US BANCORP \DE\ — Director's Dealing 2011

Oct 27, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2011-10-26

Reporting Person: Gifford Craig E (EVP and Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-10-26	Common Stock, $0.01 par value	M	6763.0000	$11.0200	Acquired	28766.0000	Direct
2011-10-26	Common Stock, $0.01 par value	M	6762.0000	$13.8800	Acquired	35528.0000	Direct
2011-10-26	Common Stock, $0.01 par value	S	3700.0000	$25.3900	Disposed	31828.0000	Direct
2011-10-26	Common Stock, $0.01 par value	S	9825.0000	$25.3800	Disposed	22003.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-10-26	Employee Stock Option (Right to Buy)	$13.8800	M	6762.0000	Disposed	2019-01-22	Common Stock, $0.01 par value (6762.0000)	Direct
2011-10-26	Employee Stock Option (Right to Buy)	$11.0200	M	6763.0000	Disposed	2019-02-18	Common Stock, $0.01 par value (6763.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	378.7161	Indirect

Footnotes

F1: Based on a plan report dated September 30, 2011, the most recent plan report available.

F2: The option vests in four equal annual installments beginning on January 22, 2010.

F3: The option vests in four equal annual installments beginning February 18, 2010.