SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* DANNEMILLER JOHN C (Last) (First) (Middle) 28 HIDDEN VALLEY (Street) ROCKY RIVER OH 44116 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol US BANCORP \DE\ [ USB ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 12/12/2003
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.01 par value	12/12/2003		M		13,000	A	$4.6667	15,700	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)							(2)	(2)	Common Stock	2,586(3)		2,586	D
Deferred Compensation Plan Participation	(4)							(4)	(4)	Common Stock	52,456.48(5)		52,456.48	D
Non-Employee Director Stock Option (Right to Buy)	$4.6667	12/12/2003		M			13,000	(6)	03/11/2005	Common Stock	18,000	$0	5,000	D
Non-Employee Director Stock Option (Right to Buy)	$21.64							(7)	12/17/2012	Common Stock	7,200		7,200	D
Non-Employee Director Stock Option (Right to Buy)	$20.78							(8)	01/02/2012	Common Stock	8,600		8,600	D
Non-Employee Director Stock Option (Right to Buy)	$23.34							(9)	02/27/2011	Common Stock	6,100		6,100	D
Non-Employee Director Stock Option (Right to Buy)	$23.4375							(10)	01/02/2011	Common Stock	1,150		1,150	D
Non-Employee Director Stock Option (Right to Buy)	$21.6875							(11)	12/12/2010	Common Stock	8,900		8,900	D
Non-Employee Director Stock Option (Right to Buy)	$22.5625							(12)	10/02/2010	Common Stock	450		450	D
Non-Employee Director Stock Option (Right to Buy)	$20.875							(13)	07/03/2010	Common Stock	700		700	D
Non-Employee Director Stock Option (Right to Buy)	$23.375							(14)	04/03/2010	Common Stock	450		450	D
Non-Employee Director Stock Option (Right to Buy)	$20.9375							(15)	01/03/2010	Common Stock	6,625		6,625	D
Non-Employee Director Stock Option (Right to Buy)	$21.375							(16)	12/14/2009	Common Stock	6,900		6,900	D
Non-Employee Director Stock Option (Right to Buy)	$25.625							(17)	10/01/2009	Common Stock	625		625	D
Non-Employee Director Stock Option (Right to Buy)	$28							(18)	07/01/2009	Common Stock	3,300		3,300	D
Non-Employee Director Stock Option (Right to Buy)	$28							(18)	07/01/2009	Common Stock	950		950	D
Non-Employee Director Stock Option (Right to Buy)	$29.4167							(19)	03/09/2009	Common Stock	10,800		10,800	D
Non-Employee Director Stock Option (Right to Buy)	$21							(20)	04/14/2008	Common Stock	18,000		18,000	D
Non-Employee Director Stock Option (Right to Buy)	$13.7917							(21)	04/06/2007	Common Stock	18,000		18,000	D
Non-Employee Director Stock Option (Right to Buy)	$7.0833							(22)	04/07/2006	Common Stock	18,000		18,000	D

Explanation of Responses:

1. Restricted stock units convert into common stock on a one-for-one basis.

2. The restricted stock units vest in four equal annual installments beginning on December 17, 2003. Vested units are payable in common stock when the reporting person retires in accordance with the Company's director retirement policy.

3. Includes restricted stock units acquired in January, April, July and October pursuant to a dividend reinvestment feature of the reporting person's restricted stock unit award.

4. Deferred Compensation Plan Participation converts into common stock on a one-for-one basis and is payable in common stock following termination of the reporting person's directorship with U.S. Bancorp.

5. Includes additional amounts acquired in January, April, July and October pursuant to a dividend reinvestment feature of the U.S. Bancorp Deferred Compensation Plan.

6. The option vested in four equal annual installments beginning on March 14, 1996.

7. The option vests in four equal annual installments beginning on December 17, 2003.

8. The option vests in four equal annual installments beginning on January 2, 2003.

9. The option vests in four equal annual installments beginning on February 27, 2002.

10. The option vests in four equal annual installments beginning on January 2, 2002.

11. The option vests in four equal annual installments beginning on December 12, 2001.

12. The option vests in four equal annual installments beginning on October 2, 2001.

13. The option vests in four equal annual installments beginning on July 3, 2001.

14. The option vests in four equal annual installments beginning on April 3, 2001.

15. The option vests in four equal annual installments beginning on January 3, 2001.

16. The option vests in four equal annual installments beginning on December 14, 2000.

17. The option vested 100% on October 1, 2003.

18. The option vested in four equal annual installments beginning on July 1, 2000.

19. The option vested in four equal annual installments beginning on March 9, 2000.

20. The option vested in four equal annual installments beginning on April 14, 1999.

21. The option vested in four equal annual installments beginning on April 8, 1998.

22. The option vested in four equal annual installments beginning on April 9, 1997.

Remarks:

	Lee R. Mitau for John C. Dannemiller	12/15/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.