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<TITLE>Form S-8</TITLE>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt">As filed with the Securities and Exchange Commission on April&nbsp;20, 2010
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">Registration No.&nbsp;333-_______
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 10pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 10pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 10pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 10pt"><B>U.S. BANCORP</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>41-0255900</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of incorporation or organization)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>800 Nicollet Mall<BR>
Minneapolis, Minnesota 55402</B><BR>
(Address of principal executive offices) (Zip code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan<BR>
U.S. Bank 401(k) Savings Plan<BR>
U.S. Bancorp Executive Employees Deferred Compensation Plan<BR>
U.S. Bank Executive Employees Deferred Compensation Plan (2005 Statement)<BR>
U.S. Bancorp Outside Directors Deferred Compensation Plan<BR>
U.S. Bank Outside Directors Deferred Compensation Plan (2005 Statement)</B><BR>
(Full title of the plans)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Lee R. Mitau, Esq.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Copy to:</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Executive Vice President, General Counsel</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Jay L. Swanson, Esq.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>and Corporate Secretary</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Dorsey &#038; Whitney LLP</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>U.S. Bancorp</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>50 South Sixth Street, Suite&nbsp;1500</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>800 Nicollet Mall</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Minneapolis, Minnesota 55402</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Minneapolis, Minnesota 55402</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(612)&nbsp;340-2600</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Name and address of agent for service)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>(651)&nbsp;466-3000</B><BR>
(Telephone number, including area code, of agent for service)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the Exchange Act.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="71%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large accelerated filer <FONT face="Wingdings">&#254;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Accelerated filer <FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Non-accelerated file <FONT face="Wingdings">&#111;</FONT> (Do not check if a smaller reporting company)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Smaller reporting company <FONT face="Wingdings">&#111;</FONT></TD>
</TR>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="19" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>offering price</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>aggregate</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD nowrap align="left"><B>Title of securities to be registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>to be registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>per share</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering price</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>registration fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Common Stock ($.01 par value) (1)(2)
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top" style="border-top: 1px solid #000000">121,440,000 shares
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD nowrap align="right" valign="bottom" style="border-top: 1px solid #000000">$27.34(3)</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD nowrap colspan="3" align="center" valign="top" style="border-top: 1px solid #000000">$3,320,169,600(3)</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 1px solid #000000">$236,728</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Options to purchase Common Stock ($.01 par value) (4)
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="bottom" style="border-top: 1px solid #000000">50,000,000 options
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 1px solid #000000">N/A
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD nowrap colspan="3" align="center" valign="bottom" style="border-top: 1px solid #000000">$480,000,000(5)
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 1px solid #000000">$34,224</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">
Deferred Compensation Obligations under the
<FONT style="white-space: nowrap">U.S. Bank</FONT> Executive Employees Deferred Compensation
Plan (2005 Statement) (6)
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000" colspan="3">$29,000,000</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 1px solid #000000">N/A
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000" colspan="3">$29,000,000</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 1px solid #000000">$2,068</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Deferred Compensation Obligations under the
<FONT style="white-space: nowrap">U.S. Bank</FONT> Outside Directors Deferred Compensation
Plan (2005 Statement) (6)
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000" colspan="3">$1,700,000</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 1px solid #000000">N/A
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000" colspan="3">$1,700,000</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 1px solid #000000">$121</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="19" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes (a)&nbsp;50,000,000 shares of Common Stock that may be issued pursuant to the
U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan, (b)&nbsp;70,000,000 shares of Common
Stock that may be offered or sold pursuant to the U.S. Bank 401(k) Savings Plan, (c)&nbsp;1,300,000
shares of Common Stock that may be issued in connection with distributions from the U.S.
