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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
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      D.C. 20549</strong></font></div>
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      8-K</strong></font></div>
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      Exchange Act of 1934</strong></font></div>
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      of report (Date of earliest event reported):</strong></font></div>
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      26, 2006</strong></font></div>
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      INC.</strong></font></div>
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      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):</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      4.01</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Changes
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      May
      26, 2006, EuroBancshares, Inc. (&#8220;EuroBancshares&#8221;) dismissed KPMG LLP (&#8220;KPMG&#8221;) as
      its independent registered public accounting firm, and selected Crowe Chizek
      and
      Company, LLC (&#8220;Crowe Chizek&#8221;) to serve as its new independent registered public
      accounting firm. The dismissal of KPMG and the engagement of Crowe Chizek were
      authorized and approved by the Audit Committee of the Board of Directors of
      EuroBancshares primarily as a result of the company&#8217;s efforts to manage its
      ongoing fees, costs and expenses associated with its accounting and annual
      audit
      process.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">KPMG&#8217;s
        audit reports on the consolidated financial statements of EuroBancshares
        as of
        and for the years ended December 31, 2005 and 2004 did not contain any adverse
        opinion or disclaimer of opinion, and were not qualified or modified as to
        uncertainty, audit scope or accounting principle, except as
        follows:</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">KPMG&#8217;s
        report on the consolidated financial statements of EuroBancshares as of December
        31, 2004 contained a separate paragraph stating that &#8220;the Company adopted the
        provision of Financial Accounting Standards Board&#8217;s Interpretation No.&#160;46R,
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Consolidation
        of Variable Interest Entities</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        as of
        December&#160;31, 2003.&#8221;</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">KPMG&#8217;s
        audit report on management&#8217;s assessment of the effectiveness of internal control
        over financial reporting and the effectiveness of internal control over
        financial reporting as of December 31, 2005 did not contain an adverse opinion
        or disclaimer of opinion, and were not qualified or modified as to uncertainty,
        audit scope or accounting principles, except that KPMG&#8217;s report indicates that
        EuroBancshares did not maintain effective internal control over financial
        reporting as of December 31, 2005 due to the effect of a material weakness
        on
        the achievement of the objectives of the control criteria and contains an
        explanatory paragraph that states:</font></div>
    </div>
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      of
      December 31, 2005, the Company identified a material weakness in its internal
      control over financial reporting related to determining the allowance for loan
      and lease losses, resulting from the following matters:</font></div>
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                Company did not maintain sufficient documentation to support the
                monitoring of the recent loss trends experienced in loan and lease
                portfolios;</font></div>
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            <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There
                was a lack of controls over the segregation of the commercial real
                estate/other commercial loan portfolios used for&#160;determining the
                general allowance for loan
                losses;&#160;and</font></div>
            </td>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 45pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EuroBancshares
                did not maintain adequate documentation&#160;to support&#160;the
                unallocated portion of the allowance for loan and lease
                losses.</font></div>
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          </tr>

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      deficiencies resulted in a misstatement in the allowance for loan and lease
      losses in the Company&#8217;s preliminary December 31, 2005 financial statements and
      resulted in more than a remote likelihood that a material misstatement of its
      consolidated financial statements would not have been prevented or
      detected.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          Item
          9A of EuroBancshares&#8217; Annual Report on Form 10-K for the year ended December 31,
          2005, management reported that it had assessed the effectiveness of
          EuroBancshares&#8217; internal control over financial reporting as of December 31,
          2005 and had identified a material weakness in internal control over financial
          reporting as described above. The material weakness resulted in an adverse
          opinion from KPMG on the effectiveness of EuroBancshares&#8217; internal control over
          financial reporting as of December 31, 2005.</font></div>
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      in connection with its compliance reporting obligations under Section 36 of
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      Report on Form 10-K for the year ended December 31, 2004, that in making its
      assessment of internal control over financial reporting, management of Eurobank
      identified a deficiency related to accounting for certain derivative financial
      instruments that were acquired in connection with the acquisition of BankTrust
      in May 2004 under Statement of Financial Accounting Standards No.&#160;133,
&#8220;Accounting for Derivative Instruments and Hedging Activities,&#8221; (&#8220;SFAS 133&#8221;).
