- Current report filing (8-K)
04 June 2009 - 6:32AM
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):
May
28, 2009
____________________
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)
622-0101
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(Registrant’s
telephone number, including area code)
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____________________
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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):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
Item
8.01 Other
Events.
On May
28, 2009, Board of Directors (the “Board”) of EuroBancshares, Inc. (the
“Company”) elected to (i) defer interest payments on the Company’s
$20.6 million of floating rate junior subordinated deferrable interest
debentures relating to the trust preferred securities issued by its wholly-owned
subsidiary, Eurobank Statutory Trust II and (ii) suspend payments of dividends
on its 6.825% Noncumulative Preferred Stock, Series A. Although the
Company and its subsidiary, Eurobank, continue to be “well-capitalized” for
regulatory capital purposes, the Board elected to proceed with these initiatives
in order to preserve and maintain its current capital position and better enable
the Company to address any further challenges that may arise in this current
economic environment.
The terms
of the debentures and trust indenture allow for the Company to defer interest
payments for up to 20 consecutive quarters. As such, the deferral of
interest does not constitute a default. During the period that the
interest deferrals have been elected, the Company will continue to record the
expense associated with the debentures. Upon the expiration of the
deferral period, all accrued and unpaid interest will be due and
payable. During the deferral period, the Company is precluded from
paying dividends on its capital stock or from repurchasing shares of its capital
stock. As a result, on May 28, 2009, the Board also determined to
suspend the payment of dividends on its 6.825% Noncumulative Preferred Stock,
Series A.
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: June
2, 2009
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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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