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

OMB APPROVAL OMB Number: 3235-0287 Expires: January 31, 2005 Estimated average burden hours per response... 0.5

(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

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

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.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.