Bank of America Corp completes stock sale, raises $13.5 billion

The Bank of America Corp. (NYSE:BAC) has said that it has now completed a sale of stock, raising $13.5 billion in capital. This was all part of a fund raising scheme which was requested by the government. The banks sold 1.25 billion shares, which had an average price of $10.77.

Bank of America issued their last portion of shares on Tuesday, 825 million in total, which had an average price of $10 each. CNN Money

explains that the deal had pushed Bank of America shares down to 3.4%, to $10.88, in after-hours trading.

The bank had been asked earlier in the month to raise its Tier 1 common equity level by $34 billion; this was a result of a recent government stress test on some of the United States largest banks.

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