US BANCORP \DE\ — Director's Dealing 2011

Feb 3, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2011-02-01

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-25	Common Stock, $0.01 par value	G	4092.0000	$0.0000	Disposed	0.0000	Direct
2011-02-01	Common Stock, $0.01 par value	M	30204.0000	$20.6397	Acquired	30204.0000	Direct
2011-02-01	Common Stock, $0.01 par value	S	30204.0000	$27.5000	Disposed	0.0000	Direct
2011-01-25	Common Stock, $0.01 par value	G	4092.0000	$0.0000	Acquired	29832.5063	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-01	Employee Stock Option (Right to Buy)	$20.6397	M	30204.0000	Disposed	2012-01-02	Common Stock, $0.01 par value (30204.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	21562.5637	Indirect
Common Stock, $0.01 par value	2234.7530	Indirect

Footnotes

F1: Includes amounts acquired pursuant to dividend reinvestment.

F2: Based on a plan report dated January 31, 2011, the most recent plan report available.

F3: The option vested in four equal annual installments beginning on January 2, 2003.