May 21 (Bloomberg) -- U.S. lenders are raising $59.75 billion as they fill capital shortfalls identified in the government’s stress tests or seek to repay the Treasury’s bailout fund.

The tests, which examined 19 of the largest U.S. financial companies and whose results were released May 7, showed 10 need to raise $74.6 billion in capital to survive a longer, more severe recession. The banks have until June 8 to develop a capital-raising plan and Nov. 9 to implement it, regulators said in a statement last week.

Regional Financial Corp. today offered 400 million shares at $4 each to bolster itself against mounting real-estate losses. Regulators directed Birmingham, Alabama-based Regions to raise $2.5 billion. Before the test, Regions accepted $3.5 billion from the Treasury program to aid financial firms.

The KBW Bank Index, which includes 24 of the biggest U.S. lenders, has advanced about 10 percent since the end of April, better than the 1.5 percent gain in the Standard & Poor’s 500 Index.

The following table tracks banks selling shares or converting preferred stock to bolster capital. It also lists lenders issuing debt without a Federal Deposit Insurance Corp. guarantee. Regulators are requiring banks to demonstrate they can issue debt to private investors before they are allowed to repay funds from the Troubled Asset Relief Program.

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Company             Capital Requirement      Fundraising
==========================================================================
Total               $74.6 Billion            $59.75 Billion
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Bank of America     $33.9 billion            Sold $3 billion in non-FDIC
                                             guaranteed five-year notes.
                                             Raised $13.5 billion in
                                             common shares.
Wells Fargo & Co.   $13.7 billion            $8.6 billion in common stock.
GMAC LLC            $11.5 billion
Citigroup Inc.      $5.5 billion
Regions Financial   $2.5 billion             Plans to raise $1.85 billion
                                             in common stock, selling 400
                                             million shares at $4 each.
SunTrust Banks Inc. $2.2 billion
Morgan Stanley      $1.8 billion             $4 billion in common stock at
                                             $24 apiece and $4 billion in
                                             non-FDIC guaranteed five- and
                                             10-year debt.
KeyCorp             $1.8 billion             $750 million in common stock,
                                             reached agreement with
                                             institutional investors to
                                             exchange 1.14 million in
                                             preferred shares to 13.7
                                             million in common stock.
Fifth Third         $1.1 billion             Filed plans with regulators
                                             to offer $750 million of
                                             common shares to repay TARP.
PNC Financial       $0.6 billion             Filed to sell up to
                                             15 million common shares
                                             “from time to time.”
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==========================================================================
Company             Capital Requirement      Fundraising
==========================================================================
American Express    No Additional Needed     $3 billion in non-guaranteed
                                             senior debt to partially fund
                                             redemption of TARP.
Bank of New York    No Additional Needed     $1.5 billion in non-FDIC
                                             guaranteed five and 10-
                                             year bonds, $1 billion in
                                             common stock.
BB&T Corp.          No Additional Needed     $1.5 billion in common stock
                                             to redeem TARP.
Capital One         No Additional Needed     Selling 56 million shares at
                                             $27.75 apiece to raise as
                                             much as $1.55 billion to
                                             redeem TARP. Sold $1 billion
                                             of five-year notes without
                                             government backing.
Goldman Sachs       No Additional Needed     $5.75 billion in common stock
                                             and $2 billion in non-
                                             guaranteed five-year debt to
                                             redeem TARP.
JPMorgan Chase      No Additional Needed
MetLife Inc.        No Additional Needed
State Street Corp.  No Additional Needed     $2 billion in common stock
                                             and sold $500 million of
                                             five-year notes without a
                                             government guarantee.
U.S. Bancorp        No Additional Needed     $2.5 billion in common stock
                                             and $1 billion in non-FDIC
                                             guaranteed five-year notes
                                             to redeem TARP.
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==========================================================================

Note: Some names shortened for space.

To contact the reporters on this story: Linda Shen in New York at lshen21@bloomberg.net; Cordell Eddings in New York at ceddings@bloomberg.net.

Last Updated: May 21, 2009 14:20 EDT