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: 2006-05-12

Reporting Person: OWENS ODELL M (Director)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-12	Common Stock, $0.01 par value	M	2164	$20.6397	Acquired	2164	Direct
2006-05-12	Common Stock, $0.01 par value	M	1000	$20.6397	Acquired	3164	Direct
2006-05-12	Common Stock, $0.01 par value	M	5789	$20.7961	Acquired	8953	Direct
2006-05-12	Common Stock, $0.01 par value	M	529	$20.734	Acquired	9482	Direct
2006-05-12	Common Stock, $0.01 par value	S	3500	$31.41	Disposed	5982	Direct
2006-05-12	Common Stock, $0.01 par value	S	2100	$31.42	Disposed	3882	Direct
2006-05-12	Common Stock, $0.01 par value	S	500	$31.43	Disposed	3382	Direct
2006-05-12	Common Stock, $0.01 par value	S	400	$31.44	Disposed	2982	Direct
2006-05-12	Common Stock, $0.01 par value	S	900	$31.45	Disposed	2082	Direct
2006-05-12	Common Stock, $0.01 par value	S	2082	$31.48	Disposed	0	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-12	Non-Employee Director Stock Option (Right to Buy)	$20.6397	M	2164	Disposed	2012-01-02	Common Stock (2164)	Direct
2006-05-12	Non-Employee Director Stock Option (Right to Buy)	$20.6397	M	1000	Disposed	2012-01-02	Common Stock (1000)	Direct
2006-05-12	Non-Employee Director Stock Option (Right to Buy)	$20.7961	M	5789	Disposed	2010-01-03	Common Stock (5789)	Direct
2006-05-12	Non-Employee Director Stock Option (Right to Buy)	$20.734	M	529	Disposed	2010-07-03	Common Stock (529)	Direct

F1: The option vested in four equal annual installments beginning on January 2, 2003.

F2: The option vested in four equal annual installments beginning on January 3, 2001.

F3: The option vested in four equal annual installments beginning on July 3, 2001.