The earliest incarnation of Riggs Bank was formed in 1836 when William Wilson Corcoran opened a small brokerage house. In 1840, Corcoran and George Washington Riggs, the son of a neighbor, formed Corcoran & Riggs, which offered checking and depositing services. In 1844 the U.S. government assigned Corcoran & Riggs to be the only federal depository in Washington. In 1854 Corcoran retired, and the bank changed its name to Riggs & Co. After accepting a government charter, Riggs National Bank was born in 1896. By 1900, Riggs embarked on a successful project to become known as the bank of embassies and diplomats, and by 1950 most embassies in Washington were customers. Many branches thereafter opened within embassies in Washington D.C. and London. In the early 2000s, Riggs Bank was bought by PNC Bank for $779 million on July 16, 2004.
From the description of Corcoran & Riggs partnership documents, 1840-1848. (Unknown). WorldCat record id: 123901877
