US BANCORP \DE\ — Director's Dealing 2006

Nov 14, 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: DAVIS RICHARD K (President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-10	Common Stock, $0.01 par value	M	5325	$18.7889	Acquired	53046.3606	Direct
2006-11-10	Common Stock, $0.01 par value	M	221205	$18.7889	Acquired	274251.3606	Direct
2006-11-10	Common Stock, $0.01 par value	S	176450	$33.63	Disposed	97801.3606	Direct
2006-11-10	Common Stock, $0.01 par value	S	5000	$33.64	Disposed	92801.3606	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-10	Employee Stock Option (Right to Buy)	$18.7889	M	5325	Disposed	2007-12-09	Common Stock (5325)	Direct
2006-11-10	Employee Stock Option (Right to Buy)	$18.7889	M	221205	Disposed	2007-12-07	Common Stock (221205)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	122995	Indirect
Common Stock, $0.01 par value	50351	Indirect
Common Stock, $0.01 par value	8812.3765	Indirect

Footnotes

F1: Includes additional amounts acquired in January, July, April and October of 2006, pursuant to a dividend reinvestment plan in transactions exempt under Rule 16a-11.

F2: Based on a plan report dated October 31, 2006, the most recent plan report available.

F3: The option vests in four equal annual installments beginning on December 9, 1998.