<PAGE> 1
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) June 25, 1996
First Union National Bank of Georgia
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
United States 33-98546 58-1051808
---------------------------- ------------------------ --------------
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer
Identification Number)
</TABLE>
<TABLE>
<S> <C>
999 Peachtree Street
Atlanta, Georgia 30309
------------------------------------- ----------
(Address of Principal Executive Office) (Zip Code)
</TABLE>
Registrant's telephone number, including area code (404) 827-7350
N/A
- --------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
INFORMATION TO BE INCLUDED IN THE REPORT
Items 1-4. Not Applicable
Item 5. The Series 1996-1 Certificateholders' Statement for the period
of March 5, 1996 to April 30, 1996 was delivered to
Certificateholders on May 15, 1996. The Series 1996-1
Certificateholders' Statement for the Monthly period of May
1996 was delivered to Certificateholders on June 17, 1996.
The Series 1996-2 Certificateholders' Statement for the period
of April 23, 1996 to May 31, 1996 was delivered to
Certificateholders on June 20, 1996.
Item 6. Not Applicable.
Item 7. Exhibits.
The following are filed as Exhibits to this Report under
Exhibits 20.1, 20.2, 20.3.
Exhibit 20.1 Series 1996-1 Certificateholders' Statement
for May 15, 1996 Distribution Date.
Exhibit 20.2 Series 1996-1 Certificateholders' Statement
for June 17, 1996 Distribution Date.
Exhibit 20.3 Series 1996-2 Certificateholders' Statement
for June 20, 1996 Distribution Date.
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on
their behalf by the undersigned hereunto duly authorized.
FIRST UNION NATIONAL BANK
OF GEORGIA
By: /S/ JAMES H. GILBRAITH
-----------------------
Name: James H. Gilbraith
Title: Vice President and
Managing Director
3
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Description Page
- ------- ----------- ----
<S> <C> <C>
Exhibit 20.1 Series 1996-1 Certificateholders' Statement for 5
May 15, 1996 Distribution Date.
Exhibit 20.2 Series 1996-1 Certificateholders' Statement for 13
June 17, 1996 Distribution Date.
Exhibit 20.3 Series 1996-2 Certificateholders' Statement for 21
June 20, 1996 Distribution Date.
</TABLE>
4
<PAGE> 1
EXHIBIT 20.1
<PAGE> 2
Exhibit C of Pooling and Servicing Supplement
REVISED
FORM OF MONTHLY SERIES 1996-1 CERTIFICATEHOLDERS' STATEMENT
-----------------------------------------------------------
Series 1996-1
FIRST UNION NATIONAL BANK OF GEORGIA
FIRST UNION MASTER CREDIT CARD TRUST
------------------------------------
The information which is required to be prepared with respect to the
distribution date of May 15, 1996, and with respect to the performance of the
Trust during the related Monthly Period.
Capitalized terms used in this Statement have their respective meanings set
forth in the Pooling Servicing Agreement.
A Information Regarding the Current Monthly Distribution (Stated on the
Basis of $1,000 Original Certificate Principal Amount
<TABLE>
<S> <C> <C>
1 The amount of the current monthly distribution in respect of Class A
Monthly Principal $ 0
-------------------
2 The amount of the current monthly distribution in respect of Class B
Monthly Principal $ 0
-------------------
3 The amount of the current monthly distribution in respect of Collateral
Monthly Principal $ 0
-------------------
4 The amount of the current monthly distribution in respect of Class A
Monthly Interest $ 10,140,956
-------------------
5 The amount of the current monthly distribution in respect of Class A
Deficiency Amounts $ 0
-------------------
6 The amount of the current monthly distribution in respect of Class A
Additional Interest $ 0
-------------------
7 The amount of the current monthly distribution in respect of Class B
Monthly Interest $ 847,532
-------------------
8 The amount of the current monthly distribution in respect of Class B
Deficiency Amounts $ 0
-------------------
9 The amount of the current monthly distribution in respect of Class B
Additional Interest $ 0
-------------------
</TABLE>
PAGE 1 OF 7
<PAGE> 3
<TABLE>
<S> <C>
10 The amount of the current monthly distribution in respect of Collateral
Monthly Interest $ 1,311,242
-------------------
11 The amount of the current monthly distribution in respect of any accrued
and unpaid Collateral Monthly Interest $0
-------------------
B Information Regarding the Performance of the Trust
--------------------------------------------------
