(EMAILWIRE.COM, November 10, 2009 ) Point Roberts, WA - Bank of America Corporation (NYSE:BAC) , a financial holding company, provides a range of banking and nonbanking financial services and products in the United States and internationally. Its Global Consumer and Small Business Banking segment offers savings accounts, money market savings accounts, certificate of deposits, individual retirement accounts, and checking accounts; U.S. Consumer and Business Card, unsecured lending, and international card; consumer real estate products, including mortgage products for home purchase and refinancing, reverse reverse mortgage products, and home equity products; and insurance services
Nine of the 10 big financial institutions that the government ordered to raise capital seven months ago in order to survive a severe economic crisis have hiked their capital sufficiently, said the Federal Reserve on Monday.
The institutions, including Bank of America Corp. (BAC 15.93, +0.16, +1.02%) and Citigroup Inc., (C 4.20, +0.01, +0.24%) have raised $77 billion in capital by issuing common equity, converting preferred share to common shares and by selling assets.
"The Capital Assistance Program, which was set up to provide a mechanism for additional taxpayer support in financial institutions, will close today with no investments having been made," the Treasury said.
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