Rule 424(b)(5)
File No. 33-43407
PRICING SUPPLEMENT NO. 25 DATED JULY 9, 1997
(To Prospectus dated May 18, 1994, and Prospectus Supplement dated April 10,
1996)
[GRAPHIC OMITTED]
MEDIUM-TERM NOTES, SERIES E
DUE FROM NINE MONTHS TO FIFTEEN YEARS FROM DATE OF ISSUE
FLOATING RATE NOTES
-------------------
PRINCIPAL AMOUNT: $45,000,000
INITIAL INTEREST RATE: 1 month LIBOR on July 14, 1997, plus 8 basis
points (5.7675%)
INTEREST RATE BASIS: 1 month LIBOR as found on Telerate page 3750
INTEREST DETERMINATION DATE: Two London business days prior to Interest
Reset Date
SPREAD: + .08 bp
SPREAD MULTIPLIER: Not applicable
INDEX MATURITY: 1 month LIBOR
INTEREST RATE RESET PERIOD: Monthly
INTEREST RESET DATES: First reset date is August 20, 1997, and
thereafter on third Wednesday of each month
INTEREST PAYMENT PERIOD: Monthly
INTEREST PAYMENT DATES: Third Wednesday of each month and at
maturity
MAXIMUM INTEREST RATE: Not applicable
MINIMUM INTEREST RATE: Not applicable
CALCULATION AGENT: The Chase Manhattan Bank
SETTLEMENT DATE (ORIGINAL ISSUE DATE): July 14, 1997
MATURITY DATE: August 14, 2001
REDEMPTION: The Notes cannot be redeemed prior to maturity.
INDENTURE TRUSTEE: The Chase Manhattan Bank, as successor to Chemical Bank
----------------------------
<TABLE>
<CAPTION>
Price to Underwriting Discounts Proceeds to
Public and Commissions(1) U. S. Bancorp(1)
<S> <C> <C> <C>
Per Note....................... 100% .0725% 99.9275%
Total.......................... $45,000,000 $32,625 $44,967,375
</TABLE>
<PAGE>
(1) U. S. Bancorp has agreed to indemnify the Underwriter named below against
certain liabilities, including liabilities under the Securities Act of 1933.
--------------------------
Under the terms and conditions contained in a Terms Agreement between
U. S. Bancorp and the Underwriter named below, U. S. Bancorp has agreed to sell
and the Underwriter has agreed to purchase $45,000,000 aggregate principal
amount of Notes. The Notes offered hereby are offered by the Underwriter subject
to prior sale, to withdrawal, cancellation or modification of the offer without
notice, to delivery to and acceptance by the Underwriter and to certain further
conditions. If any of the Notes offered hereby are purchased by the Underwriter,
all of them must be purchased. The Notes will not be listed on any securities
exchange, and there can be no assurance that there will be a secondary market
for the Notes. The Underwriter engages in transactions with and performs
financing services for U. S. Bancorp and its affiliates in the ordinary course
of business.
BEAR, STEARNS & CO. INC.
