     RIGGS
THREE MONTHS ENDED                      NATIONAL    RIGGS &                    CAPITAL                     RECON-        NATIONAL
MARCH 31, 2000             BANKING       BANKING    COMPANY      TREASURY      PARTNERS       OTHER      CILIATION      CORPORATION
-----------------------------------------------------------------------------------------------------------------------------------
<S>                       <C>           <C>           <C>       <C>            <C>           <C>       <C>               <C>
NET INTEREST INCOME
Interest Income           $   49,208    $ 16,020      $ 1,454   $   38,156     $     --      $ 11,808
Interest Expense              13,898      19,808        3,085       15,168           --        14,215
Funds Transfer Income         (4,472)     12,882        4,606      (18,058)          52         4,990
(Expense)
                          ---------------------------------------------------------------------------------------------------------
Net Interest Income           30,838       9,094        2,975        4,930           52         2,583
(Loss),
  Tax-Equivalent
Provision for Loan Losses       (300)      (300)           --           --           --            --
Tax Equivalent Adjustment       (824)         --           --         (636)          --            21
                          ---------------------------------------------------------------------------------------------------------
Net Interest Income (Loss)$   29,714    $  8,794      $ 2,975   $    4,294      $    52      $  2,604  $         --      $  48,433
                          ---------------------------------------------------------------------------------------------------------

NONINTEREST INCOME
Noninterest               $    9,519    $  1,034      $14,035   $      936      $ 6,966      $     51
Income-External Customers
Intersegment Noninterest         887       1,087           88           --           78           723
Income
                         ----------------------------------------------------------------------------------------------------------
Total Noninterest Income  $   10,406    $  2,121       $14,123  $      936      $ 7,044      $    774   $    (2,863)    $   32,541
                         ----------------------------------------------------------------------------------------------------------

NONINTEREST EXPENSE
Depreciation and          $    1,712    $    241      $   404   $        4      $     5      $  2,205
Amortization
Direct Expense                16,283       7,294        8,850        1,016          522        18,171
Overhead and Support          12,572       3,341        3,199          399           12       (19,523)
                         ----------------------------------------------------------------------------------------------------------
Total Noninterest Expense $   30,567    $ 10,876      $12,453   $    1,419      $   539      $    853   $   (2,863)     $   53,844
                         ----------------------------------------------------------------------------------------------------------

Income (Loss) Before Taxes$    9,553    $     39      $ 4,645   $    3,811      $ 6,557      $  2,525   $       --      $   27,130
and Minority Interest
                          ---------------------------------------------------------------------------------------------------------

                          ---------------------------------------------------------------------------------------------------------
Total Average Assets      $2,814,838    $960,909      $98,947   $2,497,173      $50,960      $941,306   $(1,580,087)    $5,784,046
===================================================================================================================================
</TABLE>



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  the
Corporation's   Washington,   D.C.-  based  embassy  banking  business  and  the
London-based banking subsidiary, Riggs Bank Europe Limited. Riggs & Company is a
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 LLC is our venture
capital  subsidiary,  and  specializes in equity  investments in  privately-held
high-growth companies. "Other" consists of our unallocated parent company income
and expense,  net interest  income from  unallocated  equity and foreclosed real
estate activities of Riggs Bank N.A., our principal banking subsidiary.
                                      -8-
<PAGE>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED

We evaluate  segment  performance  based on net 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.  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.  For years
in which we have  either no  provision  for loan  losses or a  reduction  to the
reserve  for loan  losses,  an  allocation  of loan loss is not  provided to the
segments.  The reconciliation of total average assets represents the elimination
of intercompany transactions.

<TABLE>
<CAPTION>
===================================================================================================================================
                                          INTER-                                 RIGGS                                    RIGGS
THREE MONTHS ENDED                       NATIONAL    RIGGS &                    CAPITAL                  RECON-          NATIONAL
MARCH 31, 1999             BANKING       BANKING     COMPANY      TREASURY      PARTNERS       OTHER    CILIATION       CORPORATION
-----------------------------------------------------------------------------------------------------------------------------------
<S>                       <C>           <C>          <C>        <C>              <C>       <C>          <C>              <C>
NET INTEREST INCOME
Interest Income           $   46,450    $ 15,060     $  1,446   $   22,912       $   --    $   13,333
Interest Expense              15,098      17,733        2,231        5,577           --        11,907
Funds Transfer Income          1,002      10,539        3,301      (15,779)        (129)        1,066
(Expense)
                        -----------------------------------------------------------------------------------------------------------
Net Interest Income           32,354       7,866        2,516        1,556         (129)        2,492
(Loss),
  Tax-Equivalent
Tax Equivalent Adjustment       (478)         --           --         (353)          --             2
                        -----------------------------------------------------------------------------------------------------------
Net Interest Income (Loss)$   31,876    $  7,866     $  2,516   $    1,203       $ (129)   $    2,494   $        --      $   45,826
                        -----------------------------------------------------------------------------------------------------------

