Trips Places Foods Stories Newsletters
Loading...
Loading...
Latest Places to Eat & Drink
View All Places to Eat »
Names on the bartop.
The Dive
Cacio e pepe lasagna combines two classics.
C'è pasta... E pasta!
Spaghetto taratatà is named for the sound of rattling sabers.
Giano Restaurant
The gnocchi here get blanketed in a sugo with braised oxtail.
Cesare al Pellegrino
Romans insist you should feel the cracked peppercorns and cheese grains on your tongue.
Flavio al Velavevodetto
Loading...

No search results found for
“”

Make sure words are spelled correctly.

Try searching for a travel destination.

Places near me Random place

Popular Destinations

  • Paris
  • London
  • New York
  • Berlin
  • Rome
  • Los Angeles
Trips Places Foods Stories Newsletters
Sign In Join
Places near me Random place
All the United States Washington, D.C. Riggs Bank
Riggs Bank is permanently closed.

This entry remains in the Atlas as a record of its history, but it is no longer accessible to visitors.

Riggs Bank

The bank that helped fund the Mexican-American War and the purchase of Alaska met its downfall after helping Augusto Pinochet launder money.

Washington, D.C.

Added By
Elliot Carter
Email
Been Here
Want to go
Added to list
CAPTION
Former Riggs Bank in Georgetown.   Map Data © 2016 Google 
Riggs Headquarters circa 1913.   Harris & Ewing
Cashier handing out money at Riggs Bank in 1938.   Harris & Ewing
Former Riggs Bank in Dupont Circle.   Elliot Carter / Atlas Obscura User
  IgFan / Atlas Obscura User
Been Here
Want to go
Added to list

About

Riggs Bank was a Washington institution for over a hundred years. More than 20 U.S. Presidents—from Lincoln to Nixon—banked at Riggs, whose headquarters across the street from the Treasury Department was pictured on the back of the old $10 dollar bill.

In its golden age in the 19th century the bank financed Samuel Morse's development, lent the federal government $16 million for the Mexican-American War, and supplied the funds to expand the capitol building and build the Washington Aqueduct system. Finally in 1865 it lent $7.2 million in gold to Secretary of State Sewell to purchase Alaska from Tsar Alexander II. 

But this place at the center of power in Washington eventually led to some ugly business deals, which resulted in Riggs' downfall in 2004.

Today, chances are that if you're a native Washingtonian, you've walked by one of the former Riggs branches and not even known it. The iconic PNC banks in Dupont Circle and in Georgetown both used to be Riggs buildings. You can still faintly make out the outline of "Riggs National Bank" under the Dupont Branch Building's brass lettering.

Trouble started brewing in the 1980s, when the CIA came to Riggs with a covert international affairs project. Working through the Saudi royal family (who banked at Riggs), the CIA provided funds to the Nicaraguan Contra rebels and the anti-Soviet Mujahideen in Afghanistan. 

Riggs also had a more sinister relationship with Chilean dictator Augusto Pinochet. Senate hearings in 2004 shed light on to the ethically troubling story. Senator Carl Levin found that "In 1994, top Riggs officials traveled to Chile and asked General Pinochet, a notorious military leader accused of involvement with death squads, corruption, arms sales and drug trafficking if he would like to open an account at Riggs Bank here in Washington, DC. Mr. Pinochet said yes."

"The bank opened an account for him personally, helped him establish two offshore shell corporations in the Bahamas called Ashburton and Althorp, and then opened more accounts in the name of those shell corporations both here and in the United Kingdom. General Pinochet eventually deposited between $4 million and $8 million in his Riggs accounts."

Riggs was ultimately hit with $45 million in money laundering fines as a result of the scandal. Business went downhill quickly in the 2000s. The bank's leadership was spending an inordinate amount of time pursuing embassy business that was prestigious, but "break even, or less," according to PNC bank's CFO. (At one point 95% of the foreign embassies in Washington banked with Riggs.)

The embassy business was high risk and had Riggs executives flying to client meetings around the world on an expensive corporate jet. The elegant Riggs buildings also became a liability, further adding to the bank's high overhead. The scandals and debts continued to mount, and in 2004 Riggs was swallowed up by PNC Financial Services Group. The former Riggs Bank headquarters is now a publicly accessible Bank of America.

