US BANCORP \DE\ — Director's Dealing 2008

Oct 28, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2008-10-24

Reporting Person: CHENEVICH WILLIAM L (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-10-24	Common Stock, $0.01 par value	M	28638	$21.541	Acquired	111075	Direct
2008-10-24	Common Stock, $0.01 par value	S	14319	$29.95	Disposed	96756	Direct
2008-10-24	Common Stock, $0.01 par value	S	14319	$28.99	Disposed	82437	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-10-24	Employee Stock Option (Right to Buy)	$21.541	S	28638	Disposed	2010-12-12	Common Stock (28638)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	2353.7787	Indirect

Footnotes

F1: Based on a plan report dated September 30, 2008, the most recent plan report available.

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