Rule 424(b)(2)
                                                    Registration No. 333-45211

PRICING SUPPLEMENT NO. 23    DATED:  06-07-99

(To Prospectus Dated February 17, 1998 as supplemented
by Prospectus Supplement Dated March 30, 1998,
as supplemented by a Supplement dated May 21, 1999)



                                U.S. BANCORP

                    Medium-Term Notes, Series J (Senior)
                 Medium-Term Notes, Series K (Subordinated)

                                     

CUSIP: 91159H FB1                       Issue Price (Dollar Amount and Percentage of Principal Amount):
                                        $200,000,000.00/99.540%

Series:                                 Proceeds to the Company: $199,080,000.00

[X] Series J (Senior)                   Interest Rate/Initial Interest Rate: 6.50%
[_] Series K (Subordinated)
                                        Interest Payment Dates: Each June & Dec. 15th beg. 12-15-99
Form of Note:
                                        Regular Record Dates: 15 calendar days prior
[X] Book-Entry
[_] Certificated                        Interest Determination Dates:

Principal Amount: $200,000,000.00       Interest Reset Dates:

Trade Date: 06-07-99                    Index Source:

Original Issue Date: 06-10-99           Index Maturity:

Maturity Date: 06-15-04                 Spread:

Interest Rate Basis (and,               Spread Multiplier:
if applicable, related
Interest Periods):                      Maximum Interest Rate:

[X] Fixed Rate Notes                    Minimum Interest Rate:
[_] Commercial Paper Rate Note
[_] Federal Funds Rate Note             Day Count: 30/360
[_] LIBOR Note
[_] Prime Rate Note                     For Original Issue Discount Notes:
[_] Eleventh District Cost
     of Funds Rate Note                         Original Issue Discount:        %
[_] CD Rate Note
[_] Treasury Rate Note                          Yield to Maturity:              %
[_] J.J. Kenny Rate Note
[_] CMT Rate Note
[_] Other Base Rate
    (as described below)
[_] Zero Coupon Note

Redemption Terms:
                                                Original Issue Discount Notes:

Other Terms:
For Federal income tax purposes only.               [_] Subject to special provisions set forth therein
                                                        with respect to the principal amount thereof
Agent: Lehman                                           payable upon any redemption or acceleration of
All-in= 6.609%= 5yr T-Note +91 1/2 bps                  the maturity thereof.
Commission=$920,000.00



                                                /s/ BRETT BOUSHELE