Related Tags

Money Banks History Politics

Community Contributors

Added By

Elliot Carter

Edited By

AF, IgFan

  • AF
  • IgFan

Published

December 15, 2016

Edit this listing

Make an Edit
Add Photos
Sources
  • http://architectofthecapital.org/posts/2016/8/27/riggs-bank
  • http://www.wsj.com/articles/SB110444413126413199
  • http://www.nytimes.com/2004/07/19/us/at-riggs-bank-a-tangled-path-led-to-scandal.html
  • http://www.washingtonpost.com/wp-dyn/articles/A56372-2004Jul16.html
Riggs Bank
1501 Pennsylvania Ave NW
Washington, District of Columbia
United States
38.899054, -77.03401
Get Directions

Nearby Places

Inaugural Parade Center Line

Washington, D.C.

miles away

Washington Stock Exchange Building

Washington, D.C.

miles away

Secret Entrance to the White House

Washington, D.C.

miles away

Explore the Destination Guide

Photo of Washington, D.C.

Washington, D.C.

United States

Places 285
Stories 50

Nearby Places

Inaugural Parade Center Line

Washington, D.C.

miles away

Washington Stock Exchange Building

Washington, D.C.

miles away

Secret Entrance to the White House

Washington, D.C.

miles away

Explore the Destination Guide

Photo of Washington, D.C.

Washington, D.C.

United States

Places 285
Stories 50

Related Places

  • Banca Monte dei Paschi di Siena

    Siena, Italy

    Banca Monte dei Paschi di Siena

    First founded in 1472, this is the oldest bank in the world. Its history may explain why we call financial institutions "banks."

  • The bank.

    Philadelphia, Pennsylvania

    First Bank of the United States

    Alexander Hamilton’s creation caused quite a bit of controversy.

  • Washington, D.C.

    Washington Stock Exchange Building

    D.C. once had its own tiny rival to the New York Stock Exchange.

  • The “Kajiki cash” was once minted at this spot.

    Aira, Japan

    Kajiki Unofficial Mint Site

    Imitations of Chinese coins were minted here for foreign trade before Japan got its own currency.

  • A crowd of statues

    Taoyuan, Taiwan

    Garden of the Generalissimos

    A Taiwanese garden teems with the retired statues of the island's former dictator.

  • The First Indiana State Capitol

    Corydon, Indiana

    Corydon Capitol

    In Indiana's first capital city of Corydon, the original State Capitol still stands among other historic buildings.

  • Trunk of the Constitution Elm

    Corydon, Indiana

    Constitution Elm

    Indiana's first constitution was drafted in the shade of this elm tree in the summer of 1816.

  • Majapahit Piggy Bank at the Ashmolean

    Oxford, England

    Majapahit Piggy Bank

    A rare specimen of the ancient piggy bank of Java resides in one of the unassuming corners of the Ashmolean.

Aerial image of Vietnam, displaying the picturesque rice terraces, characterized by their layered, verdant fields.
Atlas Obscura Membership

Become an Atlas Obscura Member


Join our community of curious explorers.

Become a Member

Get Our Email Newsletter

Follow Us

Facebook YouTube TikTok Instagram Pinterest RSS Feed

Get the app

Download the App
Download on the Apple App Store Get it on Google Play
  • All Places
  • Latest Places
  • Most Popular
  • Places to Eat
  • Random
  • Nearby
  • Add a Place
  • Stories
  • Food & Drink
  • Itineraries
  • Lists
  • Video
  • Podcast
  • Newsletters
  • All Trips
  • Family Trip
  • Food & Drink
  • History & Culture
  • Wildlife & Nature
  • FAQ
  • Membership
  • Feedback & Ideas
  • Community Guidelines
  • Product Blog
  • Unique Gifts
  • Work With Us
  • About
  • FAQ
  • Advertise With Us
  • Advertising Guidelines
  • Privacy Policy
  • Cookie Policy
  • Terms of Use
Atlas Obscura

© 2025 Atlas Obscura. All Rights Reserved.