First BanCorp in San Juan, Puerto Rico, said late Thursday that the Treasury Department has given it more time to raise capital.

The $15.7 billion-asset company was facing a July 7 deadline to raise equity to exchange for the preferred stock held by the Treasury. It now has until Oct. 7 to raise capital for the conversion.

First BanCorp received $400 million in Troubled Asset Relief Program funds in January 2009.

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