1 Collection of Principal Receivables
-----------------------------------
(a) The aggregate amount of Collections of Principal Receivables processed during
the related Monthly Period which were allocated in respect of the
Class A Certificates $ 131,298,440
-------------------
(b) The aggregate amount of Collections of Principal Receivables processed during
the related Monthly Period which were allocated in respect of the
Class B Certificates $ 10,742,639
-------------------
(c) The aggregate amount of Collections of Principal Receivables processed during
the related Monthly Period which were allocated in respect of the
Collateral Interest $ 17,108,589
-------------------
2 Principal Receivables in the Trust
----------------------------------
(a) The aggregate amount of Principal Receivables in the Trust as of the
end of the day on the last day of the related Monthly Period $ 4,313,164,653
-------------------
(b) The amount of Principal Receivables in the Trust represented by the
Investor Interest of Series 1996-1 as of the end of the day on the last
day of the related Monthly Period $ 1,115,151,821
-------------------
(c) The amount of Principal Receivables in the Trust represented by the
Series 1996-1 Adjusted Investor Interest as of the end of the day on
the last day of the related Monthly Period $ 1,115,151,821
-------------------
(d) The amount of Principal Receivables in the Trust represented by the
Class A Investor Interest as of the end of the day on the last day of
the related Monthly Period $ 920,000,000
-------------------
(e) The amount of Principal Receivables in the Trust represented by the
Class A Adjusted Investor Interest as of the end of day on the last
day of the related Monthly Period $ 920,000,000
-------------------
(f) The amount of Principal Receivables in the Trust represented by the
Class B Investor Interest as of the end of the day on the last day of
the related Monthly Period $ 75,273,000
-------------------
</TABLE>
Page 2 of 7
<PAGE> 4
<TABLE>
<S> <C> <C>
(g) The amount of Principal Receivables in the Trust represented by the
Collateral Interest as of the end of the day on the last day of the
related Monthly Period $119,878,821
-------------------
(h) The Floating Investor Percentage with respect to the related
Monthly Period 26.05%
-------------------
(i) The Class A Floating Allocation with respect to the related Monthly
Period 21.49%
-------------------
(j) The Class B Floating Allocation with respect to the related Monthly
Period 1.76%
-------------------
(k) The Collateral Floating Allocation with respect to the related
Monthly Period 2.80%
-------------------
(l) The Fixed Investor Percentage with respect to the related Monthly
Period N/A
-------------------
(m) The Class A Fixed Allocation with respect to the related Monthly
Period N/A
-------------------
(n) The Class B Fixed Allocation with respect to the related Monthly
Period N/A
-------------------
(o) The Collateral Fixed Allocation with respect to the related Monthly
Period N/A
-------------------
</TABLE>
<TABLE>
<CAPTION>
3 Rebate Accounts
---------------
The aggregate amount of Principal Aggregate Percentage
Receivables arising in Rebate Number Account of Total
Accounts with respect to the related of Accounts Balance Receivables
--------------- ---------------- --------------
<S> <C> <C> <C> <C>
Monthly Account Receivables 39,895 180,058,848 4.11%
--------------- ---------------- --------------
<CAPTION>
4 Delinquent Balances
-------------------
The aggregate amount of outstanding balances
in the Accounts which were delinquent as of Aggregate Percentage
the end of the day on the last day of the related Account of Total
Monthly Period: Balance Receivables
------- ----------
<S> <C> <C> <C>
(a) 35 - 64 days: $ 77,629,609 1.77%
------------ ------------
(b) 65 - 94 days: $ 48,673,442 1.11%
------------ ------------
(c) 95 - 124 days: $ 39,326,606 0.90%
------------ ------------
(d) 125 - 154 days: $ 32,745,942 0.75%
------------ ------------
(e) 155 - or more days: $ 41,203,866 0.94%
------------ ------------
</TABLE>
Page 3 of 7
<PAGE> 5
<TABLE>
<S> <C> <C>
5 Investor Default Amount
-----------------------
(a) The Aggregate Investor Default Amount for the related Monthly
Period $ 9,931,119
-------------------
(b) The Class A Investor Default Amount for the related Monthly
Period $ 8,193,171
-------------------
(c) The Class B Investor Default Amount for the related Monthly
Period $ 670,353
-------------------
