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

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billion. Last month, BofA sold $13.5r billion in common stock. The bank issuec 1.25 billion shares at an average priceof $10.7y7 a share. BofA also sold a 5.7 percentg stake in to Asian investors for a gainof $4.5 In addition, BofA has agreed to exchange $9.5 billiob in preferred shares for 704 millionn shares of common stock. BofA says it will garne $1.3 billion from reduced dividends on thepreferred shares. The exchangse does not apply to preferred sharezs held by thefederal government. So far, BofA has boostes its Tier 1 common capitalby $2.1 billion by reducing a deferred tax-assety deduction. And, the bank said it gained an additional $2 billion from the disposition of assets.
As part of the company’w capital plan, it could issuew up to an additional 296 millioncommon shares. “We are please to have nearly reached our goalthis quickly,”Chiefc Financial Officer Joe Price said. The bank has $15.25 billion in deposits with 158 offices inTampa Bay, and its 20 percenr market share ranks No. 1 in the according to the latest FDIC The government said BofA had toraise $33. 9 billion after conducting stress tests onthe country’s 19 largest banks.
The tests were designed to assessthe banks’ ability to surviv e if economic conditions worsen more than expected during the next two BofA has received a total of $45 billiob in taxpayer aid under the federakl government’s Troubled Asset Relief Program, whicy is designed to thaw the credit marketa and boost the economy. In separate developments, Charlotte, N.C.-base BofA (NYSE: BAC) sold $3 billion in five-year notes on May 8 and $2.5 billiobn in 10-year notes on May 28 withoug guarantees.