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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 GkPWT0ZvGXKeND+XxdShInJNPAQ8uVEwKpiV2RlZunjxIuv4DgJFKXs/yVYeREsA
 fvp02v/+EDZQYEt+SqGx9A==

<SEC-DOCUMENT>0001105789-03-000005.txt : 20030721
<SEC-HEADER>0001105789-03-000005.hdr.sgml : 20030721
<ACCEPTANCE-DATETIME>20030721141834
ACCESSION NUMBER:		0001105789-03-000005
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030718
FILED AS OF DATE:		20030721

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GRUNDHOFER JERRY A
		CENTRAL INDEX KEY:			0001105789

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06880
		FILM NUMBER:		03794344

	BUSINESS ADDRESS:	
		STREET 1:		7000 MIDLAND BLVD
		CITY:			AMELIA
		STATE:			OH
		ZIP:			45102
		BUSINESS PHONE:		5139437500

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			US BANCORP \DE\
		CENTRAL INDEX KEY:			0000036104
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				410255900
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		U.S.BANCORP
		STREET 2:		800 NICOLLET MALL
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402
		BUSINESS PHONE:		(612)973-1111

	MAIL ADDRESS:	
		STREET 1:		U.S.BANCORP
		STREET 2:		800 NICOLLET MALL
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST BANK SYSTEM INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST BANK STOCK CORP
		DATE OF NAME CHANGE:	19720317
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
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<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-07-18</periodOfReport>
    <issuer>
        <issuerCik>0000036104</issuerCik>
        <issuerName>US BANCORP \DE\</issuerName>
        <issuerTradingSymbol>USB</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId>
            <rptOwnerCik>0001105789</rptOwnerCik>
            <rptOwnerName>GRUNDHOFER JERRY A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Chairman, President and CEO</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeSecurity><securityTitle><value>Common Stock, $0.01 par value</value></securityTitle><transactionDate><value>2003-07-18</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>100000</value></transactionShares><transactionValue><value>4.2233</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>100000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value
/></natureOfOwnership></ownershipNature></nonDerivativeSecurity><nonDerivativeSecurity><securityTitle><value>Common Stock, $0.01 par value</value></securityTitle><transactionDate><value>2003-07-18</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>100000</value></transactionShares><transactionValue><value>24.75</value></transactionValue><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value><footnoteId id="F1"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></nonDerivativeSecurity><derivativeSecurity><securityTitle><value>Employee Stock Option (Righ
t to Buy)</value></securityTitle><conversionOrExercisePrice><value>4.2233</value></conversionOrExercisePrice><transactionDate><value>2003-07-18</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>100000</value></transactionShares><transactionValue><value>0</value></transactionValue><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>1995-06-14</value><footnoteId id="F2"/></exerciseDate><expirationDate><value>2004-06-11</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>427266</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>327266</value><footnoteId id="F3"/><footnoteId id="F4"/><footnoteI
d id="F5"/><footnoteId id="F6"/><footnoteId id="F7"/><footnoteId id="F8"/></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></derivativeSecurity><footnotes><footnote id="F1">The reporting person also indirectly beneficially owns 19,051.05 shares of USB common stock through U.S. Bancorp's 401(k) plan as of 6/30/03, the most recent report available, 15,000 shares in his IRA Rollover, and 227,351 shares in his Family Trust.</footnote><footnote id="F2">The option vested in four equal annual installments beginning on June 14, 1995.</footnote><footnote id="F3">The reporting person also directly owns the following stock options to purchase shares of USB common stock:  (i) 674,000 at $21.64 per share.  The option vests 100% on 12/17/06, or 25% on December 17th of each of 2003, 2004 and 2005 if certain performance criteria are met in those years, and expires
 on 12/17/12; (ii) 1,000,000 at $19.23 per share.  The option vests in four equal annual installments beginning on 12/18/02 and expires on 12/18/11; (iii) 1,070,000 at $21.6875 per share.  The option vests in four equal annual installments beginning on 12/12/01 and expires on 12/12/10; (iv) 590,000 at $21.375 per share.  The option vests in four equal annual installments beginning on 12/14/00 and expires on 12/14/09; (v) 600,000 at $23.7917 per share.  The option vests in full on 11/20/03 and expires on 11/20/08;  (vi) 540,000 at $23.7917 per share.  The option vested in four equal annual installments beginning on 11/20/99 and expires on 11/20/08.</footnote><footnote id="F4">The reporting person also directly owns the following stock option to purchase shares of USB common stock: (i)  5,289 at $18.9167 per share.  The option vested in four equal annual installments beginning on 12/09/98 and expires on 12/9/07; (ii) 534,711 at $18.9167 per share.  The option vested in four equal annual installments beginning 
on 12/9/98 and expires on 12/7/07; (iii) 9,882 at $10.11 per share.  The option vested in four equal annual installments beginning on 12/10/97 and expires on 12/10/06; (iv) 530,118 at $10.11 per share.  The option vested in four equal annual installments beginning on12/10/97 and expires on 12/9/06; (v) 14,778 at $6.7633 per share.  The option vested in four equal annual installments beginning on 12/12/96 and expires on 12/12/05; (vi) 525,222 at $6.7633 per share.  The option vested in four equal annual installments beginning on 12/12/96 and expires on 12/9/05.</footnote><footnote id="F5">The reporting person also directly owns an employee stock option to purchase 540,000 shares of USB common stock at $3.7633 per share.  The option vested in four equal annual installments beginning on 12/13/95 and expires on 12/10/04.</footnote><footnote id="F6">The reporting person also directly owns 240,141 restricted stock units (includes restricted stock units acquired in July pursuant to a dividend reinvestment feature o
f the reporting person's restricted stock unit award) which convert into common stock on a 1-for-1 basis and will be distributed in two equal installments on the first and second anniversary of the reporting person's attaining the age of 62 or his retirement.  The restricted stock units vest 100% on 12/17/06, or 25% on December 17th of each of 2003, 2004 and 2005 if certain performance criteria are met in those years.</footnote><footnote id="F7">The reporting person also directly owns 319,846 restricted stock units (includes restricted stock units acquired in July pursuant to a dividend reinvestment feature of the reporting person's restricted stock unit award) which convert into common stock on a 1-for-1 basis on 12/31/06.  </footnote><footnote id="F8">The reporting person also directly owns 982,844 Deferred Compensation Plan Participation Units (includes additional amounts acquired in July pursuant to a dividend reinvestment feature of the U.S. Bancorp Deferred Compensation Plan) which convert into common 
stock on a 1-for-1 basis and is payable following termination of the reporting person's employment with U.S. Bancorp. </footnote></footnotes><ownerSignature><signatureName>By Lee R. Mitau for Jerry A. Grundhofer</signatureName><signatureDate>2003-07-21</signatureDate></ownerSignature></ownershipDocument>

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