(d) The Collateral Default Amount for the related Monthly Period $1,067,595
-------------------
6 Investor Charge Offs
--------------------
(a) The aggregate amount of Class A Investor Charge Offs for the
related Monthly Period $ 0
-------------------
(b) The aggregate amount of Class A Investor Charge Offs set forth in
5(a) above per $ 1,000 of original certificate principal amount $ 0
-------------------
(c) The aggregate amount of Class B Investor Charge Offs for the
related Monthly Period $ 0
-------------------
(d) The aggregate amount of Class B Investor Charge Offs set forth in
5(c) above per $1,000 of original certificate principal amount $ 0
-------------------
(e) The aggregate amount of Collateral Charge Offs for the related
Monthly Period $ 0
-------------------
(f) The aggregate amount of Class A Investor Charge Offs reimbursed
on the Transfer Date immediately preceding the Distribution Date $ 0
-------------------
(g) The aggregate amount of Class A Investor Charge Offs set forth in
5(g) above per $1,000 original certificate principal amount reimbursed
on the Transfer Date immediately preceding this Distribution Date $ 0
-------------------
(h) The aggregate amount of Class B Investor Charge Offs reimbursed
on the Transfer Date immediately preceding this Distribution Date $ 0
-------------------
(i) The aggregate amount of Class B Investor Charge Offs set forth in
5(i) above per $1,000 original certificate principal amount reimbursed
on the Transfer Date immediately preceding this Distribution Date $ 0
-------------------
</TABLE>
Page 4 of 7
<PAGE> 6
<TABLE>
<S> <C> <C>
(j) The aggregate amount of Collateral Charge Offs reimbursed on the
Transfer Date immediately preceding this Distribution Date $0
-------------------
7 Investor Servicing Fee
----------------------
(a) The amount of the Class A Servicing Fee payable by the Trust to the
Servicer for the Related Monthly Period $ 1,820,833
-------------------
(b) The amount of the Class B Servicing Fee payable by the Trust to the
Servicer for the Related Monthly Period $ 148,978
-------------------
(c) The amount of the Collateral Servicing Fee payable by the Trust to
the Servicer for the related Monthly Period $ 237,260
-------------------
(d) The amount of Servicer Interchange payable by the Trust to the
Servicer for the related Monthly Period $ 1,324,243
-------------------
8 Reallocations
-------------
(a) The amount of Reallocated Collateral Principal Collections with
respect to this Distribution Date $ 0
-------------------
(b) The amount of Reallocated Class B Principal Collections with
respect to this Distribution Date $ 0
-------------------
(c) The Collateral Interest as of the close of business on this Distribution
Date $ 119,878,821
-------------------
(d) The Class B Investor Interest as of the close of business on this
Distribution Date $ 75,273,000
-------------------
9 Collection of Finance Charge Receivables
----------------------------------------
(a) The aggregate amount of Collections of Finance Charge Receivables processed
during the related Monthly Period which were allocated in
respect of the Class A Certificates $ 21,587,304
-------------------
(b) The aggregate amount of Collections of Finance Charge Receivables processed
during the related Monthly Period which were allocated in
respect of the Class B Certificates $ 1,766,241
-------------------
(c) The aggregate amount of Collections of Finance Charge Receivables processed
during the related Monthly Period which were allocated in
respect of the Collateral Interest $ 2,812,892
-------------------
</TABLE>
Page 5 of 7
<PAGE> 7
<TABLE>
<S> <C> <C>
10 Principal Funding Account
-------------------------
(a) The principal amount on deposit in the Principal Funding Account on
the related Transfer Date $ 0
-------------------
(b) The Accumulation Shortfall with respect to the related Monthly
Period $0
-------------------
(c) The Principal Funding Investment Proceeds deposited in the Finance
Charge Account on the related Transfer Date $0
-------------------
(d) The amount of all or the portion of the Reserve Draw Amount deposited
in the Finance Charge Account on the related Transfer
Date from the Reserve Account $0
-------------------
11 Reserve Draw Amount $0
-------------------
-------------------
12 Available Funds
---------------
(a) The amount of Class A Available Funds on deposit in the Finance
Charge Account on the related Transfer Date $ 21,587,304
-------------------
