US BANCORP \DE\ — Director's Dealing 2008

May 1, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2008-04-29

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-04-29	Common Stock, $0.01 par value	M	135918	$23.631	Acquired	365583.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	300	$34.21	Disposed	365283.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	1900	$34.22	Disposed	363383.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	3027	$34.23	Disposed	360356.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	3200	$34.24	Disposed	357156.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	3273	$34.25	Disposed	353883.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	6000	$34.26	Disposed	347883.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	6218	$34.27	Disposed	341665.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	6100	$34.28	Disposed	335565.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	5800	$34.29	Disposed	329765.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	4800	$34.30	Disposed	324965.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	4800	$34.31	Disposed	320165.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	4600	$34.32	Disposed	315565.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	3200	$34.33	Disposed	312365.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	2400	$34.34	Disposed	309965.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	3800	$34.35	Disposed	306165.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	6000	$34.36	Disposed	300165.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	3500	$34.37	Disposed	296665.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	100	$34.375	Disposed	296565.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	4900	$34.38	Disposed	291665.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	5600	$34.39	Disposed	286065.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	7600	$34.40	Disposed	278465.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	6000	$34.41	Disposed	272465.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	4600	$34.42	Disposed	267865.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	7500	$34.43	Disposed	260365.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	4800	$34.44	Disposed	255565.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	6400	$34.45	Disposed	249165.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	2300	$34.46	Disposed	246865.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	1600	$34.47	Disposed	245265.9882	Direct
2008-04-29	Common Stock, $0.01 par value	S	2200	$34.48	Disposed	243065.9882	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-04-29	Employee Stock Option (Right to Buy)	$23.631	M	135918	Disposed	2008-11-20	Common Stock (135918)	Direct

Footnotes

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

F2: The option vested in four equal annual installments beginning on November 20, 1999.