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): December 12, 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))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 12, 2006, the Company announced that Richard K. Davis had succeeded Jerry A. Grundhofer as the Company’s Chief Executive Officer. This change occurred in accordance with an established succession plan, which was announced on July 18, 2006.

Mr. Davis and certain of his family members have engaged in lending and other ordinary banking transactions with our banking subsidiaries. All of these transactions were made in the ordinary course of business, on substantially the same terms, including current interest rates and collateral, as those prevailing at the time for comparable transactions with others and did not involve more than the normal risk of collectibility or present other unfavorable features.

A copy of the press release issued by the Company on December 12, 2006, making this announcement is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

Press release dated December 12, 2006.

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
December 13, 2006	By:	Lee R. Mitau
		Name: Lee R. Mitau
		Title: Executive Vice President, General Counsel and Corporate Secretary

Exhibit Index

Exhibit No.	Description
99.1	Press release dated December 12, 2006.

EX-99.1

News Release

CONTACT: Steve Dale (Media)
(612) 303-0784
Judith Murphy (Analysts)
(612) 303-0783

RICHARD K. DAVIS BECOMES U.S. BANCORP CHIEF EXECUTIVE OFFICER

MINNEAPOLIS (Dec. 12, 2006) – Richard K. Davis has succeeded Jerry A. Grundhofer as chief executive officer of U.S. Bancorp (NYSE: USB), parent company of U.S. Bank. Davis will retain his title of president in addition to his new title of chief executive officer. Grundhofer will remain with U.S. Bancorp as chairman of the board until December 31, 2007.

The change takes place in accordance with an established succession plan, which was announced on July 18, 2006, at which time Davis, 48, was elected to the board of directors of U.S. Bancorp. He had been president and chief operating officer of U.S. Bancorp since October 2004. Grundhofer, 62, had been chief executive officer since 1993 and chairman of the board since 2002. Davis was vice chairman responsible for consumer and commercial banking from 2003 to 2004, and vice chairman or executive vice president of consumer banking from 1993 to 2003.

Grundhofer and Davis have worked closely since 1993, when Grundhofer was named CEO of U.S. Bancorp (then known as Star Banc Corporation). One of his first acts was to recruit Davis to lead consumer banking. Grundhofer and Davis previously worked together at Security Pacific and Bank of America.

Davis has more than 30 years of experience in the banking industry and was a key leader in the successful mergers of Firstar Corporation with U.S. Bancorp in 2001, Firstar with Mercantile Bancorporation in 1999, and Star Banc Corporation with Firstar in 1998. Davis joined the company in November 1993. Before that time he was executive vice president of Bank of America and of Security Pacific. He earned a bachelor’s degree in economics from California State University

Davis serves on the boards of Xcel Energy, Inc., the American Bankers Association, Visa U.S.A. and Visa International, the Minnesota Orchestra, the National Underground Railroad Freedom Center, the Guthrie Theatre and the Minneapolis YMCA.

U.S. Bancorp, with assets of $217 billion, is the 6th largest financial holding company in the United States. The company operates 2,467 banking offices and 4,943 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

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