Puerto Rico Bank’s TARP Repayment Brings Treasury Profits to $30.7 Billion

The Treasury Department announced today that San Juan, P.R.-based First BanCorp, the largest remaining bank in the Troubled Asset Relief Program, has repaid its TARP investment. Taxpayers have received a $231.9 million profit on their investment in First BanCorp, and their total TARP investments in banks have netted $30.7 billion to date, the Treasury said — a profit predicted by the American Bankers Association at the time TARP was put in place.

Following today’s announcement, only eight of 707 participating banks remain in TARP with outstanding investments totaling $66.2 million.

Email This Post Email This Post