US BANCORP \DE\ — Director's Dealing 2006

Oct 30, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-10-26

Reporting Person: CECERE ANDREW (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-10-26	Common Stock, $0.01 par value	M	11353	$33.1248	Acquired	129518	Direct
2006-10-26	Common Stock, $0.01 par value	M	40000	$19.1001	Acquired	169518	Direct
2006-10-26	Common Stock, $0.01 par value	M	29225	$33.1248	Acquired	198743	Direct
2006-10-26	Common Stock, $0.01 par value	S	80578	$34.01	Disposed	118165	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-26	Employee Stock Option (Right to Buy)	$33.1248	M	11353	Disposed	2006-12-19	Common Stock (11353)	Direct
2006-10-26	Employee Stock Option (Right to Buy)	$19.001	M	40000	Disposed	2011-12-18	Common Stock (40000)	Direct
2006-10-26	Employee Stock Option (Right to Buy)	$33.1248	M	29225	Disposed	2006-12-19	Common Stock (29225)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	6197.7926	Indirect
Common Stock, $0.01 par value	341	Indirect

Footnotes

F1: Based on a plan report dated September 30,2006, the most recent plan report available.

F2: The option vested on February 18, 1999.

F3: The option vested in four equal annual installments beginning on December 18, 2002.