Bancorp Executive Employees Deferred Compensation Plan and the U.S. Bank Executive Employees
Deferred Compensation Plan (2005 Statement) and (d)&nbsp;140,000 shares of Common Stock that may be
issued in connection with distributions from the U.S. Bancorp Outside Directors Deferred
Compensation Plan and the U.S. Bank Outside Directors Deferred Compensation Plan (2005
Statement). Pursuant to Rule 416(a) under the Securities Act of 1933, as amended, this
registration statement also covers any additional shares of Common Stock that may be offered
or issued under or in connection with such plans to prevent dilution resulting from stock
splits, stock dividends or similar transactions.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule 416(c) under the Securities Act of 1933, as amended, this registration
statement also covers an indeterminate amount of interests to be offered or sold pursuant to
the U.S. Bank 401(k) Savings Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Calculated solely for the purpose of this offering in accordance with Rule 457(h) based on
the average of the high and low prices of U.S. Bancorp Common Stock as reported on the New
York Stock Exchange on April&nbsp;19, 2010.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Represents options to acquire 50,000,000 shares of Common Stock that may be granted pursuant
to the U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Calculated solely for the purpose of this offering based on the current estimated value of
the options.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>The deferred compensation obligations are unsecured obligations of U.S. Bancorp to pay
deferred compensation in the future in accordance with each of the plans.</TD>
</TR>

</TABLE>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART
II.<BR><br>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The following documents, which have been filed by U.S. Bancorp and the U.S. Bank 401(k)
Savings Plan (as amended to date, the &#147;401(k) Savings Plan&#148;) with the Securities and Exchange
Commission (the &#147;SEC&#148;) are incorporated by reference in this registration statement:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>U.S. Bancorp&#146;s Annual Report on Form 10-K for the fiscal year ended
December&nbsp;31, 2009;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>U.S. Bancorp&#146;s Current Reports on Form 8-K filed on
January&nbsp;20, 2010 (two reports, except for Exhibit&nbsp;99.2
furnished with the first report filed on that day),
 February&nbsp;4, 2010, February&nbsp;18, 2010,  March&nbsp;10,
2010 and April&nbsp;20, 2010 (two reports, except for Exhibit&nbsp;99.2
furnished with the first report filed on that day);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Annual Report on Form 11-K of the 401(k) Savings Plan for the plan year
ended December&nbsp;31, 2008; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the description of U.S. Bancorp&#146;s common stock contained in any registration
statement or report filed by
<FONT style="white-space: nowrap">U.S. Bancorp</FONT> under the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;), or in any report filed under the Securities Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;), including any amendment or report filed for the
purpose of updating such description.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">All documents filed by U.S. Bancorp or the 401(k) Savings Plan pursuant to Sections&nbsp;13(a),
13(c), 14 and 15(d) of the Exchange Act subsequent to the date hereof and prior to the filing of a
post-effective amendment which indicates that all securities offered hereby have been sold or which
deregisters all securities remaining unsold, shall be deemed to be incorporated by reference herein
and to be a part hereof from the respective dates of filing of such documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>U.S. Bancorp Common Stock</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A description of the U.S. Bancorp common stock is contained in U.S. Bancorp&#146;s Registration
Statement on Form 8-A on file with the SEC, as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Options to Purchase U.S. Bancorp Common Stock</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The securities being registered pursuant to the U.S. Bancorp Amended and Restated 2007 Stock
Incentive Plan include options to purchase shares of U.S. Bancorp common stock. The holder of an
option is entitled to purchase a certain number of shares of U.S. Bancorp common stock at a
specified exercise price during a specified time period, all as determined by the Compensation
Committee of the Board of Directors of U.S. Bancorp (the &#147;Committee&#148;). The exercise price may not
be less than 100% of the fair market value of U.S. Bancorp common stock on the date of grant unless
the option is granted in substitution for an option previously granted by an entity acquired by or
merged with U.S. Bancorp. The Committee is not permitted to reduce the exercise price of any
outstanding option, whether through amendment, cancellation or replacement grants, or any other
means, without shareholder approval. Options vest and become exercisable in accordance with the
vesting schedule established by the Committee and set forth in the award agreement. The term of
each option is fixed by the Committee and may not exceed 10&nbsp;years from the date the option is
granted. Options may be designated as &#147;incentive stock options,&#148; which are intended to meet the
requirements of Section&nbsp;422 of the Internal Revenue Code, or as &#147;non-qualified&#148; (non-incentive)
stock options, which are not intended to meet the requirements of Section&nbsp;422. The tax treatment
of incentive stock options differs from that of non-qualified stock options.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U> Deferred Compensation Obligations</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The deferred compensation obligations being registered pursuant to the U.S. Bank Executive
Employees Deferred Compensation Plan (2005 Statement) (the &#147;Employee Plan&#148;) and the U.S. Bank
Outside Directors Deferred Compensation Plan (2005 Statement) (the &#147;Director Plan&#148; and, together
with the Employee Plan, the &#147;Plans&#148;) represent obligations (the &#147;Obligations&#148;) of U.S. Bancorp to
pay deferred compensation in the future in accordance with the terms of each of the Plans. Copies
of each of the Plans have been filed with the SEC and are incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Eligible employees of U.S. Bancorp are entitled to defer receipt of certain compensation into
the Employee Plan, and non-employee members of the Board of Directors of U.S. Bancorp are entitled
to defer receipt of director fees into the Director Plan. The Obligations are general unsecured
obligations of U.S. Bancorp subject to the claims of its general creditors. The Plans are
considered entirely unfunded for tax purposes. The amount of compensation to be deferred by each
participating eligible employee or Board member (individually, a &#147;Participant&#148; and collectively,
