FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * DOYLE MICHAEL J   2. Issuer Name and Ticker or Trading Symbol US BANCORP \DE\ [USB] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) EVP, Chief Credit Officer (Last) (First) (Middle) U.S. BANCORP, 800 NICOLLET MALL 3. Date of Earliest Transaction (Month/Day/Year) 02/13/2006 (Street) MINNEAPOLIS, MN 55402 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, $0.01 par value 02/13/2006   M   21,143 A $ 23.631 36,345.88 D   Common Stock, $0.01 par value 02/13/2006   M   25,170 A $ 21.2306 61,515.88 D   Common Stock, $0.01 par value 02/13/2006   M   50,340 A $ 21.541 111,855.88 D   Common Stock, $0.01 par value 02/13/2006   M   15,374 A $ 19.1001 127,229.88 D   Common Stock, $0.01 par value 02/13/2006   S   92,169 D $ 29.9003 35,060.88 (1) D   Common Stock, $0.01 par value               2,176.59 (2) I 401(k) Plan Common Stock, $0.01 par value               1,500 I IRA Common Stock, $0.01 par value               500 I Spouse's IRA

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (Right to Buy)

$ 23.631

02/13/2006

M

21,143

(3)

11/20/2008

Common Stock

21,143

$ 0

0

D

Employee Stock Option (Right to Buy)

$ 21.2306

02/13/2006

M

25,170

(4)

12/14/2009

Common Stock

25,170

$ 0

0

D

Employee Stock Option (Right to Buy)

$ 21.541

02/13/2006

M

50,340

(5)

12/12/2010

Common Stock

50,340

$ 0

0

D

Employee Stock Option (Right to Buy)

$ 19.1001

02/13/2006

M

15,374

(6)

12/18/2011

Common Stock

15,374

$ 0

0

D

Deferred Compensation Plan Participation

(7)

02/14/2006

A

5.799

(7)

(7)

Common Stock

5.799

$ 30.18

3,518.58

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
DOYLE MICHAEL J U.S. BANCORP 800 NICOLLET MALL MINNEAPOLIS, MN 55402			EVP, Chief Credit Officer

Signatures

Lee R. Mitau for Michael J. Doyle		02/15/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Includes additional share amounts acquired in January 2006, pursuant to a dividend reinvestment plan in transactions exempt under Rule 16a-11.
(2)	Based on a plan report dated 1/31/06, the most recent plan report available.
(3)	The option vested in four equal annual installments beginning on November 20, 1999.
(4)	The option vested in four equal annual installments beginning on December 14, 2000.
(5)	The option vested in four equal annual installments beginning on December 12, 2001.
(6)	The option vested in four equal annual installments beginning on December 18, 2002.
(7)	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.

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