EuroBancshares

This article is about the bank based in Puerto Rico. For the bank based in Greece, see EFG Eurobank-Ergasias. For the bank based in Serbia, see EFG Eurobank Štedionica.

EuroBancshares, Inc. (commonly known as Eurobank) was a financial holding company founded on December 4, 1979 under the name of Española de Finanzas Trust Company 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.^[2]

EuroBancshares, Inc.

Formerly	Española de Finanzas Trust Company (1979–1988) First Community Trust Company (1988–1990)
Company type	Public
Industry	Finance and Insurance
Founded	San Juan, Puerto Rico; December 4, 1979
Defunct	April 30, 2010 (2010-04-30)
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.
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
Total assets	US$2.65 billion (Q1 2009) [1]
Website	www.eurobankpr.com[usurped] (Archive)

EuroBank used to offer financial and insurance services in Puerto Rico through its wholly owned subsidiaries Eurobank Puerto Rico and EuroSeguros, respectively. Since its founding, 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.

History

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 2008 financial crisis, the company suffered adversely, and on April 30, 2010, its deposits and assets were seized by the Federal Deposit Insurance Corporation (FDIC).^[2]

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