the &#147;Participants&#148;) is determined in accordance with the applicable plan based on elections by each
Participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under the Plans, amounts credited to a Participant&#146;s account are credited with deemed
investment returns equal to the experience of certain investment funds offered under the Plans and
selected by the Participant, including U.S. Bancorp common stock. The Obligations are generally
payable upon the earlier of a Participant&#146;s death or Separation from Service (as defined in the
Plans, and subject to the requirement that distributions to Participants who are Specified
Employees at the time of their Separation from Service will be delayed until the last day of the
month that is six months after such Separation from Service), subject to exceptions for in-service
withdrawals in the event of an Unforeseeable Emergency (as defined in the Plans), certain
court-ordered distributions, distributions in the event the plan fails to meet the requirements of
Section&nbsp;409A of the Internal Revenue Code, and distributions upon termination of the applicable
plan. The Obligations generally are payable in cash in the form of a lump-sum distribution or in
installments paid over 5-year, 10-year, 15-year or 20-year periods, as elected by the Participant
at the time of the initial election to defer compensation. Account balances that reflect a deemed
investment in <FONT style="white-space: nowrap">U.S. Bancorp</FONT> common stock will, unless otherwise determined by the Committee, be
distributed in shares of U.S. Bancorp common stock, provided that fractional shares will be paid in
cash.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">A Participant may designate one or more beneficiaries to receive any portion of the
Obligations payable in the event of death. Participants or beneficiaries may not assign or
transfer any right or interest in the Plans in which they are participating, and the payments under
each of the Plans may not be subject to alienation, attachment, execution, levy, pledge or
garnishment by or on behalf of creditors of Participants or beneficiaries. U.S. Bancorp reserves
the right to amend or terminate the Plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Under Delaware law, U.S. Bancorp will indemnify its directors and officers under certain
circumstances against all expenses and liabilities incurred by them as a result of suits brought
against them as directors and officers of U.S. Bancorp. The indemnified directors, advisory
directors and officers must act in good faith and in a manner they reasonably believe to be in the
best interests of U.S. Bancorp, and, with respect to any criminal action or proceeding, have no
reasonable cause to believe their conduct was unlawful. U.S. Bancorp will not indemnify directors,
advisory directors and officers for expenses in respect of any matter as to which the indemnified
directors and officers shall have been adjudged to be liable to U.S. Bancorp, unless the court in
which the action or suit was brought shall determine otherwise. U.S. Bancorp may indemnify
officers, advisory directors and directors only as authorized in each specific case upon a
determination by the shareholders or disinterested directors that indemnification is proper because
the indemnitee has met the applicable statutory standard of conduct.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Article&nbsp;Eighth of U.S. Bancorp&#146;s restated certificate of incorporation, as amended, provides
that a director will not be personally liable to U.S. Bancorp or its shareholders for monetary
damages for a breach of fiduciary duty as a director, except for liability: (a)&nbsp;for any breach of
the director&#146;s duty of loyalty to U.S. Bancorp or its shareholders, (b)&nbsp;for acts or omissions not
in good faith or that involve intentional misconduct or a knowing violation of law, (c)&nbsp;under the
Delaware statutory provision making directors personally liable for unlawful payment of dividends
or unlawful stock repurchases or redemptions, or (d)&nbsp;for any transaction from which the directors
derived an improper personal benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Article&nbsp;VI of U.S. Bancorp&#146;s amended and restated bylaws provides that the officers, directors
and advisory directors of <FONT style="white-space: nowrap">U.S.
Bancorp</FONT> will be indemnified to the full extent permitted by the
Delaware General Corporation Law. The board of directors has discretion to indemnify any employee
of U.S. Bancorp for actions arising by reason of the employee&#146;s
employment with <FONT style="white-space: nowrap">U.S. Bancorp.</FONT>
U.S. Bancorp will pay expenses incurred by officers, directors and advisory directors in defending
actions in advance of any final disposition if the officer, director or advisory director agrees to
repay the amounts if it is ultimately determined that he or she is not entitled to be indemnified
under the bylaws, Delaware law or otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">U.S. Bancorp maintains a standard policy of officers&#146; and directors&#146; liability insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Not applicable.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Restated Certificate of Incorporation, as amended (incorporated by reference to
Exhibit&nbsp;3.1 to Form&nbsp;10-Q for the quarterly period ended June&nbsp;30, 2009).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended and Restated Bylaws (incorporated by reference to Exhibit&nbsp;3.2 to Form
8-K filed on January&nbsp;20, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan (incorporated by
reference to Exhibit&nbsp;10.1 to Form&nbsp;8-K filed on April&nbsp;20, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Bank 401(k) Savings Plan (2002 Restatement), effective January&nbsp;1, 2002, as
amended to date by 12 separate amendments.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Bancorp Executive Employees Deferred Compensation Plan (incorporated by
reference to Exhibit&nbsp;10.18 to Form&nbsp;10-K for the year ended December&nbsp;31, 2003).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Bank Executive Employees Deferred Compensation Plan (2005 Statement)
(formerly the U.S. Bancorp 2005 Executive Employees Deferred Compensation Plan)
(incorporated by reference to Exhibit&nbsp;10.2 to Form&nbsp;8-K filed on December&nbsp;21, 2005).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">First Amendment of U.S. Bank Executive Employees Deferred Compensation Plan
(2005 Statement) effective as of January&nbsp;1, 2009 (incorporated by reference to Exhibit
10.2(b) to Form&nbsp;8-K filed on January&nbsp;7, 2009).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Bancorp Outside Directors Deferred Compensation Plan (incorporated by
reference to Exhibit&nbsp;10.19 to Form&nbsp;10-K for the year ended December&nbsp;31, 2003).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Bank Outside Directors Deferred Compensation Plan (2005 Statement)
(formerly the U.S. Bancorp 2005 Outside Directors Deferred Compensation Plan)
