Euro Pacific Bank

Bank Liquidation Update: September 2, 2022

Published: September 2, 2022

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.

LAST UPDATED: FEBRUARY 19, 2024

August 29, 2022: Euro Pacific Bank liquidation has commenced. Please read our formal instructions here as it is time-sensitive.

September 2, 2022: Update on pending transactions, brokerage, and account migration.

September 8, 2022: Qenta has emailed a welcome letter to all EPB clients. You can read a copy of it here.

September 16, 2022: Update on pending transactions for clients opting out of Qenta Inc. migration.

September 28, 2022: Update on pending transactions for clients opting out of Qenta Inc. migration.

September 30, 2022: Update on bank liquidation, pending transactions, and migration of assets to Qenta Inc.

October 8, 2022: Update on opt-out deadline for EPB clients who do not wish to migrate their account to Qenta Inc..

October 14, 2022: Customer Update & Townhall.

October 21, 2022: Update on Opt-out deadline - Extended.

November 01, 2022: Mutual funds & outgoing wire requests update.

December 05, 2022: Migration & liquidation update.

December 16, 2022: Comprehensive FAQ is published.

January 27, 2023: Correspondent bank update.

March 8, 2023: Migration & liquidation update.

March 31, 2023: Migration & liquidation update.

April 20, 2023: Liquidation update- Action required.

May 05, 2023: Migration & Liquidation update.

May 31, 2023: Migration & Liquidation update.

June 17, 2023: Receiver's report.

June 23, 2023: Migration & Liquidation update.

July 20, 2023: Migration & Liquidation update.

September 01, 2023: Migration & Liquidation update.

September 22, 2023: Report & Communication Portal.

September 22, 2023: Report & Communication Portal.

November 20, 2023: Progress Report (Opt-out Only).

November 21, 2023: Migration Update (Opt-in Only).

February 02, 2024: Migration & Liquidation update.

February 19, 2024: Migration & Liquidation update.