FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

JOHNSON JOEL W 		2. Issuer Name and Ticker or Trading Symbol

US BANCORP DE [ USB ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

HORMEL FOODS CORPORATION, 1 HORMEL PLACE 		3. Date of Earliest Transaction (MM/DD/YYYY)

11/14/2014
(Street)

AUSTIN, MN 55912
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, $0.01 par value   11/14/2014     M    16450.0000   A $31.2000   16450.0000   D    
Common Stock, $0.01 par value   11/14/2014     M    7859.0000   A $30.4000   24309.0000   D    
Common Stock, $0.01 par value   11/14/2014     F    17199.0000   D $43.7300   7110.0000   D    
Common Stock, $0.01 par value   4/21/2015     M    850.0000   A $30.3900   7960.0000   D    
Common Stock, $0.01 par value   4/21/2015     F    607.0000   D $42.5000   7353.0000   D    
Common Stock, $0.01 par value                  126.0000   I   By Arena Holdings, LLC  
Common Stock, $0.01 par value                  31585.0000   I   By Elizabeth Johnson GRAT  
Common Stock, $0.01 par value                  31585.0000   I   By Joel Johnson GRAT  
Common Stock, $0.01 par value                  5237.0000   I   By Trust  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Employee Director Stock Option (Right to Buy)   $31.2000   11/14/2014     M         16450.0000      (1) 1/3/2015   Common Stock, $0.01 par value   16450.0000   $0.0000   0.0000   D    
Non-Employee Director Stock Option (Right to Buy)   $30.4000   11/14/2014     M         7859.0000      (2) 1/18/2015   Common Stock, $0.01 par value   7859.0000   $0.0000   0.0000   D    
Non-Employee Director Stock Option (Right to Buy)   $30.3900   4/21/2015     M         850.0000      (3) 7/20/2015   Common Stock, $0.01 par value   850.0000   $0.0000   0.0000   D    

Explanation of Responses:
( 1)  The option vested in four equal annual installments beginning on January 3, 2006.
( 2)  The option vested in four equal annual installments beginning on January 18, 2006.
( 3)  The option vested in four equal annual installments beginning on July 20, 2006.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
JOHNSON JOEL W
HORMEL FOODS CORPORATION
1 HORMEL PLACE
AUSTIN, MN 55912 		X



Signatures
James L. Chosy for Joel W. Johnson 4/22/2015
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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