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: DAVIS RICHARD K (Chairman, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-01-16	Common Stock, $0.01 par value	A	27384	$31.04	Acquired	232706.5126	Direct
2008-01-18	Common Stock, $0.01 par value	G	15471	—	Disposed	217235.5126	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	1457726	Acquired	2018-01-16	Common Stock (1457726)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	9742.7379	Indirect
Common Stock, $0.01 par value	60999	Indirect

Footnotes

F1: Includes 122,995 shares owned by the reporting person in a revocable trust, which had been previously reported as indirect ownership by the trust.

F2: Includes amounts acquired in January 2008 pursuant to a dividend reinvestment plan in a transaction exempt under rule 16a-11.

F3: The transaction involved a gift of securities by the reporting person to the trust of the reporting person's spouse.

F4: Based on a plan report dated December 31, 2007, the most recent plan report available.

F5: The option vests in four equal annual installments beginning on January 16, 2009.