US BANCORP \DE\ — Director's Dealing 2012

Jan 23, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2012-01-19

Reporting Person: DOLAN TERRANCE R (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-19	Common Stock, $0.01 par value	M	16360.0000	$21.4938	Acquired	59577.0000	Direct
2012-01-19	Common Stock, $0.01 par value	F	13771.0000	$28.5600	Disposed	45806.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-19	Employee Stock Option (Right to Buy)	$21.4938	M	16360.0000	Disposed	2012-12-17	Common Stock, $0.01 par value (16360.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	3904.1224	Indirect

Footnotes

F1: Based on a plan report dated December 31, 2011, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on December 17, 2003.