US BANCORP \DE\ — Director's Dealing 2008

Jan 18, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2008-01-16

Reporting Person: Otting Joseph M (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-01-16	Common Stock, $0.01 par value	A	6927	$31.04	Acquired	26733.0087	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-01-16	Employee Stock Option (Right to Buy)	$31.04	A	393586	Acquired	2018-01-16	Common Stock (393586)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	1795.3815	Indirect

Footnotes

F1: Includes additional amounts acquired in April 2007 pursuant to a dividend reinvestment plan in a transaction exempt under rule 16a-11.

F2: Based on a plan report dated December 31, 2007, the most recent plan report available.

F3: The option vests in four equal annual installments beginning on January 16, 2009.