Bank of America Corp. and nine other U.S. lenders, facing a June 8 deadline to explain their capital-raising plans to regulators, are relying on preferred-stock conversions for 22 percent of their fund raising, Bloomberg reported.

Bank of America needed to raise $33.9 billion as the result of U.S. stress tests and will use share conversions to account for $9.5 billion, according to data compiled by Bloomberg. Banks are crafting packages that include common stock offerings, preferred share swaps and the sale of securities or assets.

Collectively, the 10 banks told by regulators to raise $74.6 billion have announced plans covering $70.6 billion of the gap, with some, including Bank of America, expecting to “comfortably” beat their target. They’ll get about $15.4 billion from preferred stock conversions, a tactic that improves the gauges of financial health that the government is focusing on without bringing additional cash into the company.

“Conversions from preferred to common don’t do anything; you can just ignore them,” said Christopher Whalen, managing director of Institutional Risk Analytics, in an interview this week with Bloomberg. “It makes the ratios look better, but it doesn’t increase the capital in the house.”

The Federal Reserve completed stress tests on 19 of the biggest U.S. lenders last month and found nine didn’t need any more capital, including Goldman Sachs Group Inc. and American Express Co. The tests were designed to show how the nation’s biggest financial firms would fare in a deeper, longer recession.