Bank of America Makes It Official - Repays $45 billion in TARP Funds

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Bank of America Pays Back $45 billion in TARP Funds

Bank of America (BAC) announced Wednesday that it had completed the repayment of $45 billion in TARP funds.

The big bank was able to repay the full amount of government assistance it had been afforded during the credit crisis by using a combination of corporate funds and a secondary offering of stock worth $19.29 billion.

The move by BAC ends more than a year of government intervention and involvement, not the least of which was the “forced” purchase of Merrill Lynch.

CEO Ken Lewis has stated publically that he wanted to repay the TARP funds before he retired at the end of this year.

 

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