US BANCORP \DE\ — Director's Dealing 2005

May 9, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2005-05-09

Reporting Person: JOSEPH PAMELA A (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-09	Common Stock, $0.01 par value	M	15000	$21.4938	Acquired	76102	Direct
2005-05-09	Common Stock, $0.01 par value	M	7755	$19.1001	Acquired	83857	Direct
2005-05-09	Common Stock, $0.01 par value	S	16600	$28.54	Disposed	67257	Direct
2005-05-09	Common Stock, $0.01 par value	S	6155	$28.57	Disposed	61102	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-09	Employee Stock Option (Right to Buy)	$21.4938	M	15000	Disposed	2012-12-17	Common Stock (15000)	Direct
2005-05-09	Employee Stock Option (Right to Buy)	$19.1001	M	7755	Disposed	2011-12-18	Common Stock (7755)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	273.43	Indirect

Footnotes

F1: Based on a plan report dated 4/30/05, the most recent plan report available.

F2: The option vests in four equal annual installments beginning on December 17, 2003.

F3: The option vests in four equal annual installments beginning on December 18, 2002.