Ahead Of The Bell: Deadline Day For Banks

NEW YORK (AP) — Financial stocks will likely be in focus Monday — the last day for some of the nation's largest banks to have their capital-raising plans in place.

Last month, the government's stress tests determined that ten of the 19 largest U.S. banks needed to raise an additional $75 billion in capital as a buffer against future losses. Those banks were given a deadline of June 8 to get a capital-raising plan approved by regulators. The banks have until November to raise the funds.

Many of those banks have since raised additional cash through public stock offerings, but some still have a shortfall to meet.

Bank of America Corp., which needs to raise the most cash — $33.9 billion — said as of last Tuesday it had raised almost $33 billion through stock offerings, asset and investment sales and the conversion of preferred shares to common stock.

According to an analysis by Barclays Capital analyst Jason Goldberg, Regions Financial Corp., KeyCorp, Wells Fargo & Co. and SunTrust Banks Inc. are among those that have yet to raise the full amount of their capital shortfalls.