(b) The amount of Class B Available Funds on deposit in the Finance
Charge Account on the related Transfer Date $ 1,766,241
-------------------
(c) The amount of Collateral Available Funds on deposit in the Finance
Charge Account on the related Transfer Date $ 2,812,892
-------------------
13 Portfolio Yield
---------------
(a) The Portfolio Yield for the related Monthly Period*
(weighted average of March (10.47%) and April (11.28%)) 10.92%
-------------------
(b) The Portfolio Adjusted Yield for the related Monthly Period N/A
-------------------
C Floating Rate Determinations
----------------------------
1 LIBOR for the Interest Period ending on this Distribution Date
(a) for period from 3/5/96 through 3/14/96 5.3125%
-------------------
(b) for period from 3/15/96 through 4/14/96 5.3750%
-------------------
(c) for period from 4/15/96 through 5/14/96 5.5000%
-------------------
</TABLE>
Page 6 OF 7
<PAGE> 8
FIRST NATIONAL BANK OF GEORGIA
Service
By: /s/ JAMES H. GILBRAITH II
-----------------------------------
James H. Gilbraith II
Vice President and Director
First Union National Bank of Georgia
Page 7 of 7
<PAGE> 1
EXHIBIT 20.2
<PAGE> 2
EXHIBIT C
FORM OF MONTHLY-SERIES 1996-1 CERTIFICATEHOLDERS' STATEMENT
Series 1996-1
FIRST UNION NATIONAL BANK OF GEORGIA
------------------------------------
FIRST UNION MASTER CREDIT CARD TRUST
------------------------------------
The information which is required to be prepared with respect to the
distribution date of June 17, 1996 and with respect to the performance of the
Trust during the related Monthly Period.
Capitalized terms used in this Statement have their respective meanings
set forth in the Pooling and Servicing Agreement.
A. Information Regarding the Current Monthly Distribution (Stated on
the basis of $1,000 Original Certificate Principal Amount)
<TABLE>
<S> <C> <C>
1 The amount of the current monthly distribution in
respect of Class A Monthly Principal . . . . . . . . . . . . . . . . . . . . . . $0
-------------------
2 The amount of the current monthly distribution in
respect of Class B Monthly Principal . . . . . . . . . . . . . . . . . . . . . . $0
-------------------
3 The amount of the current monthly distribution in respect of
Collateral Monthly Principal . . . . . . . . . . . . . . . . . . . . . . . . . . $0
-------------------
4 The amount of the current monthly distribution in
respect of Class A Monthly Interest . . . . . . . . . . . . . . . . . . . . . . $4,722,405
-------------------
5 The amount of the current monthly distribution in
respect of Class A Deficiency Amounts . . . . . . . . . . . . . . . . . . . . . $0
-------------------
6 The amount of the current monthly distribution in
respect of Class A Additional Interest . . . . . . . . . . . . . . . . . . . . . $0
-------------------
7 The amount of the current monthly distribution in
respect of Class B Monthly Interest . . . . . . . . . . . . . . . . . . . . . . $394,660
-------------------
8 The amount of the current monthly distribution in
respect of Class B Deficiency Amounts . . . . . . . . . . . . . . . . . . . . . $0
-------------------
9 The amount of the current monthly distribution in
respect of Class B Additional Interest . . . . . . . . . . . . . . . . . . . . . $0
-------------------
</TABLE>
<PAGE> 3
<TABLE>
<S> <C> <C>
10 The amount of the current monthly distribution in
respect of Collateral Monthly Interest . . . . . . . . . . . . . . . . . . . . . $610,510
-------------------
11 The amount of the current monthly distribution in respect of
any accrued and unpaid Collateral Monthly Interest . . . . . . . . . . . . . . . $0
-------------------
B. Information Regarding the Performance of the Trust
--------------------------------------------------
1 Collection of Principal Receivables
-----------------------------------
(a) The aggregate amount of Principal Collections processed during
the related Monthly Period which were allocated in respect of the
Class A Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . $71,149,213
-------------------
(b) The aggregate amount of Principal Collections processed during the
related Monthly Period which were allocated in
respect of the Class B Certificates . . . . . . . . . . . . . . . . . . . $5,821,299
-------------------
(c) The aggregate amount of Principal Collections processed during the
related Monthly Period which were allocated in
respect of the Collateral Interest . . . . . . . . . . . . . . . . . . . . $9,270,958
-------------------
