US BANCORP \DE\ — Director's Dealing 2007

Jan 24, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-01-22

Reporting Person: GRUNDHOFER JERRY A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-22	Common Stock, $0.01 par value	M	215455	$21.541	Acquired	215455	Direct
2007-01-22	Common Stock, $0.01 par value	S	500	$35.26	Disposed	214955	Direct
2007-01-22	Common Stock, $0.01 par value	S	2200	$35.27	Disposed	212755	Direct
2007-01-22	Common Stock, $0.01 par value	S	1400	$35.28	Disposed	211355	Direct
2007-01-22	Common Stock, $0.01 par value	S	1800	$35.29	Disposed	209555	Direct
2007-01-22	Common Stock, $0.01 par value	S	3900	$35.30	Disposed	205655	Direct
2007-01-22	Common Stock, $0.01 par value	S	6355	$35.31	Disposed	199300	Direct
2007-01-22	Common Stock, $0.01 par value	S	4900	$35.32	Disposed	194400	Direct
2007-01-22	Common Stock, $0.01 par value	S	4700	$35.33	Disposed	189700	Direct
2007-01-22	Common Stock, $0.01 par value	S	11900	$35.34	Disposed	177800	Direct
2007-01-22	Common Stock, $0.01 par value	S	24400	$35.35	Disposed	153400	Direct
2007-01-22	Common Stock, $0.01 par value	S	17100	$35.36	Disposed	136300	Direct
2007-01-22	Common Stock, $0.01 par value	S	10700	$35.37	Disposed	125600	Direct
2007-01-22	Common Stock, $0.01 par value	S	16500	$35.38	Disposed	109100	Direct
2007-01-22	Common Stock, $0.01 par value	S	12000	$35.39	Disposed	97100	Direct
2007-01-22	Common Stock, $0.01 par value	S	24100	$35.40	Disposed	73000	Direct
2007-01-22	Common Stock, $0.01 par value	S	13900	$35.41	Disposed	59100	Direct
2007-01-22	Common Stock, $0.01 par value	S	18500	$35.42	Disposed	40600	Direct
2007-01-22	Common Stock, $0.01 par value	S	14500	$35.43	Disposed	26100	Direct
2007-01-22	Common Stock, $0.01 par value	S	8000	$35.44	Disposed	18100	Direct
2007-01-22	Common Stock, $0.01 par value	S	9200	$35.45	Disposed	8900	Direct
2007-01-22	Common Stock, $0.01 par value	S	1000	$35.46	Disposed	7900	Direct
2007-01-22	Common Stock, $0.01 par value	S	300	$35.47	Disposed	7600	Direct
2007-01-22	Common Stock, $0.01 par value	S	2700	$35.48	Disposed	4900	Direct
2007-01-22	Common Stock, $0.01 par value	S	1200	$35.49	Disposed	3700	Direct
2007-01-22	Common Stock, $0.01 par value	S	200	$35.50	Disposed	3500	Direct
2007-01-22	Common Stock, $0.01 par value	S	2700	$35.51	Disposed	800	Direct
2007-01-22	Common Stock, $0.01 par value	S	800	$35.52	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-22	Employee Stock Option (Right to Buy)	$21.541	M	215455	Disposed	2007-12-31	Common Stock (215455)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	24540.2744	Indirect
Common Stock, $0.01 par value	15000	Indirect

Footnotes

F1: Based on a plan report dated December 31, 2006, the most recent plan report available.

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