US BANCORP \DE\ — Director's Dealing 2008

May 2, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2008-05-01

Reporting Person: MITAU LEE R (EVP, General Counsel and Sec.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-05-01	Common Stock, $0.01 par value	M	24954	$34.33	Acquired	183174	Direct
2008-05-01	Common Stock, $0.01 par value	M	127347	$33.16	Acquired	310521	Direct
2008-05-01	Common Stock, $0.01 par value	F	147672	$34.93	Disposed	162849	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-05-01	Employee Stock Option (Right to Buy)	$34.33	M	24954	Disposed	2009-04-20	Common Stock (24954)	Direct
2008-05-01	Employee Stock Option (Right to Buy)	$33.16	M	127347	Disposed	2009-04-20	Common Stock (127347)	Direct
2008-05-01	Employee Stock Option (Right to Buy)	$34.93	A	24667	Acquired	2009-04-20	Common Stock (24667)	Direct
2008-05-01	Employee Stock Option (Right to Buy)	$34.93	A	123005	Acquired	2009-04-20	Common Stock (123005)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	560.2219	Indirect

Footnotes

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