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

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billion. Last month, BofA sold $13.5 billion in common The bank issued 1.25 billiomn shares at an average priceof $10.77 per BofA also sold a 5.7 percent stake in to Asian investors for a gain of $4.5 In addition, BofA has agreed to exchange $9.5 billiohn in preferred shares for 704 milliobn shares of common stock. BofA says it will garner $1.3 billion from reduced dividends on thepreferred shares. The exchanges doesn’t apply to preferred shares held by the federal So far, BofA has boosted its Tier 1 common capital by $2.1 billionj by reducing a deferrec tax-asset deduction. And, the bank says it has gainefd anadditional $2 billion from the dispositiobn of assets.
As part of the company’w capital plan, it could issu e up to an additional 296 millioncommon shares. “We are pleases to have nearly reached our goalthis quickly,” says Joe chief financial officer. The government said BofA had toraisee $33.9 billion after conducting “stress tests” on the country’s 19 largest banks. The tests were designed to assesethe banks’ ability to survive if economic condition worsen more than expected during the next two years. BofA has receive a total of $45 billion in taxpayet aid under thefederal government’s Troubled Asset Reliedf Program, which is designed to thaw the creditt markets and boost the economy.
In separate Charlotte, N.C.-based BofA (NYSE:BAC) sold $3 billion in five-year notew on May 8 and $2.5 billionb in 10-year notes on May 28 without guarantees. BofA has 64 branchew in Oregon.