US BANCORP \DE\ — Director's Dealing 2007

Feb 7, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-02-06

Reporting Person: DOYLE MICHAEL J (EVP, Chief Credit Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-06	Common Stock, $0.01 par value	M	10000	$28.50	Acquired	45061.0041	Direct
2007-02-06	Common Stock, $0.01 par value	S	10000	$35.85	Disposed	35061.0041	Direct
2007-02-07	Common Stock, $0.01 par value	M	10000	$28.50	Acquired	45061.0041	Direct
2007-02-07	Common Stock, $0.01 par value	S	10000	$36.01	Disposed	35061.0041	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-06	Employee Stock Option (Right to Buy)	$28.50	M	10000	Disposed	2014-01-20	Common Stock (10000)	Direct
2007-02-07	Employee Stock Option (Right to Buy)	$28.50	M	10000	Disposed	2014-01-20	Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	2515.0829	Indirect
Common Stock, $0.01 par value	1500	Indirect
Common Stock, $0.01 par value	500	Indirect

Footnotes

F1: Based on a plan report dated February 5, 2007, the most recent plan report available.

F2: The option vests in four equal annual installments beginning on January 20, 2005.