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Historical Highlights
On December 4, 1979, Española de Finanzas Trust Company was chartered as a trust company in Puerto
Rico and started operations from a single branch in Hato Rey. Subsequently it was authorized to conduct
banking activities as permitted under the Trust Company Act of Puerto Rico.
In 1988, Española de Finanzas Trust Company obtained Federal Deposit Insurance Corporation insurance
for its deposits and started full-service banking operations. Its name was changed to First Community Trust
Company.
In 1990 management adopted a different business strategy. Lending activities were primarily oriented to issuing lines of credit and business loans to individuals of high net worth and their related businesses. The
bank’s name was changed to Eurobank & Trust Company.
In 1991, Eurobank & Trust Company purchased a branch in Hato Rey, a branch in Ponce and $67 million in deposits from Banco Financiero de Puerto Rico, and closed its original Ponce branch. Shortly thereafter it
opened another modern branch in Ponce.
In 1992, the bank acquired from the Federal Deposit Insurance Corporation $42 million in deposits and three branches of the failed Banco Nacional, N. A. It subsequently closed two of the acquired branches but continued
operating the Caguas branch.
In 1993 the Eurobank & Trust Company’s charter was converted into that of a commercial bank under the Puerto Rico Banking Law, and its name was shortened to Eurobank. The Condado and San Francisco branches
were subsequently established.
In 1997, Eurobank acquired Prime Bank of Puerto Rico, formerly known as Banco del Comercio de Puerto Rico. This acquisition gave Eurobank six additional bank branches in Caguas, Carolina, Cidra, Puerto Nuevo,
San Lorenzo and Villa Palmeras.
In 1999, Eurobank opened a full-service branch in Bayamón to increase the number of branches in its network
to thirteen.
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