EuroBancshares, Inc. (commonly known as Eurobank) was a financial holding company located in San Juan,

Puerto Rico Puerto Rico (; abbreviated PR; tnq, Boriken, ''Borinquen''), officially the Commonwealth of Puerto Rico ( es, link=yes, Estado Libre Asociado de Puerto Rico, lit=Free Associated State of Puerto Rico), is a Caribbean island and unincorporated ...

. On April 30, 2010, the bank failed and its

deposits A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below. ...

and assets were seized by the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cr ...

(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 La Milla de Oro (English for ''the golden mile'') is both the popular name given to the main central business district of San Juan and a nickname given to the section of Juan Ponce de León Avenue that crosses Hato Rey Norte from north to south ...

or "Milla de Oro" of

Hato Rey Hato Rey is a former barrio located in the northwest part of the dissolved municipality of Río Piedras. It now stretches over three barrios, of the municipality of San Juan, Puerto Rico: Urban landscape Its name means "king's cattle farm" (' ...

, 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

and assets were seized by the

(FDIC).

Subsidiaries

* Eurobank Puerto Rico * Euromortgage * Euroleasing * EuroSeguros

Competitors (in Puerto Rico)

Banco Bilbao Vizcaya Argentaria Banco Bilbao Vizcaya Argentaria, S.A. (), better known by its initialism BBVA, is a Spanish multinational financial services company based in Madrid and Bilbao, Spain. It is one of the largest financial institutions in the world, and is present ...

Banco Popular de Puerto Rico Popular, Inc., doing business as Banco Popular in Puerto Rico and the Virgin Islands and as Popular Bank in the mainland United States, is a financial services conglomerate that has operated in Puerto Rico for over 125 years and in the mainland ...

Banco Santander Banco Santander, S.A., doing business as Santander Group (, , Spanish: ), is a Spanish multinational financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in all global financial centr ...

* Citibank * Doral Bank * FirstBank *

Oriental Financial Group, Inc. OFG Bancorp, founded in 1964, more commonly known as OFG or Oriental Bank, is a financial holding company located in San Juan, Puerto Rico. OFG offers a wide range of retail and commercial banking, lending and wealth management products, servic ...

* RG Premier Bank * Scotiabank *

Westernbank The W Holding Company was a financial holding corporation located in Mayagüez, Puerto Rico. On April 30, 2010, Westernbank, its wholly owned bank subsidiary, failed and its deposits and assets were seized by the Federal Deposit Insurance Corpor ...

References

{{DEFAULTSORT:Eurobancshares Banks of Puerto Rico Companies based in San Juan, Puerto Rico Banks disestablished in 2010 Bank failures Defunct banks of the United States Defunct companies of Puerto Rico Banks established in 1979 1979 establishments in Puerto Rico 2010 disestablishments in Puerto Rico