e424b2
 

Rule 424(b)(2)
Registration No. 333-150298
CALCULATION OF REGISTRATION FEE
                         
 
  Title of Each Class of     Maximum Aggregate       Amount of Registration    
  Securities Offered     Offering Price       Fee(1)    
 
Senior Notes
     $ 150,000,000       $ 5,895    
 
(1)   Calculated in accordance with Rule 457(r) of the Securities Act of 1933.
PRICING SUPPLEMENT NO. 2 DATED FRIDAY, MAY 02, 2008
TO PROSPECTUS DATED APRIL 25, 2008,
AS SUPPLEMENTED BY PROSPECTUS SUPPLEMENT DATED APRIL 25, 2008,
AND SUPPLEMENTAL TO THE OFFICERS’ CERTIFICATE AND COMPANY ORDER DATED APRIL 25, 2008
U.S. BANCORP
Medium-Term Notes, Series R (Senior)
Medium-Term Notes, Series S (Subordinated)
                                     
CUSIP No.:
   91159HGP9   Issue Price (Dollar Amount and Percentage of Principal Amout):
 
                                    
Series:   Amount:     $149,955,000.00 /       99.9700 %
 
                                    
þ   Series R (Senior)   Proceeds to the Company:     $149,955,000.00
o   Series S (Subordinated)                        
                Interest Rate/Initial Interest Rate:        
Form of Note:                                
þ   Book-Entry   Interest Payment Dates:   Quarterly, on the 6th of each August,
                        November, February and May
o   Certificated                        
 
                                    
Principal Amount:     $150,000,000.00   Regular Record Date:   15 Calendar Days Prior
 
                                    
Trade Date:   Friday, May 02, 2008   Interest Determination Date: 2 Business Days Prior
 
                                    
Original Issue Date:
   Tuesday, May 06, 2008   Interest Reset Date: Quarterly, on the 6th of each August,
                        November, February and May
Maturity Date:
   Thursday, May 06, 2010                        
 
                                    
Base Rate (and, if applicable,                        
related Interest Periods):           Index Source:   LIBOR01 (Reuters)
o   Fixed Rate Note           Index Maturity:   3 month
o   Commercial Paper Note     Spread:   0.400%
o
   Federal Funds Note                          
þ   LIBOR Note     Spread Multiplier:                
o   EURIBOR Note     Maximum Interest Rate:                
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 %:        
 
                                    
Agent’s Commission:     $45,000.00   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 prinipal amount thereof payable upon any redemption or acceleration of the maturity thereof.    
Name of Agent and Delivery Instructions:                  
 
       Morgan Stanley   o    For Federal income tax purposes only.
 
                                    
 
       DTC# 050   Signature
 
                                    
                /s/ Kenneth D. Nelson
                 
                (Authorized signature)
 
                                    
                /s/ Lynn D. Flagstad
                 
                (Authorized signature)