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      provisions (see General Instruction A.2. below):</font></div>
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              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
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      5.02<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Departure
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      Principal Officers.</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">(b)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Retirement
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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">Jorge
      Calder&#243;n Drowett, a director of EuroBancshares, Inc. (the &#8220;Company&#8221;) and
      Eurobank (the &#8220;Bank&#8221;), has announced his intention to resign as a director of
      the Company and the Bank effective as of August 31, 2006, due to increasing
      demands of his business schedule. Mr. Calder&#243;n currently serves as a Class A
      director of the Company and is a member of the Audit Committee of the Board
      of
      Directors of the Company. Mr. Calder&#243;n serves as the chairman of the Audit
      Committee and qualifies as the committee&#8217;s &#8220;audit committee financial expert&#8221;
for purposes of Item 401(h) of Regulation S-K under the Securities Exchange
      Act
      of 1943, as amended. A successor director of the Company and the Bank has not
      yet been identified to fill the vacancy being created as a result of Mr.
      Calder&#243;n&#8217;s resignation.</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">James
      I.
      Thomson, Executive Vice President, Risk Management and Chief Lending Officer
      of
      the Bank, has announced his intention to retire effective as of August 31,
      2006.</font></div>
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      of Executive Officer.</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">On
      August
      1, 2006, Luis J. Berr&#237;os L&#243;pez is scheduled to rejoin the Bank and will assume
      the role of Executive Vice President and Chief Lending Officer of the Bank
      effective August 31, 2006 following the retirement of Mr. Thomson. Mr. Berr&#237;os,
      age 60, has over 35 years of experience in the commercial lending business
      in
      Puerto Rico and most recently has served as the President of Commercial Credit
      Solutions, Inc., a company that provides a variety of services to commercial
      banks, including training loan officers in credit underwriting of both
      commercial and consumer credit risk and portfolio management, since 2000. From
      1998 to 2000, Mr. Berr&#237;os served as President and Chief Lending Officer of Banco
      Financiero de Puerto Rico, a commercial bank that was acquired by the Company
      in
      December 2002. Prior to joining Banco Financiero de Puerto Rico, Mr. Berr&#237;os
      served as Executive Vice President and Chief Lending Officer of the Bank from
      1993 through 1998.</font></div>
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      to Audit Committee.</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">On
      July
      8, 2006, the Board of Directors of the Company appointed Luis Felipe Hern&#225;ndez
      Santana, a certified public accountant recently appointed as a Class B director
      of the Company and a director of the Bank, to the Audit Committee of the Board
      of Directors of the Company to fill the vacancy being created as a result of
      the
      pending resignation of Mr. Calder&#243;n. In addition, Mr. Hern&#225;ndez was elected as
      chairman of the Audit Committee and qualified as the committee&#8217;s &#8220;audit
      committee financial expert.&#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">The
      press
      release issued by the Company announcing the matters described in this Item
      5.02
      is attached as Exhibit 99.1 to this Current Report on Form 8-K.</font></div>
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          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">&#160;</td>
            <td style="width: 36pt;">
              <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">99.1</font></div>
            </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">Press
                Release dated July 12, 2006, Announcing the New Chief Lending Officer
                and
                Director Transition.</font></div>
            </td>
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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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</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>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <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>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:
              July 12, 2006&#160;</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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            <td align="left">
              <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<br>Chief Executive
              Officer</font></td>
          </tr>

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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
        INDEX</font><br></u><br>
        <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"><u>Exhibit
          No.</u><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description</u></font></font></div>
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                <tr valign="top" style="line-height: 1.25;">
                  <td align="left" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></td>
                  <td align="left">
                    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                      Release dated July 12, 2006, Announcing the New Chief Lending
                      Officer and
                      Director
                      Transition.</font></font></div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
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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": "06959252"}, "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):
July
      8, 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
      5.02
Departure
      of Directors or Principal Officers; Election of Directors; Appointment of
      Principal Officers.
(b)
Retirement
      of Executive Officer and a Director.
Jorge
      Calderón Drowett, a director of EuroBancshares, Inc. (the "Company") and
      Eurobank (the "Bank"), has announced his intention to resign as a director of
      the Company and the Bank effective as of August 31, 2006, due to increasing
      demands of his business schedule. Mr. Calderón currently serves as a Class A
      director of the Company and is a member of the Audit Committee of the Board
      of
      Directors of the Company. Mr. Calderón serves as the chairman of the Audit
      Committee and qualifies as the committee's "audit committee financial expert"
for purposes of Item 401(h) of Regulation S-K under the Securities Exchange
      Act
      of 1943, as amended. A successor director of the Company and the Bank has not
      yet been identified to fill the vacancy being created as a result of Mr.
      Calderón's resignation.
James
      I.
      Thomson, Executive Vice President, Risk Management and Chief Lending Officer
      of
      the Bank, has announced his intention to retire effective as of August 31,
      2006.
(c)
Appointment
      of Executive Officer.
On
      August
      1, 2006, Luis J. Berríos López is scheduled to rejoin the Bank and will assume
      the role of Executive Vice President and Chief Lending Officer of the Bank
      effective August 31, 2006 following the retirement of Mr. Thomson. Mr. Berríos,
      age 60, has over 35 years of experience in the commercial lending business
      in
      Puerto Rico and most recently has served as the President of Commercial Credit
      Solutions, Inc., a company that provides a variety of services to commercial
      banks, including training loan officers in credit underwriting of both
      commercial and consumer credit risk and portfolio management, since 2000. From
      1998 to 2000, Mr. Berríos served as President and Chief Lending Officer of Banco
      Financiero de Puerto Rico, a commercial bank that was acquired by the Company
      in
      December 2002. Prior to joining Banco Financiero de Puerto Rico, Mr. Berríos
      served as Executive Vice President and Chief Lending Officer of the Bank from
      1993 through 1998.
(d)
Appointment
      to Audit Committee.
On
      July
      8, 2006, the Board of Directors of the Company appointed Luis Felipe Hernández
      Santana, a certified public accountant recently appointed as a Class B director
      of the Company and a director of the Bank, to the Audit Committee of the Board
      of Directors of the Company to fill the vacancy being created as a result of
      the
      pending resignation of Mr. Calderón. In addition, Mr. Hernández was elected as
      chairman of the Audit Committee and qualified as the committee's "audit
      committee financial expert."
The
      press
      release issued by the Company announcing the matters described in this Item
      5.02
      is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item
      9.01
Financial
      Statements and Exhibits.
(c)
Exhibits
99.1
Press
                Release dated July 12, 2006, Announcing the New Chief Lending Officer
                and
                Director Transition.
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:
              July 12, 2006
By:
/s/ Rafael
              Arrillaga-Torréns, Jr.
Rafael
              Arrillaga-Torréns, Jr.
Chairman
              of the Board, President and
Chief Executive
              Officer
EXHIBIT
        INDEX
Exhibit
          No.
Description
99.1
Press
                      Release dated July 12, 2006, Announcing the New Chief Lending
                      Officer and
                      Director
                      Transition.