BofA Raises $13.5B With Share Sale
Bank takes big stride towards meeting 'stress test' condition
By Rob Quinn,  Newser Staff
Posted May 20, 2009 4:55 AM CDT
Bank of America has raised $13.5 billion over the last two weeks with a massive share sale.   (AP Photo/Nell Redmond)
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(Newser) – Bank of America has sold shares to fill $13.5 billion of the $34 billion capital hole the Fed's "stress test" uncovered in the bank's balance sheet, Marketwatch reports. The bank—taking advantage of a 40% jump in its share price over the last month—issued 1.25 billion shares at an average price of $10.77 as part of its "at-the-market" program, which sold shares at or near prevailing prices.