UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

FORM 11-K

(Mark One)

For the transition period from                     to                   

Commission File Number 0-9756

RIGGS NATIONAL CORPORATION

Financial Statements and Exhibits

SIGNATURES

The Riggs Bank N.A. 401 (k) Plan

RIGGS BANK N.A. 401(k) PLAN

Financial Statements

December 31, 2003 and 2002

(With Report of Independent Registered Public Accounting Firm Thereon)

RIGGS BANK N.A. 401(k) PLAN

Table of Contents

Report of Independent Registered Public Accounting Firm

Administrative Committee

We have audited the accompanying statements of assets available for benefits of the Riggs Bank N.A. 401(k) Plan (the Plan) as of December 31, 2003 and 2002, and the related statements of changes in assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the assets available for plan benefits of the Riggs Bank N.A. 401(k) Plan as of December 31, 2003 and 2002, and the changes in assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

KPMG LLP

June 11, 2004

RIGGS BANK N.A. 401(k) PLAN

Statements of Assets Available for Benefits

December 31, 2003 and 2002

See accompanying notes to financial statements.

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RIGGS BANK N.A. 401(k) PLAN

Statements of Changes in Assets Available for Benefits

Years ended December 31, 2003 and 2002

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RIGGS BANK N.A. 401(k) PLAN

Notes to Financial Statements

December 31, 2003 and 2002

The following description of the Riggs Bank N.A. 401(k) Plan (the Plan) provides only general information. Participants should refer to the Plan document or Summary Plan Description (SPD) for a more complete description of the Plan’s provisions.

The Plan was established effective October 1, 1993 to provide eligible employees the ability to defer a portion of their salary for federal income tax purposes.

The Plan is available to employees of Riggs Bank N.A, (the Company), its parent company Riggs National Corporation, and the employees of J. Bush & Co. Inc. Employees who are regularly scheduled to work 20 or more hours per week are eligible to participate in the Plan the first of the month after completing two full calendar months of employment and attaining age 21. An employee who is not regularly scheduled to work more than 20 hours a week will be eligible to participate in the Plan after completing 1,000 hours of eligibility service in a plan year. The Plan is subject to the provisions of the Employee Retirement Security Act of 1974 (ERISA).

Unless participants elect otherwise when they first become eligible to contribute to the Plan, they are automatically enrolled and contribute 3 percent of their eligible salary to the Plan.

The Plan has been amended effective January 1, 2003 with the following provisions:

(Continued)

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RIGGS BANK N.A. 401(k) PLAN

Notes to Financial Statements

December 31, 2003 and 2002

The Plan also provides for employer matching contributions. At this time, the Company contributes, as a matching contribution, an amount equal to 100% of the first 6% that an employee defers, up to an amount not to exceed 6% of an employee’s eligible compensation. Participants direct the investment of their and the Company’s contributions into various investment options offered by the Plan.

The Plan also allows for employer discretionary contributions, at the discretion of the Board of Directors, of up to 2 percent of employee compensation. The discretionary contribution is allocated to participants without regard to their contributions. Participants that terminate service before the end of the Plan year are not eligible to receive discretionary employer contributions, if made. There were no discretionary contributions for the 2003 or 2002 plan years.

Participants vest at a rate of 20 percent per year of service with the Company for employer contributions and related accumulated earnings. Participants are 100 percent vested in their own contributions and related accumulated earnings at all times. Vesting of employer contributions occurs at the end of the first year of employee service, and each calendar year thereafter during which the employee completes 1,000 hours of service. Upon termination of service, a participant is eligible to receive a lump-sum amount equal to the value of the participant’s vested balance in their account. If the vested balance is $5,000 or less, an automatic distribution of the vested balance will be made.

Participants may borrow from their vested account balance a minimum of $1,000 up to a maximum equal to the lesser of (a) $50,000 or (b) 50 percent of the total amount of their vested account balance at the time of the loan minus the highest outstanding loan balance at any time within the last 12 months. The loans are secured by the vested balance in the participant’s account. The rate of interest on an individual loan is equal to the prime rate as reported in the Wall Street Journal on the first day of the quarter in which the loan is withdrawn plus one percent. The repayment period for the loan cannot exceed five years and, at the time of the loan request, the participant must not have any outstanding loans under this Plan. Principal and interest is repaid on the loan through payroll deduction. Only one outstanding loan is permitted at all times.

Hardship withdrawals are also permitted by the Plan and are administered under the safe harbor provisions.

On termination of service due to death, disability, or retirement, a participant will be eligible to receive a lump-sum payment equal to the full value of the participant’s 401(k) Plan account. For termination of service for other reasons, a participant may receive the full value of the participant’s pre-tax contributions to the 401(k) Plan, the full value of the participant’s rollover contributions (if any), and the vested portion of the participant’s matching and profit sharing contribution (if any), as well as the earnings associated with the aforementioned contributions.

Certain of the administrative expenses of the Plan are paid by Riggs Bank N.A. As of December 31, 2003 and 2002, forfeited non-vested accounts available to reduce future employer contributions totaled $22,058 and $75,691, respectively. Forfeited non-vested accounts used to offset employer matching contributions during 2003 and 2002 were $75,000 and $91,738, respectively.

CIGNA Retirement & Investment Services has been appointed the recordkeeper of the Plan effective October 1, 2003 and CIGNA Bank & Trust Company, FSB has been appointed as the successor trustee for the Plan effective October 1, 2003.

(Continued)

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RIGGS BANK N.A. 401(k) PLAN

Notes to Financial Statements

December 31, 2003 and 2002

(Continued)

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RIGGS BANK N.A. 401(k) PLAN

Notes to Financial Statements

December 31, 2003 and 2002

(Continued)

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RIGGS BANK N.A. 401(k) PLAN

Notes to Financial Statements

December 31, 2003 and 2002

     Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit payments that have been processed and approved for payment prior to December 31 but not yet paid as of that date.

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Schedule I

RIGGS BANK N.A. 401(k) PLAN

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

December 31, 2003

*Party-in-interest

See accompanying report of independent registered public accounting firm.

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