US BANCORP \DE\ — Director's Dealing 2011

Feb 8, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2011-02-07

Reporting Person: CARLSON JENNIE P (EVP, Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-07	Common Stock, $0.01 par value	M	66952.0000	$21.4938	Acquired	66952.0000	Direct
2011-02-07	Common Stock, $0.01 par value	S	66952.0000	$27.9500	Disposed	0.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-07	Employee Stock Option (Right to Buy)	$21.4938	M	66952.0000	Disposed	2012-12-17	Common Stock, $0.01 par value (66952.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	21558.5081	Indirect
Common Stock, $0.01 par value	2234.7530	Indirect
Common Stock, $0.01 par value	29832.5063	Indirect

Footnotes

F1: Based on a plan report dated February 7, 2011, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on December 17, 2003.