US BANCORP \DE\ — Director's Dealing 2011

Nov 16, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2011-11-15

Reporting Person: CECERE ANDREW (Vice Chairman and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-15	Common Stock, $0.01 par value	M	86462.0000	$19.1001	Acquired	232978.0000	Direct
2011-11-15	Common Stock, $0.01 par value	S	416.0000	$25.5801	Disposed	232562.0000	Direct
2011-11-15	Common Stock, $0.01 par value	S	86046.0000	$25.5800	Disposed	146516.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-15	Employee Stock Option (Right to Buy)	$19.1001	M	86462.0000	Disposed	2011-12-18	Common Stock, $0.01 par value (86462.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	9106.5647	Indirect
Common Stock, $0.01 par value	341.0000	Indirect

Footnotes

F1: Based on a plan report dated October 31, 2011, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on December 18, 2002.