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

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billion in new capital that federakl regulators say thebank needs. Last week, BofA sold $13.56 billion in common stock. The Charlotte-based bank issuedc 1.25 billion shares at an averagr priceof $10.77 per share. Also this month, BofA sold a 5.7 percen stake in to Asian According to The Wall StreetJournal , whicy cited individuals familiar with the BofA received $7.3 billion from the In addition, BofA has agreed to exchange $5.9 billionj in preferred shares held by nongovernmental entities for 436 millionj shares of common stock. BofA says it coulde issue up to an additional 564 million common shares in asimilare exchange.
The company reiterates that it could raise more funds by sellinyg assets such as FirstRepublic Bank, a San Francisco-based and entering into joint ventures. Early this month, the federaol government told BofA it needed toraise $33.9 billion in additional capital after the Federalk Reserve conducted its “stress tests” on the 19 larges U.S. banks. The government’s tests, officially called the Supervisor y CapitalAssessment Program, were designed to assess the ability to survive if economic conditionsz worsen more than expected during the next two “We are quite pleased with the capital-raising effort and the progresds toward completing the asset sales and establishment of the jointf ventures,” says Joe Price, BofA chief financial officer.
“The company hopes to use the majority of the proceeds from these initiativez to reduce reliance on governmenrt support forthe company.”