- Current report filing (8-K)
April 28 2010 - 4:05PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of report (Date of earliest event reported):
April
22, 2010
EUROBANCSHARES,
INC.
(Exact
name of registrant as specified in its charter)
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Commonwealth
of Puerto Rico
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000-50872
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66-0608955
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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State
Road PR-1, Km. 24.5
Quebrada
Arenas Ward
San
Juan, Puerto Rico 00926
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(Address
of principal executive offices) (Zip Code)
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(787)
751-7340
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(Registrant’s
telephone number, including area code)
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR240.14d-2(b))
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o
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Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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On April 22, 2010, Eurobank, a
subsidiary of EuroBancshares, Inc. (the “Company”), entered into agreements with
the Federal Deposit Insurance Corporation (“FDIC”) and the Financial Crimes
Enforcement Network (“FinCEN”) in connection with the settlement of certain
regulatory compliance matters. The agreements address Eurobank’s compliance with
the Bank Secrecy Act (“BSA”) and primarily relate to certain deficiencies in
Eurobank’s anti-money laundering program that occurred between April 2005 and
December 2008.
The Agreements consist of the
following:
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·
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Stipulation
and Consent to the Issuance of Order to Pay by and between Eurobank and
the FDIC, under which Eurobank consented to the FDIC’s issuance of an
Order to Pay $25,000 in civil money penalties (the “FDIC Agreement”);
and
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·
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Consent
to the Assessment of Civil Money Penalty by and between Eurobank and
FinCEN, under which Eurobank consented to FinCEN’s assessment of $25,000
in civil money penalties (the “FinCEN
Agreement”)
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The civil money penalties issued under
the FDIC Agreement and the FinCEN Agreement were concurrent and satisfied by a
single payment of $25,000 by Eurobank to the United States Department of the
Treasury on April 22, 2010.
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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EUROBANCSHARES,
INC.
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Date: April
28, 2010
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By:
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/s/
Rafael Arrillaga-Torréns, Jr.
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Rafael
Arrillaga-Torréns, Jr.
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Chairman
of the Board, President and Chief Executive Officer
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