Bank of America Corp. (NYSE: BAC) says it has sold $19.3 billion in securities that can be converted to common shares as part of its effort to repay the $45 billion government bailout it received, according to Associated Press.
Bank spokesman Bob Stickler confirmed the amount Thursday.
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The bank issued common equivalent securities that require shareholder approval before investors can swap them for common shares. The bank has said it expects to hold a special shareholder vote in the next few months.
The total value of securities sold was slightly higher than the $18.8 billion Bank of America had said it would raise.
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