US BANCORP \DE\ — Director's Dealing 2007

Jan 18, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-01-17

Reporting Person: Otting Joseph M (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-01-17	Common Stock, $0.01 par value	M	50000	$19.5173	Acquired	69547	Direct
2007-01-17	Common Stock, $0.01 par value	S	400	$35.60	Disposed	69147	Direct
2006-01-17	Common Stock, $0.01 par value	S	1300	$35.61	Disposed	67847	Direct
2007-01-17	Common Stock, $0.01 par value	S	1100	$35.62	Disposed	66747	Direct
2007-01-17	Common Stock, $0.01 par value	S	900	$35.63	Disposed	65847	Direct
2007-01-17	Common Stock, $0.01 par value	S	200	$35.64	Disposed	65647	Direct
2007-01-17	Common Stock, $0.01 par value	S	1500	$35.65	Disposed	64147	Direct
2007-01-17	Common Stock, $0.01 par value	S	1200	$35.66	Disposed	62947	Direct
2007-01-17	Common Stock, $0.01 par value	S	900	$35.67	Disposed	62047	Direct
2007-01-17	Common Stock, $0.01 par value	S	2000	$35.68	Disposed	60047	Direct
2007-01-17	Common Stock, $0.01 par value	S	2200	$35.69	Disposed	57847	Direct
2007-01-17	Common Stock, $0.01 par value	S	3800	$35.70	Disposed	54047	Direct
2007-01-17	Common Stock, $0.01 par value	S	3900	$35.71	Disposed	50147	Direct
2007-01-17	Common Stock, $0.01 par value	S	6200	$35.72	Disposed	43947	Direct
2007-01-17	Common Stock, $0.01 par value	S	4300	$35.73	Disposed	39647	Direct
2007-01-17	Common Stock, $0.01 par value	S	2400	$35.74	Disposed	37247	Direct
2007-01-17	Common Stock, $0.01 par value	S	1200	$35.75	Disposed	36047	Direct
2007-01-17	Common Stock, $0.01 par value	S	1800	$35.76	Disposed	34247	Direct
2007-01-17	Common Stock, $0.01 par value	S	3300	$35.77	Disposed	30947	Direct
2007-01-17	Common Stock, $0.01 par value	S	1000	$35.78	Disposed	29947	Direct
2007-01-17	Common Stock, $0.01 par value	S	1900	$35.79	Disposed	28047	Direct
2007-01-17	Common Stock, $0.01 par value	S	1000	$35.80	Disposed	27047	Direct
2007-01-17	Common Stock, $0.01 par value	S	1600	$35.81	Acquired	25447	Direct
2007-01-17	Common Stock, $0.01 par value	S	1100	$35.82	Disposed	24347	Direct
2007-01-17	Common Stock, $0.01 par value	S	900	$35.83	Disposed	23447	Direct
2007-01-17	Common Stock, $0.01 par value	S	300	$35.84	Disposed	23147	Direct
2007-01-17	Common Stock, $0.01 par value	S	700	$35.85	Disposed	22447	Direct
2007-01-17	Common Stock, $0.01 par value	S	1200	$35.86	Disposed	21247	Direct
2007-01-17	Common Stock, $0.01 par value	S	1100	$35.87	Disposed	20147	Direct
2007-01-17	Common Stock, $0.01 par value	S	600	$35.88	Disposed	19547	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-17	Employee Stock Option (Right to Buy)	$19.5173	M	50000	Disposed	2011-12-19	Common Stock (50000)	Direct

Footnotes

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