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Search for Bank of America's new CEO drags on

CHARLOTTE, NC (WBTV) - It looks like Bank of America could miss yet another self-imposed deadline for naming a new Chief Executive.

The search committee - led by the bank's director of the board - had wanted to name a successor for Ken Lewis by Friday and that still could happen.

But the New York Post says the issue will likely not be resolved until Thanksgiving.

The Post cites an unnamed source: "The selection process is creating factions within BofA's board of directors, with some pushing internal candidates and others insisting on new blood."

Bank of America Senior Vice President Scott Silvestri, however, would not comment on the article.

Shareholders furious over the Merrill Lynch merger are insisting on an outsider. 

John Finger, of Finger Interests, owns a large amount of BofA shares because it sold a family bank to the company years ago. He led an investor revolt against the re-election of several board members back in April, when Ken Lewis was ousted as Chairman.

Now, Finger has filed a complaint with the Securities and Exchange Commission about the CEO search, asking sarcastically if "Bank of America is a monarchy."

Finger wants a leader who had nothing to do with the Merrill mess.

The thing is, though - BofA is having a hard time getting an outsider to agree to take the job.

The Post's source, an executive who recently courted by the bank and rejected it, told the paper "it's unlikely BofA will be able to tap an outsider [because] the bank is under Uncle Sam's control."

The FED has not yet allowed the bank to pay back it $45 billion TARP loan, and is being investigated by five different factions of the government over December's shotgun wedding.

At least four industry executives have reportedly turned down the top job.