Matthew Goldstein
"We have assessed the remaining risks to Riggs, and we believe we have reached a revised agreement that is fair to all parties," said PNC Chairman and CEO James Rohr, in the press release.
The merger is a financial windfall for Joseph Allbritton and his family, the biggest shareholders in Riggs. Allbritton and his wife Barbara beneficially own about 47% of the bank's stock. Last year, Allbritton stepped down as chairman and chief executive of Riggs. During a congressional hearing last summer into allegations of money laundering at the bank, it was revealed that Allbritton traveled to Chile more than a decade ago to solicit the former Chilean president's business. Shares of Riggs, in late morning trading, were down 53 cents, or 2.6%, or $19.69 a share, while PNC rose 21 cents to $53.49 a share.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
|
|---|---|---|---|---|
| 12,393.45 | 1,310.33 | 2,827.34 | 15.81 |
Oil *
101.80
|
|
DOWN
26.41 |
DOWN
2.99 |
DOWN
10.02 |
DOWN
0.44 |
10 Yr
1.58%
SPDR Gold
151.62
|
|
-0.21%
|
-0.23%
|
-0.35%
|
-2.71%
|
Data delayed 20 minutes |
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