US BANCORP \DE\ — Director's Dealing 2007

Jan 26, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-01-25

Reporting Person: HARTNACK RICHARD C (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-25	Common Stock, $0.01 par value	M	50000	$28.55	Acquired	118376	Direct
2007-01-25	Common Stock, $0.01 par value	S	1000	$35.53	Disposed	117376	Direct
2007-01-25	Common Stock, $0.01 par value	S	9000	$35.52	Disposed	108376	Direct
2007-01-25	Common Stock, $0.01 par value	S	5000	$35.51	Disposed	103376	Direct
2007-01-25	Common Stock, $0.01 par value	S	5000	$35.50	Disposed	98376	Direct
2007-01-25	Common Stock, $0.01 par value	S	2800	$35.47	Disposed	95576	Direct
2007-01-25	Common Stock, $0.01 par value	S	7200	$35.46	Disposed	88376	Direct
2007-01-25	Common Stock, $0.01 par value	S	2000	$35.45	Disposed	86376	Direct
2007-01-25	Common Stock, $0.01 par value	S	18000	$35.44	Disposed	68376	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-25	Employee Stock Option (Right to Buy)	$28.55	M	50000	Disposed	2015-04-05	Common Stock (50000)	Direct

Footnotes

F1: The option vests in four equal annual installments beginning on April 5, 2006.