Title of Each Class of

Maximum Aggregate

Amount of Registration

Securities Offered

Offering Price

Fee(1)

Senior Notes

$500,000,000

$64,400

CUSIP No.:

91159HHF0

Issue Price (Dollar Amount and Percentage of Principal Amount):

Series:

Amount:

$500,000,000 / 100%

x     Series T (Senior)

Proceeds to the Company:

$499,250,000

o      Series U (Subordinated)

Form of Note:

Interest Rate/Initial Interest Rate:

LIBOR determined on the Interest Determination Date plus the Spread

x     Book-Entry

o      Certificated

Interest Payment Dates:

Quarterly, on the 15th of February, May, August and November beginning February 18, 2014

Principal Amount:

$500,000,000

Trade Date:

November 4, 2013

Regular Record Dates:

15 Calendar Days prior to each Interest Payment Date

Original Issue Date:

November 7, 2013

Interest Determination Dates:

2 London business days prior to each Interest Payment Date

Maturity Date:

November 15, 2018

Base Rate (and, if applicable, related Interest Periods):

Interest Reset Dates:

Quarterly, on the 15th of February, May, August and November

o      Fixed Rate Note

Index Source:

LIBOR01 (Reuters)

o      Commercial Paper Note

o      Federal Funds Note

Index Maturity:

3 months

o    Federal Funds (Effective) Rate

o    Federal Funds Open Rate

Spread:

0.49%

o    Federal Funds Target Rate

x     LIBOR Note

Spread Multiplier:

Not applicable

o      EURIBOR Note

o      Prime Rate Note

Maximum Interest Rate:

Maximum rate permitted by New York law

o      CD Rate Note

o      Treasury Rate Note

Day Count:

Act/360

o      CMT Rate Note

o    Reuters Page FRBCMT

Minimum Interest Rate:

Not applicable

o    Reuters Page FEDCMT

o  One-Week o  One-Month

For Original Issue Discount Notes:

o      Other Base Rate (as described below)

o      Zero Coupon Note

Original Issue Discount %:

Agent’s Commission:

$750,000

Yield to Maturity:

Redemption Date:

October 15, 2018

Original Issue Discount Notes:

Redemption Terms:  Redeemable in whole or in part on or after the Redemption Date at 100% of the principal amount of the notes (par), plus accrued and unpaid interest thereon to the date of redemption. U.S. Bancorp shall provide 10 to 60 calendar days notice of redemption to the registered holder of the note.

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.

o      For Federal income tax purposes only.

Price to Public

Agents’ Commissions or Discount

Proceeds to U.S. Bancorp

Per Note

100%

0.15%

99.850%

Total

$500,000,000

$750,000

$499,250,000

Agent

Principal Amount

Morgan Stanley & Co. LLC

$166,666,000

/s/ John C. Stern                                       (authorized officer)

Deutsche Bank Securities Inc.

$166,667,000

U.S. Bancorp Investments, Inc.

$166,667,000

/s/ Joseph M. Tessmer                              (authorized officer)

Total

$500,000,000

Conflicts of Interest.  The issuer’s affiliate, U.S. Bancorp Investments, Inc., will be participating in sales of the notes.  As such, the offering is being conducted in compliance with the applicable requirements of FINRA Rule 5121.

Notice to Canadian Investors.  The notes are unsecured and are not and will not be savings accounts, deposits, obligations of, or otherwise guaranteed by, U.S. Bank National Association or any other bank.  The Notes do not evidence deposits of U.S. Bank National Association or any other banking affiliate of the Issuer.  The notes are not insured by the Federal Deposit Insurance Corporation, the Canada Deposit Insurance Corporation or any other insurer or governmental agency or instrumentality.   U.S. Bancorp is not regulated as a financial institution in Canada.  However, U.S. Bank National Association’s Canada branch is listed on Schedule III to the Bank Act (Canada) and is subject to regulation by the Office of the Superintendent of Financial Institutions (Canada).  The notes may be sold only to purchasers purchasing as principal that are both “accredited investors” as defined in National Instrument 45-106 Prospectus and Registration Exemptions and “permitted clients” as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.  Any resale of the notes must be made in accordance with an exemption from the prospectus requirements and in compliance with the registration requirements of applicable securities laws.