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 * GRUNDHOFER JERRY A   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) (Last) (First) (Middle) U.S. BANCORP, 800 NICOLLET MALL 3. Date of Earliest Transaction (Month/Day/Year) 10/23/2007 (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 10/23/2007   M   118,804 D $ 21.2306 118,804 D   Common Stock, $0.01 par value 10/23/2007   M   60,408 D $ 23.631 179,212 D   Common Stock, $0.01 par value 10/23/2007   M   48,328 D $ 23.631 227,540 D   Common Stock, $0.01 par value 10/23/2007   S   800 D $ 31.22 226,740 D   Common Stock, $0.01 par value 10/23/2007   S   1,900 D $ 31.23 224,840 D   Common Stock, $0.01 par value 10/23/2007   S   1,600 D $ 31.24 223,240 D   Common Stock, $0.01 par value 10/23/2007   S   1,600 D $ 31.25 221,640 D   Common Stock, $0.01 par value 10/23/2007   S   1,200 D $ 31.26 220,440 D   Common Stock, $0.01 par value 10/23/2007   S   1,500 D $ 31.27 218,940 D   Common Stock, $0.01 par value 10/23/2007   S   3,800 D $ 31.28 215,140 D   Common Stock, $0.01 par value 10/23/2007   S   4,900 D $ 31.29 210,240 D   Common Stock, $0.01 par value 10/23/2007   S   3,000 D $ 31.3 207,240 D   Common Stock, $0.01 par value 10/23/2007   S   6,400 D $ 31.31 200,840 D   Common Stock, $0.01 par value 10/23/2007   S   4,200 D $ 31.32 196,640 D   Common Stock, $0.01 par value 10/23/2007   S   100 D $ 31.325 196,540 D   Common Stock, $0.01 par value 10/23/2007   S   6,100 D $ 31.33 190,440 D   Common Stock, $0.01 par value 10/23/2007   S   7,400 D $ 31.34 183,040 D   Common Stock, $0.01 par value 10/23/2007   S   10,704 D $ 31.35 172,336 D   Common Stock, $0.01 par value 10/23/2007   S   4,700 D $ 31.36 167,636 D   Common Stock, $0.01 par value 10/23/2007   S   3,400 D $ 31.37 164,236 D   Common Stock, $0.01 par value 10/23/2007   S   3,600 D $ 31.38 160,636 D   Common Stock, $0.01 par value 10/23/2007   S   3,500 D $ 31.39 157,136 D   Common Stock, $0.01 par value 10/23/2007   S   3,700 D $ 31.4 153,436 D   Common Stock, $0.01 par value 10/23/2007   S   2,100 D $ 31.41 151,336 D   Common Stock, $0.01 par value 10/23/2007   S   2,300 D $ 31.42 149,036 D   Common Stock, $0.01 par value 10/23/2007   S   3,200 D $ 31.43 145,836 D   Common Stock, $0.01 par value 10/23/2007   S   1,000 D $ 31.44 144,836 D   Common Stock, $0.01 par value 10/23/2007   S   1,100 D $ 31.45 143,736 D   Common Stock, $0.01 par value 10/23/2007   S   3,500 D $ 31.46 140,236 D   Common Stock, $0.01 par value 10/23/2007   S   100 D $ 31.465 140,136 D

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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 Stock Option (Right to Buy)

$ 21.2306

10/23/2007

M

118,804

(1)

12/31/2007

Common Stock

118,804

$ 0

0

D

Employee Stock Option (Right to Buy)

$ 23.631

10/23/2007

M

60,408

(2)

12/31/2007

Common Stock

60,408

$ 0

0

D

Employee Stock Option (Right to Buy)

$ 23.631

10/23/2007

M

48,328

(2)

12/31/2007

Common Stock

48,328

$ 0

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
GRUNDHOFER JERRY A U.S. BANCORP 800 NICOLLET MALL MINNEAPOLIS, MN 55402	X

Signatures

Lee R. Mitau for Jerry A. Grundhofer		10/23/2007
**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)	The option vested in four equal annual installments beginning on December 14, 2000.
(2)	The option vested in four equal annual installments beginning 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 three Form 4 reports reporting transactions by the Reporting Person on the transaction date. The remainder of the transactions can be found on other Form 4 reports concurrently filed by the Reporting Person.

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