Updated from 2:43 p.m. EDT

Financial stocks finished mostly lower Wednesday afternoon as investors had different reactions to news of common share offerings from

Bank of America

(BAC) - Get Report

and

Regions Financial

(RF) - Get Report

.

Bank of America

said it has raised $13.47 billion after issuing 1.25 billion shares at an average price of $10.77 a share. Together with the sale of its stake in

China Construction Bank

for about $7.3 billion, the bank is more than halfway to reaching its capital raising goal of $33.9 billion set by the government's stress tests.

Analysts were mostly positive on Bank of America's offering. R.W. Baird analyst David George reiterated his outperform rating on the bank's shares and raised his second-quarter earnings estimate to 22 cents a share. George also increased his full-year 2009 and 2010 earnings estimates to 75 cents and $1 a share, respectively.

"While the price is a notable discount from recent prices, the completion of the deal is a positive catalyst in our opinion, and should remove an overhang on the stock," George wrote in a research note. "Not only is the completion of the offering a positive,

Bank of America has tremendous earnings power on the other side of the cycle, leading market share positions and high pre-provision profitability."

Meanwhile,

Regions Financial

planned a public offering of its own, saying it expects to raise $1.25 billion in capital to help meet a $2.5 billion government requirement to buffer itself against future losses.

Bank of America shares finished higher by 2.1% at $11.49, while Regions Financial dropped 6.7% at $4.89.

Bank stocks also reacted negatively despite mostly upbeat comments from Treasury Secretary Timothy Geithner, who testified before the Senate Banking Committee on oversight of the Troubled Asset Relief Program.

Geithner said in his testimony that "the vast majority of banks have more capital than they need to be considered well capitalized by their regulators," although concerns about economic conditions, combined with the destabilizing impact of distressed "legacy assets," have created an environment "under which uncertainty about the health of individual banks has sharply reduced lending across the financial system, working against economic recovery."

Geithner said that banks indentified by the government's stress tests as having capital shortfalls totaling $75 billion have raised $48 billion through offerings and asset sales.

Additionally, Geithner said the Treasury estimates there are at least $123.7 billion in resources remaining, an estimate his called conservative as projections assume 100% take-up of the $220 billion made available for the housing and liquidity programs, as well as the expectation that only $25 billion will be paid back under the Capital Purchase Program over the next year.

When he appeared before a Congressional Oversight Panel late last month, Geithner said the government's $700 billion bailout fund has at least $109.6 billion in resources left, and at the time he anticipated that $25 billion will be paid back by borrowers. Already,

Goldman Sachs

(GS) - Get Report

,

Morgan Stanley

(MS) - Get Report

and

JPMorgan Chase

(JPM) - Get Report

have reportedly sought approval to pay back a combined $45 million in borrowed TARP funds.

Wells Fargo

(WFC) - Get Report

shares lost 3.9%, JPMorgan shed 3.5%, and

Citigroup

(C) - Get Report

shares declined 2.1%.

Regional banks were mixed.

Fifth Third Bancorp

(FITB) - Get Report

gave back 1.3% after spending most of Wednesday's session in positive territory.

Huntington Bancshares

(HBAN) - Get Report

rose 4.6%, while

SunTrust Banks

(STI) - Get Report

and

KeyCorp

(KEY) - Get Report

each fell 1.1%.

Elsewhere,

Capital One

(COF) - Get Report

shares tumbled 7.2% to finish at $23.11 after word the company sold $1 billion in non-guaranteed five-year notes on Tuesday. In a regulatory filing with the

Securities and Exchange Commission

, Capital One said net proceeds from the offering are expected to be used for general corporate purposes and for the repurchase of the preferred stock and warrants issued and sold to the Treasury as part of the TARP.