US BANCORP \DE\ — Director's Dealing 2006

May 31, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-05-30

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-30	Deferred Compensation Plan Participation	$	A	5.69	Acquired		Common Stock (5.69)	Direct

Footnotes

F1: Deferred Compensation Plan Participation is valued against U.S. Bancorp common stock on a one-for-one basis and becomes payable in common stock following the termination of the reporting person's employment with U.S. Bancorp.