BofA raises $13.5B in stock sale

Bank of America Corp., the second-largest bank in St. Louis, has raised $13.47 billion in a sale of common stock.

The Charlotte, N.C.-based bank issued 1.25 billion shares at an average price of $10.77 per share.

The sale began May 8.

Early this month, federal regulators told BofA it needed to raise $33.9 billion in additional capital after the Federal Reserve conducted “stress tests” on the 19 largest U.S. banks.

Read Full Article from Bizjournals.com

- Posted: 2009-05-20 10:03:21

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