US BANCORP \DE\ — Director's Dealing 2007

Feb 28, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-02-27

Reporting Person: CARLSON JENNIE P (EVP, Human Resources)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-27	Deferred Compensation Plan Participation	$	A	3032.856	Acquired		Common Stock (3032.856)	Direct

Footnotes

F1: Deferred Compensation Plan Participation is valued against U.S. Bancorp common stock on a one-for-one basis and is payable in common stock following the termination of the reporting person's employment with U.S. Bancorp.

F2: Includes additional amounts acquired in: (i) April, July and October of 2004, (ii) January, April, July and October of 2005 and 2006 and (iii) January 2007 pursuant to a dividend reinvestment feature of the U.S. Bancorp Deferred Compensation Plan.