(incorporated by reference to Exhibit&nbsp;10.1 to Form&nbsp;8-K filed on December&nbsp;21, 2005).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">First Amendment of U.S. Bank Outside Directors Deferred Compensation Plan (2005
Statement) effective as of January&nbsp;1, 2009 (incorporated by reference to Exhibit
10.3(b) to Form&nbsp;8-K filed on January&nbsp;7, 2009).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Dorsey &#038; Whitney LLP.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Determination Letter from the Internal Revenue Service with respect to
qualification of the U.S. Bank 401(k) Savings Plan under Section&nbsp;401 of the Internal
Revenue Code of 1986, as amended.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Dorsey &#038; Whitney LLP (included in Exhibit&nbsp;5.1).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Ernst &#038; Young LLP.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Power of Attorney.</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(a)&nbsp;The undersigned registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(1)&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities
Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(ii)&nbsp;To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than
a 20&nbsp;percent change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective registration statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 8%; text-indent: 4%">(iii)&nbsp;To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><U>provided</U>, <U>however</U>, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not
apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the SEC by the registrant
pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by
reference in the registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(2)&nbsp;That, for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%; text-indent: 4%">(3)&nbsp;To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(b)&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrant&#146;s annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act and each filing of the 401(k) Savings Plan&#146;s
annual report pursuant to Section 15(d) of the Exchange Act that is incorporated by reference in
the registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC
such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Minneapolis, State of Minnesota, on
April&nbsp;20, 2010.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>U.S. BANCORP</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Richard K. Davis
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Richard K. Davis&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chairman, President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Act of 1933, as amended, this registration
statement has been signed by the following persons in the capacities indicated on April&nbsp;20, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><u><B>Signature and Title</B></u>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard K. Davis
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Richard K. Davis,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chairman, President, and Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(principal executive officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Andrew Cecere
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Andrew Cecere,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Vice Chairman and Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(principal financial officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Terrance R. Dolan
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Terrance R. Dolan,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Executive Vice President and Controller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(principal accounting officer)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Douglas M. Baker, Jr.*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Douglas M. Baker, Jr., Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Y. Marc Belton*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Y. Marc Belton, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Victoria Buyniski Gluckman*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Victoria Buyniski Gluckman, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Arthur D. Collins, Jr.*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Arthur D. Collins, Jr., Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Joel W. Johnson*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Joel W. Johnson, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Olivia F. Kirtley*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Olivia F. Kirtley, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="center">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><u><B>Signature and Title</B></u>
</DIV>

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jerry W. Levin*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jerry W. Levin, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ David B. O&#146;Maley*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
David B. O&#146;Maley, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ O&#146;dell M. Owens, M.D., M.P.H.*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
O&#146;Dell M. Owens, M.D., M.P.H., Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard G. Reiten*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Richard G. Reiten, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Craig D. Schnuck*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Craig D. Schnuck, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Patrick T. Stokes*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Patrick T. Stokes, Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><I>*</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Lee R. Mitau, by signing his name hereto, does hereby sign this document on
behalf of each of the above named directors of the registrant pursuant to
powers of attorney duly executed by such persons.</I></TD>
</TR>

</TABLE>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">Dated: April 20, 2010&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Lee R. Mitau
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Lee R. Mitau&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><I>Attorney-In-Fact</I><BR>
Executive Vice President,<BR>
General Counsel and Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Act, the trustee (or other person who
administers the employee benefit plan) has duly caused this registration statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of Minneapolis, State of
Minnesota, on April&nbsp;20, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>U.S. BANK 401(K) SAVINGS PLAN</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">U.S. Bancorp, the Plan Administrator</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Richard K. Davis
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Richard K. Davis
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman, President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><U>EXHIBIT INDEX</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Restated Certificate of Incorporation, as amended (incorporated by reference to Exhibit&nbsp;3.1
