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: 2007-02-02

Reporting Person: CHENEVICH WILLIAM L (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-02	Common Stock, $0.01 par value	M	46000	$32.9633	Acquired	138891	Direct
2007-02-02	Common Stock, $0.01 par value	S	46000	$35.80	Disposed	92891	Direct
2007-02-02	Common Stock, $0.01 par value	M	40000	$21.541	Acquired	132891	Direct
2007-02-02	Common Stock, $0.01 par value	S	40000	$35.75	Disposed	92891	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-02	Employee Stock Option (Right to Buy)	$32.9633	M	46000	Disposed	2009-04-26	Common Stock (46000)	Direct
2007-02-02	Employee Stock Option (Right to Buy)	$21.541	M	40000	Disposed	2010-12-12	Common Stock (40000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	1885.5263	Indirect

Footnotes

F1: Based on a plan report dated January 31, 2007, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on April 26, 2000.

F3: The option vested in four equal annual installments beginning on December 12, 2001.