US BANCORP \DE\ — Director's Dealing 2011

Jan 21, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2011-01-20

Reporting Person: HARTNACK RICHARD C (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-20	Common Stock, $0.01 par value	M	50000.0000	$13.1000	Acquired	135048.0000	Direct
2011-01-20	Common Stock, $0.01 par value	S	50000.0000	$26.3803	Disposed	85048.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-20	Employee Stock Option (Right to Buy)	$13.1000	M	50000.0000	Disposed	2019-03-02	Common Stock, $0.01 par value (50000.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	1620.4238	Indirect

Footnotes

F1: The price in Column 4 is a weighted average price. The prices actually received ranged from $26.37 to $26.39. 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.

F2: Based on a plan report dated December 31, 2010, the most recent plan report available.

F3: The option vests in four equal annual installments beginning on March 2, 2010.