US BANCORP \DE\ — Director's Dealing 2007

Feb 5, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-02-05

Reporting Person: OWENS ODELL M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-02	Common Stock, $0.01 par value	M	6947	$21.2306	Acquired	6947	Direct
2007-02-02	Common Stock, $0.01 par value	S	6947	$35.77	Disposed	0	Direct
2007-02-02	Common Stock, $0.01 par value	M	4000	$21.541	Acquired	4000	Direct
2007-02-02	Common Stock, $0.01 par value	S	4000	$35.77	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-02	Non-Employee Director Stock Option (Right to Buy)	$21.2306	M	6947	Disposed	2009-12-14	Common Stock (6947)	Direct
2007-02-02	Non-Employee Director Stock Option (Right to Buy)	$21.541	M	4000	Disposed	2010-12-12	Common Stock (4000)	Direct

Footnotes

F1: The option vested in four equal annual installments beginning on December 14, 2000.

F2: The option vested in four equal annual installments beginning on December 12, 2001.