The U.S. Federal Reserve on Tuesday gave its approval to PNC Financial Services Group Inc.’s acquisition of Riggs National Corp., which will give PNC entry to the lucrative Washington, D.C. market.
Riggs in January settled charges it had lax controls to prevent suspected money laundering. The banks agreed in February to a $652 million purchase price, down from $779 million when PNC, Pennsylvania’s largest bank, agreed to buy Riggs last July.
The Fed’s decision closes the book on a venerable Washington institution.
Riggs, which had a branch across Pennsylvania Avenue from the Treasury Department, boasted numerous presidential families among its clients. It helped the United States finance a war with Mexico in 1847 and the purchase of Alaska from Russia in 1868.
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