US BANCORP \DE\ — Director's Dealing 2010

Nov 5, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2010-11-05

Reporting Person: Hidy Richard J (EVP and Chief Risk Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-11-05	Common Stock, $0.01 par value	M	25000.0000	$13.1000	Acquired	37817.1557	Direct
2010-11-05	Common Stock, $0.01 par value	S	25000.0000	$26.1703	Disposed	12817.1557	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-11-05	Employee Stock Option (Right to Buy)	$13.1000	M	25000.0000	Disposed	2019-03-02	Common Stock, $0.01 par value (25000.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	16509.2136	Indirect
Common Stock, $0.01 par value	7200.0000	Indirect
Common Stock, $0.01 par value	15.4007	Indirect

Footnotes

F1: The price in Column 4 is a weighted average price. The prices actually received ranged from $26.17 to $26.18. The reporting person will provide to the issuer, any security holder of the issuer or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.

F2: Based on a plan report dated October 31, 2010, the most recent plan report available.

F3: Includes amounts acquired pursuant to dividend reinvestment.

F4: The option vests in four equal annual installments beginning on March 2, 2010.