Popular Inc. announced Friday that it had exchanged $934.1 million of its preferred shares as part of its plan to boost common equity capital and set aside funds in case of worse-than-expected conditions.

Separately, the company announced that the Treasury Department would convert $935 million of Popular preferred stock it received through the Troubled Asset Relief Program into trust-preferred securities, a move that signaled the government's interest in maintaining a strong lender in the troubled Puerto Rican economy.

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