Bank of America Corp. says it plans to repay its government bailout funds and raise capital in the coming days.
The bank issued a statement Wednesday saying it would pay back the $45 billion in government loans it received during the credit crisis last year and after the purchase of Merrill Lynch & Co. earlier this year.
The move would allow Bank of America, which is trying to recruit a new CEO to succeed the retiring Ken Lewis, to free itself from government restrictions on executive pay that come along with bailout funds.
Bank of America said it would use $26.2 billion in available cash and would also sell $18.8 billion in securities.
Copyright 2014 by The Associated Press. All Rights Reserved.