US BANCORP \DE\ — Director's Dealing 2007

Jan 17, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2007-01-12

Reporting Person: REITEN RICHARD G (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-12	Deferred Compensation Plan Participation	$	A	2461.32	Acquired		Common Stock (2461.32)	Direct

Footnotes

F1: Deferred Compenstation Plan Participation is valued against U.S. Bancorp common stock on a one-for-one basis and is payable in common stock, at the election of the reporting person, following the termination of the reporting person's directorship with U.S. Bancorp.

F2: Includes additional amounts acquired in April, July and October of 2006 and January of 2007 pursuant to a dividend reinvestment feature of the U.S. Bancorp Deferred Compensation Plan.