Bank of America shares dip below $10

By PALLAVI GOGOI | July 15, 2011 | 3:44 PM EDT

NEW YORK (AP) — Bank of America shares have fallen below $10 for the first time since May 2009.

The stock price hit a low of $9.88 Friday, making it the only one of the four largest banks with a share price in the single digits. It is a setback for the nation's largest bank, which has had to deal with multiple crises in the last year, mostly related to mortgage problems stemming from its purchase of Countrywide Financial.

In the past 12 months, Bank of America Corp.'s stock has fallen 35 percent, making it the third worst performing stock in the Standard & Poor's 500 index.