US BANCORP \DE\ — Director's Dealing 2006

Oct 23, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-10-19

Reporting Person: MITAU LEE R (EVP, General Counsel & Sec)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-10-19	Common Stock, $0.01 par value	M	116342	$29.1518	Acquired	252268	Direct
2006-10-19	Common Stock, $0.01 par value	F	108126	$33.25	Disposed	144142	Direct
2006-10-23	Common Stock, $0.01 par value	M	40000	$23.1824	Acquired	184142	Direct
2006-10-23	Common Stock, $0.01 par value	S	40000	$33.5411	Disposed	144142	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-19	Employee Stock Option (Right to Buy)	$29.1518	M	116342	Disposed	2009-04-20	Common Stock (116342)	Direct
2006-10-23	Employee Stock Option (Right to Buy)	$23.1824	M	40000	Disposed	2011-02-27	Common Stock (40000)	Direct

Footnotes

F1: The option vested in four equal annual installments beginning on April 20, 2000.

F2: The option vested in four equal annual installments beginning on February 27, 2002.