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: 2006-10-27

Reporting Person: DOYLE MICHAEL J (EVP, Chief Credit Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-10-27	Common Stock, $0.01 par value	M	10000	$28.50	Acquired	45060.9711	Direct
2006-10-27	Common Stock, $0.01 par value	S	9900	$34.05	Disposed	35160.9711	Direct
2006-10-27	Common Stock, $0.01 par value	S	100	$34.06	Disposed	35060.9711	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-27	Employee Stock Option (Right to Buy)	$28.50	M	10000	Disposed	2014-01-20	Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	2242.8146	Indirect
Common Stock, $0.01 par value	1500	Indirect
Common Stock, $0.01 par value	500	Indirect

Footnotes

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

F2: The option vests in four equal annual installments beginning on January 20, 2005.