June 2 (Bloomberg) -- Bank of America Corp. said it has raised almost $33 billion towards the $33.9 billion capital buffer identified by the Federal Reserve’s Supervisory Capital Assessment Program and now believes it will “comfortably exceed” that number.

The Charlotte, North Carolina-based bank to date has entered into agreements with certain holders of non-government perpetual preferred shares to exchange their holdings of about $9.5 billion of perpetual preferred stock into about 704 million shares of common stock. This results in a total benefit to Tier 1 common capital of $9.5 billion.

Bank of America said it hopes to use the majority of the proceeds from its initiatives to reduce reliance on government support for the company.

Last Updated: June 2, 2009 09:10 EDT