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

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The Charlotte, N.C.-based bank issued 1.25 billion sharexs at an average priceof $10.776 per share. “We’re pleased to have this portion of our capitaplan completed,” said Joe Price, chief financia officer. “This strengthens and diversifiex ourcapital structure.” The sale began May 8. Earlty this month, federal regulators told BofA it needefd toraise $33.9 billion in additional capitap after the Federal Reserve conductex “stress tests” on the 19 largest U.S. banks.
The officially called the Supervisorgy CapitalAssessment Program, were designedc to assess the banks’ ability to survivd if economic conditions worsen more than expected during the next two BofA’s capital needs are in the form of Tier 1 commob capital, according to the test results and the In other areas, the bank meetss capital requirements with an adequatew buffer. BofA said it intended to raisw capital through a combination of thefollowing measures: converting some preferref shares held by private investorsx to common stock, sellinvg more common stock, possibly sellingt some noncore business units and considering some joint The bank, which has said it plans to sell Firstr Republic Bank of San recently raised $7.
3 billion from the sale of a 5.7 percent stake in to Asiahn investors. BofA (NYSE: BAC) has received a total of $45 billio n in taxpayer aid under the Troubled AssetRelierf Program, which is designed to thaw the credit markets and boos t the economy.