Capital One repays $3.57 billion received as part of government investment program

Capital One repays $3.57B in TARP funds

NEW YORK — Capital One Financial Corp. says it repaid the $3.57 billion it received last fall as part of the government’s $700 billion bank investment program.

The McLean, Va.-based bank received the money as part of the Treasury Department’s Troubled Asset Relief Program to help revive the stagnant credit and lending markets amid one of the worst periods of the credit crisis.

The company says in a regulatory filing its payment includes accrued dividends on the 3.6 million preferred shares the government held.