(Editor's note: In this bulletin published earlier today, U.S. Bank N.A. was incorrectly described as "not rated." The bank's rating is A+/A-1. A corrected version follows). U.S. Bank N.A. (A+/A-1), the lead bank of U.S. Bancorp (A/Stable/A-1), has announced its agreement to acquire the corporate trust business of State Street Corp. for an initial cash price of $650 million, and upwards of an additional $75 million payable within one year, depending on business retention. While the goodwill created from this transaction is fairly sizable, Standard&Poor's believes that the projected initial effect on the tangible common equity ratio is manageable within U.S. Bancorp's current rating and profitability dynamics. Furthermore, the low-risk nature of the acquisition and the significant enhancement
