US BANCORP \DE\ — Director's Dealing 2005

Feb 8, 2005

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2005-02-02

Reporting Person: Hidy Richard J (EVP and Chief Risk Officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	1392	Direct
Common Stock, $0.01 par value	9311.35	Indirect
Common Stock, $0.01 par value	12.41	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Deferred Compensation Plan Participation	$		Common Stock (841)		Direct
Employee Stock Option (Right to Buy)	$21.541	2010-12-12	Common Stock (1258)		Direct
Employee Stock Option (Right to Buy)	$19.1001	2011-12-18	Common Stock (6796)		Direct
Employee Stock Option (Right to Buy)	$21.4938	2012-12-17	Common Stock (17367)		Direct
Employee Stock Option (Right to Buy)	$28.50	2014-01-20	Common Stock (9815)		Direct

Footnotes

F1: Based on a plan report dated 1/31/05, the most recent plan report available.

F2: Deferred Compensation Plan Participation is valued against U.S. Bancorp common stock on a one-for-one basis and is payable in common stock at the election of the reporting person following termination of the reporting person's employment with U.S. Bancorp or age 55, whichever is later.

F3: The option vested in four equal annual installments beginning on December 12, 2001.

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

F5: The option vests in four equal annual installments beginning on December 17, 2003.

F6: The option vests in four equal annual installments beginning on January 20, 2005.