US BANCORP \DE\ — Director's Dealing 2006

May 9, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-05-09

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-09	Common Stock, $0.01 par value	M	10000	$23.6889	Acquired	45060.91	Direct
2006-05-09	Common Stock, $.0.01 par value	S	8400	$31.44	Disposed	36660.91	Direct
2006-05-09	Common Stock, $0.01 par value	S	1600	$31.45	Disposed	35060.91	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-09	Employee Stock Option (Right to Buy)	$23.6889	M	10000	Disposed	2012-06-18	Common Stock (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	2198.97	Indirect
Common Stock, $0.01 par value	1500	Indirect
Common Stock, $0.01 par value	500	Indirect

Footnotes

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

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