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): JANUARY 20, 1999


                                  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.)


              601 SECOND AVENUE SOUTH, MINNEAPOLIS, MINNESOTA 55402
               (Address of principal executive offices) (Zip Code)


        Registrant's telephone number, including area code: 612-973-1111


                                 NOT APPLICABLE
          (Former name or former address, if changed since last report)






ITEM 5.  OTHER EVENTS

        On January 20, 1999, U.S. Bancorp (the "Company") released its fourth
        quarter and full year 1998 earnings summary to the public. The Company's
        press release, dated January 20, 1999, announcing such earnings summary
        is included as Exhibit 99 hereto and is incorporated herein by
        reference.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

        (c.)  Exhibits (filed herewith)

              Exhibit 99   Press release of U.S. Bancorp dated January 20, 1999.



                                   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

                                   By   /s/ Terrance R. Dolan
                                        ----------------------------------
                                        Terrance R. Dolan
                                        Senior Vice President & Controller




DATE:  January 20, 1999