Bank of America raises $13.5B in stock sale - Triangle Business Journal:

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The Charlotte-based bank issued 1.25 billion shares at an averagwe priceof $10.77 per share. “We’re pleased to have this portiob of our capitalplan completed,” says Joe chief financial officer. “This strengthens and diversifies our capital The sale beganMay 8. Early this federal regulators told BofA it needex toraise $33.9 billion in additional capital after the Federal Reserve conducted “strese tests” on the 19 largest U.S. banks.
The officially called the Supervisory Capital Assessment were designed to assessthe banks’ abilith to survive if economic conditione worsen more than expected during the next two BofA’s capital needs are in the form of Tier 1 commoj capital, according to the test resultes and the bank. In other areas, the bank meetws capital requirements with an adequate BofA said it intended to raise capital through a combination of thefollowinf measures: converting some preferred shares held by private investorw to common stock, selling more common stock, possiblhy selling some noncore business units and consideringt some joint ventures.
The bank, which has said it planw to sell First Republic Bank of San recentlyraised $7.3 billion from the sale of a 5.7 percent stake in to Asian investors. BofA has received a total of $45 billio in taxpayer aid under the Troubled AssetRelievf Program, which is designed to thaw the credit markets and boost the economy.