FORM 4
( ) Check this box if no longer
subject to Section 16. Form 4
or Form 5 obligations may continue.
See Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION _____________________
WASHINGTON, D.C. 20549 | OMB APPROVAL |
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |_____________________|
|OMB NUMBER: 3235-0287|
|EXPIRES: |
| SEPTEMBER 30, 1998 |
Filed pursuant to Section 16(a) of the |ESTIMATED AVERAGE |
Securities Exchange Act of 1934, |BURDEN HOURS |
Section 17(a) of the Public Utility |PER RESPONSE 0.5 |
Holding Company Act of 1935 |_____________________|
or Section 30(f) of the Investment
Company Act of 1940
____________________________________________________________________________
1. Name and Address of Reporting Person
Pollack Lester
Thirty Rockefeller Plaza, Suite 5050
New York, NY 10020
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2. Issuer Name and Ticker or Trading Symbol
U.S. Bancorp (NYSE:USB)
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3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
###-##-####
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4. Statement for Month/Year
6/98
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5. If Amendment, Date of Original (Month/Year)
___________________________________________________________________________
6. Relationship of reporting person to Issuer (Check all applicable)
( ) DIRECTOR
( ) 10% OWNER
( ) OFFICER (GIVE TITLE BELOW)
(XX) OTHER (SPECIFY TITLE BELOW)
Observer to Board of Directors
_____________________________________________________
___________________________________________________________________________
7. Individual, or Joint/Group Filing (Check all applicable)
(XX) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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TABLE I
Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1. Title of Security (Instr. 3)
No securities owned*
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2. Transaction Date (Month/Day/Year)
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3. Transaction Code (Instr. 8)
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4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)
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5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)
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6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4)
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7. Nature of Indirect Beneficial Ownership (Instr. 4)
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
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TABLE II
Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., Puts, Calls, Warrants, Options, Convertible securities)
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1. Title of Derivative Security (Instr. 3)
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2. Conversion or Exercise Price of Derivative Security
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3. Transaction Date (Month/Day/Year)
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4. Transaction Code (Instr. 8)
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
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6. Date Exercisable and Expiration Date (Month/Day/Year)
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7. Title and Amount of Underlying Securities (Instr. 3 and 4)
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8. Price of Derivative Securities (Instr. 5)
___________________________________________________________________________
9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
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10. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 4)
___________________________________________________________________________
11. Nature of Indirect Beneficial Ownership (Instr. 4)
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EXPLANATION OF RESPONSES:
/s/ Lester Pollack July 2, 1998
_____________________________________ ________________
** SIGNATURE OF REPORTING PERSON DATE
_____________________________
** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78FF(A).
* Corporate Advisors, L.P. ("Corporate Advisors"), of which Mr.
Pollack is senior managing director, is the general partner of each of
Corporate Partners, L.P. ("Corporate Partners") and Corporate Offshore
Partners, L.P. ("Offshore"; together with Corporate Partners, the
"Partnerships"). After giving effect to the transactions described below,
Corporate Partners is a record owner of 8,330,285 shares of common stock,
par value $1.25 per share (the "Common Stock"), of U.S. Bancorp (the
"Company"). After giving effect to the transactions described below,
Offshore is a record owner of 605,737 shares of Common Stock. LFCP Corp.
is the general partner of Corporate Advisors and a wholly owned subsidiary
of Lazard Freres & Co. LLC, a New York limited liability company
("Lazard"). Mr. Pollack is Chairman, Treasurer and a director of LFCP
Corp., a managing director of Lazard and serves as an observer to the Board
of Directors of the Company.
Corporate Advisors acts as an investment manager for the State Board
of Administration of Florida ("State Board") pursuant to an investment
management agreement between the State Board and Corporate Advisors, dated
as of June 17, 1988 (the "Investment Management Agreement"), with respect
to account assets held in a certain custody account of the State Board.
After giving effect to the transactions described below, the State Board is
a record owner of 883,978 shares of Common Stock pursuant to the Investment
Management Agreement.
Pursuant to the partnership agreements of the Partnerships, Corporate
Advisors, as general partner of the Partnerships, has sole and exclusive
right, power and authority to vote and dispose of all of the shares of
Common Stock owned by the Partnerships. Pursuant to the Investment
Management Agreement, Corporate Advisors has the sole and exclusive right,
power and authority to vote and dispose of all of the shares of Common
Stock owned on behalf of the State Board pursuant to the Investment
Management Agreement.
Mr. Pollack disclaims "beneficial ownership" (as such term is defined
in Rule 16a-1(a) promulgated under the Securities Exchange Act of 1934, as
amended) of the shares of Common Stock owned by the Partnerships and the
State Board.
On June 15, 1998 sales were made on behalf of Corporate Partners,
Offshore and the State Board of 848,300 shares, 61,684 shares and 90,016
shares, respectively, of Common Stock at a price of $40.00 per share. On
June 23, 1998, sales were made on behalf of Corporate Partners, Offshore
and the State Board of 848,300 shares, 61,684 shares and 90,016 shares,
respectively, of Common Stock at a price of $41.6875 per share.
