US BANCORP \DE\ — Director's Dealing 2007

May 10, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-05-09

Reporting Person: CHENEVICH WILLIAM L (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-09	Common Stock, $0.01 par value	M	70000	$32.963	Acquired	162891	Direct
2007-05-09	Common Stock, $0.01 par value	S	70000	$34.79	Disposed	92891	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-09	Employee Stock Option (Right to Buy)	$32.963	M	70000	Disposed	2009-04-26	Common Stock (70000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	1906.232	Indirect

Footnotes

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

F2: The option vested in four equal annual installments beginning on April 26, 2000.