Euro Pacific Bank

Migration & Liquidation Update: July 20, 2023

Published: July 20, 2023


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 prepared an additional official progress report detailing the liquidation process up to this point.

To access the comprehensive report, click on the following link.

If you have any comments or questions, please feel free to reach out to our Client Services team at [email protected] and we will be very happy to provide all needed assistance.

And lastly, we sincerely thank all EPB customers for your immense patience throughout this period.

Sincerely,
Euro Pacific Bank.

Migration & Liquidation Update: June 23, 2023

Published: June 23, 2023

Dear Customers,

Following up on the most recent post from June 17, containing the statement from the OCIF-appointed Receiver, we are reaching out again with a status update on the liquidation of Euro Pacific Intl. Bank, Inc. (the “Bank”) and the migration process.

Liquidation

The Receiver in conjunction with key stakeholders is preparing for the imminent liquidation of the Bank. The Receiver will be in contact with the opt-out liquidation clients in short order with additional details on the process, and the ongoing communication plan.

Migration

Qenta is pleased with the recent news from OCIF and the Receiver, and is actively making arrangements to start the migration of clients by next month. The two gating items will be:

  • Qenta awaits the updated liquidation order from the Receiver and OCIF (expected by end of June); and
  • Qenta requires access to the assets that will be used to honor the opt-in client obligations that are being transferred over to the Company. Qenta has received access to some but will receive assistance from the Receiver as relevant for the remaining assets.

Further details on the final migration timeline and seamless transition process will be shared by the Qenta Client Services team closer to the migration date, once confirmed.

Statements

The core banking system will cease after June 30, 2023. So, if you have not, please download your bank statements accordingly.

For mutual fund holders, kindly note that the latest statements (as of June 2023) will be sent to you in July.

Lastly, Qenta’s team is excited to have the opportunity soon to welcome you to the family and will be sharing more about its services and offerings, including its Qenta app that puts you in control of your assets in a safe and secure manner.

As always, should you have any comments or questions, please feel free to reach out to our Client Services team at [email protected] and we will be very happy to provide all needed assistance.

We sincerely thank all EPB customers for your patience throughout this period and we look forward to a pleasant and long awaited close for everyone involved.

Sincerely,
Euro Pacific Bank.

Progress Report: June 17, 2023

Published: June 17, 2023

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 point.

To access the comprehensive report, click on the following link.

Sincerely,
Euro Pacific Bank.

Migration & Liquidation Update: May 31, 2023

Published: May 31, 2023

Dear Customers,

Following up on our most recent post from May 5, 2023, we are reaching out again with a status update on the liquidation of Euro Pacific Intl. Bank, Inc. (the “Bank”) and the migration process.

Unfortunately, the Receiver has still not provided a date for the commencement of the liquidation of the Bank. The seller, purchaser and other stakeholders continue to follow up conscientiously with the Receiver and, as soon as we have a meaningful update, we will share it with you via the usual communication channels (website, direct email). It was our strong hope and desire that this liquidation process would have started and been completed by now, particularly because of the court order for the Bank’s correspondent bank to unfreeze queued outgoing wires, a key blocker earlier in this process.

For customers migrating to Qenta, that process will commence as soon as there is visibility from the Receiver on when liquidation will occur. The Qenta team has prepared an easy migration process and will provide further updates closer to the migration date.

As always, should you have any comments or questions, please feel free to reach out to our Client Services team at [email protected] and we will be very happy to provide all needed assistance.

Sincerely,
Euro Pacific Bank.

Migration & Liquidation Update: May 05, 2023

Published: May 5, 2023

Dear Customers,

Following up on our most recent post from April 20, we would like to provide an update on the status of the liquidation and migration process.

As mentioned in our last update, EPB’s correspondent bank has been ordered to unfreeze the queued wires. This was the primary item preventing the process and the lifting of this order represents a major step forward. We expected that EPB’s correspondent bank would be able to move the funds soon after the lifting of the freeze order, and for the liquidation process to begin before the end of April. Unfortunately, however, the execution of this process by our partners has not been as quickly as we expected.

Please rest assured we are working diligently with EPB’s receiver to find a solution, and as soon as a firm date can be set for the commencement of the liquidation, we will follow up regarding next steps.

For those of you who will be migrating to Qenta, an easy migration process has been prepared for you which will begin around the same time as the liquidation. You will receive further updates on this and other exciting product offerings very soon!

As always, should you have any comments or questions, please feel free to reach out to our Client Services team at [email protected] and we will be very happy to provide all needed assistance.

We would like to thank you deeply for your patience and understanding throughout this process.

Sincerely,
Euro Pacific Bank.

Liquidation Update: Action Required

Published: April 20, 2023

Dear Customers,

After many months of waiting, we are happy to announce that the liquidation of Euro Pacific Bank will officially commence before the end of April as the correspondent bank has been ordered to unfreeze queued wires. Over the next few days, you will be receiving specific information to better guide you through this process.

What this means for you:

Opt-out clients

If you are an opt-out client, meaning you have queued up an outgoing wire for the full balance of your account and are therefore not migrating to Qenta, EPB’s receiver will begin processing your outgoing first-party transfers before the end of April with the assistance of EPB’s correspondent bank. The EPB Client Services team will assist the receiver as needed, and you can reach this team at anytime at [email protected].

Opt-in clients

If you are an opt-in client, meaning that you will be participating in the migration to Qenta, your assets will be safely brought into the Qenta ecosystem, and you will receive detailed onboarding and registration instructions in the coming days. The Qenta Client Services team will also be available to provide you with assistance throughout this process.

