e424b7
 

Filed Pursuant to Rule 424(b)(7)
File No. 333-128390
Prospectus Supplement No. 4
to Prospectus Dated December 5, 2005
$2,500,000,000
(US BANCORP LOGO)
Floating Rate Convertible Senior Debentures due August, 2035
This prospectus supplement updates and amends certain information contained in the prospectus dated December 5, 2005, as supplemented by prospectus supplement No. 1 dated December 12, 2005, prospectus supplement No. 2 dated January 11, 2006 and prospectus supplement No. 3 dated April 13, 2006, relating to the offer and sale from time to time by certain selling securityholders of up to $2,500,000,000 aggregate principal amount of our Floating Rate Convertible Senior Debentures due August, 2035 and any shares of common stock issuable upon conversion of the debentures. The terms of the debentures are set forth in the prospectus and any supplements or amendments thereto. This prospectus supplement should be read in conjunction with, and may not be delivered or utilized without, the prospectus and any amendments or supplements thereto. This prospectus supplement is qualified by reference to the prospectus and any amendments or supplements thereto, except to the extent that the information in this prospectus supplement supersedes the information contained in the prospectus or in any prospectus supplement. The terms of the debentures are set forth in the prospectus.
The securities offered hereby involve significant risks and uncertainties. These risks are described under the caption “Risk Factors” beginning on page 5 of the prospectus. You should consider these Risk Factors before purchasing these securities.
The debentures are not deposits or other obligations of a depository institution and are not insured by the Federal Deposit Insurance Corporation, The Bank Insurance Fund or any other governmental agency. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
SELLING SECURITYHOLDERS
     The information in the table appearing under the caption “Selling Securityholders” in the prospectus is modified by adding the information below with respect to selling securityholders not previously listed in the prospectus or in any amendments or supplements thereto. To the extent that a selling securityholder is listed in both the table below and in the table appearing in the prospectus or in any amendment or supplement thereto, the information set forth below regarding that selling securityholder supersedes the information in the prospectus or in any amendments or supplements thereto.
                                         
                                    Common
                            Debentures   Stock
            Shares of Common           Owned   Owned
    Principal Amount   Stock Beneficially   Common Stock   After   After
    of Debentures   Owned Upon   Offered Upon   Completion   Completion
    Beneficially Owned   Conversion of   Conversion of   of   of
Name   and Offered   Debentures(1)   Debentures(1)   Offering(2)   Offering(2)
Bank Austria Cayman Islands Ltd.
     3,000,000       83,194       83,194       0       0  
Basso Fund Ltd.
     842,000       23,350       23,350       0       0  
Basso Holdings Ltd.
     6,558,000       181,863       181,863       0       0  
Basso Multi-Strategy Holding Fund Ltd.
     2,600,000       72,102       72,102       0       0  
City of Southfield Fire and Police Retirement System c/o Income Research & Management
     280,000       7,764       7,764       0       0  

 

 

                                         
                                    Common
                            Debentures   Stock
            Shares of Common           Owned   Owned
    Principal Amount   Stock Beneficially   Common Stock   After   After
    of Debentures   Owned Upon   Offered Upon   Completion   Completion
    Beneficially Owned   Conversion of   Conversion of   of   of
Name   and Offered   Debentures(1)   Debentures(1)   Offering(2)   Offering(2)
Commonwealth Professional Assurance Company c/o Income Research & Management
     910,000       25,235       25,235       0       0  
Concord Hospital Employees’ Pension Fund c/o Income Research & Management
     235,000       6,516       6,516       0       0  
Concord Hospital Non-Pension Fund c/o Income Research & Management
     395,000       10,953       10,953       0       0  
Deutsche Bank AG London
     17,000,000       471,437       471,437       0       0  
Deutsche Bank Securities Inc.
     16,000,000       443,705       443,705       0       0  
Excellus Health Plan c/o Income Research & Management
     4,470,000       123,960       123,960       0       0  
JNL Series Trust — JNL/T. Rowe Price Value Fund (3)
     3,070,000       85,136       85,136       0       126,700  
Mag Mutual Insurance Company c/o Income Research & Management
     550,000       15,252       15,252       0       0  
MedAmerica Insurance Company Hartford Trust c/o Income Research & Management
     660,000       18,302       18,302       0       0  
MedAmerica Insurance PA c/o Income Research & Management
     1,610,000       44,647       44,647       0       0  
Mig Assurance Convertible c/o Income Research & Management
     1,045,000       28,979       28,979       0       0  
T. Rowe Price Value Fund, Inc. (3)
     25,180,000       698,281       698,281       0       1,045,000  
Tufts Associated Health Plans c/o Income Research & Management
     1,520,000       42,152       42,152       0       0  
UMass Memorial Health Care c/o Income Research & Management
     410,000       11,369       11,369       0       0  
UMass Memorial Investment Partnership c/o Income Research & Management
     570,000       15,807       15,807       0       0  
University of Massachusetts Convertible Bond Portfolio c/o Income Research & Management
     405,000       11,231       11,231       0       0  
Other (4) (5)
     565,256,000                                  
 
(1)   Assumes conversion of all of the holders’ debentures at the maximum initial conversion rate of 27.7316 shares per debenture. However, the maximum conversion rate is subject to adjustment as described under “Description of Debentures—Conversion Rights—Conversion Rate Adjustments.” As a result, the amount of common stock issuable upon conversion of the debentures may increase or decrease in the future.
 
(2)   Assumes that all of the debentures and/or all of the common stock into which the debentures are convertible are sold. No selling securityholder will own more than 1% of our outstanding common stock after the offering by such securityholder.
 
(3)   T. Rowe Price Associates, Inc. (“T. Rowe Price Associates”) serves as investment adviser with power to direct investments and/or sole power to vote the shares owned by the funds and accounts listed in the table above, as well as shares owned by certain other individual and institutional investors. For purposes of the reporting requirements of the Securities Exchange Act of 1934, T. Rowe Price Associates may be deemed to be the beneficial owner of all of the securities listed above as well as securities held by other clients; however, T. Rowe Price Associates expressly disclaims that it is, in fact, the beneficial owner of such securities. T. Rowe Price Associates is the wholly owned subsidiary of T. Rowe Price Group, Inc., which is a publicly traded financial services holding company.
 
(4)   Information about other selling securityholders will be set forth in an amendment to the registration statement of which this prospectus is a part or in prospectus supplements, as required.

 

 

(5)   Assumes that any other holders of debentures, or any future transferees, pledgees, donees or successors of or from any such other holders of debentures, do not beneficially own any common stock other than the common stock issuable upon conversion of the debentures.
     We prepared this table based on the information supplied to us by the selling securityholders named in the table. The selling securityholders listed in the above table may have sold or transferred, in transactions exempt from the registration requirements of the Securities Act, some or all of their debentures since the date on which the information is presented in the above table. Information about the selling securityholders may change over time. Any changed information will be set forth in prospectus supplements and/or amendments to the registration statement of which the prospectus, as supplemented by this prospectus supplement, is a part.
     Because the selling securityholders may offer all or some of their debentures or the underlying common stock from time to time, we cannot estimate the amount of the debentures or the underlying common stock that will be held by the selling securityholders upon the termination of any particular offering. See the section of the prospectus captioned “Plan of Distribution.”
     None of the named selling securityholders nor any of their affiliates, officers, directors or principal equity holders has held any position or office or has had any material relationship with us within the past three years.
The date of this prospectus supplement is July 13, 2006