US BANCORP \DE\ — Director's Dealing 2007

May 16, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-05-15

Reporting Person: DOYLE MICHAEL J (EVP, Chief Credit Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-15	Common Stock, $0.01 par value	M	10000	$30.00	Acquired	43061.0384	Direct
2007-05-15	Common Stock, $0.01 par value	S	10000	$34.75	Disposed	33061.0384	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-15	Employee Stock Option (Right to Buy)	$30.00	M	10000	Disposed	2016-01-17	Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	2543.4964	Indirect
Common Stock, $0.01 par value	1500	Indirect
Common Stock, $0.01 par value	500	Indirect

Footnotes

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

F2: The option vests in four equal annual installments beginning on January 17, 2007.