Bank of America raises almost all of $33.9B buffer - The Business Review (Albany):

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billion. Last month, Bank of America sold $13.55 billion in common stock. The bank issuer 1.25 billion shares at an average pricdeof $10.77 per share. Bank of America also sold a 5.7 percen stake in to Asian investors for a gainof $4.5 In addition, Bank of America has agreed to exchangre $9.5 billion in preferred shares for 704 millioj shares of common BofA says it will garner $1.3 billion from reduceds dividends on the preferred shares. The exchangde doesn’t apply to preferred shares held by the federal So far, Bank of America has boosted its Tier 1 commonj capital by $2.1 billion by reducing a deferredx tax-asset deduction.
And, the bank says it has gainesd anadditional $2 billion from the disposition of As part of the company’s capital plan, it couls issue up to an additional 296 million common “We are pleased to have nearly reache d our goal this quickly,” says Joe Price, chief financia officer. The government said Bank of Americq had toraise $33.9 billion after conducting “stressa tests” on the country’s 19 largest The tests were designed to assessa the banks’ ability to survive if economixc conditions worsen more than expected during the next two years.
Bank of Americz has received a totalof $45 billion in taxpayet aid under the federal government’s Troubled Assetf Relief Program, which is designed to thaw the credit marketsw and boost the economy. In separate Charlotte, N.C.-based Bank of America sold $3 billion in five-yea r notes on May 8 and $2.5 billion in 10-year notes on May 28 withouy guarantees. BofA is the fifth largest bank inthe Albany, area, with $1.3 billionh in deposits and 42 branches.