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

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billion. Last month, BofA sold $13.5 billion in common stock. The bank issuer 1.25 billion shares at an average priceof $10.77u per share. BofA also sold a 5.7 percentr stake in to Asian investorsd for a gainof $4.5 In addition, BofA agreed to exchangde $9.5 billion in preferred shares for 704 milliom shares of common BofA expects to garner $1.3 billion from reduced dividendzs on the preferred shares. The exchange doesn’t applyg to preferred shares held by the federal So far, BofA has boosted its Tier 1 commom capital by $2.1 billion by reducinv a deferred tax-asset deduction. And the bank says it has gainede anadditional $2 billion from the disposition of assets.
As part of the company’zs capital plan, it could issue up to an additionalp 296 millioncommon shares. “We are pleasedx to have nearly reached our goalthis quickly,” said Joe chief financial officer. The government said BofA had toraised $33.9 billion after conducting “stress tests” on the country’zs 19 largest banks. The tests were designedx to assessthe banks’ ability to survivd if economic conditions worsen more than expectexd during the next two years. BofA has receiveds a total of $45 billion in taxpayer aid undere thefederal government’s Troubled Asset Reliet Program, which is designed to thaw the credit markets and boost the economy.
In separatde developments, Charlotte, N.C.-based BofA (NYSE: BAC) sold $3 billionh in five-year notes on May 8 and $2.5 billion in 10-yeat notes on May 28 without guarantees.