US BANCORP \DE\ — Director's Dealing 2008

May 5, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2008-05-05

Reporting Person: DOLAN TERRANCE R (EVP, Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-05-05	Common Stock, $0.01 par value	M	52690	$29.1518	Acquired	66897	Direct
2008-05-05	Common Stock, $0.01 par value	S	50724	$34.50	Disposed	16173	Direct
2008-05-05	Common Stock, $0.01 par value	S	1300	$34.505	Disposed	14873	Direct
2008-05-05	Common Stock, $0.01 par value	S	666	$34.51	Disposed	14207	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-05-05	Employee Stock Option (Right to Buy)	$29.1518	M	52690	Disposed	2009-04-20	Common Stock (52690)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	1249.1723	Indirect

Footnotes

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

F2: The option vested in four equal annual installments beginning on April 20, 2000.