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As stated in the official Notice of Liquidation on Monday, August 29th, Euro Pacific Bank was required to proceed with its liquidation and allow clients to request withdrawals inside their eBanking. We also disclosed the existence of a financial services company interested in continuing to serve any clients that remain.
Today, we would like to provide an update on both topics.
Operational Delays
Euro Pacific Bank began allowing clients to submit transfer requests in their eBanking on Monday, August 29th. Unfortunately, those transfer requests are currently being held by our correspondent bank, who has requested written confirmation from the bank’s government-appointed receiver that we are authorized to proceed with your wire transfer(s).
However, the receiver will not provide our correspondent bank with that written confirmation until the Puerto Rico financial regulator (OCIF) authorizes him to. In other words, our correspondent bank will not process any of our wire transfer requests until OCIF provides authorization.
We understand this situation may be frustrating for some of you, especially after patiently waiting. However, the bank is in receivership and has been under the control of OCIF, so transactions can take much longer to process than it did before.
As stated in our Monday notice, clients can still request transactions and they will be processed as soon as we’re allowed to. Thanks for your continued patience through this process and we will continue to update you on this step.
Brokerage Accounts
Similarly, if you currently have a Euro Pacific Trader brokerage account and are awaiting the transfer of your positions to your new Interactive Brokers account, we have also been asked to get written authorization from our receiver before any of our transfer requests can be processed.
Account Migration
As you may recall in our Notice of Liquidation, a financial services company has made an offer to continue serving our customers, which includes bank deposits, precious metals, mutual funds, and brokerage accounts. Understandably, an important part of your consideration to be migrated to this new institution is who they are and what they do.
We have received authorization to disclose the company’s details, so you can expect to receive a welcome letter from this company within a few days. A copy of their welcome letter will be published here on our website. They also plan to conduct a “Virtual Customer Townhall” within the next two weeks to introduce their senior leadership team and answer your questions.
Previous Notifications
August 9, 2024: Liquidation Receiver Report on Work Performed Q2-2024
Esteemed Customers, Wigberto Lugo Mender, Esq., (hereinafter "Receiver" or "Trustee") hereby informs all interested parties to the liquidation process of Euro Pacific Int'l. Bank, Inc., (hereinafter "EPIB") that the Liquidation Receiver Report for the 2nd Quarter of...
July 31, 2024: Liquidation Receiver on Work Performed Q1-2024
Esteemed Customers, Wigberto Lugo Mender, Esq., (hereinafter "Receiver" or "Trustee") hereby informs all interested parties to the liquidation process of Euro Pacific Int'l. Bank, Inc., (hereinafter "EPIB") that the Liquidation Receiver Report for the 1st Quarter of...
April 12, 2024: Liquidation Receiver on Work Performed Q4-2023
Esteemed Customers, Wigberto Lugo Mender, Esq., (hereinafter "Receiver" or "Trustee") hereby informs all interested parties to the liquidation process of Euro Pacific Int'l. Bank, Inc., (hereinafter "EPIB") that the Liquidation Receiver Report for the 4th Quarter of...
March 8, 2024: Liquidation Receiver Reports on Work Performed
Esteemed Customers, Wigberto Lugo Mender, Esq., (hereinafter "Receiver" or "Trustee") hereby informs all interested parties to the liquidation process of Euro Pacific Int'l. Bank, Inc., (hereinafter "EPIB") on the work and transactions for the entity on liquidation...
November 15, 2023: Liquidation Process Update
Esteemed Customers, By this time Euro Pacific International Bank (“EPIB”) “Opt-Out” customers have been contacted through the designated website portal to upload certain information required by the Trustee to update and verify information required to commence the...
September 15, 2023 : Receiver’s Report on EPIB Liquidation Process update
Esteemed Customers, As you may already be previously informed, the voluntary liquidation process ordered for Euro Pacific International Bank upon the Joint Consent Order of Liquidation entered on August 9, 2022, should be modified upon a request of Global Financial...
June 17, 2023: EPIB Trustee Case Progress Report
Esteemed Customers, Following up on the Receiver Report dated June 15, 2023, customers and parties in interest should be informed as follows. 1. Global Financial Services Technology (“GFST”) has provided its list of customers that should be transferred to them for...
June 15, 2023 : Receiver’s Report
Dear Customers, We are pleased to inform you that the Receiver, who is appointed by OCIF (Office of the Commissioner of Financial Institutions of Puerto Rico), has diligently prepared an official progress report detailing the liquidation process up to this...
September 8, 2022: Qenta Welcome Letter
Dear valued customer, On behalf of Qenta Inc., welcome to our family. We know this has been a difficult time and look forward to a brighter future together. In this letter, we want to share who we are, why we are excited for you to join us, and invite you to our...
August 29,2022: Commencement of Bank Liquidation
Dear Euro Pacific Bank customer, We write to inform you that, although Euro Pacific Bank is now in liquidation pursuant to a Consent Order for Liquidation and Dissolution of International Financial Entity entered into with the Puerto Rico Office of the Commissioner of...