A major update — its the moment we've all been waiting for. Bank of America dipped below $5.00 this afternoon around 3:00 p.m.

Ultimately, it hit a $4.92 low and closed at $4.98.

As we reported before, this is likely because The Fed is planning on instituting higher capital requirements as suggested in Basel III. Bank of America isn't the only one getting killed either, all the financials are getting clobbered today.

Adam Johnson on Bloomberg TV just pointed out that many institutional investors can't buy stocks below $5.00. Whether or not that hurts BofA in reality (it just means less liquidity in a liquid market), this is still just embarrassing for a major bank.