Bank Of America Will Repay $45 Billion In TARP, Raise More Capital

Update: Here is the official press release from BofA:

Bank of America today announced that it will repay U.S. taxpayers their entire $45 billion investment provided under the Troubled Asset Relief Program (TARP). The repayment will be made after the completion of a securities offering.

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Earlier: CNBC is reporting that BofA is set to repay its $45 billion in TARP cash, and that it will raise capital in the next few days.

This is likely Ken Lewis’s last act as CEO, as de-yoking itself will allow a new CEO to come in and start fresh.

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