SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

GRUNDHOFER JERRY A

(Last)

(First)

(Middle)

U.S. BANCORP

800 NICOLLET MALL

(Street)

MINNEAPOLIS

55402

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
US BANCORP \DE\ [ USB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/20/2007

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, $0.01 par value	07/20/2007		M		1,065	A	$18.7889	1,065	D
Common Stock, $0.01 par value	07/20/2007		M		107,669	A	$18.7889	108,734	D
Common Stock, $0.01 par value	07/20/2007		M		120,816	A	$23.631	229,550	D
Common Stock, $0.01 par value	07/20/2007		S		400	D	$31.8	229,150	D
Common Stock, $0.01 par value	07/20/2007		S		400	D	$31.81	228,750	D
Common Stock, $0.01 par value	07/20/2007		S		300	D	$31.8125	228,450	D
Common Stock, $0.01 par value	07/20/2007		S		5,600	D	$31.82	222,850	D
Common Stock, $0.01 par value	07/20/2007		S		100	D	$31.8225	222,750	D
Common Stock, $0.01 par value	07/20/2007		S		12,950	D	$31.83	209,800	D
Common Stock, $0.01 par value	07/20/2007		S		5,500	D	$31.8325	204,300	D
Common Stock, $0.01 par value	07/20/2007		S		4,000	D	$31.84	200,300	D
Common Stock, $0.01 par value	07/20/2007		S		6,400	D	$31.85	193,900	D
Common Stock, $0.01 par value	07/20/2007		S		7,300	D	$31.86	186,600	D
Common Stock, $0.01 par value	07/20/2007		S		9,800	D	$31.87	176,800	D
Common Stock, $0.01 par value	07/20/2007		S		8,733	D	$31.88	168,067	D
Common Stock, $0.01 par value	07/20/2007		S		400	D	$31.885	167,667	D
Common Stock, $0.01 par value	07/20/2007		S		5,167	D	$31.89	162,500	D
Common Stock, $0.01 par value	07/20/2007		S		8,700	D	$31.9	153,800	D
Common Stock, $0.01 par value	07/20/2007		S		10,500	D	$31.91	143,300	D
Common Stock, $0.01 par value	07/20/2007		S		4,400	D	$31.92	138,900	D
Common Stock, $0.01 par value	07/20/2007		S		4,000	D	$31.93	134,900	D
Common Stock, $0.01 par value	07/20/2007		S		12,800	D	$31.94	122,100	D
Common Stock, $0.01 par value	07/20/2007		S		8,300	D	$31.95	113,800	D
Common Stock, $0.01 par value	07/20/2007		S		10,000	D	$31.96	103,800	D
Common Stock, $0.01 par value	07/20/2007		S		10,000	D	$31.97	93,800	D
Common Stock, $0.01 par value	07/20/2007		S		9,600	D	$31.98	84,200	D
Common Stock, $0.01 par value	07/20/2007		S		5,900	D	$31.99	78,300	D
Common Stock, $0.01 par value	07/20/2007		S		6,771	D	$32	71,529	D
Common Stock, $0.01 par value	07/20/2007		S		10,929	D	$32.01	60,600	D
Common Stock, $0.01 par value	07/20/2007		S		10,800	D	$32.02	49,800	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option (Right to Buy)	$18.7889	07/20/2007		M			1,065	⁽¹⁾	12/09/2007	Common Stock	1,065	$0	1,065	D
Employee Stock Option (Right to Buy)	$18.7889	07/20/2007		M			107,669	⁽¹⁾	12/07/2007	Common Stock	107,669	$0	107,671	D
Employee Stock Option (Right to Buy)	$23.631	07/20/2007		M			120,816	⁽²⁾	12/31/2007	Common Stock	120,816	$0	60,408	D

Explanation of Responses:

1. The option vested in four equal annual installments beginning on December 9, 1998.

2. The option vested in four equal annual installments begining on November 20, 1999.

Remarks:

A. The transactions reported on this form were made pursuant to a written 10b5-1 trading plan adopted in accordance with SEC Rule 10b5-1 on August 3, 2006. B. This is the first of two Form 4 reports reporting transactions by the Reporting Person on the transaction date. The remainder of the transactions can be found on another Form 4 concurrently filed by the Reporting Person.

	Lee R. Mitau for Jerry A. Grundhofer	07/24/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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