US BANCORP \DE\ — Director's Dealing 2008

Jul 31, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2008-07-29

Reporting Person: DAVIS RICHARD K (Chairman, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-07-29	Common Stock, $0.01 par value	M	173673	$28.7006	Acquired	403757.5619	Direct
2008-07-29	Common Stock, $0.01 par value	S	173673	$28.71	Disposed	230084.5619	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-07-29	Employee Stock Option (Right to Buy)	$28.7006	M	173673	Disposed	2009-01-12	Common Stock (173673)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	51409	Indirect
Common Stock, $0.01 par value	10522.0882	Indirect

Footnotes

F1: Includes amounts acquired pursuant to dividend reinvestment in July 2008.

F2: Based on a plan report dated June 30, 2008, the most recent plan report available.

F3: The option vested in four equal annual installments beginning on January 12, 2000.