Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Hidy Richard J
  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, Chief Risk Officer
(Last)
(First)
(Middle)
U.S. BANCORP, 800 NICOLLET MALL
3. Date of Earliest Transaction (Month/Day/Year)
04/21/2008
(Street)

MINNEAPOLIS, MN 55402
4. If Amendment, Date 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
(City)
(State)
(Zip)
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)
Code V Amount (A) or (D) Price
Common Stock, $0.01 par value 04/18/2008   M   1,258 A $ 21.541 8,340.1557 D  
Common Stock, $0.01 par value 04/18/2008   M   5,789 A $ 21.4938 14,129.1557 D  
Common Stock, $0.01 par value 04/18/2008   S   4,637 D $ 33.92 9,492.1557 D  
Common Stock, $0.01 par value 04/18/2008   S   2,300 D $ 33.93 7,192.1557 D  
Common Stock, $0.01 par value 04/18/2008   S   110 D $ 33.9184 7,082.1557 D  
Common Stock, $0.01 par value               12,817.2936 (1) I By 401(k) plan
Common Stock, $0.01 par value               14.3764 (2) I By wife as UGMA custodian for son

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Common Stock (Right to Buy) $ 21.541 04/18/2008   M     1,258   (3) 12/12/2010 Common Stock 1,258 $ 0 0 D  
Employee Common Stock (Right to Buy) $ 21.4938 04/18/2002   M     5,789   (4) 12/17/2012 Common Stock 5,789 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Hidy Richard J
U.S. BANCORP
800 NICOLLET MALL
MINNEAPOLIS, MN 55402
      EVP, Chief Risk Officer  

Signatures

 Lee R. Mitau for Richard J. Hidy   04/21/2008
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Based on a plan report dated March 31, 2008, the most recent plan report available.
(2) Includes amounts acquired pursuant to dividend reinvestment in April 2008.
(3) The option vested in four equal annual installments beginning on December 12, 2001.
(4) The option vested in four equal annual installments beginning on December 17, 2003.

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