US BANCORP \DE\ — Director's Dealing 2006

Feb 3, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-02-03

Reporting Person: GRUNDHOFER JERRY A (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-02-03	Common Stock, $0.01 par value	M	200000	$10.0417	Acquired	200000	Direct
2006-02-03	Common Stock, $0.01 par value	S	1000	$29.36	Disposed	199000	Direct
2006-02-03	Common Stock, $0.01 par value	S	2400	$29.35	Disposed	196600	Direct
2006-02-03	Common Stock, $0.01 par value	S	196600	$29.29	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-02-03	Employee Stock Option (Right to Buy)	$10.0417	M	200000	Disposed	2006-12-09	Common Stock (200000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	227351	Indirect
Common Stock, $0.01 par value	15000	Indirect
Common Stock, $0.01 par value	22902.9	Indirect

Footnotes

F1: Based on a plan report dated, 1/31/06, the most recent plan report available.

F2: The option vested in four equal annual installments beginning on December 10, 1997.