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: JOSEPH PAMELA A (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	40000	$21.9309	Acquired	93945.3367	Direct
2007-04-26	Common Stock, $0.01 par value	S	15700	$34.45	Disposed	78245.3367	Direct
2007-04-26	Common Stock, $0.01 par value	S	24300	$34.4541	Disposed	53945.3367	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-04-26	Employee Stock Option (Right to Buy)	$21.9309	M	40000	Disposed	2011-07-24	Common Stock (40000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	851.6031	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 July 24, 2002.