Building a war chest to expand in the Pacific Northwest, U.S. Bancorp plans to raise as much as $300 million through two sales of preferred stock.

The offerings will substantially increase U.S. Bancorp's already hefty capital ratios, moving the bank in range of industry leaders. The Portland, Ore., company said the preferred stock, to be issued in two installments, would increase Tier 1, or core, capital to 11% of risk-adjusted assets from 7.77% in the first quarter.

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