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Dec 2, 2009 5:43 PM by Associated Press

Bank of America to repay government bailout

Bank of America says it plans to repay its government bailout funds and raise capital in the coming days.

The bank has 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.

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