Bank of America says it has repaid the entire $45 billion it owes U.S. taxpayers as part of the Troubled Asset Relief Program.

Bank of America funded the repayment through a combination of cash on hand and the sale of $19.29 billion of securities that would convert into common stock. The stock increase remains subject to shareholder approval.

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.

Bank of America has been searching for a successor to CEO Ken Lewis since it announced in late September that he planned to retire on Dec. 31.