US BANCORP \DE\ — Director's Dealing 2007

Oct 24, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-10-22

Reporting Person: GRUNDHOFER JERRY A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-10-22	Common Stock, $0.01 par value	M	215456	$21.541	Acquired	215456	Direct
2007-10-22	Common Stock, $0.01 par value	S	2500	$30.99	Disposed	212956	Direct
2007-10-22	Common Stock, $0.01 par value	S	1000	$31.00	Disposed	211956	Direct
2007-10-22	Common Stock, $0.01 par value	S	200	$31.03	Disposed	211756	Direct
2007-10-22	Common Stock, $0.01 par value	S	900	$31.05	Disposed	210856	Direct
2007-10-22	Common Stock, $0.01 par value	S	100	$31.09	Disposed	210756	Direct
2007-10-22	Common Stock, $0.01 par value	S	300	$31.12	Disposed	210456	Direct
2007-10-22	Common Stock, $0.01 par value	S	900	$31.14	Disposed	209556	Direct
2007-10-22	Common Stock, $0.01 par value	S	300	$31.15	Disposed	209256	Direct
2007-10-22	Common Stock, $0.01 par value	S	700	$31.16	Disposed	208556	Direct
2007-10-22	Common Stock, $0.01 par value	S	2000	$31.17	Disposed	206556	Direct
2007-10-22	Common Stock, $0.01 par value	S	2000	$31.18	Disposed	204556	Direct
2007-10-22	Common Stock, $0.01 par value	S	800	$31.19	Disposed	203756	Direct
2007-10-22	Common Stock, $0.01 par value	S	3097	$31.20	Disposed	200659	Direct
2007-10-22	Common Stock, $0.01 par value	S	800	$31.21	Disposed	199859	Direct
2007-10-22	Common Stock, $0.01 par value	S	3000	$31.22	Disposed	196859	Direct
2007-10-22	Common Stock, $0.01 par value	S	3400	$31.23	Disposed	193459	Direct
2007-10-22	Common Stock, $0.01 par value	S	2040	$31.24	Disposed	191419	Direct
2007-10-22	Common Stock, $0.01 par value	S	2903	$31.25	Disposed	188516	Direct
2007-10-22	Common Stock, $0.01 par value	S	1660	$31.26	Disposed	186856	Direct
2007-10-22	Common Stock, $0.01 par value	S	1000	$31.27	Disposed	185856	Direct
2007-10-22	Common Stock, $0.01 par value	S	3300	$31.28	Disposed	182556	Direct
2007-10-22	Common Stock, $0.01 par value	S	1100	$31.29	Disposed	181456	Direct
2007-10-22	Common Stock, $0.01 par value	S	2100	$31.30	Disposed	179356	Direct
2007-10-22	Common Stock, $0.01 par value	S	3000	$31.31	Disposed	176356	Direct
2007-10-22	Common Stock, $0.01 par value	S	2900	$31.32	Disposed	173456	Direct
2007-10-22	Common Stock, $0.01 par value	S	3500	$31.33	Disposed	169956	Direct
2007-10-22	Common Stock, $0.01 par value	S	3800	$31.34	Disposed	166156	Direct
2007-10-22	Common Stock, $0.01 par value	S	6300	$31.35	Disposed	159856	Direct
2007-10-22	Common Stock, $0.01 par value	S	4500	$31.36	Disposed	155356	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-10-22	Employee Stock Option (Right to Buy)	$21.541	M	215456	Disposed	2007-12-31	Common Stock (215456)	Direct

Footnotes

F1: The option vested in four equal annual installments beginning on December 12, 2001.