US BANCORP \DE\ — Director's Dealing 2007

Feb 9, 2007

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-01-31

Reporting Person: Thormodsgard Diane L (Executive Vice President)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	68484	Direct
Common Stock, $0.01 par value	305.557	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$19.1001	2011-12-18	Common Stock (55000)		Direct
Employee Stock Option (Right to Buy)	$21.4938	2012-12-17	Common Stock (100680)		Direct
Employee Stock Option (Right to Buy)	$28.50	2014-01-20	Common Stock (50296)		Direct
Employee Stock Option (Right to Buy)	$30.12	2015-02-16	Common Stock (72312)		Direct
Employee Stock Option (Right to Buy)	$29.97	2016-02-14	Common Stock (64660)		Direct
Employee Stock Option (Right to Buy)	$31.58	2009-04-20	Common Stock (6200)		Direct
Employee Stock Option (Right to Buy)	$34.50	2009-04-20	Common Stock (41178)		Direct
Employee Stock Option (Right to Buy)	$34.50	2009-04-20	Common Stock (10757)		Direct

Footnotes

F1: The option vested in four equal annual installments beginning on December 18, 2002.

F2: The option vested in four equal annual installments beginning on December 17, 2003.

F3: The option vests in four equal annual installments beginning on January 20, 2005.

F4: The option vests in four equal annual installments begining on February 16, 2006.

F5: The option vests in four equal annual installments beginning on February 14, 2007.

F6: The option vested on December 12, 2006.

F7: The option vests on June 14, 2007.