EuroBancshares
| Company type | Public |
|---|---|
| Industry | Financial services |
| Founded | December 4, 1979 in San Juan, Puerto Rico |
| Defunct | April 30, 2010 |
| Fate | Taken over by FDIC; assets transferred to Oriental Bank and Trust |
| Headquarters | San Juan , Puerto Rico |
Area served | Puerto Rico |
| Products | Banking, insurance |
EuroBancshares, Inc.—widely referred to as Eurobank—was a financial holding entity established on December 4, 1979, originally named Española de Finanzas Trust Company in San Juan, Puerto Rico. The bank ceased operations on April 30, 2010, when the Federal Deposit Insurance Corporation (FDIC) took control of its deposits and assets, subsequently transferring them to Oriental Bank and Trust.
Operating through its subsidiaries Eurobank Puerto Rico and EuroSeguros, EuroBank offered a range of banking and insurance products across Puerto Rico. By 2005, it had expanded into a billion-dollar company with a network of 21 branches. The corporate headquarters were situated at 270 Muñoz Rivera Avenue, close to the Golden Mile District ("Milla de Oro") in Hato Rey, San Juan.
History
The company experienced multiple rebrandings: initially known as Española de Finanzas Trust Company from 1979 until 1988, it was renamed First Community Trust Company between 1988 and 1990. In 1990, reflecting a strategic pivot toward business lending and loans for affluent clients, it adopted the name Eurobank & Trust Company. Soon after, the institution took on the name EuroBancshares. In response to the growing demand for residential mortgages in Puerto Rico, Eurobank established a Mortgage Division at the end of 1999. Nonetheless, the financial crisis of 2008 dealt a significant blow to the company, culminating in its failure and FDIC takeover in 2010.
Subsidiaries
- Eurobank Puerto Rico
- Euromortgage
- Euroleasing
- EuroSeguros