US BANCORP \DE\ — Director's Dealing 2006

Feb 15, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-02-13

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-02-13	Common Stock, $0.01 par value	M	21143	$23.631	Acquired	36345.88	Direct
2006-02-13	Common Stock, $0.01 par value	M	25170	$21.2306	Acquired	61515.88	Direct
2006-02-13	Common Stock, $0.01 par value	M	50340	$21.541	Acquired	111855.88	Direct
2006-02-13	Common Stock, $0.01 par value	M	15374	$19.1001	Acquired	127229.88	Direct
2006-02-13	Common Stock, $0.01 par value	S	92169	$29.9003	Disposed	35060.88	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-02-13	Employee Stock Option (Right to Buy)	$23.631	M	21143	Disposed	2008-11-20	Common Stock (21143)	Direct
2006-02-13	Employee Stock Option (Right to Buy)	$21.2306	M	25170	Disposed	2009-12-14	Common Stock (25170)	Direct
2006-02-13	Employee Stock Option (Right to Buy)	$21.541	M	50340	Disposed	2010-12-12	Common Stock (50340)	Direct
2006-02-13	Employee Stock Option (Right to Buy)	$19.1001	M	15374	Disposed	2011-12-18	Common Stock (15374)	Direct
2006-02-14	Deferred Compensation Plan Participation	$	A	5.799	Acquired		Common Stock (5.799)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	2176.59	Indirect
Common Stock, $0.01 par value	1500	Indirect
Common Stock, $0.01 par value	500	Indirect

Footnotes

F1: Includes additional share amounts acquired in January 2006, pursuant to a dividend reinvestment plan in transactions exempt under Rule 16a-11.

F2: Based on a plan report dated 1/31/06, the most recent plan report available.

F3: The option vested in four equal annual installments beginning on November 20, 1999.

F4: The option vested in four equal annual installments beginning on December 14, 2000.

F5: The option vested in four equal annual installments beginning on December 12, 2001.

F6: The option vested in four equal annual installments beginning on December 18, 2002.

F7: Deferred Compensation Plan Participation is valued against U.S. Bancorp common stock on a one-for-one basis and is payable in common stock following the termination of the reporting person's employment with U.S. Bancorp.