Former First Florida chief nominated for top job at Riggs

May 26, 1993|By Bloomberg Business News

WASHINGTON -- Paul Homan, former president and chief executive of First Florida Banks Inc., will likely be named president and chief executive of troubled Riggs National Bank of Washington, Riggs said yesterday.

The search committee of Riggs' board of directors has recommended to the full board that Mr. Homan be named to the positions, the bank said. If approved by the board, Mr. Homan's appointment will take effect June 9.

Mr. Homan, 53, restructured the $5.5 billion First Florida Banks, resolved the company's asset quality problems and returned it to profitability. First Florida was purchased by Barnett Banks Inc. in December in a transaction valued at $885 million.

"Paul Homan is a first-rate banking professional with an outstanding track record of improving the operations and profitability of the financial institutions he has worked with," said Joe Allbritton, chairman and chief executive officer at Riggs National Corp., the holding company for the $5.2 billion asset bank.

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