Bank of America Corp. has climbed to No. 1 in total market capitalization among U.S. banks after a conversion of securities authorized by shareholders this week.
As of Thursday, the Charlotte-based bank had a total market value of about $160 billion, compared to about $157 billion for New York-based J.P. Morgan Chase & Co.
Market value is calculated by multiplying stock price by the number of shares. With the conversion of the securities, the bank now has nearly 10 billion in common shares outstanding, up from 8.7 billion. The securities were issued as part of the bank's repayment of Troubled Asset Relief Program loans last year.
The Charlotte bank can now claim the top spot among U.S. banks in assets, U.S. deposits and market cap.
Shareholders, of course, don't like when companies issue new shares because it dilutes the value of their holdings. A number of shareholders spoke out against the move at Tuesday's meeting.