Bank of America Plans $6 Billion Preferred Offering

Bank of America Plans $6 Billion Preferred Offering

Jan. 23 (Bloomberg) -- Bank of America Corp., the nation's second-largest bank, plans to raise $6 billion by selling preferred shares.

The offering will be split between preferred shares and convertible preferred shares, the Charlotte, North Carolina- based company said in a statement. Proceeds will be used for general corporate purposes, the bank said.

Bank of America said yesterday fourth-quarter earnings dropped 95 percent after $5.28 billion of mortgage-related writedowns and higher provisions for future loan losses.


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