NONINTEREST INCOME
Noninterest               $    9,584    $  1,030     $ 12,912   $      397       $  172    $      235
Income-External Customers
Intersegment Noninterest          --       1,004          148           --           --           879
Income
                        -----------------------------------------------------------------------------------------------------------
Total Noninterest Income  $    9,584    $  2,034     $ 13,060   $      397       $  172    $    1,114   $    (2,031)     $   24,330
                        -----------------------------------------------------------------------------------------------------------

NONINTEREST EXPENSE
Depreciation and          $    1,888    $    183     $    203   $        3       $   --    $    1,781
Amortization
Direct Expense                14,881       5,448        8,560          376          497        18,366
Overhead and Support          14,057       2,729        2,650          435            1       (19,872)
                        -----------------------------------------------------------------------------------------------------------
Total Noninterest Expense $   30,826    $  8,360     $ 11,413   $      814       $  498    $      275   $    (2,031)     $   50,155
                        -----------------------------------------------------------------------------------------------------------

Income (Loss) Before Taxes$   10,634    $  1,540     $  4,163   $      786       $ (455)   $    3,333   $        --      $   20,001
and Minority Interest
                        -----------------------------------------------------------------------------------------------------------

                        -----------------------------------------------------------------------------------------------------------
Total Average Assets      $2,723,786    $929,655     $100,848   $1,716,562       $9,616    $1,119,855   $(1,102,472)     $5,497,850
===================================================================================================================================
</TABLE>

NOTE 5. NEW FINANCIAL ACCOUNTING STANDARDS

SFAS No. 133,  "Accounting for Derivative  Instruments and Hedging  Activities,"
was issued in June  1998.  SFAS No.  133 will  require  us to record  derivative
instruments,   such  as  interest-rate  swap  agreements,  on  the  Consolidated
Statement  of  Condition  as  assets or  liabilities,  measured  at fair  value.
Currently we treat such instruments as off-balance-sheet  items. Gains or losses
resulting from changes in the values of those derivatives would be accounted for
depending  on the  specific  use of each  derivative  instrument  and whether it
qualifies for hedge  accounting  treatment as stated in the  standard.  SFAS No.
137, issued in June 1999, deferred the effective date for implementation of SFAS
No. 133 to January 1, 2001. We do not  anticipate  any material  impact from the
implementation of SFAS No. 133.
                                      -9-

<PAGE>

RIGGS NATIONAL CORPORATION

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


Results of Operations

We earned $11.6  million of net income for the first quarter of 2000 compared to
$7.7  million for the same period a year ago.  Diluted  earnings  per share were
$.41 compared to $.26 for the same period in the prior year.

The increase in net income for the first  quarter was mostly due to $7.0 million
in venture capital gains from our recently  formed venture  capital  subsidiary,
Riggs Capital  Partners LLP.  Noninterest  income increased 8% as a result of an
increase in trust and advisory fee income at Riggs & Company, our private client
services division,  of $1.0 million.  These increases in noninterest income were
partially offset by a $3.7 increase in noninterest expense.

Return on average  assets was .80% for the three  months  ended March 31,  2000,
compared to .57% for the same period a year ago. Return on average stockholder's
equity was 13.72% compared to 8.61% in the prior period.

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 $50.5 million in
the first  quarter of 2000,  increasing  $3.8 million from the first  quarter of
1999.  The  increase  from the  prior  year's  quarter  was  primarily  due to a
reduction  in  interest  expense  due to  the  redemption  of  $125  million  in
subordinated  notes,  and increases in interest  income of $6.3 million and $1.8
million,  respectively,  on the securities and loans portfolio. These items were
partially  offset by  increases  in  interest  expense  on our  interest-bearing
deposits and short-term borrowings.


NET INTEREST INCOME CHANGES (1)
<TABLE>
<CAPTION>

                                                                                          Three Months Ended
                                                                                        MARCH 31, 2000 VS 1999
                                                                                   ----------------------------------
                                                                                     DUE TO      DUE TO     TOTAL
(IN THOUSANDS)                                                                        RATE       VOLUME     CHANGE
=====================================================================================================================
<S>                                                                                    <C>       <C>         <C>
Interest Income:
   Loans, Including Fees                                                               $1,634    $   181     $1,815
   Securities Available for Sale                                                        1,711      4,584      6,295
   Time Deposits with Other Banks                                                       1,436     (3,081)    (1,645)
   Federal Funds Sold and Reverse
    Repurchase Agreements                                                                 488      2,211      2,699
---------------------------------------------------------------------------------------------------------------------

