Puerto Rican Bank Gets Time to Raise Capital

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.

For reprint and licensing requests for this article, click here.
Community banking Puerto Rico
MORE FROM AMERICAN BANKER