US BANCORP \DE\ — Director's Dealing 2008

Feb 13, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2008-02-11

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-02-11	Common Stock, $0.01 par value	M	135918	$23.631	Acquired	353389.51	Direct
2008-02-11	Common Stock, $0.01 par value	S	15501	$32.29	Disposed	337888.51	Direct
2008-02-11	Common Stock, $0.01 par value	S	68112	$32.3229	Disposed	269776.51	Direct
2008-02-11	Common Stock, $0.01 par value	S	38806	$32.393	Disposed	230970.51	Direct
2008-02-11	Common Stock, $0.01 par value	S	1602	$32.34	Disposed	229368.51	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-02-11	Employee Stock Option (Right to Buy)	$23.631	M	135918	Disposed	2008-11-20	Common Stock (135918)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	10054.1741	Indirect
Common Stock, $0.01 par value	60999	Indirect

Footnotes

F1: Includes additional amounts acquired pursuant to a dividend reinvestment plan in a transaction exempt under rule 16a-11.

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