| Former type | Public (OTC Markets Group: EUBK) |
|---|---|
| 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 |
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 a full range of 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 has grown into a billion dollar financial institution over the past 25 years operating through a network of 21 branches (2005) in Puerto Rico. Its headquarters are located at 270 Muñoz Rivera Avenue, near the Golden Mile District or "Milla de Oro" of Hato Rey, San Juan.
Contents |
Over the years, the name of the institution has 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. Since January 2006 has become one of the leading players in this competitive market gaining the respect of competitors and clients for their approach of excellence in service and not changing original numbers (percent, loan term, closing costs, etc.) given when sending the Good Faith Estimates. Euromortgage offers a wide variety of products, among them Federal Housing Administration (FHA) and Veterans Administration (VA) loans, Rural Housing Service loans, conforming conventional loans, nonconforming loans, construction loans, commercial loans, home equity mortgage loans, and other mortgage loans.