Unassociated Document


     

    FEDERAL
      DEPOSIT INSURANCE CORPORATION

    


    WASHINGTON,
      D.C.

    
      	 	 	 
	 	)	 
	In the Matter of	)	
               STIPULATION
                AND
                CONSENT

            
	 	)	
               TO
                THE ISSUANCE
                OF

            
	EUROBANK 	)	
               AN
                ORDER TO
                

            
	HATO REY, PUERTO
              RICO	)	
               CEASE
                AND
                DESIST

            
	 	)	
               

            
	(INSURED STATE NONMEMBER
              BANK)	)	
               FDIC-07-018b

            
	
               

            	)	 


    

     

    Subject
      to the acceptance of this STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER
      TO
      CEASE AND DESIST ("CONSENT AGREEMENT") by the Federal Deposit Insurance
      Corporation ("FDIC"), it is hereby stipulated and agreed by and between a
      representative of the Legal Division of the FDIC and Eurobank, Hato Rey, Puerto
      Rico ("Insured Institution"), as follows:

    1. The
      Insured Institution has been advised of its right to receive a Notice of Charges
      and of Hearing detailing the unsafe or unsound banking practices and violations
      of law and/or regulations alleged to have been committed by the Insured
      Institution and of its right to a hearing on the alleged charges under section
      8(b)(1) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818 (b)(1),
      and has waived those rights. 

    2. The
      Insured Institution, solely for the purpose of this proceeding and without
      admitting or denying any of the alleged charges of unsafe or unsound banking
      practices and violations of law and/or regulations, hereby consents and agrees
      to the issuance of an ORDER TO CEASE AND DESIST ("ORDER") by the FDIC. The
      Insured Institution further stipulates and agrees that such ORDER shall be
      deemed to be a final ORDER and that such ORDER shall become effective
      immediately upon the date of issuance by the FDIC and fully enforceable by
      the
      FDIC pursuant to the provisions of section 8(i)(1) of the Act, 12 U.S.C. §
1818(i)(1), subject only to the conditions set forth in paragraph 3 of this
      CONSENT AGREEMENT.

     

    
      
        
           

        

      

      
         

        
          

        

      

      
         

      

    

     

    -
      2
      -

     

    3.  In
      the
      event the FDIC accepts this CONSENT AGREEMENT and issues the ORDER, it is agreed
      that no action to enforce such ORDER in the United States District Court will
      be
      taken by the FDIC unless the Insured Institution or any director, officer,
      employee, agent, successor or assignee, or other institution-affiliated party,
      has violated or is about to violate any provision of the ORDER.

    4.      
The
      Insured
      Institution hereby waives:

    
       

    

    (a)  the
      receipt of a NOTICE OF CHARGES AND OF HEARING;

    (b)  all
      defenses in this proceeding;

    (c)  a
      hearing
      for the purpose of taking evidence on such alleged charges;

    (d)  the
      filing of PROPOSED FINDINGS OF FACT AND CONCLUSIONS OF LAW;

    (e)  a
      recommended decision of an Administrative Law Judge; and

     

    
      
        
        

      

      
         

        
          

        

      

      
         

      

       

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        3
        -

       

    

    (f)  exceptions
      and briefs with respect to such recommended decision.

     

    Dated:      
      March 13,2007. 

     

    
      	 FDIC 	 	 	  EUROBANK
	 LEGAL
              DIVISION	 	 	 HATO REY, PUERTO
              RICO
	 	 	 	 
	 BY:	 	 	 BY:
	 	 	 	 
	/s/ G.
              Michael Saran	 	 	/s/ R.
              Arrillaga-Torrens, Jr.
	
              
G.
              Michael Saran	 	 	
              
Rafael
              Arrillaga-Torrens, Jr.
	
              Senior
                Attorney

            	 	 	Director


      	 	 	 	 
	 	 	 	 
	 	 	 	/s/ Juan
              Gomez-Cuetara, Jr.
	
            	 	 	
              
Juan
              Gomez-Cuetara, Jr.
	 	 	 	Director


    

    
      
        	
              	 	 	 
	 	 	 	 
	 	 	 	/s/ Pedro
                Feliciano Benitez
	
              	 	 	
                
Pedro
                Feliciano Benitez
	 	 	 	Director


      

    

    

      	
            	 	 	 
	 	 	 	 
	 	 	 	/s/ Placido
              Gonzalez Cordova
	
            	 	 	
              
Placido
              Gonzalez Cordova
	 	 	 	Director


      	
            	 	 	 
	 	 	 	 
	 	 	 	/s/ Luis
              Hernandez Santanta
	
            	 	 	
              
Luis
              Hernandez Santanta
	 	 	 	Director


      	
            	 	 	 
	 	 	 	 
	 	 	 	/s/ Ricardo
              Levy Echeandia
	
            	 	 	
              
Ricardo
              Levy Echeandia
	 	 	 	Director


      	
            	 	 	 
	 	 	 	 
	 	 	 	/s/ Diana
              Lopez Feliciano
	
            	 	 	
              
Diana
              Lopez Feliciano
	 	 	 	Director


      	
            	 	 	 
	 	 	 	 
	 	 	 	/s/ Antonio
              R. Pavia Bibiloni
	
            	 	 	
              
Antonio
              R. Pavia Bibiloni
	 	 	 	Director


    

     

    
      
        
        

      

      
         

        
          

        

      

      
         

      

    

     

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      4
      -

    
      	
            	 	 	 
	 	 	 	 
	 	 	 	/s/ William
              Torres Torres
	
            	 	 	
              
William
              Torres Torres
	 	 	 	Director
	 	 	 	 
	 	 	 	
              Comprising
                the Board of 

              Directors
                of Eurobank

              Hato
                Rey, Puerto Rico