US BANCORP \DE\ — Director's Dealing 2008

Nov 5, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2008-11-04

Reporting Person: McCullough Howell D. III (EVP and Chief Strategy Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-11-04	Common Stock, $0.01 par value	M	25170	$23.1824	Acquired	31159	Direct
2008-11-04	Common Stock, $0.01 par value	S	25170	$31.9509	Disposed	5989	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-11-04	Employee Stock Option (Right to Buy)	$23.1824	M	25170	Disposed	2011-02-27	Common Stock (25170)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	15667.7675	Indirect

Footnotes

F1: The price in Column 4 is a weighted average price. The prices actually received ranged from $31.94 to $32.02. The reporting person will provide to the issuer, any security holder of the issuer or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

F2: Based on a plan report dated October 31, 2008, the most recent plan report available.

F3: The option vested in four equal annual installments beginning on February 27, 2002.