US BANCORP \DE\ — Director's Dealing 2011

May 20, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2011-05-20

Reporting Person: OMALEY DAVID B (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-20	Common Stock, $0.01 par value	M	1203.0000	$21.8713	Acquired	191469.0000	Direct
2011-05-20	Common Stock, $0.01 par value	M	1133.0000	$23.1526	Acquired	192602.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-20	Non-Employee Director Stock Option (Right to Buy)	$23.1526	M	1133.0000	Disposed	2011-07-02	Common Stock, $0.01 par value (1133.0000)	Direct
2011-05-20	Non-Employee Director Stock Option (Right to Buy)	$21.8713	M	1203.0000	Disposed	2011-10-01	Common Stock, $0.01 par value (1203.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	19291.0000	Indirect
Common Stock, $0.01 par value	19291.0000	Indirect
Common Stock, $0.01 par value	19291.0000	Indirect

Footnotes

F1: The option vested in four equal annual installments beginning on July 2, 2002.

F2: The option vested in four equal annual installments beginning on October 1, 2002.