US BANCORP \DE\ — Director's Dealing 2010

Nov 2, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2010-11-02

Reporting Person: OWENS ODELL M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-11-02	Common Stock, $0.01 par value	M	8860.0000	$23.2792	Acquired	8860.0000	Direct
2010-11-02	Common Stock, $0.01 par value	M	6141.0000	$23.1824	Acquired	15001.0000	Direct
2010-11-02	Common Stock, $0.01 par value	S	15001.0000	$24.0000	Disposed	0.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-11-02	Non-Employee Director Stock Option (Right to Buy)	$23.2792	M	8860.0000	Disposed	2011-01-02	Common Stock, $0.01 par value (8860.0000)	Direct
2010-11-02	Non-Employee Director Stock Option (Right to Buy)	$23.1824	M	6141.0000	Disposed	2011-02-27	Common Stock, $0.01 par value (6141.0000)	Direct

Footnotes

F1: The option vested in four equal annual installments beginning on January 2, 2002.

F2: The option vested in four equal annual installments beginning on February 27, 2002.