US BANCORP \DE\ — Director's Dealing 2011

Jan 20, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2011-01-16

Reporting Person: MITAU LEE R (EVP, General Counsel, and Sec.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-19	Common Stock, $0.01 par value	M	7249.0000	$0.0000	Acquired	53771.0000	Direct
2011-01-19	Common Stock, $0.01 par value	F	2266.0000	$27.5200	Disposed	51505.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-16	Restricted Stock Units	$	M	7249.0000	Disposed		Common Stock, $0.01 par value (7249.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	1666.3066	Indirect
Common Stock, $0.01 par value	60019.0000	Indirect

Footnotes

F1: Based on a plan report dated December 31, 2010, the most recent plan report available.

F2: Restricted stock units convert into common stock on a one-for-one basis at the time of vesting.

F3: The shares vested on the third anniversary of the grant date.