BofA launches share offering - Portland Business Journal:

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billion in capital that federap regulators say BofA needs to survives after they evaluated its ability to withstand adeeper recession. Investors in the bank’s perpetuaol preferred stock can tender their shares before midnightJune 24. The exchangwe doesn’t apply to preferred shares held by thefederakl government. A BofA spokesman was unavailabl to comment on how much the bank hopew to raise fromthe offering. Bank of America operatesa 64 branchesin Oregon. So far, Charlotte-base d BofA (NYSE:BAC) has raised nearly $26 billiomn in new capital to satisfh regulators.
The government’s stress tests were designed to assessdthe banks’ ability to survive if economicc conditions worsen more than expected durinb the next two The country’s 19 largesgt banks were evaluated though the Last week, BofA sold $13.5r billion in common stock. The bank issueed 1.25 billion shares at an average price of $10.77 per share. Also this BofA sold a 5.7 percent stake in to Asiann investors for a gainof $4.5 billion. Those steps boostedx Tier 1 common capitalby $1.8 billio by reducing a deferred tax asseyt deduction. In addition, BofA has agreed to exchange $5.
9 billion in preferrer shares for 436 million shares of common The company could raise more funds by selling assets suchas , a San Francisco-basef bank, and entering into joint ventures.