More than $ 19 billion of securities have been sold by Bank of America Corp in the interest of investor to ward off government regulatory restrictions in its CEO search.

The raised amount will help out in paying back $45 billion in government bailout funds that the bank took at the time of peak financial crisis. The bank incurred heavy losses arising from mortgage lender Countrywide and investment bank Merrill Lynch.

According to Reuters, the deal size of securities increased from its original planned $18.8 billion to $19.29 billion. The securities were sold at $15 each, 5 percent lower where bank shares closed. Its shares fell to $15.58 in aftermarket business.

Chief Financial Officer Joe Price said, "Consumers continue to experience stress ... however we are seeing signs of stabilization". The bank has planned to "sell assets worth $4 billion in repaying the borrowed funds", Price shared. Federal Reserve Chairman Ben Bernanke said Bank of America repaying TARP funds is "good news". This move may pressurize rivals to follow. Following the Bank of America, PNC Financial Services Inc and Wells Fargo & Co, both have been cited as top candidates for TARP repayment.

Credit Suisse analyst Moshe Orenbuch said, "The full repayment of TARP is an incremental positive in the sense that it relieves the intense regulatory and political scrutiny tied to its receipt of government money".