Total Interest Income                                                                   5,269      3,895      9,164

Interest Expense:
   Interest-Bearing Deposits                                                            2,524        386      2,910
   Repurchase Agreements and Other
      Short-Term Borrowings                                                             1,991      3,196      5,187
   Long-Term Debt                                                                         243     (2,993)    (2,750)
---------------------------------------------------------------------------------------------------------------------

Total Interest Expense                                                                  4,758        589      5,347
=====================================================================================================================

Net Interest Income                                                                     $ 511     $3,306     $3,817
</TABLE>

(1) - 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.
                                      -10-

<PAGE>

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


AVERAGE CONSOLIDATED STATEMENTS OF CONDITION AND RATES
<TABLE>
<CAPTION>

                                                               THREE MONTHS ENDED                  THREE MONTHS ENDED
                                                                 MARCH 31, 2000                      MARCH 31, 1999
                                                         -------------------------------    ----------------------------------
(TAX-EQUIVALENT BASIS) (1)                                 AVERAGE     INCOME/                AVERAGE     INCOME/
(IN THOUSANDS)                                             BALANCE     EXPENSE    RATE        BALANCE     EXPENSE     RATE
==============================================================================================================================
<S>                                                       <C>            <C>       <C>       <C>            <C>          <C>
ASSETS

  Loans, Including Fees (2)                               $3,180,822     $60,167   7.61 %    $3,198,165     $58,352      7.40 %
  Securities Available for Sale (3)                        1,303,723      20,959   6.47       1,016,963      14,664      5.85
  Time Deposits with Other Banks                             384,768       5,589   5.84         615,598       7,234      4.77
  Federal Funds Sold and Reverse Repurchase Agreements       333,637       4,805   5.79         176,341       2,106      4.84
------------------------------------------------------------------------------------------------------------------------------
    Total Earning Assets and Average Rate Earned           5,202,950      91,520   7.07       5,007,067      82,356      6.67

  Reserve for Loan Losses                                    (41,518)                           (54,213)
  Cash and Due from Banks                                    144,671                            144,799
  Other Assets                                               477,943                            400,197
==============================================================================================================================
    Total Assets                                          $5,784,046                         $5,497,850

LIABILITIES, MINORITY INTEREST AND
    SHAREHOLDERS' EQUITY

  Interest-Bearing Deposits                               $3,621,803     $30,265   3.36 %    $3,517,378     $27,355      3.15 %
  Repurchase Agreements and Other Short-Term Borrowings      717,586       9,178   5.14         400,953       3,978      4.02
  Long-Term Debt                                              66,525       1,605   9.70         191,525       4,368      9.25
------------------------------------------------------------------------------------------------------------------------------
    Total Interest-Bearing Funds and Average Rate Paid     4,405,914      41,048   3.75       4,109,856      35,701      3.52

  Demand Deposits                                            613,827                            621,604
  Other Liabilities                                           75,698                             53,122
  Minority Interest in Preferred Stock of Subsidiaries       350,000                            350,000
  Shareholders' Equity                                       338,607                            363,268
------------------------------------------------------------------------------------------------------------------------------
  Total Liabilities, Minority Interest and
     Shareholders' Equity                                 $5,784,046                         $5,497,850
==============================================================================================================================
  NET INTEREST INCOME AND SPREAD                                         $50,472   3.32 %                   $46,655      3.15 %
==============================================================================================================================
  NET INTEREST MARGIN ON EARNING ASSETS                                            3.90 %                                3.78 %
</TABLE>

(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.

NONINTEREST INCOME

Noninterest  income  for the  three  months  ended  March  31,  2000,  excluding
securities  gains,  totaled $32.2 million,  an increase of $8.0 million from the
same period a year ago. This  increase was mostly due to a $7.0 million  venture
capital  investment  gain  at  Riggs  Capital  Partners,   our  venture  capital
subsidiary.  Also  contributing  to the increase in  noninterest  income for the
current  quarter was $13.6 million in trust and  investment  advisory  income at
Riggs & Company, an increase of $1.0 million, or 8%, over the same period a year
ago. Riggs & Company is our private client services division.


