BofA repays $45B in government bailout funds
CHARLOTTE, N.C. (AP) - Bank of America says it has repaid the entire $45 billion it owed U.S. taxpayers as part of the Troubled Asset Relief Program.
Published: December 10, 2009
CHARLOTTE, N.C. (AP) - Bank of America says it has repaid the entire $45 billion it owed U.S. taxpayers as part of the Troubled Asset Relief Program.
Bank of America funded it through a combination of cash on hand and the sale of more than $19 billion of securities that would convert into common stock. The stock increase remains subject to shareholder approval.
Bank of America was among hundreds of banks that received government support through the TARP program. The bank received $25 billion as part of the initial round of investments when the credit crisis peaked last fall. It received an additional $20 billion in January shortly after it acquired Merrill Lynch in what was a heavily scrutinized deal.
Repayment of the funds frees the Charlotte, N.C.-based bank from the government restrictions that have hampered its search for a new CEO, including executive pay limitations.
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