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: DOYLE MICHAEL J (EVP, Chief Credit Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-10-19	Common Stock, $0.01 par value	M	10000	$23.6889	Acquired	45060.9711	Direct
2006-10-19	Common Stock, $0.01 par value	S	10000	$33.40	Disposed	35060.9711	Direct
2006-10-20	Common Stock, $0.01 par value	M	20680	$23.6889	Acquired	55740.9711	Direct
2006-10-20	Common Stock, $0.01 par value	S	20680	$33.52	Disposed	35060.9711	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-19	Employee Stock Option (Right to Buy)	$23.6889	M	10000	Disposed	2012-06-18	Common Stock (10000)	Direct
2006-10-20	Employee Stock Option (Right to Buy)	$23.6889	M	20680	Disposed	2012-06-18	Common Stock (20680)	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: Includes additional amounts acquired in July 2006 and October 2006 pursuant to a dividend reinvestment plan in transactions exempt under Rule 16a-11.

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

F3: The option vested in four equal annual installments beginning on June 18, 2003.