NONINTEREST EXPENSE

Noninterest expense for the three months ended March 31, 2000 was $53.8 million,
an increase of 7% from the $50.2  million  reported  for the three  months ended
March 31, 1999.  This increase was a result of added  personnel costs during the
year,  partially  related to new  business  initiatives,  and other  noninterest
expense,  such as data processing costs and legal fees related to these business
initiatives.
                                      -11-

<PAGE>

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


FINANCIAL CONDITION

SECURITIES

Securities  available for sale totaled $1.23 billion at March 31, 2000, compared
to $1.29 billion at year-end 1999 and March 31, 1999. The activity for the first
three months included purchases of securities available for sale totaling $506.8
million,  which were more than offset by maturities,  curtailments  and sales of
securities  available for sale totaling  $573.7  million.  The  weighted-average
durations and yields for the portfolio,  adjusted for  anticipated  prepayments,
were approximately 3.6 years and 5.99%, respectively, at March 31, 2000.
<TABLE>
<CAPTION>

                                        MARCH 31, 2000                   MARCH 31, 1999                DECEMBER 31, 1999
                                -------------------------------  ------------------------------  -------------------------------
                                  AMORTIZED        MARKET/         AMORTIZED       MARKET/         AMORTIZED        MARKET/
      AVAILABLE FOR SALE             COST        BOOK VALUE           COST        BOOK VALUE          COST        BOOK VALUE
================================================================================================================================
<S>                                 <C>             <C>              <C>            <C>              <C>             <C>
(IN THOUSANDS)

U.S. Treasury Securities            $  289,117      $  274,793       $  188,397     $  179,274       $  289,242      $  268,008
Government Agencies Securities         436,016         431,259          541,288        541,258          479,297         474,457
Mortgage-Backed Securities             512,042         478,783          532,183        526,516          518,418         483,734
Other Securities                        46,793          46,793           42,532         43,383           63,685          63,685
================================================================================================================================
Total                               $1,283,968      $1,231,628       $1,304,400     $1,290,431       $1,350,642      $1,289,884
</TABLE>


LOANS

At March 31,  2000,  loans  outstanding  amounted to $3.13  billion,  decreasing
slightly  from the  December  31, 1999 total of $3.20  billion.  The decrease in
loans from December 31, 1999 was primarily attributed to decreases in commercial
and financial  loans of $45.8 million and foreign loans of $33.8 million,  which
was  partially  offset by increases in real estate  commercial/construction  and
home equity loans.
<TABLE>
<CAPTION>

                                                           MARCH 31,            MARCH 31,          DECEMBER 31,
(IN THOUSANDS)                                               2000                 1999                 1999
================================================================================================================
<S>                                                       <C>                  <C>                  <C>
Commercial and Financial                                  $  621,609           $  691,090           $  667,393
Real Estate - Commercial/Construction                        428,746              379,580              415,304
Residential Mortgage                                       1,211,855            1,231,855            1,219,740
Home Equity                                                  322,564              309,879              315,520
Consumer                                                      68,917               71,701               73,158
Foreign                                                      483,219              505,335              517,012
----------------------------------------------------------------------------------------------------------------
Total Loans                                                3,136,910            3,189,440            3,208,127

Net Deferred Loan Fees,
 Premiums and Discounts                                       (6,361)              (3,088)              (6,146)
================================================================================================================
Loans                                                     $3,130,549           $3,186,352           $3,201,981
</TABLE>
                                      -12-

<PAGE>

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

RESERVE FOR LOAN LOSSES

Changes in the reserve for loan losses are summarized as follows:
<TABLE>
<CAPTION>

                                                                                                    THREE MONTHS ENDED
                                                                                                        MARCH 31,
                                                                                           -------------------------------------
                                                                                                     2000              1999
================================================================================================================================
<S>                                                                                                  <C>               <C>
Balance, January 1                                                                                   $41,455           $54,455
Provision for loan losses                                                                                600                --

Loans charged-off                                                                                      4,659             1,629
   Less: Recoveries on charged-off loans                                                                 915               432
--------------------------------------------------------------------------------------------------------------------------------
Net loan charge-offs (recoveries)                                                                      3,744             1,197

Foreign exchange translation adjustments                                                                 (74)             (254)
================================================================================================================================
Balance, March 31                                                                                    $38,237           $53,004
</TABLE>

ASSET QUALITY

NONPERFORMING ASSETS

Nonperforming  assets,  which include  nonaccrual loans,  renegotiated loans and
other real estate owned (net of  reserves),  totaled  $42.1 million at March 31,
2000, a $1.6 million  decrease from the year-end 1999 total of $43.7 million and
a $12.0  million  increase  from the March  31,  1999  total.  The  increase  in
nonperforming  assets  from the  first  quarter  of 1999 was  mainly  due to two
nonperforming  loans in which we have participated with other major banks. These
credits are an $8.1 million loan to a health care entity and a $4.8 million loan
to a computer equipment  manufacturing and service company that were both placed
on  nonaccrual in the third  quarter of 1999.  These two credits are  considered
impaired.  Impaired loans also include a $25.0 million loan to a commercial real
estate financing  company that went to nonaccrual in the fourth quarter of 1998.
Impaired loans totaled $40.5 million at March 31, 2000.  The  assigned  reserve
for loan losses for  impaired  loans was $8.3  million at March 31, 2000.

