Bank of Boston Corp. said Thursday that it has completed the sale of 9.2 million shares of new preferred stock at $25 a share, raising $223 million in equity.

The proceeds boost the banking company's capital ratios by 75 basis points, bringing its pro forma Tier 1 and total capital ratios to 6.7% and 11.0%, respectively. The proceeds will go toward increasing capital at the lead bank, allowing it to pay the lowest deposit premiums and to seek brokered deposits without a regulatory waiver.

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