US BANCORP \DE\ — Director's Dealing 2004

Nov 15, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2004-11-15

Reporting Person: MITAU LEE R (EVP, General Counsel & Sec)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-11-15	Common Stock, $0.01 par value	M	4274	$21.1959	Acquired	63336	Direct
2004-11-15	Common Stock, $0.01 par value	M	20000	$21.4938	Acquired	83336	Direct
2004-11-15	Common Stock, $0.01 par value	S	23300	$30.30	Disposed	60036	Direct
2004-11-15	Common Stock, $0.01 par value	S	974	$30.34	Disposed	59062	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-11-15	Employee Stock Option (Right to Buy)	$21.1959	M	4274	Disposed	2005-10-02	Common Stock (4274)	Direct
2004-11-15	Employee Stock Option (Right to Buy)	$21.4938	M	20000	Disposed	2012-12-17	Common Stock (20000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	6647.49	Indirect
Common Stock, $0.01 par value	85019	Indirect

Footnotes

F1: Based on a plan report dated 10/31/04, the most recent plan report available.

F2: The option vests 100% on December 17, 2007, or 25% on December 17th of each of 2003, 2004, 2005 and 2006 if certain performance criteria are met in those years.