US BANCORP \DE\ — Director's Dealing 2006

Apr 25, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-04-24

Reporting Person: JOSEPH PAMELA A (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-04-24	Common Stock, $0.01 par value	M	12585	$19.1001	Acquired	73056.34	Direct
2006-04-24	Common Stock, $0.01 par value	M	55000	$21.9309	Acquired	128056.34	Direct
2006-04-24	Common Stock, $0.01 par value	S	64100	$30.34	Disposed	63956.34	Direct
2006-04-24	Common Stock, $0.01 par value	S	3100	$30.39	Disposed	60856.34	Direct
2006-04-24	Common Stock, $0.01 par value	S	385	$30.40	Disposed	60471.34	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-04-24	Employee Stock Option (Right to Buy)	$19.1001	M	12585	Disposed	2011-12-18	Common Stock (12585)	Direct
2006-04-24	Employee Stock Option (Right to Buy)	$21.9309	M	55000	Disposed	2011-07-24	Common Stock (55000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	575.31	Indirect

Footnotes

F1: Based on a plan report dated 3/31/06, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on December 18, 2002.

F3: The option vested in four equal annual installments beginning on July 24, 2002.