Ownership Submission
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 *
MITAU LEE R
  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, General Counsel & Sec
(Last)
(First)
(Middle)
U.S. BANCORP, 800 NICOLLET MALL
3. Date of Earliest Transaction (Month/Day/Year)
07/21/2005
(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 07/21/2005   M   21,820 A $ 27.0858 72,812 D  
Common Stock, $0.01 par value 07/21/2005   M   17,903 A $ 29.1021 90,715 D  
Common Stock, $0.01 par value 07/21/2005   M   2,230 A $ 28.7048 92,945 D  
Common Stock, $0.01 par value 07/21/2005   M   960 A $ 28.7048 93,905 D  
Common Stock, $0.01 par value 07/21/2005   M   35,238 A $ 19.1001 129,143 D  
Common Stock, $0.01 par value 07/21/2005   S   41,700 D $ 30.48 87,443 D  
Common Stock, $0.01 par value 07/21/2005   S   1,213 D $ 30.56 86,230 D  
Common Stock, $0.01 par value 07/21/2005   S   35,238 D $ 30.5 50,992 D  
Common Stock, $0.01 par value               7,737.53 (1) I 401(k) Plan
Common Stock, $0.01 par value               85,019 I By Spouse

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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) $ 27.0858 07/21/2005   M     21,820 04/21/1998 10/02/2005 Common Stock 21,820 $ 0 0 D  
Employee Stock Option (Right to Buy) $ 29.1021 07/21/2005   M     17,903 10/31/1999 10/02/2005 Common Stock 17,903 $ 0 0 D  
Employee Stock Option (Right to Buy) $ 28.7048 07/21/2005   M     2,230 05/09/2000 10/02/2005 Common Stock 2,230 $ 0 0 D  
Employee Stock Option (Right to Buy) $ 28.7048 07/21/2005   M     960 05/09/2000 10/02/2005 Common Stock 960 $ 0 0 D  
Employee Stock Option (Right to Buy) $ 19.1001 07/21/2005   M     35,238   (2) 12/18/2011 Common Stock 35,238 $ 0 35,238 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MITAU LEE R
U.S. BANCORP
800 NICOLLET MALL
MINNEAPOLIS, MN 55402
      EVP, General Counsel & Sec  

Signatures

 Lee R. Mitau   07/21/2005
**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) Based on a plan report dated 6/30/05, the most recent plan report available.
(2) The option vests in four equal annual installments beginning on December 18, 2002.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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