US BANCORP \DE\ — Director's Dealing 2006

May 3, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-05-01

Reporting Person: CECERE ANDREW (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-01	Common Stock, $0.01 par value	F	17864	$31.44	Disposed	95951	Direct
2006-05-01	Common Stock, $0.01 par value	M	18430	$30.006	Acquired	114381	Direct
2006-05-01	Common Stock, $0.01 par value	F	27320	$31.44	Disposed	87061	Direct
2006-05-01	Common Stock, $0.01 par value	M	31704	$24.9801	Acquired	118765	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-01	Employee Stock Option (Right to Buy)	$30.006	M	18430	Disposed	2006-12-19	Common Stock (18430)	Direct
2006-05-01	Employee Stock Option (Right to Buy)	$31.30	A	17864	Acquired	2006-12-19	Common Stock (17864)	Direct
2006-05-01	Employee Stock Option (Right to Buy)	$24.9801	M	31704	Disposed	2006-12-19	Common Stock (31704)	Direct
2006-05-01	Employee Stock Option (Right to Buy)	$31.30	A	27320	Acquired	2006-12-19	Common Stock (27320)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	6076.62	Indirect
Common Stock, $0.01 par value	341	Indirect

Footnotes

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