US BANCORP \DE\ — Director's Dealing 2006

Jan 19, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-01-17

Reporting Person: DAVIS RICHARD K (President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-01-18	Common Stock, $0.01 par value	M	9949	$10.0417	Acquired	43889	Indirect
2006-01-18	Common Stock, $0.01 par value	M	216581	$10.0417	Acquired	260470	Indirect
2006-01-18	Common Stock, $0.01 par value	S	7100	$29.81	Disposed	253370	Indirect
2006-01-18	Common Stock, $0.01 par value	S	2375	$29.83	Disposed	250995	Indirect
2006-01-18	Common Stock, $0.01 par value	S	125600	$30.00	Disposed	125395	Indirect
2006-01-18	Common Stock, $0.01 par value	S	200	$30.01	Disposed	125195	Indirect
2006-01-18	Common Stock, $0.01 par value	S	2000	$30.05	Disposed	123195	Indirect
2006-01-18	Common Stock, $0.01 par value	S	200	$30.06	Disposed	122995	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-01-17	Employee Stock Option (Right to Buy)	$30.00	A	548297	Acquired	2016-01-17	Common Stock (548297)	Direct
2006-01-18	Employee Stock Option (Right to Buy)	$10.0417	M	9949	Disposed	2006-12-10	Common Stock (9949)	Direct
2006-01-18	Employee Stock Option (Right to Buy)	$10.0417	M	216581	Disposed	2006-12-09	Common Stock (216581)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.01 par value	46870.44	Direct
Common Stock, $0.01 par value	50351	Indirect
Common Stock, $0.01 par value	8021.52	Indirect

Footnotes

F1: A portion of the proceeds of the sale of shares received as a result of the option exercises were used to pay the expenses of those exercises.

F2: Based on a plan report dated 12/31/05, the most recent plan report available.

F3: The option vests in four equal annual installments beginning on January 17, 2007.

F4: The option vested in four equal annual installments beginning on December 10, 1997.