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: JOSEPH PAMELA A (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	67457	$21.4938	Acquired	123804.3367	Direct
2008-04-18	Common Stock, $0.01 par value	S	5821	$33.93	Disposed	117983.3367	Direct
2008-04-18	Common Stock, $0.01 par value	S	46788	$33.94	Disposed	71195.3367	Direct
2008-04-18	Common Stock, $0.01 par value	S	13948	$33.95	Disposed	57247.3367	Direct
2008-04-18	Common Stock, $0.01 par value	S	900	$33.96	Disposed	56347.3367	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-04-18	Employee Stock Option	$21.4938	M	67457	Disposed	2012-12-17	Common Stock (67457)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	1187.8903	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 17, 2003.