US BANCORP \DE\ — Director's Dealing 2008

Sep 15, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2008-09-12

Reporting Person: KIRTLEY OLIVIA F (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-09-12	Deferred Compensation Plan Participation	$	A	366.539	Acquired		Common Stock (366.539)	Direct

Footnotes

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

F2: Includes amounts acquired in April and July 2008 pursuant to a dividend reinvestment feature of the U.S. Bancorp Deferred Compensation Plan.