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.  Past-due  loans  increased $1.1 million during the
first  three  months  of 2000 to $8.5  million,  with  most of the  increase  in
secured,  residential real estate loans.  Potential problem loans decreased $632
thousand from December 31, 1999.

NONPERFORMING ASSETS AND PAST-DUE LOANS
<TABLE>
<CAPTION>
                                                                          MARCH 31,       MARCH  31,      DECEMBER 31,
(IN THOUSANDS)                                                                 2000            1999           1999
=======================================================================================================================
<S>                                                                         <C>              <C>               <C>
NONPERFORMING ASSETS:

Nonaccrual Loans (1)                                                        $40,014          $26,681           $41,534
Renegotiated Loans                                                            1,212            1,772             1,263
Other Real Estate Owned, Net                                                    908            1,679               908
=======================================================================================================================
Total Nonperforming Assets                                                  $42,134          $30,132           $43,705

PAST-DUE LOANS (2)                                                          $ 8,487          $ 8,950           $ 7,429

POTENTIAL PROBLEM LOANS                                                     $ 1,381          $ 1,031           $ 2,013
</TABLE>

(1) - Loans  (other than  consumer)  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 90 days or more in principal or interest that
are well-secured and in the process of collection.
                                      -13-
<PAGE>

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 $4.18
billion at March 31, 2000,  virtually  unchanged  from the December 31, 1999 and
March 31, 1999 deposit totals. Changes in the composition of total deposits from
year-end 1999 included a decrease in time deposits in domestic offices of $167.6
million,  partially  offset by increases in time deposits in foreign  offices of
$140.7 million,  money market deposits of $17.8 million,  and demand deposits of
$34.4 million.


SHORT-TERM BORROWINGS AND LONG-TERM DEBT

Short-term  borrowings  decreased  by  $244.0  million  from the  year-end  1999
balance,  and increased  $192.6  million from the March 31, 1999 balance.  These
changes  reflect  borrowings  and partial calls of $400 million in advances from
the Federal  Home Loan Bank of Atlanta  (FHLB).  During 1999,  we borrowed  $400
million,  all callable  during the year 2000, at an average rate of 4.99%.  $200
million was called by the FHLB in the first  quarter  2000.  $100 million of the
remaining  available  credit has a final  maturity of ten years,  with the other
$100 million  maturing in five years.  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.

The  decrease in  long-term  debt from the March 31, 1999 balance was due to our
redemption in July 1999 of $125 million of 8.5% subordinated  notes due in 2006,
at the price of 104.25%.  General  corporate funds were used to retire the debt.
We recorded an  extraordinary  expense of $5.1 million,  after tax, in the third
quarter 1999 as a result of the redemption.
<TABLE>
<CAPTION>

                                                                  MARCH 31,           MARCH 31,         DECEMBER 31,
(IN THOUSANDS)                                                      2000                 1999                 1999
======================================================================================================================
<S>                                                                <C>                 <C>                 <C>
Repurchase Agreements and Other Short-Term Borrowings              $588,173            $395,617            $832,202

Subordinated Debentures due 2009                                     66,525              66,525              66,525
Subordinated Notes due 2006                                              --             125,000                  --
----------------------------------------------------------------------------------------------------------------------
Total Long-Term Debt                                                 66,525             191,525              66,525
======================================================================================================================
Total Short-Term Borrowings and Long-Term Debt                     $654,698            $587,142            $898,727
</TABLE>


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 and those of our banking subsidiaries.  Our Asset/Liability Committee
actively  analyzes and manages liquidity in coordination with other areas of the
organization  (see  "Sensitivity to Market Risk"). At March 31, 2000, 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 $2.05 billion
(36% of total  assets).  This  compares with $2.20 billion (38%) at December 31,
1999,  and $2.18  billion  (38%) at March 31, 1999.  At March 31,  2000,  $913.2
million of our assets were pledged to secure deposits and other borrowings. This
compares with pledged  assets of $1.02 billion at December 31, 1999,  and $807.5
million at March 31, 1999.

