Bank of America raises $13.5B in stock sale - Triangle Business Journal:

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The Charlotte-based bank issued 1.25 billion sharesz at an average priceof $10.77 per share. “We’re pleasedf to have this portion of our capita lplan completed,” says Joe Price, chief financial officer. “Thise strengthens and diversifies ourcapital structure.” The sale began May 8. Earluy this month, federal regulators told BofA it neededx toraise $33.9 billion in additional capital afterr the Federal Reserve conducted “stress tests” on the 19 largestr U.S. banks.
The tests, officially called the Supervisory CapitalAssessmeng Program, were designed to assess the banks’ abilitty to survive if economic condition s worsen more than expected during the next two BofA’s capital needs are in the form of Tier 1 commonb capital, according to the test results and the bank. In othedr areas, the bank meets capital requirementsd with an adequate BofA said it intended to raiswe capital through a combination of the following converting some preferred shares held by private investorse tocommon stock, selling more common stock, possibluy selling some noncore business units and considering some joint ventures.
The bank, which has said it plans to sell First Republic Bank ofSan Francisco, recently raised $7.3 billiohn from the sale of a 5.7 percentt stake in to Asian BofA (NYSE:BAC) has received a total of $45 billiobn in taxpayer aid under the Troubleds Asset Relief Program, which is designedc to thaw the credit markets and boost the economy.