US BANCORP \DE\ — Director's Dealing 2006

Jan 5, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: US BANCORP \DE\ (USB)
CIK: 0000036104
Period of Report: 2006-01-03

Reporting Person: SCHNUCK CRAIG D (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-01-03	Non-Employee Director Stock Option (Right to Buy)	$30.05	A	19975	Acquired	2016-01-03	Common Stock (19975)	Direct

Footnotes

F1: The option vests in four equal annual installments beginning on January 3, 2007.

F2: Stock option acquired from issuer in lieu of $85,000 of cash compensation for 2006 director fees under the 2001 Stock Incentive Plan.