to Form&nbsp;10-Q for the quarterly period ended June&nbsp;30, 2009).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended and Restated Bylaws (incorporated by reference to Exhibit&nbsp;3.2 to Form&nbsp;8-K filed on
January&nbsp;20, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan (incorporated by reference to
Exhibit&nbsp;10.1 to Form&nbsp;8-K filed on April&nbsp;20, 2010).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Bank 401(k) Savings Plan (2002 Restatement), effective January&nbsp;1, 2002, as amended to
date by 12 separate amendments.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Bancorp Executive Employees Deferred Compensation Plan (incorporated by reference to
Exhibit&nbsp;10.18 to Form&nbsp;10-K for the year ended December&nbsp;31, 2003).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Bank Executive Employees Deferred Compensation Plan (2005 Statement) (formerly the
U.S. Bancorp 2005 Executive Employees Deferred Compensation Plan) (incorporated by reference
to Exhibit&nbsp;10.2 to Form&nbsp;8-K filed on December&nbsp;21, 2005).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">First Amendment of U.S. Bank Executive Employees Deferred Compensation Plan (2005 Statement)
effective as of January&nbsp;1, 2009 (incorporated by reference to Exhibit&nbsp;10.2(b) to Form&nbsp;8-K
filed on January&nbsp;7, 2009).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Bancorp Outside Directors Deferred Compensation Plan (incorporated by reference to
Exhibit&nbsp;10.19 to Form&nbsp;10-K for the year ended December&nbsp;31, 2003).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Bank Outside Directors Deferred Compensation Plan (2005 Statement) (formerly the
U.S. Bancorp 2005 Outside Directors Deferred Compensation Plan) (incorporated by reference to
Exhibit&nbsp;10.1 to Form&nbsp;8-K filed on December&nbsp;21, 2005).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">First Amendment of U.S. Bank Outside Directors Deferred Compensation Plan (2005 Statement)
effective as of January&nbsp;1, 2009 (incorporated by reference to Exhibit&nbsp;10.3(b) to Form&nbsp;8-K
filed on January&nbsp;7, 2009).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Dorsey &#038; Whitney LLP.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Determination Letter from the Internal Revenue Service with respect to qualification of the
U.S. Bank 401(k) Savings Plan under Section&nbsp;401 of the Internal Revenue Code of 1986, as
amended.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Dorsey &#038; Whitney LLP (included in Exhibit&nbsp;5.1).</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Ernst &#038; Young LLP.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Power of Attorney.</DIV></TD>
</TR>
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[{"type": "S-8", "sequence": "1", "filename": "c99365sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 79598}]
{"company-data": {"conformed-name": "US BANCORP \\DE\\", "cik": "0000036104", "assigned-sic": "6021", "irs-number": "410255900", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-166193", "film-number": "10759785"}, "business-address": {"street1": "U.S.BANCORP", "street2": "800 NICOLLET MALL", "city": "MINNEAPOLIS", "state": "MN", "zip": "55402", "phone": "(651)466-3000"}, "mail-address": {"street1": "U.S.BANCORP", "street2": "800 NICOLLET MALL", "city": "MINNEAPOLIS", "state": "MN", "zip": "55402"}, "former-company": [{"former-conformed-name": "FIRST BANK SYSTEM INC", "date-changed": "19920703"}, {"former-conformed-name": "FIRST BANK STOCK CORP", "date-changed": "19720317"}]}
Form S-8
As filed with the Securities and Exchange Commission on April 20, 2010
Registration No. 333-_______
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
U.S. BANCORP
(Exact name of registrant as specified in its charter)
Delaware
41-0255900
(State or other jurisdiction
(I.R.S. Employer Identification No.)
of incorporation or organization)
800 Nicollet Mall
Minneapolis, Minnesota 55402
(Address of principal executive offices) (Zip code)
U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan
U.S. Bank 401(k) Savings Plan
U.S. Bancorp Executive Employees Deferred Compensation Plan
U.S. Bank Executive Employees Deferred Compensation Plan (2005 Statement)
U.S. Bancorp Outside Directors Deferred Compensation Plan
U.S. Bank Outside Directors Deferred Compensation Plan (2005 Statement)
(Full title of the plans)
Lee R. Mitau, Esq.
Copy to:
Executive Vice President, General Counsel
Jay L. Swanson, Esq.
and Corporate Secretary
Dorsey & Whitney LLP
U.S. Bancorp
50 South Sixth Street, Suite 1500
800 Nicollet Mall
Minneapolis, Minnesota 55402
Minneapolis, Minnesota 55402
(612) 340-2600
(Name and address of agent for service)
(651) 466-3000
(Telephone number, including area code, of agent for service)
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ
Accelerated filer
o
Non-accelerated file
o
(Do not check if a smaller reporting company)
Smaller reporting company
o
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
maximum
maximum
Amount
offering price
aggregate
Amount of
Title of securities to be registered
to be registered
per share
offering price
registration fee
Common Stock ($.01 par value) (1)(2)
121,440,000 shares
$27.34(3)
$3,320,169,600(3)
$236,728
Options to purchase Common Stock ($.01 par value) (4)
50,000,000 options
N/A
$480,000,000(5)
$34,224
Deferred Compensation Obligations under the
U.S. Bank
Executive Employees Deferred Compensation
Plan (2005 Statement) (6)
$29,000,000
N/A
$29,000,000
$2,068
Deferred Compensation Obligations under the
U.S. Bank
Outside Directors Deferred Compensation
Plan (2005 Statement) (6)
$1,700,000
N/A
$1,700,000
$121
(1)
Includes (a) 50,000,000 shares of Common Stock that may be issued pursuant to the
U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan, (b) 70,000,000 shares of Common
Stock that may be offered or sold pursuant to the U.S. Bank 401(k) Savings Plan, (c) 1,300,000
shares of Common Stock that may be issued in connection with distributions from the U.S.
Bancorp Executive Employees Deferred Compensation Plan and the U.S. Bank Executive Employees
Deferred Compensation Plan (2005 Statement) and (d) 140,000 shares of Common Stock that may be
issued in connection with distributions from the U.S. Bancorp Outside Directors Deferred
Compensation Plan and the U.S. Bank Outside Directors Deferred Compensation Plan (2005
Statement). Pursuant to Rule 416(a) under the Securities Act of 1933, as amended, this
registration statement also covers any additional shares of Common Stock that may be offered
or issued under or in connection with such plans to prevent dilution resulting from stock
splits, stock dividends or similar transactions.
(2)
Pursuant to Rule 416(c) under the Securities Act of 1933, as amended, this registration
statement also covers an indeterminate amount of interests to be offered or sold pursuant to
the U.S. Bank 401(k) Savings Plan.
(3)
Calculated solely for the purpose of this offering in accordance with Rule 457(h) based on
the average of the high and low prices of U.S. Bancorp Common Stock as reported on the New
York Stock Exchange on April 19, 2010.
