US BANCORP \DE\ — Director's Dealing 2012

May 4, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2012-05-03

Reporting Person: JOSEPH PAMELA A (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-03	Common Stock, $0.01 par value	M	51021.0000	$23.8600	Acquired	148798.0000	Direct
2012-05-03	Common Stock, $0.01 par value	S	51021.0000	$32.0907	Disposed	97777.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-03	Employee Stock Option (Right to Buy)	$23.8600	M	51021.0000	Disposed	2020-02-16	Common Stock, $0.01 par value (51021.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	9941.0000	Indirect

Footnotes

F1: The price in Column 4 is a weighted average price. The prices actually received ranged from $32.025 to $32.125. 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 April 30, 2012, the most recent plan report available.

F3: The option vests in four equal annual installments beginning on February 16, 2011.