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Thursday, May 11, 2017

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

The Treasury Department announced 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 ABA at the time TARP was put in place.

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

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