(4)
Represents options to acquire 50,000,000 shares of Common Stock that may be granted pursuant
to the U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan.
(5)
Calculated solely for the purpose of this offering based on the current estimated value of
the options.
(6)
The deferred compensation obligations are unsecured obligations of U.S. Bancorp to pay
deferred compensation in the future in accordance with each of the plans.
PART
II.
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents, which have been filed by U.S. Bancorp and the U.S. Bank 401(k)
Savings Plan (as amended to date, the "401(k) Savings Plan") with the Securities and Exchange
Commission (the "SEC") are incorporated by reference in this registration statement:
(a)
U.S. Bancorp's Annual Report on Form 10-K for the fiscal year ended
December 31, 2009;
(b)
U.S. Bancorp's Current Reports on Form 8-K filed on
January 20, 2010 (two reports, except for Exhibit 99.2
furnished with the first report filed on that day),
 February 4, 2010, February 18, 2010,  March 10,
2010 and April 20, 2010 (two reports, except for Exhibit 99.2
furnished with the first report filed on that day);
(c)
The Annual Report on Form 11-K of the 401(k) Savings Plan for the plan year
ended December 31, 2008; and
(d)
the description of U.S. Bancorp's common stock contained in any registration
statement or report filed by
U.S. Bancorp
under the Securities Act of 1933, as amended
(the "Securities Act"), or in any report filed under the Securities Exchange Act of
1934, as amended (the "Exchange Act"), including any amendment or report filed for the
purpose of updating such description.
All documents filed by U.S. Bancorp or the 401(k) Savings Plan pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Exchange Act subsequent to the date hereof and prior to the filing of a
post-effective amendment which indicates that all securities offered hereby have been sold or which
deregisters all securities remaining unsold, shall be deemed to be incorporated by reference herein
and to be a part hereof from the respective dates of filing of such documents.
Item 4. Description of Securities.
U.S. Bancorp Common Stock
A description of the U.S. Bancorp common stock is contained in U.S. Bancorp's Registration
Statement on Form 8-A on file with the SEC, as amended from time to time.
Options to Purchase U.S. Bancorp Common Stock
The securities being registered pursuant to the U.S. Bancorp Amended and Restated 2007 Stock
Incentive Plan include options to purchase shares of U.S. Bancorp common stock. The holder of an
option is entitled to purchase a certain number of shares of U.S. Bancorp common stock at a
specified exercise price during a specified time period, all as determined by the Compensation
Committee of the Board of Directors of U.S. Bancorp (the "Committee"). The exercise price may not
be less than 100% of the fair market value of U.S. Bancorp common stock on the date of grant unless
the option is granted in substitution for an option previously granted by an entity acquired by or
merged with U.S. Bancorp. The Committee is not permitted to reduce the exercise price of any
outstanding option, whether through amendment, cancellation or replacement grants, or any other
means, without shareholder approval. Options vest and become exercisable in accordance with the
vesting schedule established by the Committee and set forth in the award agreement. The term of
each option is fixed by the Committee and may not exceed 10 years from the date the option is
granted. Options may be designated as "incentive stock options," which are intended to meet the
requirements of Section 422 of the Internal Revenue Code, or as "non-qualified" (non-incentive)
stock options, which are not intended to meet the requirements of Section 422. The tax treatment
of incentive stock options differs from that of non-qualified stock options.
Deferred Compensation Obligations
The deferred compensation obligations being registered pursuant to the U.S. Bank Executive
Employees Deferred Compensation Plan (2005 Statement) (the "Employee Plan") and the U.S. Bank
Outside Directors Deferred Compensation Plan (2005 Statement) (the "Director Plan" and, together
with the Employee Plan, the "Plans") represent obligations (the "Obligations") of U.S. Bancorp to
pay deferred compensation in the future in accordance with the terms of each of the Plans. Copies
of each of the Plans have been filed with the SEC and are incorporated herein by reference.
Eligible employees of U.S. Bancorp are entitled to defer receipt of certain compensation into
the Employee Plan, and non-employee members of the Board of Directors of U.S. Bancorp are entitled
to defer receipt of director fees into the Director Plan. The Obligations are general unsecured
obligations of U.S. Bancorp subject to the claims of its general creditors. The Plans are
considered entirely unfunded for tax purposes. The amount of compensation to be deferred by each
participating eligible employee or Board member (individually, a "Participant" and collectively,
the "Participants") is determined in accordance with the applicable plan based on elections by each
Participant.
Under the Plans, amounts credited to a Participant's account are credited with deemed
investment returns equal to the experience of certain investment funds offered under the Plans and
selected by the Participant, including U.S. Bancorp common stock. The Obligations are generally
payable upon the earlier of a Participant's death or Separation from Service (as defined in the
Plans, and subject to the requirement that distributions to Participants who are Specified
Employees at the time of their Separation from Service will be delayed until the last day of the
month that is six months after such Separation from Service), subject to exceptions for in-service
withdrawals in the event of an Unforeseeable Emergency (as defined in the Plans), certain
court-ordered distributions, distributions in the event the plan fails to meet the requirements of
Section 409A of the Internal Revenue Code, and distributions upon termination of the applicable
plan. The Obligations generally are payable in cash in the form of a lump-sum distribution or in
installments paid over 5-year, 10-year, 15-year or 20-year periods, as elected by the Participant
at the time of the initial election to defer compensation. Account balances that reflect a deemed
investment in
U.S. Bancorp
common stock will, unless otherwise determined by the Committee, be
distributed in shares of U.S. Bancorp common stock, provided that fractional shares will be paid in
cash.
