US BANCORP \DE\ — Director's Dealing 2006

Apr 28, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-04-27

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-04-27	Common Stock, $0.01 par value	M	10000	$23.6889	Acquired	45060.91	Direct
2006-04-27	Common Stock, $0.01 par value	S	10000	$31.42	Disposed	35060.91	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-04-28	Employee Stock Option (Right to Buy)	$23.6889	M	10000	Disposed	2012-06-18	Common Stock (10000)	Direct
2006-04-27	Deferred Compensation Plan Participation	$	A	5.65	Acquired		Common Stock (5.65)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	2199.38	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 3/31/06, the most recent plan report available.

F2: Deferred Compensation Plan Participation is valued against U.S. Bancorp common stock on a one-for-one basis and becomes payable in common stock following the termination of the reporting person's employment with U.S. Bancorp.

F3: Includes additional amounts acquired in April 2006, pursuant to a dividend reinvestment feature of the U.S. Bancorp Deferred Compensation Plan.

F4: The option vests in four equal annual installments beginning on June 18, 2003.