US BANCORP \DE\ — Director's Dealing 2011

Nov 1, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2011-10-31

Reporting Person: LEVIN JERRY W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-10-31	Common Stock, $0.01 par value	M	19632.0000	$20.6397	Acquired	19632.0000	Direct
2011-10-31	Common Stock, $0.01 par value	M	805.0000	$22.0103	Acquired	20437.0000	Direct
2011-10-31	Common Stock, $0.01 par value	S	20437.0000	$26.1003	Disposed	0.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-10-31	Non-Employee Director Stock Option (Right to Buy)	$20.6397	M	19632.0000	Disposed	2012-01-02	Common Stock, $0.01 par value (19632.0000)	Direct
2011-10-31	Non-Employee Director Stock Option (Right to Buy)	$22.0103	M	805.0000	Disposed	2012-04-01	Common Stock, $0.01 par value (805.0000)	Direct

Footnotes

F1: The price in Column 4 is a weighted average price. The prices actually received ranged from $26.10 to $26.1050. 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 vested in four equal annual installments beginning on January 2, 2003.

F3: The option vested in four equal annual installments beginning on April 1, 2003.