EuroBancshares

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.

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.
TypePublic
IndustryFinance and Insurance
FateThe 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.
FoundedSan Juan, Puerto Rico; December 4, 1979
DefunctApril 30, 2010 (2010-04-30)
HeadquartersSan Juan, Puerto Rico
Key people
Rafael Arillaga-Torréns, Jr, Chairman, President & CEO,
ProductsBanking
Checking accounts
Insurance
Stock brokerage
Investment bank
Asset-based lending
Consumer finance
Websitewww.eurobankpr.com (Archive)

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)

References
    This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.