US BANCORP \DE\ — Director's Dealing 2004

Aug 16, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2004-08-16

Reporting Person: DAVIS RICHARD K (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-16	Common Stock, $0.01 par value	M	3753	$3.7379	Acquired	88278.08	Direct
2004-08-16	Common Stock, $0.01 par value	S	2953	$28.72	Disposed	85325.08	Direct
2004-08-16	Common Stock, $0.01 par value	S	800	$28.73	Disposed	84525.08	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-16	Employee Stock Option (Right to Buy)	$3.7379	M	3753	Disposed	2004-12-10	Common Stock (3753)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	37438	Indirect
Common Stock, $0.01 par value	7074.52	Indirect

Footnotes

F1: Includes shares acquired in January, April and July pursuant to the U.S. Bancorp Dividend Reinvestment Plan in transactions exempt under Rule 16a-11.

F2: Based on a plan report dated 7/31/04, the most recent plan report available.

F3: The option vested in four equal annual installments beginning on December 13, 1995.