Pricing Supplement #3 to Prospectus Dated May 12, 2005

Rule 424(b)(2)

Registration No. 333-124535

PRICING SUPPLEMENT TO PROSPECTUS DATED MAY 12, 2005, AS SUPPLEMENTED BY PROSPECTUS

SUPPLEMENT DATED

MAY 12, 2005, AND SUPPLEMENTAL TO THE OFFICERS’ CERTIFICATE

AND COMPANY ORDER, DATED MAY 12, 2005 NO. 3 DATED Monday, April 24, 2006

U.S. BANCORP

Medium-Term Notes, Series P (Senior)

Medium-Term Notes, Series Q (Subordinated)

 

CUSIP No.:    91159HGL8    Issue Price (Dollar Amount and Percentage of Principal Amount):
Series:       Amount:    $500,282,000.00 / 100.0564 %

þ       Series P (Senior)

   Proceeds to the Company:    $500,282,000.00

¨        Series Q (Subordinated)

     
      Interest Rate/Initial Interest Rate:   
Form of Note:    Interest Payment Dates:   

Monthly on the 28th of each month,

commencing May 28, 2006

þ       Book-Entry

     

¨        Certificated

     
Principal Amount:    $500,000,000.00    Regular Record Date:   

15 calendar days preceding each

Interest Payment Date

Trade Date:    Monday, April 24, 2006    Interest Determination Date:    2 Business Days Prior
Original Issue Date:    Friday, April 28, 2006    Interest Reset Date:    28th day of the month
Maturity Date:    Tuesday, April 28, 2009      

Base Rate (and, if applicable,

related Interest Periods):

   Index Source:    Telerate Page 3750

¨        Fixed Rate Note

   Index Maturity:    1 month

¨        Commercial Paper Note

   Spread:    0.030%

¨        Federal Funds Note

     

þ        LIBOR Note

   Spread Multiplier:   

¨        EURIBOR Note

   Maximum Interest Rate:   

¨        Prime Rate Note

     

¨        CD Rate Note

   Day Count:    Act/360

¨        Treasury Rate Note

   Minimum Interest Rate:   

¨        CMT Rate Note

     

¨        Other Base Rate

   For Original Issue Discount Notes:

¨        Zero Coupon Note

   Original Issue Discount %:   
Agent’s Commission:    Yield to Maturity:   
Redemption Terms:    Original Issue Discount Notes:   
Other Terms:      
     

¨        Subject to special provisions set forth therein with respect to the principal amount thereof payable upon any redemption or acceleration of the maturity thereof.

Name of Agent and Delivery Instructions:      
   Wachovia Bank   

¨        For Federal income tax purposes only.

 

  Signature
  DTC#250                           /s/ John C. Stern                                                    4-24-06
    (Authorized signature)
    /s/ Ken Nelson                                                      4-24-06
Columbus/432704.2   (Authorized signature)