As we have discussed before Bank of America has begun raising the required capital to meet the Stress Test for banks.
Bank of America late Tuesday concluded its previously announced sale of common stock.
The stock was sold through what is called an "At-the-Market" issuance program in which shares are sold over a period of time.
The company issued 1.25 billion shares of common stock since beginning the program on Friday, May 8 at an average price of $10.77, representing gross proceeds of approximately $13.47 billion.
"We're pleased to have this portion of our capital plan completed." said Chief Financial Officer Joe Price. "This strengthens and diversifies our capital structure."
See Bank of America's related press release on Tuesday.
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