US BANCORP \DE\ — Director's Dealing 2006

May 12, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-05-10

Reporting Person: CHENEVICH WILLIAM L (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-10	Common Stock, $0.01 par value	M	100000	$21.541	Acquired	192891	Direct
2006-05-10	Common Stock, $0.01 par value	S	100000	$31.56	Disposed	92891	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-10	Employee Stock Option (Right to Buy)	$21.541	M	100000	Disposed	2010-12-12	Common Stock (100000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	1587.36	Indirect

Footnotes

F1: Based on a plan report dated 4/30/2006, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on December 12, 2001.