US BANCORP \DE\ — Director's Dealing 2008

Apr 21, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: Otting Joseph M (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-04-18	Common Stock, $0.01 par value	M	56190	$19.5173	Acquired	84997.0087	Direct
2008-04-18	Common Stock, $0.01 par value	S	36670	$33.86	Disposed	48327.0087	Direct
2008-04-18	Common Stock, $0.01 par value	S	3600	$33.87	Disposed	44727.0087	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-04-18	Employee Stock Option (Right to Buy)	$19.5173	M	56190	Disposed	2011-12-19	Common Stock (56190)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	2217.2994	Indirect

Footnotes

F1: Based on a plan report dated March 31, 2008, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on December 19, 2002.