US BANCORP \DE\ — Director's Dealing 2004

Aug 2, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2004-07-30

Reporting Person: CECERE ANDREW (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-07-30	Common Stock, $0.01 par value	M	50000	$19.1001	Acquired	207829	Direct
2004-07-30	Common Stock, $0.01 par value	S	50000	$28.50	Disposed	157829	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-07-30	Employee Stock Option (Right to Buy)	$19.1001	M	50000	Disposed	2011-12-18	Common Stock (50000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	5145.96	Indirect
Common Stock, $0.01 par value	341	Indirect

Footnotes

F1: Based on a plan report dated 6/30/04, the most recent plan report available.

F2: The option vests in four equal annual installments beginning on December 18, 2002.