A Participant may designate one or more beneficiaries to receive any portion of the
Obligations payable in the event of death. Participants or beneficiaries may not assign or
transfer any right or interest in the Plans in which they are participating, and the payments under
each of the Plans may not be subject to alienation, attachment, execution, levy, pledge or
garnishment by or on behalf of creditors of Participants or beneficiaries. U.S. Bancorp reserves
the right to amend or terminate the Plans.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Under Delaware law, U.S. Bancorp will indemnify its directors and officers under certain
circumstances against all expenses and liabilities incurred by them as a result of suits brought
against them as directors and officers of U.S. Bancorp. The indemnified directors, advisory
directors and officers must act in good faith and in a manner they reasonably believe to be in the
best interests of U.S. Bancorp, and, with respect to any criminal action or proceeding, have no
reasonable cause to believe their conduct was unlawful. U.S. Bancorp will not indemnify directors,
advisory directors and officers for expenses in respect of any matter as to which the indemnified
directors and officers shall have been adjudged to be liable to U.S. Bancorp, unless the court in
which the action or suit was brought shall determine otherwise. U.S. Bancorp may indemnify
officers, advisory directors and directors only as authorized in each specific case upon a
determination by the shareholders or disinterested directors that indemnification is proper because
the indemnitee has met the applicable statutory standard of conduct.
Article Eighth of U.S. Bancorp's restated certificate of incorporation, as amended, provides
that a director will not be personally liable to U.S. Bancorp or its shareholders for monetary
damages for a breach of fiduciary duty as a director, except for liability: (a) for any breach of
the director's duty of loyalty to U.S. Bancorp or its shareholders, (b) for acts or omissions not
in good faith or that involve intentional misconduct or a knowing violation of law, (c) under the
Delaware statutory provision making directors personally liable for unlawful payment of dividends
or unlawful stock repurchases or redemptions, or (d) for any transaction from which the directors
derived an improper personal benefit.
Article VI of U.S. Bancorp's amended and restated bylaws provides that the officers, directors
and advisory directors of
U.S.
Bancorp
will be indemnified to the full extent permitted by the
Delaware General Corporation Law. The board of directors has discretion to indemnify any employee
of U.S. Bancorp for actions arising by reason of the employee's
employment with
U.S. Bancorp.
U.S. Bancorp will pay expenses incurred by officers, directors and advisory directors in defending
actions in advance of any final disposition if the officer, director or advisory director agrees to
repay the amounts if it is ultimately determined that he or she is not entitled to be indemnified
under the bylaws, Delaware law or otherwise.
U.S. Bancorp maintains a standard policy of officers' and directors' liability insurance.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
4.1
Restated Certificate of Incorporation, as amended (incorporated by reference to
Exhibit 3.1 to Form 10-Q for the quarterly period ended June 30, 2009).
4.2
Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to Form
8-K filed on January 20, 2010).
4.3
U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan (incorporated by
reference to Exhibit 10.1 to Form 8-K filed on April 20, 2010).
4.4
U.S. Bank 401(k) Savings Plan (2002 Restatement), effective January 1, 2002, as
amended to date by 12 separate amendments.
4.5
U.S. Bancorp Executive Employees Deferred Compensation Plan (incorporated by
reference to Exhibit 10.18 to Form 10-K for the year ended December 31, 2003).
4.6
U.S. Bank Executive Employees Deferred Compensation Plan (2005 Statement)
(formerly the U.S. Bancorp 2005 Executive Employees Deferred Compensation Plan)
(incorporated by reference to Exhibit 10.2 to Form 8-K filed on December 21, 2005).
4.7
First Amendment of U.S. Bank Executive Employees Deferred Compensation Plan
(2005 Statement) effective as of January 1, 2009 (incorporated by reference to Exhibit
10.2(b) to Form 8-K filed on January 7, 2009).
4.8
U.S. Bancorp Outside Directors Deferred Compensation Plan (incorporated by
reference to Exhibit 10.19 to Form 10-K for the year ended December 31, 2003).
4.9
U.S. Bank Outside Directors Deferred Compensation Plan (2005 Statement)
(formerly the U.S. Bancorp 2005 Outside Directors Deferred Compensation Plan)
(incorporated by reference to Exhibit 10.1 to Form 8-K filed on December 21, 2005).
4.10
First Amendment of U.S. Bank Outside Directors Deferred Compensation Plan (2005
Statement) effective as of January 1, 2009 (incorporated by reference to Exhibit
10.3(b) to Form 8-K filed on January 7, 2009).
5.1
Opinion of Dorsey & Whitney LLP.
5.2
Determination Letter from the Internal Revenue Service with respect to
qualification of the U.S. Bank 401(k) Savings Plan under Section 401 of the Internal
Revenue Code of 1986, as amended.
23.1
Consent of Dorsey & Whitney LLP (included in Exhibit 5.1).
23.2
Consent of Ernst & Young LLP.
