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Updated from 7:06 a.m. EDT

US Bancorp

(USB) - Get U.S. Bancorp Report

plans to sell $2.5 billion of its common stock in a public offering and said it intends to repay all preferred stock and warrants it issued to the Treasury Department under the Troubled Asset Relief Program.

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The bank also said in a statement Monday it may offer medium-term notes in a benchmark amount in a public offering.

US Bancorp was one of nine big banks told that it didn't need to raise extra capital based on the recent stress tests of banks by the U.S. government.