US BANCORP \DE\ — Director's Dealing 2005

Apr 7, 2005

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2005-04-05

Reporting Person: Otting Joseph M (EVP, Commercial Banking)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	10791	Direct
Common Stock, $0.01 par value	569.674	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$19.5173	2011-12-19	Common Stock (176190)		Direct
Employee Stock Option (Right to Buy)	$21.4938	2012-12-17	Common Stock (55374)		Direct
Employee Stock Option (Right to Buy)	$24.5828	2013-06-30	Common Stock (30204)		Direct
Employee Stock Option (Right to Buy)	$28.50	2014-01-20	Common Stock (29188)		Direct
Employee Stock Option (Right to Buy)	$30.12	2015-02-16	Common Stock (56054)		Direct

Footnotes

F1: Based on a plan report dated 3/31/05, the most recent plan report available.

F2: The option vests in four equal annual installments beginning on December 19, 2002.

F3: The option vests in four equal annual installments beginning on December 17, 2003.

F4: The option vests in four equal annual installments beginning on June 30, 2004.

F5: The option vests in four equal annual installments beginning on January 20, 2005.

F6: The option vests in four equal annual installments beginning on February 16, 2006.