      Specifically, the deficiency resulted from the lack of adequate controls
      designed to ensure that the documentation, monitoring and evaluation required
      by
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      of the respective derivative financial instrument and that such documentation
      provides reasonable assurance to support the ongoing monitoring of the Bank&#8217;s
      hedging activities. Management of the bank concluded that the amounts involved
      with respect to these derivative financial instruments are not material for
      the
      periods reported and that prior 2004 interim financial statements need not
      be
      revised. Management evaluated the impact of this deficiency on Eurobank&#8217;s
      assessment of internal control over financial reporting and concluded that
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        of accounting principles or practices, financial statement disclosure, or
        auditing scope or procedures, which disagreements, if not resolved to the
        satisfaction of KPMG, would have caused KPMG to make reference thereto in
        their
        reports on EuroBancshares&#8217; financial statements for such years and (ii) no
        reportable events within the meaning set forth in Item 304(a)(1)(v) of
        Regulation S-K, except as described above.</font></div>
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      independent registered public accounting firm concerning the subject matter
      of
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      furnish EuroBancshares a letter addressed to the United States Securities and
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      will
      amend this Form 8-K and attach a copy of such letter as an exhibit promptly
      after KPMG furnishes the letter to the company. </font></font></div>
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      EuroBancshares&#8217; two most recent fiscal years ended December&#160;31, 2005, and
      the subsequent interim period through May 26, 2006, EuroBancshares did not
      consult with Crowe Chizek regarding either (i) the application of accounting
      principles to a specified transaction, either completed or proposed, or the
      type
      of audit opinion that might be rendered on EuroBancshares&#8217; consolidated
      financial statements or (ii) the subject matter of a disagreement or reportable
      event as defined in Item 304(a)(1)(iv) and (v) of Regulation S-K.</font></div>
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      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.</font></div>
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            <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: "><strong>EUROBANCSHARES,
              INC.</strong></font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:
              June 2, 2006</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Rafael
              Arrillaga-Torr&#233;ns, Jr.</font></td>
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              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Rafael
              Arrillaga-Torr&#233;ns, Jr.</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Chairman
              of the Board, President and Chief Executive
              Officer</font></td>
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{"company-data": {"conformed-name": "EUROBANCSHARES INC", "cik": "0001164554", "assigned-sic": "6029", "irs-number": "000000000"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50872", "film-number": "06884210"}, "mail-address": {"street1": "270 MUNOZ RIVERA AVE", "city": "HATO REY", "state": "NY", "zip": "00918"}}
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
      26, 2006
____________________
EUROBANCSHARES,
      INC.
(Exact
      name of registrant as specified in its charter)
____________________
Commonwealth
                of Puerto Rico
000-50872
66-0608955
(State
                or other jurisdiction of incorporation)
(Commission
                File Number)
(IRS
                Employer Identification No.)
270
                Muñoz Rivera Avenue
San
                Juan, Puerto Rico 00918
(Address
                of principal executive offices) (Zip Code)
(787)
                751-7340
(Registrant's
                telephone number, including area code)
____________________
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 CFR
240.14d-2(b))
o
Pre-commencement
      communications
      pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
      4.01
Changes
      in Registrant's Certifying Accountant.
On
      May
      26, 2006, EuroBancshares, Inc. ("EuroBancshares") dismissed KPMG LLP ("KPMG") as
      its independent registered public accounting firm, and selected Crowe Chizek
      and
      Company, LLC ("Crowe Chizek") to serve as its new independent registered public
      accounting firm. The dismissal of KPMG and the engagement of Crowe Chizek were
      authorized and approved by the Audit Committee of the Board of Directors of
      EuroBancshares primarily as a result of the company's efforts to manage its
      ongoing fees, costs and expenses associated with its accounting and annual
      audit
      process.
KPMG's
        audit reports on the consolidated financial statements of EuroBancshares
        as of
        and for the years ended December 31, 2005 and 2004 did not contain any adverse
        opinion or disclaimer of opinion, and were not qualified or modified as to
        uncertainty, audit scope or accounting principle, except as
        follows:
KPMG's
        report on the consolidated financial statements of EuroBancshares as of December
        31, 2004 contained a separate paragraph stating that "the Company adopted the
        provision of Financial Accounting Standards Board's Interpretation No. 46R,
Consolidation
        of Variable Interest Entities
,
        as of
        December 31, 2003."
KPMG's
        audit report on management's assessment of the effectiveness of internal control
        over financial reporting and the effectiveness of internal control over
        financial reporting as of December 31, 2005 did not contain an adverse opinion
        or disclaimer of opinion, and were not qualified or modified as to uncertainty,
        audit scope or accounting principles, except that KPMG's report indicates that
        EuroBancshares did not maintain effective internal control over financial
        reporting as of December 31, 2005 due to the effect of a material weakness
        on
        the achievement of the objectives of the control criteria and contains an
        explanatory paragraph that states:
As
      of
      December 31, 2005, the Company identified a material weakness in its internal
      control over financial reporting related to determining the allowance for loan
      and lease losses, resulting from the following matters:
·
The
                Company did not maintain sufficient documentation to support the
                monitoring of the recent loss trends experienced in loan and lease
                portfolios;
·
There
                was a lack of controls over the segregation of the commercial real
                estate/other commercial loan portfolios used for determining the
                general allowance for loan
                losses; and
·
EuroBancshares
                did not maintain adequate documentation to support the
                unallocated portion of the allowance for loan and lease
                losses.
