US BANCORP \DE\ — Director's Dealing 2007

Jul 25, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-07-25

Reporting Person: Thormodsgard Diane L (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-25	Common Stock, $0.01 par value	M	13000	$21.4938	Acquired	45013	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-25	Employee Stock Option (Right to Buy)	$21.4938	M	13000	Disposed	2012-12-17	Common Stock (13000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	841.6161	Indirect
Common Stock, $0.01 par value	34265	Indirect

Footnotes

F1: Based on a plan report dated June 30, 2007, the most recent plan available.

F2: The option vested in four equal annual installments beginning on Decmeber 17, 2003.