BOFA extends loan to pay protesting workers

CHICAGO, Illinois (CNN) - Bank of America has agreed to extend a $1.35 million loan to a failed Chicago window manufacturer so the company can meet federal obligations to its laid off workforce, the bank's Illinois president said Wednesday.

Earlier, union representatives said negotiations had ended and the negotiation committee was on its way to report to more than 200 workers who have occupied the Republic Windows and Doors factory since the lay-offs went into effect on Friday.

Illinois bank president David Rodis said that the additional loan - Bank of America had previously cut off credit to Republic, prompting the closure and lay-offs - would "be used exclusively to pay its employees."