Your record-keeping

Please note that EPB’s current banking systems will continue to function as usual until the end of April 2023. As such, kindly take the time to download your statements from within your account for your own recordkeeping purposes. You will also receive confirmation from Qenta and/or the receiver once the migration and/or liquidation has concluded.

Please also be aware that if there has been no movement in your account for a given month, the system does not generate a statement; to resolve this you would just need to generate an older statement from when the last movement in the account occurred.

We would like to thank you for your patience and understanding throughout this process, and will be in further touch.

Sincerely,
Euro Pacific Bank.

Migration & Liquidation Update: March 31, 2023

Published: March 31, 2023

Dear Customers,

Firstly, we would like to express our gratitude for your patience and understanding as we continue to wait for the receiver and correspondent bank to complete their process and for the bank liquidation to finally commence. Here are the updates about the migration & liquidation process that we have collected in the last few weeks.

Liquidation

According to the receiver’s latest update, the correspondent bank still cannot provide us with a final date as to when the bank liquidation will officially begin. Please rest assured that we are continually following up and closely monitoring the situation, and that we will keep you informed of any developments as soon as they are available.

Migration

The migration to Qenta will take place at the same time as the bank liquidation, and as such we are still waiting for confirmation on the final date for when this will officially commence. In the meantime, we are preparing exciting news and developments on the registration, onboarding, and product offerings to come, so please stay tuned!

E-statement

We would like to remind all clients to download your historical statements. Here is a short guide on how to generate statements from your eBanking.

It is important to do so as soon as possible to ensure that you have access to all the financial information that you need. If you require assistance with generating your statements, please do not hesitate to create a case in the Support Center for assistance.

Once again, we would like to thank you for your patience and understanding during this time. And as always, if there’s any question, please feel free to reach out to our Client Services team at [email protected].

Sincerely,
Euro Pacific Bank.

Migration & Liquidation Update: March 08, 2023

Published: March 08, 2023

Dear Customers,

We would like to take this opportunity to express our appreciation for your continued support and patience as we are awaiting news from the correspondent bank and the receiver. We also acknowledge that many clients have sent in their inquiries lately, so we would like to provide you with some clarity regarding the status of the liquidation and migration, as well as Qenta and its services.

To address the frequently asked questions we have received, we have compiled the following information:

  1. Has the bank liquidation for opt-out clients already begun?
    No. The liquidation of the bank is an ongoing process. We are expecting the process to continue to run in parallel to the situation with the correspondent bank. Further updates in this regard will be provided as soon as available.
  2. Can I open an account at Qenta before the migration takes place?
    No. EPB clients who have chosen to opt-in to the migration to Qenta will need to wait until the receiver and correspondent have finished the liquidation process before being onboarded into Qenta.
  3. I am an opt-out customer, how will I receive my funds?
    EPB customers who have queued an outgoing wire for the entire balance of their account are considered to be opting out of the migration to Qenta and will stay with the receiver who will facilitate the liquidation for these customers and oversee the process of completing all outgoing wires to their respective destinations.
  4. What services will Qenta be providing upon completion of the migration?
    It is important to note that Qenta is not a bank, as such third-party payments as an example will not be allowed. Upon migration, clients transferring to Qenta will have the ability to hold gold, and cash out their holdings at any time in USD to a first-party account of their choosing. The ability to buy additional gold will also be added shortly after. In the future, Qenta will be rolling out other exciting services such as gold-backed debit cards, access to other commodities, and much more.
  5. I am currently an opt-in customer, can I still opt-out after the migration has been completed?
    Yes. Once the migration to Qenta has been completed, you can choose at any time to cash out to a first-party account of your choosing at any time.
  6. How will I receive notice of the liquidation and migration when they take place?
    All customers will receive email notification as soon as the official timeline for the liquidation and migration is ready to be released. Updates will also continue to be added to the EPB website. In addition, instructions for migrating customers will be received by email before the process is set to begin.

If you have further questions about Qenta & its services, please send your inquiries to [email protected]. For inquiries about the liquidation, please email [email protected] as always. Thank you for your continued trust and partnership.

Sincerely,
Euro Pacific Bank.

Temporary Outage of eBanking Platform

Published: Feb 01, 2023

Dear Customers,

We regret to inform you that our eBanking platform is currently experiencing technical difficulties and is temporarily unavailable. Our team is working diligently to resolve the issue as soon as possible.

We apologize for any inconvenience this may cause and want to assure you that your account information and funds are safe and secure. In the meantime, please direct any urgent banking needs to our client service at [email protected].

We will keep you updated on the status of the platform and will notify you as soon as the system returns to normal. Thank you for your understanding and patience.

Sincerely,
Euro Pacific Bank.

Migration & Liquidation Update: Jan 27, 2023

Published: Jan 27, 2023

Dear Customers,

We would like to provide an update regarding the EPB Liquidation and release of customer deposits. As reported by the Receiver on Jan 23, 2023, the correspondent bank has indicated that their process to allow liquidation of EPB assets to conclude would be delayed further until March 2023.

We understand that this news may cause concern, and we want to assure you that we are closely monitoring the situation and staying in touch with the Receiver. We will also continue to provide updates as things change and/or reminders to keep you informed accordingly.

Please note that until the correspondent bank concludes their internal process, Qenta is not able to conduct the migration of opt-in accounts, and outgoing wire requests can not be processed for opt-out clients. We apologize for any inconvenience this may cause and thank you for your continued patience and understanding.

If you have any questions, please do not hesitate to reach out to us at [email protected] or if you need to escalate, you can email [email protected].

Sincerely,
Euro Pacific Bank.