US BANCORP \DE\ - Director's Dealing 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-11-10

Reporting Person: DOLAN TERRANCE R (EVP, Controller)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-10	Common Stock, $0.01 par value	M	22300	$23.1824	Acquired	37303	Direct
2006-11-10	Common Stock, $0.01 par value	S	22300	$33.85	Disposed	15003	Direct
2006-11-13	Common Stock, $0.01 par value	M	3040	$23.1824	Acquired	18043	Direct
2006-11-13	Common Stock, $0.01 par value	M	50680	$19.1001	Acquired	68723	Direct
2006-11-13	Common Stock, $0.01 par value	M	29082	$21.4938	Acquired	97805	Direct
2006-11-13	Common Stock, $0.01 par value	S	82802	$33.64	Disposed	15003	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-10	Employee Stock Option (Right to Buy)	$23.1824	M	22300	Disposed	2011-02-27	Common Stock (22300)	Direct
2006-11-13	Employee Stock Option (Right to Buy)	$23.1824	M	3040	Disposed	2011-02-27	Common Stock (3040)	Direct
2006-11-13	Employee Stock Option (Right to Buy)	$19.1001	M	50680	Disposed	2011-12-18	Common Stock (50680)	Direct
2006-11-13	Employee Stock Option (Right to Buy)	$21.4938	M	29082	Disposed	2012-12-17	Common Stock (29082)	Direct

Security	Shares	Ownership
Common Stock, $0.01 par value	646.0872	Indirect

F1: Based on a plan report dated October 31, 2006, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on February 27, 2002.

F3: The option vested in four equal annual installments beginning on December18, 2002.

F4: The option vests in four equal annual installments beginning on December 17, 2003.