US BANCORP \DE\ - Director's Dealing 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-07-20

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

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-07-20	Common Stock, $0.01 par value	M	10000	$23.6889	Acquired	45060.9424	Direct
2006-07-20	Common Stock, $0.01 par value	S	10000	$31.88	Disposed	35060.9424	Direct
2006-07-20	Common Stock, $0.01 par value	M	10000	$23.6889	Acquired	45060.9424	Direct
2006-07-20	Common Stock, $0.01 par value	M	306	$21.4938	Acquired	45366.9424	Direct
2006-07-20	Common Stock, $0.01 par value	S	9706	$31.75	Disposed	35660.9424	Direct
2006-07-20	Common Stock, $0.01 par value	S	200	$31.76	Disposed	35460.9424	Direct
2006-07-20	Common Stock, $0.01 par value	S	400	$31.78	Disposed	35060.9424	Direct
2006-07-24	Common Stock, $0.01 par value	M	5000	$23.6889	Acquired	40060.9424	Direct
2006-07-24	Common Stock, $0.01 par value	S	5000	$31.94	Disposed	35060.9424	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-07-20	Employee Stock Option (Right to Buy)	$23.6889	M	10000	Disposed	2012-06-18	Common Stock (10000)	Direct
2006-07-20	Employee Stock Option (Right to Buy)	$23.6889	M	10000	Disposed	2012-06-18	Common Stock (10000)	Direct
2006-07-20	Employee Stock Option (Right to Buy)	$21.4938	M	306	Disposed	2012-12-17	Common Stock (306)	Direct
2006-07-24	Employee Stock Option (Right to Buy)	$23.6889	M	5000	Disposed	2012-06-18	Common Stock (5000)	Direct

F1: Based on a plan report dated 6/30/2006, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on June 18, 2003.

F3: The option vested in four equal annual installments beginning on December 17, 2003.