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  <TITLE> U.S. Bancorp (Form: 8-K) </TITLE>
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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	August 3, 2006
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  	U.S. Bancorp
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	1-6880
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  	41-0255900
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	800 Nicollet Mall, Minneapolis, Minnesota
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  	55402
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	651-466-3000
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  <B>
  	Item 8.01 Other Events.
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  On August 3, 2006, Jerry A. Grundhofer, Chairman and Chief Executive Officer of U.S. Bancorp, established a plan to exercise certain stock options and sell the underlying shares on a regular quarterly basis.  The plan is a nondiscretionary plan established in accordance with Rule 10b5-1(c) under the Securities Exchange Act of 1934.<br><br>Mr. Grundhofer recently announced that he would retire from employment with the company on December 31, 2006.  Under the terms of the option agreements governing certain of Mr. Grundhofer&#x2019;s outstanding options, these options would expire on December 31, 2007, as a consequence of Mr. Grundhofer&#x2019;s retirement.  These options must be exercised prior to their expiration date or they will expire worthless.  Mr. Grundhofer has entered into the plan in order to provide for an orderly liquidation of these options prior to their upcoming expiration date.<br><br>Rule 10b5-1(c) plans permit executive officers to sell shares on a predetermined, regular basis so that the resulting sales will not be deemed to violate Rule 10b-5 on the basis that they are made on the basis of material nonpublic information.  Under the plan, Mr. Grundhofer will exercise stock options for a total of 3,362,712 shares of U.S. Bancorp common stock and sell one-fifth of such shares each quarter for five successive quarters, with the sales to occur over a three-day period beginning three trading days after the public release of U.S. Bancorp&#x2019;s quarterly or annual financial results, beginning in the third quarter of 2006.  The exercise prices for the options, which were established contractually when the options were granted, range from $18.79 to $21.54 per share.  A portion of the sale proceeds will be used to pay the exercise price of the options.  <br>
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	U.S. Bancorp
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  	&nbsp;&nbsp;
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  <I>
  	August 3, 2006
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  	&nbsp;
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  	By:
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  <I>
  	Lee R. Mitau
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  <I>
  	Name: Lee R. Mitau
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  <I>
  	Title: Executive Vice President and General Counsel
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_14174.htm", "description": "LIVE FILING", "secsgml_size_bytes": 9964}]
metadata_filer: {"company-data": {"conformed-name": "US BANCORP \\DE\\", "cik": "0000036104", "assigned-sic": "6021", "irs-number": "410255900", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-06880", "film-number": "061002776"}, "business-address": {"street1": "U.S.BANCORP", "street2": "800 NICOLLET MALL", "city": "MINNEAPOLIS", "state": "MN", "zip": "55402", "phone": "(651)466-3000"}, "mail-address": {"street1": "U.S.BANCORP", "street2": "800 NICOLLET MALL", "city": "MINNEAPOLIS", "state": "MN", "zip": "55402"}, "former-company": [{"former-conformed-name": "FIRST BANK SYSTEM INC", "date-changed": "19920703"}, {"former-conformed-name": "FIRST BANK STOCK CORP", "date-changed": "19720317"}]}
text: U.S. Bancorp (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  August 3, 2006
  U.S. Bancorp
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  1-6880
  41-0255900
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  800 Nicollet Mall, Minneapolis, Minnesota
  55402
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  651-466-3000
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 8.01 Other Events.
  On August 3, 2006, Jerry A. Grundhofer, Chairman and Chief Executive Officer of U.S. Bancorp, established a plan to exercise certain stock options and sell the underlying shares on a regular quarterly basis.  The plan is a nondiscretionary plan established in accordance with Rule 10b5-1(c) under the Securities Exchange Act of 1934.
  Mr. Grundhofer recently announced that he would retire from employment with the company on December 31, 2006.  Under the terms of the option agreements governing certain of Mr. Grundhofer's outstanding options, these options would expire on December 31, 2007, as a consequence of Mr. Grundhofer's retirement.  These options must be exercised prior to their expiration date or they will expire worthless.  Mr. Grundhofer has entered into the plan in order to provide for an orderly liquidation of these options prior to their upcoming expiration date.
  Rule 10b5-1(c) plans permit executive officers to sell shares on a predetermined, regular basis so that the resulting sales will not be deemed to violate Rule 10b-5 on the basis that they are made on the basis of material nonpublic information.  Under the plan, Mr. Grundhofer will exercise stock options for a total of 3,362,712 shares of U.S. Bancorp common stock and sell one-fifth of such shares each quarter for five successive quarters, with the sales to occur over a three-day period beginning three trading days after the public release of U.S. Bancorp's quarterly or annual financial results, beginning in the third quarter of 2006.  The exercise prices for the options, which were established contractually when the options were granted, range from $18.79 to $21.54 per share.  A portion of the sale proceeds will be used to pay the exercise price of the options.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  U.S. Bancorp
  August 3, 2006
  By:
  Lee R. Mitau
  Name: Lee R. Mitau
  Title: Executive Vice President and General Counsel