US govt get $946M from Puerto Rico's Popular bank

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Associated Press

Posted on July 2, 2014 at 4:33 PM

Updated Wednesday, Jul 2 at 9:03 PM

SAN JUAN, Puerto Rico (AP) — The U.S. Treasury Department says the government has received a total of $946 million in repayment from the Puerto Rican bank Popular Inc. as part of a federal bailout program.

The treasury said Wednesday that Popular was the largest bank that remained in the Capital Purchase Program under the Troubled Asset Relief Program.

Officials say the repayment means the government recovered $1.22 billion of principal and interest stemming from an original investment of $935 million in Popular.

The announcement comes as the Treasury Department tries to recuperate the costs of a $700 billion financial bailout following the 2008 financial crisis.

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