US BANCORP \DE\ — Director's Dealing 2006

Nov 9, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-11-08

Reporting Person: CECERE ANDREW (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-08	Common Stock, $0.01 par value	M	17864	$31.30	Acquired	136029	Direct
2006-11-08	Common Stock, $0.01 par value	M	27320	$31.30	Acquired	163349	Direct
2006-11-08	Common Stock, $0.01 par value	S	45184	$33.90	Disposed	118165	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-08	Employee Stock Option (Right to Buy)	$31.30	M	17864	Disposed	2006-12-19	Common Stock (17864)	Direct
2006-11-08	Employee Stock Option (Right to Buy)	$31.30	M	27320	Disposed	2006-12-19	Common Stock (27320)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	6196.4607	Indirect
Common Stock, $0.01 par value	341	Indirect

Footnotes

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

F2: The option vested on November 1, 2006.