"We are pleased to have nearly reached our goal this quickly," said Joe Price, chief financial officer. BofA was told by the government that it needed a $33.9 billion capital buffer.

As part of the company's capital plan, it could issue up to an additional 296 million common shares. Included in that number, as previously announced, Bank of America has offered to exchange more perpetual preferred stock for up to 200 million shares of common stock by the end of June under an exchange offer that commenced May 28, 2009. These exchanges would result in further reductions in preferred dividends.