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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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  	April 18, 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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  	&nbsp;
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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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  	&nbsp;
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  	&nbsp;
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  	800 Nicollet Mall, Minneapolis, Minnesota
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  	&nbsp;
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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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  	&nbsp;
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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>
  </P>
  <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 1.01 Entry into a Material Definitive Agreement.
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  At the 2006 annual meeting of shareholders of U.S. Bancorp (the "Company") held on April 18, 2006, the Company&#x2019;s shareholders approved the U.S. Bancorp 2006 Executive Incentive Plan (the "Incentive Plan").  The Incentive Plan was approved by the Company&#x2019;s Board of Directors in January 2006, subject to shareholder approval, and became effective as of January 1, 2006, upon the approval of the Company&#x2019;s shareholders.<br><br>The Incentive Plan permits the payment of annual bonuses to eligible participants based on the Company&#x2019;s Net Income (as defined in the Plan).  If the Company&#x2019;s Net Income is not a positive number, no bonus will be payable under the Incentive Plan.  If the Company&#x2019;s Net Income is a positive number, the potential bonus award to a participant will equal up to 0.2% of Net Income, which amount is subject to decrease by the Compensation Committee of the Company&#x2019;s Board of Directors based on its consideration of a variety of factors, including financial and non-financial criteria and corporate and individual performance.<br><br>Within the framework of the Incentive Plan, for purposes of the 2006 annual bonus performance period, the Compensation Committee established in January 2006, certain criteria, in addition to the basic Net Income requirement, that it will consider when determining whether, and to what extent, to reduce the actual bonus award below 0.2% of Net Income.  These criteria include the Company&#x2019;s achievement of pre-established goals relating to a minimum level of earnings per share and return on equity, the Company&#x2019;s performance relative to its peer group and the participant&#x2019;s individual performance.  The Incentive Plan is designed to satisfy the qualified performance-based compensation exception under Section 162(m) of the Internal Revenue Code, which exception also required shareholder approval of the Plan.<br><br>The Incentive Plan is included in this filing as Exhibit 10.1 and is incorporated herein by reference.  This summary does not purport to be complete and is subject to and qualified in its entirety by reference to the text of the Incentive Plan.
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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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  	&nbsp;
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  <I>
  	April 21, 2006
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  	&nbsp;
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  <I>
  	By:
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  	&nbsp;
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  <I>
  	Terrance R. Dolan
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  	&nbsp;
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  <I>
  	Name: Terrance R. Dolan
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  <I>
  	Title: Executive Vice President and Controller
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	&nbsp;
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  	Description
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  	10.1
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  	&nbsp;
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  U.S. Bancorp 2006 Executive Incentive Plan
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_11775.htm", "description": "LIVE FILING", "secsgml_size_bytes": 11601}]
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": "06772125"}, "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):
  April 18, 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 1.01 Entry into a Material Definitive Agreement.
  At the 2006 annual meeting of shareholders of U.S. Bancorp (the "Company") held on April 18, 2006, the Company's shareholders approved the U.S. Bancorp 2006 Executive Incentive Plan (the "Incentive Plan").  The Incentive Plan was approved by the Company's Board of Directors in January 2006, subject to shareholder approval, and became effective as of January 1, 2006, upon the approval of the Company's shareholders.
  The Incentive Plan permits the payment of annual bonuses to eligible participants based on the Company's Net Income (as defined in the Plan).  If the Company's Net Income is not a positive number, no bonus will be payable under the Incentive Plan.  If the Company's Net Income is a positive number, the potential bonus award to a participant will equal up to 0.2% of Net Income, which amount is subject to decrease by the Compensation Committee of the Company's Board of Directors based on its consideration of a variety of factors, including financial and non-financial criteria and corporate and individual performance.
  Within the framework of the Incentive Plan, for purposes of the 2006 annual bonus performance period, the Compensation Committee established in January 2006, certain criteria, in addition to the basic Net Income requirement, that it will consider when determining whether, and to what extent, to reduce the actual bonus award below 0.2% of Net Income.  These criteria include the Company's achievement of pre-established goals relating to a minimum level of earnings per share and return on equity, the Company's performance relative to its peer group and the participant's individual performance.  The Incentive Plan is designed to satisfy the qualified performance-based compensation exception under Section 162(m) of the Internal Revenue Code, which exception also required shareholder approval of the Plan.
  The Incentive Plan is included in this filing as Exhibit 10.1 and is incorporated herein by reference.  This summary does not purport to be complete and is subject to and qualified in its entirety by reference to the text of the Incentive Plan.
  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
  April 21, 2006
  By:
  Terrance R. Dolan
  Name: Terrance R. Dolan
  Title: Executive Vice President and Controller
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  U.S. Bancorp 2006 Executive Incentive Plan