US BANCORP \DE\ — Director's Dealing 2006

May 17, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-05-16

Reporting Person: Hidy Richard J (EVP and Chief Risk Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-16	Common Stock, $0.01 par value	M	6796	$19.10	Acquired	9677.16	Direct
2006-05-16	Common Stock, $0.01 par value	S	6796	$31.50	Disposed	2881.16	Direct
2006-05-16	Common Stock, $0.01 par value	M	11578	$21.49	Acquired	14459.16	Direct
2006-05-16	Common Stock, $0.01 par value	S	11578	$31.50	Disposed	2881.16	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-16	Employee Stock Option (Right to Buy)	$19.10	M	6796	Disposed	2011-12-18	Common Stock (6796)	Direct
2006-05-16	Employee Stock Option (Right to Buy)	$21.49	M	11578	Disposed	2012-12-17	Common Stock (11578)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	10717.21	Indirect
Common Stock, $0.01 par value	13.0856	Indirect

Footnotes

F1: Based on a plan report dated 4/30/06, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on December 18, 2002.

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