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: 2004-02-12

Reporting Person: DOYLE MICHAEL J (EVP, Chief Credit Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-12	Common Stock, $0.01 par value	M	1007	$18.7889	Acquired	16209.67	Direct
2004-02-12	Common Stock, $0.01 par value	S	1007	$28.00	Disposed	15202.67	Direct
2004-02-12	Common Stock, $0.01 par value	M	5000	$19.1001	Acquired	20202.67	Direct
2004-02-12	Common Stock, $0.01 par value	S	5000	$28.00	Disposed	15202.67	Direct
2004-07-27	Common Stock, $0.01 par value	M	3000	$19.1001	Acquired	18202.71	Direct
2004-07-27	Common Stock, $0.01 par value	S	3000	$28.056	Disposed	15202.71	Direct
2004-07-27	Common Stock, $0.01 par value	M	3000	$19.1001	Acquired	18202.71	Direct
2004-07-27	Common Stock, $0.01 par value	S	3000	$28.15	Disposed	15202.71	Direct
2004-08-04	Common Stock, $0.01 par value	M	3000	$19.1001	Acquired	18202.71	Direct
2004-08-04	Common Stock, $0.01 par value	S	3000	$28.81	Disposed	15202.71	Direct
2004-11-05	Common Stock, $0.01 par value	M	3000	$19.1001	Acquired	18202.74	Direct
2004-11-05	Common Stock, $0.01 par value	S	1800	$29.81	Disposed	16402.74	Direct
2004-11-05	Common Stock, $0.01 par value	S	1200	$29.82	Disposed	15202.74	Direct
2004-11-11	Common Stock, $0.01 par value	M	3000	$19.1001	Acquired	18202.74	Direct
2004-11-11	Common Stock, $0.01 par value	S	3000	$30.00	Disposed	15202.74	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-02-12	Employee Stock Option (Right to Buy)	$18.7889	M	1007	Disposed	2007-12-07	Common Stock (1007)	Direct
2004-02-12	Employee Stock Option (Right to Buy)	$19.1001	M	5000	Disposed	2011-12-18	Common Stock (5000)	Direct
2004-07-27	Employee Stock Option (Right to Buy)	$19.1001	M	3000	Disposed	2011-12-18	Common Stock (3000)	Direct
2004-07-27	Employee Stock Option (Right to Buy)	$19.1001	M	3000	Disposed	2011-12-18	Common Stock (3000)	Direct
2004-08-04	Employee Stock Option (Right to Buy)	$19.1001	M	3000	Disposed	2011-12-18	Common Stock (3000)	Direct
2004-11-05	Employee Stock Option (Right to Buy)	$19.1001	M	3000	Disposed	2011-12-18	Common Stock (3000)	Direct
2004-11-11	Employee Stock Option (Right to Buy)	$19.1001	M	3000	Disposed	2011-12-18	Common Stock (3000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	1530.13	Indirect
Common Stock, $0.01 par value	1500	Indirect
Common Stock, $0.01 par value	500	Indirect

Footnotes

F1: Includes share amounts acquired in January, April, July and October 2004 pursuant to a dividend reinvestment plan in transactions exempt under Rule 16a-11.

F2: Based on a plan report dated 10/31/04, the most recent plan report available.

F3: The option vested in four equal annual installments beginning on December 9, 1998.

F4: The option vests in four equal annual installments beginning on December 18, 2002.