e424b2
 

     
 
       Rule 424(b)(2)
 
  Registration No. 333-124535
PRICING SUPPLEMENT NO. 5 DATED Monday, January 28, 2008
TO PROSPECTUS DATED MAY 12, 2005,
AS SUPPLEMENTED BY PROSPECTUS SUPPLEMENT DATED MAY 12, 2005,
U.S. BANCORP
Medium-Term Notes, Series P (Senior)
Medium-Term Notes, Series Q (Subordinated)
             
CUSIP No.: 91159HGN4       Issue Price (Dollar Amount and Percentage of Principal Amount):
 
            
Series:
          $1,000,000,000.00 / 100.0000% 
 
            
þ     Series P(Senior)
      Proceeds to the Company:   $999,415,500 / 99.94155%
o     Series Q (Subordinated)
            
 
      Interest Rate/Initial Interest Rate:   TBD
Form of Note:
      Interest Payment Dates:   Quarterly, on the Fourth of February, May, August, and November
þ     Book-Entry
            
o     Certificated
Principal Amount:
  $1,000,000,000.00    Regular Record Date:   15 calendar days prior to the relevant Interest Payment Date
Trade Date:
  Monday, January 28, 2008   Interest Determination Date:   2 London business days prior to the relevant Interest Reset Date
Original Issue Date:
  Monday, February 4, 2008   Interest Reset Date:   Fourth of February, May, August and November
Maturity Date:
  Thursday, February 4, 2010        
Base Rate (and, if applicable,
      Index Source:   Reuters Page LIBOR 01
Related Interest Periods):
            
o     Fixed Rate Note
      Index Maturity:   3 months
o     Commercial Paper Note
      Spread:   0.40%
o     Federal Funds Note
            
þ     LIBOR Note
      Spread Multiplier:   Not applicable
o     EURIBOR Note
      Maximum Interest Rate:   Maximum rate permitted by New
York Law
o     Prime Rate Note
            
o     CD Rate Note
      Day Count:   Act/360
o     Treasury Rate Note
      Minimum Interest Rate:    
o     CMT Rate Note
            
o     Other Base Rate
      For Original Issue Discount Notes:    
o     Zero Coupon Note
      Original Issue Discount %:   Not applicable
Agent’s Commission: 0.05845%
      Yield to Maturity:    
Redemption Terms:
  Not applicable   Original Issue Discount Notes:    
Other Terms:
            
        o     Subject to special provisions set forth therein with respect to the principal amount thereof payable upon any redemption or acceleration of the maturity thereof.
Name of Agent and Delivery Instructions:        
    Lehman Brothers Inc. (50%) Morgan Stanley & Co. (50%) Incorporated   o     For Federal income tax purposes only.
             
 
      Signature    
 
            
 
  DTC#636        
 
            
 
      /s/ Ken Nelson   1-28-08
 
      (Authorized signature)