US BANCORP \DE\ — Director's Dealing 2007

Apr 27, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-04-26

Reporting Person: Thormodsgard Diane L (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-04-26	Common Stock, $0.01 par value	M	55000	$19.1001	Acquired	87013	Direct
2007-04-26	Common Stock, $0.01 par value	S	5691	$34.51	Disposed	81322	Direct
2007-04-27	Common Stock, $0.01 par value	S	49309	$34.50	Disposed	32013	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-26	Employee Stock Option (Right to Buy)	$19.1001	M	55000	Disposed	2011-12-18	Common Stock (55000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	834.2033	Indirect
Common Stock, $0.01 par value	34265	Indirect

Footnotes

F1: Based on a plan report dated March 31, 2007, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on December 18, 2002.