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: 2007-10-19

Reporting Person: GRUNDHOFER JERRY A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-10-19	Common Stock, $0.01 par value	M	1065	$18.7889	Acquired	1065	Direct
2007-10-19	Common Stock, $0.01 par value	M	107671	$18.7889	Acquired	108736	Direct
2007-10-19	Common Stock, $0.01 par value	M	120816	$23.631	Acquired	229552	Direct
2007-10-19	Common Stock, $0.01 par value	S	100	$31.21	Disposed	229452	Direct
2007-10-19	Common Stock, $0.01 par value	S	300	$31.22	Disposed	229152	Direct
2007-10-19	Common Stock, $0.01 par value	S	200	$31.23	Disposed	228952	Direct
2007-10-19	Common Stock, $0.01 par value	S	1200	$31.24	Disposed	227752	Direct
2007-10-19	Common Stock, $0.01 par value	S	3800	$31.25	Disposed	223952	Direct
2007-10-19	Common Stock, $0.01 par value	S	2900	$31.26	Disposed	221052	Direct
2007-10-19	Common Stock, $0.01 par value	S	800	$31.27	Disposed	220252	Direct
2007-10-19	Common Stock, $0.01 par value	S	5552	$31.28	Disposed	214700	Direct
2007-10-19	Common Stock, $0.01 par value	S	3400	$31.29	Disposed	211300	Direct
2007-10-19	Common Stock, $0.01 par value	S	100	$31.295	Disposed	211200	Direct
2007-10-19	Common Stock, $0.01 par value	S	3000	$31.30	Disposed	208200	Direct
2007-10-19	Common Stock, $0.01 par value	S	4700	$31.31	Disposed	203500	Direct
2007-10-19	Common Stock, $0.01 par value	S	3000	$31.32	Disposed	200500	Direct
2007-10-19	Common Stock, $0.01 par value	S	2600	$31.33	Disposed	197900	Direct
2007-10-19	Common Stock, $0.01 par value	S	2800	$31.34	Disposed	195100	Direct
2007-10-19	Common Stock, $0.01 par value	S	1600	$31.36	Disposed	193500	Direct
2007-10-19	Common Stock, $0.01 par value	S	200	$31.37	Disposed	193300	Direct
2007-10-19	Common Stock, $0.01 par value	S	1900	$31.38	Disposed	191400	Direct
2007-10-19	Common Stock, $0.01 par value	S	1000	$31.39	Disposed	190400	Direct
2007-10-19	Common Stock, $0.01 par value	S	600	$31.40	Disposed	189800	Direct
2007-10-19	Common Stock, $0.01 par value	S	2200	$31.41	Disposed	187600	Direct
2007-10-19	Common Stock, $0.01 par value	S	2400	$31.42	Disposed	185200	Direct
2007-10-19	Common Stock, $0.01 par value	S	1800	$31.43	Disposed	183400	Direct
2007-10-19	Common Stock, $0.01 par value	S	2800	$31.44	Disposed	180600	Direct
2007-10-19	Common Stock, $0.01 par value	S	1900	$31.45	Disposed	178700	Direct
2007-10-19	Common Stock, $0.01 par value	S	1100	$31.46	Disposed	177600	Direct
2007-10-19	Common Stock, $0.01 par value	S	500	$31.47	Disposed	177100	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-10-19	Employee Stock Option (Right to Buy)	$18.7889	M	1065	Disposed	2007-12-09	Common Stock (1065)	Direct
2007-10-19	Employee Stock Option (Right to Buy)	$18.7889	M	107671	Disposed	2007-12-07	Common Stock (107671)	Direct
2007-10-19	Employee Common Stock (Right to Buy)	$23.631	M	120816	Disposed	2007-12-31	Common Stock (120816)	Direct

Footnotes

F1: The option vested in four equal annual installments beginning on December 9, 1998.

F2: The option vested in four equal annual installments beginning on November 20, 1999.