US BANCORP \DE\ — Director's Dealing 2010

Oct 28, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2010-10-27

Reporting Person: McCullough Howell D. III (EVP and Chief Strategy Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-10-27	Common Stock, $0.01 par value	M	13774.0000	$13.1000	Acquired	21393.0000	Direct
2010-10-27	Common Stock, $0.01 par value	S	13774.0000	$24.1900	Disposed	7619.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-10-27	Employee Stock Option (Right to Buy)	$13.1000	M	13774.0000	Disposed	2019-03-02	Common Stock, $0.01 par value (13774.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	19418.4315	Indirect

Footnotes

F1: Based on a plan report dated September 30, 2010, the most recent plan report available.

F2: The option vests in four equal annual installments beginning on March 2, 2010.