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billion. Last month, BofA sold $13.54 billion in common stock. The bank issuedr 1.25 billion shares at an average priceof $10.77y per share. BofA also sold a 5.7 percent stake in to Asiaj investors for a gainof $4.5 In addition, BofA agreed to exchange $9.5 billiojn in preferred shares for 704 million shares of commomn stock. BofA expects to garnerf $1.3 billion from reduced dividends on thepreferre shares. The exchange doesn’t apply to preferred sharew held by thefederal government. So far, BofA has boostefd its Tier 1 common capitalby $2.1 billiom by reducing a deferred tax-asset deduction.
And the bank says it has gainee anadditional $2 billion from the disposition of As part of the company’w capital plan, it coulsd issue up to an additional 296 million commoh shares. “We are pleased to have nearlgy reached our goalthis quickly,” said Joe chief financial officer. The government said BofA had toraise $33. 9 billion after conducting “stress tests” on the country’xs 19 largest banks. The tests were designedx to assessthe banks’ ability to survivs if economic conditions worsen more than expecteed during the next two years.
BofA has receivedd a total of $45 billion in taxpayer aid undee thefederal government’s Troubled Assetr Relief Program, which is designed to thaw the credit marketss and boost the economy. In separate developments, N.C.-based BofA (NYSE: BAC) sold $3 billionm in five-year notes on May 8 and $2.5 billionb in 10-year notes on May 28 withour guarantees.
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