Our  liquidity  position is maintained by a stable source of funds from our core
deposit relationships. We have other sources of funds, such as short-term credit
lines  available  from  several  Federal  Home Loan  Banks  and other  financial
institutions.  In  addition,  we have a line of  credit  available  through  our
membership in the Federal Home Loan Bank of Atlanta (FHLB Atlanta). At March 31,
2000,  December 31, 1999,  and March 31, 1999,  short-term  credit lines and the
FHLB Atlanta line of credit available totaled approximately $1.58 billion, $1.38
billion, and $1.50 billion, respectively. Of this availability,  $218.2 million,
$423.2 million,  and $14.5 million were outstanding at March 31, 2000,  December
31, 1999, and March 31, 1999.
                                      -14-

<PAGE>

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


SHAREHOLDERS' EQUITY AND REGULATORY CAPITAL

Total shareholders'  equity at March 31, 2000 was $353.1 million, an increase of
$15.4  million from year-end 1999 and $5.3 million from a year ago. The increase
from  year-end was  primarily  the result of net income of $11.6 million and net
unrealized securities gains of $5.5 million,  after tax. For more information on
our  securities  portfolio,   see  the  discussion  under  "Securities"  in  the
Management's Discussion and Analysis of this Form 10-Q.

Book value per common  share was $12.47 as of March 31, 2000  compared to $11.93
at year-end 1999 and $12.31 at March 31, 1999.  The decline in book value during
1999 was  primarily  the  result  of a decline  in the  value of the  securities
portfolio for the year of $38.3 million, after tax, partially offset by earnings
of $31.6  million.  Book value  since  December  31,  1999  improved  due to the
earnings and unrealized securities gains discussed in the preceding paragraph.

Following are our capital ratios and those of our banking subsidiary, Riggs Bank
National  Association (Riggs Bank N.A.) at March 31, 2000 and 1999, and December
31, 1999.
<TABLE>
<CAPTION>
                                                      MARCH 31,       MARCH 31,      DECEMBER 31,      REQUIRED
                                                         2000            1999            1999          MINIMUMS
====================================================================================================================
<S>                                                     <C>             <C>             <C>              <C>
RIGGS NATIONAL CORPORATION:
     Tier I                                             14.91%          13.30%          14.09%           4.00%
     Combined Tier I and Tier II                        24.46           26.59           23.55            8.00
     Leverage                                            8.74           8.51             8.59            4.00

RIGGS BANK N.A.:
     Tier I                                             13.55           12.64           12.63            4.00
     Combined Tier I and Tier II                        14.72           13.89           13.86            8.00
     Leverage                                            8.06            8.51            7.91            4.00
</TABLE>


YEAR 2000 READINESS DISCLOSURE

GENERAL
Advances  and  changes  in  technology  can  have a  significant  impact  on our
business.  Financial  institutions are dependent on information systems and also
have  many  external  interdependencies  with  other  companies.  Many  computer
programs  were  designed to recognize  calendar  years by their last two digits.
Calculations  performed  using these  digits may not have worked  properly  with
dates  beginning in the Year 2000 and beyond.  The Year 2000 issue  created risk
for us from  unforeseen  problems  in our  computer  systems  and from Year 2000
issues with our vendors,  service  providers and customers.  For January 1, 2000
and subsequent dates through the date of this report, we experienced no material
impact as a result of Year 2000 date changes.

APPROACH AND RISKS
We began to  identify  the  risks  associated  with  the Year  2000 in 1995.  We
established a corporate  oversight  structure to ensure timely risk assessments,
remediation plans, systems testing,  conversions,  and centralized management of
the  project.  The  structure  of the effort  entailed a number of groups,  each
addressing  a different  aspect of the project,  and  reporting to the Year 2000
Program Manager.  Oversight of the entire project was performed by the Year 2000
Advisory  Group.  This was a  management  committee  appointed  by the  Board of
Directors that reported to the Board on a quarterly basis.

We determined that an enterprise-wide business risk-assessment approach was most
appropriate for addressing and remediating Year 2000 problems.  This included an
assessment of the  information  technology  resources of each of our  functional
areas,  as well as separate  assessments of information  technology  vendors and
suppliers, mainframe applications, third party suppliers, alternative platforms,
and non-information technology and facilities risks.
                                      -15-
<PAGE>

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


In addition to systems-related  risks, we undertook a review of risks created by
potential business interruptions suffered by our major business  counterparties,
both  domestic and foreign.  We divided our business  counterparties  into three
broad   categories:   Funds  Takers  (primarily   borrowers),   Funds  Providers
(depositors  and other funding  sources) and Capital Markets  partners  (trading
counterparties  and fiduciary  relationships).  For those business partners that
would have had a significant impact on our liquidity, income, or capital markets
activities, if they had encountered significant business interruption due to the
Year 2000, we assessed their readiness and contingency plans for recovering from
an abrupt interruption.

After the  assessment  phase,  Year 2000  efforts  focused  on  remediation  and
verification.  We developed  detailed action plans to address mainframe systems,
third party servicers,  embedded  technology and facilities and  non-information
technology issues. For purchased systems and software and third party servicers,
the  Year  2000  efforts  involved  contacting  the  vendors  or  suppliers  and
determining  the Year 2000  status of the  various  systems  and of the plans to
bring the systems into compliance.  For in-house systems,  the Year 2000 efforts
included correction of the programs to ensure proper data processing. Our action
plans also included testing  mission-critical  systems to verify the remediation
efforts.  We recorded and tracked  information  to keep  ourselves  aware of the
status of our company's  information  technology  systems.  The Program  Manager
worked with our functional areas to develop  contingency  plans for a variety of
situations,  such as the failure of a vendor to remediate  Year 2000 issues by a
particular date or a system not being available for processing.

