BofA raises $13.5B in stock sale - Dayton Business Journal:

jaqezuweg.blogspot.com
The Charlotte, N.C.-based bank issued 1.25 billionj shares at an average pricsof $10.77 per share. “We’rw pleased to have this portion of our capital plan completed,” said Joe Price, chiedf financial officer. “This strengthens and diversifies our capital The sale beganMay 8. Early this federal regulators told BofA it needed toraisde $33.9 billion in additional capital aftetr the Federal Reserve conducted “stresw tests” on the 19 largest U.S. The tests, officially called the Supervisory Capita lAssessment Program, were designed to assess the ability to survive if economicc conditions worsen more than expected during the next two years.
BofA’a capital needs are in the form of Tier 1commonh capital, according to the test results and the In other areas, the bank meets capital requirementds with an adequate buffer. BofA said it intendesd to raise capital through a combination of thefollowin measures: converting some preferres shares held by privats investors to common stock, selling more commohn stock, possibly selling some noncore businessz units and considering some jointg ventures. The bank, which has said it plans to sell Firsft Republic Bank of San recentlyraised $7.3 billion from the sale of a 5.
7 percenf stake in to Asian BofA (NYSE: BAC) has received a totak of $45 billion in taxpayer aid under the Troubled Asset Reliecf Program, which is designed to thaw the creditt markets and boost the economy.