These
      deficiencies resulted in a misstatement in the allowance for loan and lease
      losses in the Company's preliminary December 31, 2005 financial statements and
      resulted in more than a remote likelihood that a material misstatement of its
      consolidated financial statements would not have been prevented or
      detected.
In
          Item
          9A of EuroBancshares' Annual Report on Form 10-K for the year ended December 31,
          2005, management reported that it had assessed the effectiveness of
          EuroBancshares' internal control over financial reporting as of December 31,
          2005 and had identified a material weakness in internal control over financial
          reporting as described above. The material weakness resulted in an adverse
          opinion from KPMG on the effectiveness of EuroBancshares' internal control over
          financial reporting as of December 31, 2005.
In
      addition, for the year ended December 31, 2004, KPMG examined and attested
      to
      assertions made by management of Eurobank concerning the effectiveness of the
      institution's internal control structure and procedures for financial reporting
      in connection with its compliance reporting obligations under Section 36 of
      the
      Federal Deposit Insurance Act. EuroBancshares disclosed in Item 9A of its Annual
      Report on Form 10-K for the year ended December 31, 2004, that in making its
      assessment of internal control over financial reporting, management of Eurobank
      identified a deficiency related to accounting for certain derivative financial
      instruments that were acquired in connection with the acquisition of BankTrust
      in May 2004 under Statement of Financial Accounting Standards No. 133,
"Accounting for Derivative Instruments and Hedging Activities," ("SFAS 133").
      Specifically, the deficiency resulted from the lack of adequate controls
      designed to ensure that the documentation, monitoring and evaluation required
      by
      generally accepted accounting principles were properly maintained for the term
      of the respective derivative financial instrument and that such documentation
      provides reasonable assurance to support the ongoing monitoring of the Bank's
      hedging activities. Management of the bank concluded that the amounts involved
      with respect to these derivative financial instruments are not material for
      the
      periods reported and that prior 2004 interim financial statements need not
      be
      revised. Management evaluated the impact of this deficiency on Eurobank's
      assessment of internal control over financial reporting and concluded that
      the
      control deficiency described above represented a material weakness. Accordingly,
      management concluded that, as of December 31, 2004, Eurobank's internal control
      over financial reporting may not be effective.
During
        the years ended December 31, 2005 and 2004 and the subsequent interim period
        through May 26, 2006, there were (i) no disagreements with KPMG on any matters
        of accounting principles or practices, financial statement disclosure, or
        auditing scope or procedures, which disagreements, if not resolved to the
        satisfaction of KPMG, would have caused KPMG to make reference thereto in
        their
        reports on EuroBancshares' financial statements for such years and (ii) no
        reportable events within the meaning set forth in Item 304(a)(1)(v) of
        Regulation S-K, except as described above.
EuroBancshares
      has authorized KPMG to respond fully to the inquiries of the successor
      independent registered public accounting firm concerning the subject matter
      of
      the material weakness.
EuroBancshares
      provided KPMG with a copy of the foregoing disclosures and requested KPMG to
      furnish EuroBancshares a letter addressed to the United States Securities and
      Exchange Commission stating whether it agrees with the above statements.
EuroBancshares
will
      amend this Form 8-K and attach a copy of such letter as an exhibit promptly
      after KPMG furnishes the letter to the company.
During
      EuroBancshares' two most recent fiscal years ended December 31, 2005, and
      the subsequent interim period through May 26, 2006, EuroBancshares did not
      consult with Crowe Chizek regarding either (i) the application of accounting
      principles to a specified transaction, either completed or proposed, or the
      type
      of audit opinion that might be rendered on EuroBancshares' consolidated
      financial statements or (ii) the subject matter of a disagreement or reportable
      event as defined in Item 304(a)(1)(iv) and (v) of Regulation S-K.
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.
EUROBANCSHARES,
              INC.
Date:
              June 2, 2006
By:
/s/ Rafael
              Arrillaga-Torréns, Jr.
Rafael
              Arrillaga-Torréns, Jr.
Chairman
              of the Board, President and Chief Executive
              Officer