The failure to correct a material problem could have resulted in an interruption
in or failure of certain business operations.  Year 2000 risks and uncertainties
included increased credit losses, service delays,  funding delays,  counterparty
failures,  inaccurate  information  processing,  ATM failures, and problems with
international  accounts.  There was no assurance  that the Year 2000 issue would
not have a  material  adverse  impact  on our  financial  position,  results  of
operations, or relationships with customers, vendors, or others.

COSTS
The total cost of the Year 2000 project at March 31, 2000, was $7.3 million. The
future cost of completing the Year 2000 project is estimated to be $35 thousand.
The  total  amount  expended  to date  for  2000  was  $212  thousand.  The most
significant components of the $7.3 million total estimated cost consisted of 61%
for personnel costs, including consultants and special Year 2000 incentives, and
27% for data processing services. We did not separately track all internal costs
incurred  for the  Year  2000  project.  Internal  costs  were  principally  the
payroll-related costs for the information systems group.

CONTINGENCY PLANS
To prepare for the possibility that certain  information  systems or third party
vendors  and  servicers  were not Year 2000  compliant,  we  developed  detailed
contingency plans. We had two types of contingency plans,  remediation plans and
business resumption plans.

The remediation plans addressed any information systems which,  through testing,
had been  identified  as not Year 2000  compliant.  These  plans  described  and
scheduled alternative provisions,  including,  if necessary,  the replacement of
vendors or third party servicers to ensure  compliance.  The  remediation  plans
were complete; however,  implementation of these plans was not necessary because
of our state of readiness.

The business  resumption plans addressed how we would continue operations in the
event a Year 2000 related interruption  occurred.  The business resumption plans
for our  mission-critical  systems and third-party  servicers were substantially
completed as of June 30, 1999. In some cases these plans provided for the manual
processing of certain normal bank functions. Manual processing would have caused
delays, which could have disrupted the normal business activities of our company
and our customers. While implementation of the business resumption plans was not
expected  to be  necessary,  it  ensured  that we had  the  ability  to  process
transactions  and  serve  our  customers  if a Year 2000  problem  actually  had
occurred.
                                      -16-

<PAGE>

RIGGS NATIONAL CORPORATION

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

SENSITIVITY TO MARKET RISK

We are exposed to various market risks. 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 ("ALCO") to manage interest-rate risk.
The role of this committee is to prudently manage the asset/liability mix of our
company to provide a stable net interest margin while maintaining  liquidity and
capital.  This  entails the  management  of the  overall  risk of the company 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, 2000 and 1999 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 and a 300
basis point (3%)  gradual  increase  or  decrease in rates over a 36-month  time
period.

<TABLE>
<CAPTION>

INTEREST-RATE SENSITIVITY ANALYSIS (1)
                                                                 MOVEMENTS IN INTEREST RATES FROM MARCH 31, 2000
============================================================================================================================
                                                         SIMULATED IMPACT OVER NEXT          SIMULATED IMPACT OVER NEXT
                                                                TWELVE MONTHS                    THIRTY-SIX MONTHS
----------------------------------------------------- ---------------------------------- -----------------------------------
(In Thousands)                                             +100BP           -100BP            +300BP            -300BP
----------------------------------------------------- ----------------- ---------------- ----------------- -----------------
<S>                                                          <C>              <C>              <C>                <C>
Simulated Impact Compared With a
  "Most Likely" Scenario:

  Net Interest Income Increase/(Decrease)                       (0.8)%            4.3 %            (3.0)%             4.8 %

  Net Interest Income Increase/(Decrease)                    $(1,523)         $ 7,782          $(16,990)          $27,446

</TABLE>

<TABLE>
<CAPTION>
                                                                 MOVEMENTS IN INTEREST RATES FROM MARCH 31, 1999
============================================================================================================================
                                                         SIMULATED IMPACT OVER NEXT          SIMULATED IMPACT OVER NEXT
                                                                TWELVE MONTHS                    THIRTY-SIX MONTHS
----------------------------------------------------- ---------------------------------- -----------------------------------
(In Thousands)                                             +100BP           -100BP            +300BP            -300BP
----------------------------------------------------- ----------------- ---------------- ----------------- -----------------
<S>                                                          <C>               <C>               <C>              <C>
Simulated Impact Compared With a
  "Most Likely" Scenario:

  Net Interest Income Increase/(Decrease)                        (.6)%           (0.1)%              .5 %            (1.6)%

  Net Interest Income Increase/(Decrease)                    $(1,177)          $ (173)           $3,107           $(9,356)
</TABLE>

(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 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.
                                      -17-
<PAGE>

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


At March 31, 2000,  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 5%. 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 5%. The results of the  simulation for March
31, 2000  indicated  that we were  liability  sensitive over the 12 and 36-month
time horizons. We were within guidelines for interest rates moving significantly
in either direction.

