US BANCORP \DE\ — Director's Dealing 2008

Apr 24, 2008

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2008-04-18

Reporting Person: McCullough Howell D. III (Executive Vice President)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	5989	Direct
Common Stock, $0.01 par value	15171.885	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$29.1518	2009-04-20	Common Stock (72595)		Direct
Employee Stock Option (Right to Buy)	$23.1824	2011-02-27	Common Stock (25170)		Direct
Employee Stock Option (Right to Buy)	$21.4938	2012-12-17	Common Stock (25170)		Direct
Employee Stock Option (Right to Buy)	$28.50	2014-01-20	Common Stock (10743)		Direct
Employee Stock Option (Right to Buy)	$30.12	2015-02-16	Common Stock (10898)		Direct
Employee Stock Option (Right to Buy)	$29.97	2016-02-14	Common Stock (12739)		Direct
Employee Stock Option (Right to Buy)	$36.25	2017-02-13	Common Stock (20057)		Direct
Employee Stock Option (Right to Buy)	$32.70	2018-02-12	Common Stock (138122)		Direct

Footnotes

F1: Based on a plan report dated April 22, 2008.

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

F3: The option vested in four equal annual installments beginning on February 27, 2002.

F4: The option vested in four equal annual installments beginning on December 17, 2003.

F5: The option vested in four equal annual installments beginning on January 20, 2005.

F6: The option vests in four equal annual installments beginning on February 16, 2006.

F7: The option vests in four equal annual installments beginning on February 14, 2007.

F8: The option vests in four equal annual installments beginning on February 13, 2008.

F9: The option vests in four equal annual installments beginning on February 12, 2009.