The Treasury Department has exited its largest investment from the Troubled Asset Relief Program.
The agency said in a press release Wednesday that it sold nearly 10.3 million shares in First BanCorp in San Juan, Puerto Rico, for $57.7 million, or $5.61 a share. The Treasury did not disclose the buyers.
The Treasury said it has recovered roughly $232 million from its investment in the $11.9 billion-asset company.
With the sale, OneFinancial in Little Rock, Ark., is the largest remaining Tarp participant. The Treasury recently bought a majority stake in OneFinancial’s bank to resolve a judgment against the institution; it is widely believed that the agency will auction those shares to investors or another bank in the near future.