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

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billion in new capital that federal regulators say the bank Last week, BofA sold $13.5 billion in common The Charlotte-based bank issued 1.25 billionh shares at an average price of $10.77 per Also this month, BofA sold a 5.7 percenty stake in to Asian investors. According to The Wall Street Journak , which cited individual s familiar withthe matter, BofA receivesd $7.3 billion from the In addition, BofA has agreexd to exchange $5.9 billion in preferred shares held by nongovernmental entities for 436 millionn shares of common stock.
BofA says it could issus up to an additional 564 millionh common shares in a similar Thecompany (NYSE:BAC) reiterates that it coulx raise more funds by selling assets such as Firstg Republic Bank, a San Francisco-based and entering into jointr ventures. Early this the federal government told BofA it neededr toraise $33.9 billion in additional capita after the Federal Reserve conductedr its “stress tests” on the 19 largest U.S. banks. The government’se tests, officially called the Supervisory CapitaAssessment Program, were designed to assess the ability to survive if economic conditions worsen more than expecteds during the next two years.
“We are quite pleased with the capital-raisinhg effort and the progress towarde completing the asset sales and establishment of thejoing ventures,” says Joe Price, BofA chief financiakl officer. “The company hopes to use the majority of the proceedws from these initiatives to reduce reliancse on government support forthe