US BANCORP \DE\ — Director's Dealing 2006

Jul 25, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-07-24

Reporting Person: Payne Richard B JR (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-07-24	Common Stock, $0.01 Par Value	A	25149	—	Acquired	25149	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-07-24	Employee Stock Option (Right to Buy)	$31.81	A	118194	Acquired	2016-04-24	Common Stock (118194)	Direct

Footnotes

F1: The option will vest in four equal annual installments beginning on April 24, 2007.