24.1
Power of Attorney.
Item 9. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities
Act;
(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than
a 20 percent change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the effective registration statement; and
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;
provided
,
however
, that paragraphs (a)(1)(i) and (a)(1)(ii) above do not
apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the SEC by the registrant
pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by
reference in the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrant's annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act and each filing of the 401(k) Savings Plan's
annual report pursuant to Section 15(d) of the Exchange Act that is incorporated by reference in
the registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC
such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Minneapolis, State of Minnesota, on
April 20, 2010.
U.S. BANCORP
By:
/s/ Richard K. Davis
Richard K. Davis
Chairman, President and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration
statement has been signed by the following persons in the capacities indicated on April 20, 2010.
Signature and Title
/s/ Richard K. Davis
Richard K. Davis,
Chairman, President, and Chief Executive Officer
(principal executive officer)
/s/ Andrew Cecere
Andrew Cecere,
Vice Chairman and Chief Financial Officer
(principal financial officer)
/s/ Terrance R. Dolan
Terrance R. Dolan,
Executive Vice President and Controller
(principal accounting officer)
/s/ Douglas M. Baker, Jr.*
Douglas M. Baker, Jr., Director
/s/ Y. Marc Belton*
Y. Marc Belton, Director
/s/ Victoria Buyniski Gluckman*
Victoria Buyniski Gluckman, Director
/s/ Arthur D. Collins, Jr.*
Arthur D. Collins, Jr., Director
/s/ Joel W. Johnson*
Joel W. Johnson, Director
/s/ Olivia F. Kirtley*
Olivia F. Kirtley, Director
Signature and Title
/s/ Jerry W. Levin*
Jerry W. Levin, Director
/s/ David B. O'Maley*
David B. O'Maley, Director
/s/ O'dell M. Owens, M.D., M.P.H.*
O'Dell M. Owens, M.D., M.P.H., Director
/s/ Richard G. Reiten*
Richard G. Reiten, Director
/s/ Craig D. Schnuck*
Craig D. Schnuck, Director
/s/ Patrick T. Stokes*
Patrick T. Stokes, Director
*
Lee R. Mitau, by signing his name hereto, does hereby sign this document on
behalf of each of the above named directors of the registrant pursuant to
powers of attorney duly executed by such persons.
Dated: April 20, 2010
By:
/s/ Lee R. Mitau
Lee R. Mitau
Attorney-In-Fact
Executive Vice President,
General Counsel and Corporate Secretary
Pursuant to the requirements of the Securities Act, the trustee (or other person who
administers the employee benefit plan) has duly caused this registration statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of Minneapolis, State of
Minnesota, on April 20, 2010.
U.S. BANK 401(K) SAVINGS PLAN
By:
U.S. Bancorp, the Plan Administrator
By:
/s/ Richard K. Davis
Richard K. Davis
Chairman, President and Chief Executive Officer
EXHIBIT INDEX
4.1
Restated Certificate of Incorporation, as amended (incorporated by reference to Exhibit 3.1
to Form 10-Q for the quarterly period ended June 30, 2009).
4.2
Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to Form 8-K filed on
January 20, 2010).
4.3
U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan (incorporated by reference to
Exhibit 10.1 to Form 8-K filed on April 20, 2010).
4.4
U.S. Bank 401(k) Savings Plan (2002 Restatement), effective January 1, 2002, as amended to
date by 12 separate amendments.
4.5
U.S. Bancorp Executive Employees Deferred Compensation Plan (incorporated by reference to
Exhibit 10.18 to Form 10-K for the year ended December 31, 2003).
4.6
U.S. Bank Executive Employees Deferred Compensation Plan (2005 Statement) (formerly the
U.S. Bancorp 2005 Executive Employees Deferred Compensation Plan) (incorporated by reference
to Exhibit 10.2 to Form 8-K filed on December 21, 2005).
4.7
First Amendment of U.S. Bank Executive Employees Deferred Compensation Plan (2005 Statement)
effective as of January 1, 2009 (incorporated by reference to Exhibit 10.2(b) to Form 8-K
filed on January 7, 2009).
4.8
U.S. Bancorp Outside Directors Deferred Compensation Plan (incorporated by reference to
Exhibit 10.19 to Form 10-K for the year ended December 31, 2003).
4.9
U.S. Bank Outside Directors Deferred Compensation Plan (2005 Statement) (formerly the
U.S. Bancorp 2005 Outside Directors Deferred Compensation Plan) (incorporated by reference to
Exhibit 10.1 to Form 8-K filed on December 21, 2005).
4.10
First Amendment of U.S. Bank Outside Directors Deferred Compensation Plan (2005 Statement)
effective as of January 1, 2009 (incorporated by reference to Exhibit 10.3(b) to Form 8-K
filed on January 7, 2009).
5.1
Opinion of Dorsey & Whitney LLP.
5.2
Determination Letter from the Internal Revenue Service with respect to qualification of the
U.S. Bank 401(k) Savings Plan under Section 401 of the Internal Revenue Code of 1986, as
amended.
23.1
Consent of Dorsey & Whitney LLP (included in Exhibit 5.1).
23.2
Consent of Ernst & Young LLP.
24.1
Power of Attorney.