Local Banks Form Partnership to Support City Museum; $10M Loan Moves Historical Society Project Closer to Spring 2003 Completion

6/22/2002

From: Laura Brower, 202-785-2068 ext. 113, 202-465-2707 (mobile), lbrower@hswdc.org or John Butler, 202-887-0500 ext. 12, 202-361-8344 (mobile), jbutler@witeckcombs.com WASHINGTON, June 22 -- Three Washington area banks, Chevy Chase Bank, The Adams National Bank, and Riggs Bank N.A. recently joined forces to support the City Museum, a project of The Historical Society of Washington, D.C., with a $10 million loan. This partnership represents a significant commitment by three local banks to open the City Museum in spring 2003 as the only museum dedicated to telling Washington's stories. "After September 11, like other initiatives, our efforts to secure financing were put on hold," says Historical Society President and CEO Barbara Franco. "When the city began to show signs of recovery, our bank partners stepped up to the plate with a new solution. Their collaboration on this project marks the shared excitement about the City Museum and its role in the city's renaissance." Chevy Chase Bank, the largest bank owned and headquartered in the metropolitan Washington, D.C. area, is the lead lender for the project financing and a major contributor to the City Museum. "We are pleased to be a key participant in financing this important project," says Pat Clancy, executive vice president and senior lending officer. "The City Museum is an exciting tribute to Washington, D.C., and it will be an enduring source of local and national pride. Chevy Chase Bank has a long history of actively promoting the vitality and growth of the communities we serve. We are proud to support this initiative which will enrich the cultural life of our community for years to come." Kate Carr, president and CEO of The Adams National Bank and City Museum capital campaign cabinet co-chair, played a key role in securing her organization's participation in the loan. "Owned and operated by women for over 25 years, The Adams National Bank's dedication to community building has never wavered. We believe that our job is to find ways to make business work so that we can all grow and prosper," she says. "We are proud of our association with the City Museum, which will celebrate this city's rich history and accomplishments." Timothy C. Coughlin, president of Riggs National Corporation, the only large bank holding company that remains headquartered in the District, adds, "As an institution that itself is part of Washington's history, it gives us great pride to finance the first museum dedicated to sharing the rich story of this great city. The City Museum will allow us all to rediscover the important role Washington has played in our nation's history." Co-founded by William Wilson Corcoran, who established the Corcoran Museum of Art, Riggs Bank has a long history of helping to build the city; it provided loans for the construction of the U.S. Capitol building. "The $10 million loan enables us to confirm that the City Museum is on track for a spring 2003 opening. In addition, we will continue to move toward our $20 million capital campaign goal. With $14.9 million already secured, we invite the business community's full participation in this unique project," says Barbara Franco. Currently under construction at the Carnegie Library building on Mount Vernon Square, the City Museum will offer both residents and visitors a starting point for exploring Washington's diverse neighborhoods and rich heritage. The 60,000 square foot facility will include 12,000 square feet of exhibit galleries, a multi-media introductory show, an education center, an archeology lab, and a public research library and reading room, in addition to a cafi and museum store. EDITORS/REPORTERS NOTE: Interviews and photo opportunities as well as exhibit photos and floor plans are available upon request. Please call Laura Brower at 202-785-2068 ext. 113 or email at lbrower@hswdc.org or John Butler at 202-887-0500 ext.12 or email at jbutler@witeckcombs.com. About the City Museum of Washington, D.C. Opening spring 2003 in the Carnegie Library building on Mount Vernon Square, the City Museum will be the only museum dedicated to the nation's capital. The City Museum, operated by The Historical Society of Washington, D.C., will tell the stories of Washington's diverse past by focusing on the neighborhoods beyond the Mall. The 60,000 square foot City Museum will include changing exhibit galleries, a multi-media introductory show, an education center, an archeology lab, and a public research library and reading room, in addition to a cafi and museum store. Serving as a starting point to the city, the museum will encourage visitors to extend their exploration to a wide network of "off-the-Mall" cultural sites. About The Historical Society of Washington, D.C. The Historical Society of Washington, D.C., founded in 1894, serves the city, its residents, and visitors as an educational institution that promotes knowledge of the past for better understanding of the future. The Society seeks to make the city's history accessible and understandable to a diverse public and to foster a sense of identity, place and pride for Washingtonians. It offers a variety of public programs for children and adults, publications, museum exhibits, an extensive library and comprehensive collections. Currently located in the Heurich House Museum at Dupont Circle, the Historical Society is open to the public for tours and research. About Chevy Chase Bank Chevy Chase Bank is the largest financial institution founded, owned, and headquartered in the Washington-Baltimore metropolitan area with over $11 billion in assets, over 180 branches, and more than 750 ATMs. Chevy Chase Bank has grown substantially over the years and continues to invest in ways to make banking easier and more convenient for individuals, businesses, and nonprofit organizations. The bank and its subsidiaries offer a full range of financial products and services including deposit accounts, home equity, mortgage and consumer loan products, investment and trust services, insurance products, private banking services, commercial real estate loan products, and business banking and cash management products for small to large companies. Chevy Chase Bank is committed to maintaining the highest standards of service and to meeting the financial needs of consumers and businesses throughout the region. Media contact: Karen Bescher at 240-497-7730 or email kebescher@chevychasebank.net About Riggs Riggs National Corporation is a Washington, D.C.-based financial services holding company with banks in the Washington, D.C., metropolitan area; Miami, Florida; London, England; Jersey, Channel Islands; and Berlin, Germany. Its primary operating subsidiary, Riggs Bank N.A., serves the Washington, D.C. community with 29 locations in the District of Columbia, 14 in Virginia and 6 in Maryland. Today, Riggs is one of the strongest and best-capitalized bank holding companies in the United States dedicated to providing a full spectrum of superior products and services to its customers. Media contact: Sonia McCormick at 202-835-5486 or email sonia(underscore)[email protected] About The Adams National Bank Celebrating its 25th anniversary, The Adams National Bank was the first federally chartered bank in the United States to be owned and managed by women. It provides a full range of banking, cash management and financial services to individuals, small to medium-sized businesses, nonprofit and other commercial and personal corporations. Adams Bank is a leader in providing SBA financing as well as other commercial loans. The bank serves the Washington DC community through five branch offices throughout the city. It is now the largest federally insured institution owned and managed by women. Media contact: David Glaser at 202-466-4090 ext. 123 or dglaser@adamsbank.com The Historical Society's preservation of the Carnegie Library is an Official Project of Save America's Treasures, a public-private partnership of the National Trust for Historic Preservation and the National Park Service.