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.
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 (2010-04-30)
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

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

Competitors (in Puerto Rico)

References

    External links

    This article is issued from Wikipedia - version of the 4/12/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.