US BANCORP \DE\ — Director's Dealing 2011

Feb 15, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2011-02-15

Reporting Person: REITEN RICHARD G (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-15	Common Stock, $0.01 par value	M	15102.0000	$23.1824	Acquired	24954.4528	Direct
2011-02-15	Common Stock, $0.01 par value	S	15102.0000	$28.6200	Disposed	9852.4528	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-15	Non-Employee Director Stock Option (Right to Buy)	$23.1824	M	15102.0000	Disposed	2011-02-27	Common Stock, $0.01 par value (15102.0000)	Direct

Footnotes

F1: Includes amounts acquired pursuant to dividend reinvestment.

F2: The price in Column 4 is a weighted average price. The prices actually received ranged from $28.62 to $28.6201. 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.

F3: The option vested in four equal annual installments beginning on February 27, 2002.