US BANCORP \DE\ — Director's Dealing 2003

Dec 15, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2003-12-12

Reporting Person: DANNEMILLER JOHN C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-12	Common Stock, $0.01 par value	M	13000	$4.6667	Acquired	15700	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-12	Non-Employee Director Stock Option (Right to Buy)	$4.6667	M	13000	Disposed	2005-03-11	Common Stock (18000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Restricted Stock Units	$		Common Stock (2586)	2586	Direct
Deferred Compensation Plan Participation	$		Common Stock (52456.48)	52456.48	Direct
Non-Employee Director Stock Option (Right to Buy)	$21.64	2012-12-17	Common Stock (7200)	7200	Direct
Non-Employee Director Stock Option (Right to Buy)	$20.78	2012-01-02	Common Stock (8600)	8600	Direct
Non-Employee Director Stock Option (Right to Buy)	$23.34	2011-02-27	Common Stock (6100)	6100	Direct
Non-Employee Director Stock Option (Right to Buy)	$23.4375	2011-01-02	Common Stock (1150)	1150	Direct
Non-Employee Director Stock Option (Right to Buy)	$21.6875	2010-12-12	Common Stock (8900)	8900	Direct
Non-Employee Director Stock Option (Right to Buy)	$22.5625	2010-10-02	Common Stock (450)	450	Direct
Non-Employee Director Stock Option (Right to Buy)	$20.875	2010-07-03	Common Stock (700)	700	Direct
Non-Employee Director Stock Option (Right to Buy)	$23.375	2010-04-03	Common Stock (450)	450	Direct
Non-Employee Director Stock Option (Right to Buy)	$20.9375	2010-01-03	Common Stock (6625)	6625	Direct
Non-Employee Director Stock Option (Right to Buy)	$21.375	2009-12-14	Common Stock (6900)	6900	Direct
Non-Employee Director Stock Option (Right to Buy)	$25.625	2009-10-01	Common Stock (625)	625	Direct
Non-Employee Director Stock Option (Right to Buy)	$28.00	2009-07-01	Common Stock (3300)	3300	Direct
Non-Employee Director Stock Option (Right to Buy)	$28.00	2009-07-01	Common Stock (950)	950	Direct
Non-Employee Director Stock Option (Right to Buy)	$29.4167	2009-03-09	Common Stock (10800)	10800	Direct
Non-Employee Director Stock Option (Right to Buy)	$21.00	2008-04-14	Common Stock (18000)	18000	Direct
Non-Employee Director Stock Option (Right to Buy)	$13.7917	2007-04-06	Common Stock (18000)	18000	Direct
Non-Employee Director Stock Option (Right to Buy)	$7.0833	2006-04-07	Common Stock (18000)	18000	Direct

Footnotes

F1: Restricted stock units convert into common stock on a one-for-one basis.

F2: The restricted stock units vest in four equal annual installments beginning on December 17, 2003. Vested units are payable in common stock when the reporting person retires in accordance with the Company's director retirement policy.

F3: Includes restricted stock units acquired in January, April, July and October pursuant to a dividend reinvestment feature of the reporting person's restricted stock unit award.

F4: Deferred Compensation Plan Participation converts into common stock on a one-for-one basis and is payable in common stock following termination of the reporting person's directorship with U.S. Bancorp.

F5: Includes additional amounts acquired in January, April, July and October pursuant to a dividend reinvestment feature of the U.S. Bancorp Deferred Compensation Plan.

F6: The option vested in four equal annual installments beginning on March 14, 1996.

F7: The option vests in four equal annual installments beginning on December 17, 2003.

F8: The option vests in four equal annual installments beginning on January 2, 2003.

F9: The option vests in four equal annual installments beginning on February 27, 2002.

F10: The option vests in four equal annual installments beginning on January 2, 2002.

F11: The option vests in four equal annual installments beginning on December 12, 2001.

F12: The option vests in four equal annual installments beginning on October 2, 2001.

F13: The option vests in four equal annual installments beginning on July 3, 2001.

F14: The option vests in four equal annual installments beginning on April 3, 2001.

F15: The option vests in four equal annual installments beginning on January 3, 2001.

F16: The option vests in four equal annual installments beginning on December 14, 2000.

F17: The option vested 100% on October 1, 2003.

F18: The option vested in four equal annual installments beginning on July 1, 2000.

F19: The option vested in four equal annual installments beginning on March 9, 2000.

F20: The option vested in four equal annual installments beginning on April 14, 1999.

F21: The option vested in four equal annual installments beginning on April 8, 1998.

F22: The option vested in four equal annual installments beginning on April 9, 1997.