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^*

MITAU LEE R

(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)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP, General Counsel and Sec.

3. Date of Earliest Transaction (Month/Day/Year)
04/24/2008

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	04/24/2008		M		108,126	A	$33.25	266,346	D
Common Stock, $0.01 par value	04/24/2008		M		1,567	A	$29.1518	267,913	D
Common Stock, $0.01 par value	04/24/2008		S		21,338	D	$34.52	246,575	D
Common Stock, $0.01 par value	04/24/2008		S		3,000	D	$34.525	243,575	D
Common Stock, $0.01 par value	04/24/2008		S		11,500	D	$34.527	232,075	D
Common Stock, $0.01 par value	04/24/2008		S		100	D	$34.5275	231,975	D
Common Stock, $0.01 par value	04/24/2008		S		16,762	D	$34.53	215,213	D
Common Stock, $0.01 par value	04/24/2008		S		925	D	$34.535	214,288	D
Common Stock, $0.01 par value	04/24/2008		S		6,457	D	$34.54	207,831	D
Common Stock, $0.01 par value	04/24/2008		S		100	D	$34.545	207,731	D
Common Stock, $0.01 par value	04/24/2008		S		12,700	D	$34.55	195,031	D
Common Stock, $0.01 par value	04/24/2008		S		700	D	$34.555	194,331	D
Common Stock, $0.01 par value	04/24/2008		S		400	D	$34.5575	193,931	D
Common Stock, $0.01 par value	04/24/2008		S		14,711	D	$34.56	179,220	D
Common Stock, $0.01 par value	04/24/2008		S		600	D	$34.565	178,620	D
Common Stock, $0.01 par value	04/24/2008		S		4,100	D	$34.57	174,520	D
Common Stock, $0.01 par value	04/24/2008		S		400	D	$34.59	174,120	D
Common Stock, $0.01 par value	04/24/2008		S		15,700	D	$34.595	158,420	D
Common Stock, $0.01 par value	04/24/2008		S		200	D	$34.6	158,220	D
Common Stock, $0.01 par value								560.1508⁽¹⁾	I	By 401(k) plan

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)	$33.25	04/24/2008		M			108,126	04/19/2007	04/20/2009	Common Stock	180,126	$0	0	D
Employee Stock Option (Right to Buy)	$29.1518	04/24/2008		M			1,567	⁽²⁾	04/20/2009	Common Stock	1,567	$0	0	D

Explanation of Responses:

1. Based on a plan report dated March 31, 2008, the most recent plan report available.

2. The option vested in four equal annual installments beginning on April 20, 2000.

Remarks:

	Lee R. Mitau	04/28/2008
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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