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. All of these derivative  instruments are considered  off-balance-sheet,
as they do not materially  affect the level of our assets or liabilities.  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 conservative approach taken in
the review and monitoring of our sensitivity position.

COMMITMENTS AND CONTINGENT LIABILITIES

Outstanding  commitments  and contingent  liabilities  that do not appear in the
consolidated  financial  statements at March 31, 2000 and 1999, and December 31,
1999  are  detailed  in the  table  below.  At March  31,  2000,  our  financial
derivative instruments included four swaps with a total notional amount of $30.0
million.  These swaps extend the maturities of certain short-term liabilities at
the current funding rates to protect these  liabilities  against rising interest
rates.  These  agreements  were  contracted in October  1999,  December 1999 and
January  2000,  and entail the  payment  of a blended  6.84%  fixed rate and the
receipt of a  floating  rate  equal to  three-month  LIBOR.  These  swaps  reset
quarterly and mature in 2004.

As a result of Riggs Capital Partners venture capital  investment  activity,  we
had venture capital commitments of $22.1 million at March 21, 2000 of which $4.6
million was less than one year.
<TABLE>
<CAPTION>

                                                                    CONTRACTUAL OR NOTIONAL VALUE
                                                            -----------------------------------------------
                                                                MARCH 31,       MARCH 31,     DECEMBER 31,
                                                                   2000           1999            1999
===========================================================================================================
<S>                                                               <C>           <C>             <C>
Commitments to Extend Credit                                      $928,800      $1,196,279      $1,035,644

Venture Capital Commitments                                         22,102              --              --

Letters of Credit                                                  130,896         122,556         137,622

Derivative Instruments:
    Foreign Exchange Contracts:
         Commitments to Purchase                                  $100,138      $  137,281      $  112,226
         Commitments to Sell                                       301,350         224,439         317,837
           Futures                                                   1,932              --              --
    Interest Rate Agreements
           Swaps                                                   124,412          99,372         126,786
           Purchased Options                                           623             630             629
</TABLE>

                                      -18-
<PAGE>

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


Our interest rate agreement  activity for the three months ended March 31, 2000,
is as follows:
<TABLE>
<CAPTION>
                                                 BALANCE                                                        BALANCE
                                               DECEMBER 31,                                                     MARCH 31,
                                                  1999         ADDITIONS     MATURITIES     TERMINATIONS          2000
============================================================================================================================
<S>                                                <C>             <C>          <C>               <C>              <C>
Interest Rate Agreements:
     Receive variable/pay fixed                    $ 25,000        $5,000       $    --           $    --          $ 30,000
     Riggs Bank Europe Limited                      101,786            --         7,374                --            94,412
============================================================================================================================
Total                                              $126,786        $5,000       $ 7,374           $    --          $124,412
</TABLE>


     -------------------------------------------------------------------

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 and our
trust and investment  advisory fee 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. These
factors  also include the growth of 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 and similar matters.
                                      -19-

<PAGE>
RIGGS NATIONAL CORPORATION


                          PART II OTHER INFORMATION



ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K


        (a)    Exhibits

                  The exhibits  listed on page 21 are  incorporated by reference
                  or filed herewith in response to this item.


        (b)    Reports on Form 8-K

                  None.




                                    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 5, 2000                           /s/ TIMOTHY C. COUGHLIN
          ----------------                     --------------------------------
                                                      Timothy C. Coughlin
                                                          President






Date:       May 5, 2000                              /s/ JOHN L. DAVIS
          -----------------                    --------------------------------
                                                         John L. Davis
                                                    Chief Financial Officer
                                                   (Principal Financial and
                                                       Accounting Officer)

                                      -20-
<PAGE>

                               INDEX TO EXHIBITS
<TABLE>
<CAPTION>

  EXHIBIT NO.                                     DESCRIPTION                             PAGES
======================================================================================================
     <S>         <C>                                                                   <C>

     (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 April 10,
                 1996  (Incorporated by reference to the Registrant's  Form 10-K
                 for the year ended December 31, 1998, 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.)

     (27)        Financial Data Schedule                                               Exhibit 27
</TABLE>

(Exhibits omitted are not required or not applicable.)
                                      -21-