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: CHENEVICH WILLIAM L (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	13402	$21.541	Acquired	106293	Direct
2006-11-08	Common Stock, $0.01 par value	M	11598	$21.4938	Acquired	117891	Direct
2006-11-08	Common Stock, $0.01 par value	S	25000	$33.90	Disposed	92891	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-08	Employee Stock Option (Right to Buy)	$21.541	M	13402	Disposed	2010-12-12	Common Stock (13402)	Direct
2006-11-08	Employee Stock Option (Right to Buy)	$21.4938	M	11598	Disposed	2012-12-17	Common Stock (11598)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	1618.6699	Indirect

Footnotes

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 December 12, 2001.

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