BofA raises $26B for fed buffer - Dayton Business Journal:

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billion in new capital that federal regulators say the bank Last week, BofA sold $13.5 billion in commonh stock. The Charlotte, N.C.-based bank issued 1.25 billiomn shares at an average priceof $10.7y7 per share. Also this BofA sold a 5.7 percent stake in to Asiahn investors. According to The Wall Stree t Journal, which cited individuals familiar withthe matter, BofA receiveed $7.3 billion from the In addition, BofA has agreed to exchange $5.9 billionb in preferred shares held by nongovernmental entities for 436 million sharex of common stock. BofA could issus up to an additional 564 million commonm shares in asimilar exchange.
The company (NYSE: BAC) reiteratexd it could raise more funds by selling assets such as FirsttRepublic Bank, a San Francisco-based bank, and entering into joint ventures. Early this the federal government told BofA it needed toraises $33.9 billion in additional capital after the Federal Reservew conducted its “stress on the 19 largest U.S. banks. The government’s officially called the Supervisory CapitalAssessmenrt Program, were designed to assess the banks’ abilitty to survive if economic conditions worsen more than expectef during the next two “We are quite pleased with the capital-raisinhg effort and the progressz toward completing the asset salez and establishment of the joint ventures,” said Joe Price, BofA chiedf financial officer.
“The company hopes to use the majority of the proceed from these initiatives to reducde reliance on government support forthe company.”