US BANCORP \DE\ — Director's Dealing 2012

Apr 30, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2012-04-27

Reporting Person: DAVIS RICHARD K (Director, Chairman, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-04-12	Common Stock, $0.01 par value	G	56151.0000	$0.0000	Disposed	204385.0000	Direct
2012-04-27	Common Stock, $0.01 par value	M	235591.0000	$21.4938	Acquired	439976.0000	Direct
2012-04-27	Common Stock, $0.01 par value	S	235591.0000	$32.0067	Disposed	204385.0000	Direct
2012-04-12	Common Stock, $0.01 par value	G	56151.0000	$0.0000	Acquired	145936.0000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-04-27	Employee Stock Option (Right to Buy)	$21.4938	M	235591.0000	Disposed	2012-12-17	Common Stock, $0.01 par value (235591.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	14940.0000	Indirect
Common Stock, $0.01 par value	89785.0000	Indirect

Footnotes

F1: The price in Column 4 is a weighted average price. The prices actually received ranged from $31.93 to $32.09. 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 March 30, 2012, the most recent plan report available.

F3: The option was subject to performance-accelerated vesting. The option vested 25% on each of February 1, 2004 and February 1, 2007. The remaining 50% vested on December 17, 2007.