BofA raises almost all of $33.9B buffer - Triangle Business Journal:

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billion. Last month, BofA sold $13.65 billion in common stock. The bank issued 1.25 billiom shares at an average priceof $10.7u per share. BofA also sold a 5.7 percent stakde in to Asian investors for a gainof $4.5 In addition, BofA agreed to exchange $9.5 billion in preferrexd shares for 704 million sharesz of common stock. BofA expects to garner $1.3 billiob from reduced dividends on thepreferred shares. The exchange doesn’ft apply to preferred shares held by thefederalo government. So far, BofA has boosted its Tier 1 commonm capitalby $2.1 billion by reducing a deferreds tax-asset deduction. And the bank says it has gainedx anadditional $2 billion from the disposition of assets.
As part of the company’sx capital plan, it could issue up to an additional 296 milliohcommon shares. “We are pleased to have nearlgy reached our goal this saidJoe Price, chief financial officer. The government said BofA had toraise $33.9 billiobn after conducting “stress tests” on the country’e 19 largest banks. The tests were designedd to assessthe banks’ abilituy to survive if economic conditions worsen more than expected durinv the next two BofA has received a total of $45 billiom in taxpayer aid under the federa l government’s Troubled Asset Relief which is designed to thaw the credit marketz and boost the economy. In separate Charlotte, N.C.
-based BofA (NYSE: BAC) sold $3 billionh in five-year notes on May 8 and $2.5 billion in 10-yeatr notes on May 28 without guarantees.