Bank of America shares close below $5

NEW YORK Mon Dec 19, 2011 4:29pm EST

An ATM machine at a Bank of America office is pictured in Burbank, California August 19, 2011. Bank of America Corp plans to cut 3,500 jobs in the next few weeks as CEO Brian Moynihan tries to come to grips with the bank's $1 trillion pile of problem home mortgages.  REUTERS/Fred Prouser

An ATM machine at a Bank of America office is pictured in Burbank, California August 19, 2011. Bank of America Corp plans to cut 3,500 jobs in the next few weeks as CEO Brian Moynihan tries to come to grips with the bank's $1 trillion pile of problem home mortgages.

Credit: Reuters/Fred Prouser

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NEW YORK (Reuters) - Shares of Bank of America Corp (BAC.N) closed below $5 on Monday for the first time since the depths of the bear market in March 2009.

The stock closed at $4.99, down 4 percent, after dropping as low as $4.92. The shares haven't closed below $5 since March 11, 2009.

Shares of financial institutions have declined on worries about the global economy and possible exposure to sovereign defaults in Europe.

Bank of America, in particular, faces concerns about whether it has enough capital to absorb mortgage-related losses and meet new international standards.

With more than 275 million shares traded so far, the volume-weighted average price was $5.0336. Bank of America accounted for roughly 6 percent of composite volume on the New York Stock Exchange, NYSE Amex and Nasdaq.

Bank of America now has a market capitalization slightly above $50 billion, making it less valuable than Amgen Inc (AMGN.O) or American Express Co (AXP.N), and only a little more than CVS Caremark (CVS.N).

(Reporting by Rodrigo Campos; Additional reporting by Rick Rothacker in Charlotte, North Carolina.; Editing by Leslie Adler, Gary Hill)

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