US BANCORP \DE\ — Director's Dealing 2010

Jul 28, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2010-07-26

Reporting Person: Gifford Craig E (EVP and Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-07-26	Common Stock, $0.01 par value	M	6762	$11.02	Acquired	26384	Direct
2010-07-26	Common Stock, $0.01 par value	S	7669	$24.1125	Disposed	18715	Direct
2010-07-28	Common Stock, $0.01 par value	M	6762	$13.88	Acquired	25477	Direct
2010-07-28	Common Stock, $0.01 par value	S	7924	$24.2	Disposed	17553	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-07-26	Employee Stock Option (Right to Buy)	$11.02	M	6762	Disposed	2019-02-18	Common Stock, $0.01 par value (6762)	Direct
2010-07-28	Employee Stock Option (Right to Buy)	$13.88	M	6762	Disposed	2019-01-22	Common Stock, $0.01 par value (6762)	Direct

Footnotes

F1: The price in Column 4 is a weighted average price. The prices actually received ranged from $24.11 to $24.113. 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: The option vests in four equal annual installments beginning February 18, 2010.

F3: The option vests in four equal annual installments beginning on January 22, 2010.