EuroBancshares

EuroBancshares, Inc.
Former type	Public
Industry	Finance and Insurance
Fate	The Office of the Commissioner of Financial Institutions of Puerto Rico seized it and appointed the FDIC to become the failed bank's receiver. The FDIC sold the deposits and assets to Oriental Bank and Trust.
Founded	San Juan, Puerto Rico; December 4, 1979
Defunct	April 30, 2010
Headquarters	San Juan, Puerto Rico
Key people	Rafael Arillaga-Torréns, Jr, Chairman, President & CEO,
Products	Banking; Checking accounts; Insurance; Stock brokerage; Investment bank; Asset-based lending; Consumer finance
Website	www.eurobankpr.com (Archive)

EuroBancshares, Inc. (commonly known as Eurobank) was a financial holding company located in San Juan, Puerto Rico. On April 30, 2010, the bank failed and its deposits and assets were seized by the Federal Deposit Insurance Corporation (FDIC). Its deposits and assets were subsequently sold to Oriental Bank and Trust.

EuroBank used to offer financial and insurance services in Puerto Rico through its wholly owned subsidiaries Eurobank Puerto Rico and EuroSeguros, respectively. Founded on December 4, 1979, under the name of Española de Finanzas Trust Company, it grew into a billion dollar financial institution, eventually operating through a network of 21 branches in 2005. Its headquarters were located at 270 Muñoz Rivera Avenue, near the Golden Mile District or "Milla de Oro" of Hato Rey, San Juan.

Summary

Over the years, the name of the institution changed on various occasions. In 1988, after 9 years of operating under the name Española de Finanzas Trust Company, its name was changed to First Community Trust Company. In 1990, following the change in business strategy to lending activities focused on lines of credit to businesses and business loans to individuals of high net worth, the company changed its name to Eurobank & Trust Company. The company changed its name to EuroBancshares shortly thereafter. In view of the rapidly expanding residential home mortgage market in Puerto Rico, Eurobank established a Mortgage Division in late quarter 1999. However, after the late 2000s financial crisis occurred, the company suffered adversely, and on April 30, 2010, its deposits and assets were seized by the Federal Deposit Insurance Corporation (FDIC).

Subsidiaries

Eurobank Puerto Rico
Euromortgage
Euroleasing
EuroSeguros

Competitors (in Puerto Rico)

Banco Bilbao Vizcaya Argentaria
Banco Popular de Puerto Rico
Banco Santander
Citibank
Doral Bank
FirstBank
Oriental Financial Group, Inc.
RG Premier Bank
Scotiabank
Westernbank

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References

External links

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