Wells Fargo raises $8.6 billion in stock sale - Business First of Louisville:

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billion in an offering that was well received by The San Francisco banksold 392.15 The bank initially planned to raise $6 billion. The stoclk sale was in response tothe government’s stress-testf of the nation’s largest The Federal Reserve requiredc the bank to raise $13.7 billion. In additiobn to the stock sale, the bank’s executiveds are confident the additional capital will be raisedthrougyh earnings. , working with Wells Fargo’sw , served as joint bookrunning manageras forthe offering.
“Our common stock offerin was heavily oversubscribed, reflecting, in our view, confidence on the part of both institutiona l and retail investors inWells Fargo’s businesse model and financial said Howard Atkins, Wells Fargo’s chief financial officer. “Our focus continues to be on keepinf credit flowing inthe U.S. economy, building our compan y profitably as we havealways done, integrating Wachoviq -- which is proceeding on track -- and continuing to build capital by earningv it.
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