US BANCORP \DE\ — Director's Dealing 2006

Oct 27, 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: CARLSON JENNIE P (EVP, Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-10-26	Common Stock, $0.01 par value	M	25170	$21.2306	Acquired	50254.9969	Direct
2006-10-26	Common Stock, $0.01 par value	S	6470	$33.96	Disposed	44054.9969	Direct
2006-10-26	Common Stock, $0.01 par value	S	18700	$33.95	Disposed	25354.9969	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-26	Employee Stock Option (Right to Buy)	$21.2306	M	25170	Disposed	2009-12-14	Common Stock (25170)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	14883.1111	Indirect
Common Stock, $0.01 par value	1800	Indirect

Footnotes

F1: Includes additional amounts acquired in July 2006 and October 2006 pursuant to a dividend reinvestment plan in transaction exempt under rule 16a-11.

F2: Based on a plan report dated September 30, 2006, the most recent plan report available.

F3: The option vested in four equal annual installments beginning on December 14, 2000.