2 Principal Receivables in the Trust
----------------------------------
(a) The aggregate amount of Principal Receivables in the Trust as of
the end of the day on the last day of the related Monthly
Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,343,712,106
-------------------
(b) The amount of Principal Receivables in the Trust represented by the
Investor Interest of Series 1996-1 as of the end of the day on the
last day of the related Monthly Period . . . . . . . . . . . . . . . . . . $1,115,151,821
-------------------
(c) The amount of Principal Receivables in the Trust represented by the
Series 1996-1 Adjusted Investor Interest as of the end of the day on
the last day of the related Monthly Period . . . . . . . . . . . . . . . . $1,115,151,821
-------------------
(d) The amount of Principal Receivables in the Trust represented by the
Class A Investor Interest as of the end of the day on the last
day of the related Monthly Period . . . . . . . . . . . . . . . . . . . . $920,000,000
-------------------
</TABLE>
<PAGE> 4
<TABLE>
<S> <C> <C>
(e) The amount of Principal Receivables in the Trust represented by the
Class A Adjusted Investor Interest as of the end of day on the
last day of the related Monthly Period . . . . . . . . . . . . . . . . . . $920,000,000
-------------------
(f) The amount of Principal Receivables in the Trust represented by the
Class B Investor Interest as of the end of the day on the last
day of the related Monthly Period . . . . . . . . . . . . . . . . . . . . $75,273,000
-------------------
(g) The amount of Principal Receivables in the Trust represented by
the Collateral Interest as of the end of the day on the last day of the
related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . . . $119,878,821
-------------------
(h) The Floating Investor Percentage with respect to the related Monthly
Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.65%
-------------------
(i) The Class A Floating Allocation with respect to the related Monthly
Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.99%
-------------------
(j) The Class B Floating Allocation with respect to the related Monthly
Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.80%
-------------------
(k) The Collateral Floating Allocation with respect to the related Monthly
Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.87%
-------------------
(l) The Fixed Investor Percentage with respect to the related Monthly Period . N/A
-------------------
(m) The Class A Fixed Allocation with respect to the related Monthly Period . N/A
-------------------
(n) The Class B Fixed Allocation with respect to the related Monthly Period . N/A
-------------------
(o) The Collateral Fixed Allocation with respect to N/A
the related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . -------------------
</TABLE>
<TABLE>
<CAPTION>
3 Rebate Accounts
---------------
The aggregate amount of Aggregate Percentage of
Principal Receivables arising in Account Total
Rebate Accounts with respect t Balance Receivables
the related Monthly Account ----------- -----------
<S> <C> <C> <C>
Receivables $175,122,716 3.97%
----------------------------------------------------------
4 Delinquent Balances
-------------------
</TABLE>
<PAGE> 5
The aggregate amount of outstanding balances in the Accounts
which were delinquent as of the end of the day on the last day
of the related Monthly Period:
<TABLE>
<CAPTION>
Aggregate Percentage of
Account Total
Balance Receivables
--------- -------------
<S> <C> <C>
(a) 35 - 64 days . . . . . . . . . . . . . . . $79,352,450 1.80%
-------------------------------------------------------
(b) 65 - 94 days: . . . . . . . . . . . . . . $49,154,987 1.11%
-------------------------------------------------------
(c) 95 - 124 days . . . . . . . . . . . . . . $36,998,700 0.84%
-------------------------------------------------------
(d) 125 - 154 days . . . . . . . . . . . . . . $32,127,922 0.73%
-------------------------------------------------------
(e) 155 - or more days days: . . . . . . . . . $44,130,357 1.00%
-------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
5 Investor Default Amount
-----------------------
(a) The Aggregate Investor Default Amount for
the related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,141,355
-------------------
(b) The Class A Investor Default Amount for the related Monthly Period . . . . . . . $5,891,618
-------------------
(c) The Class B Investor Default Amount for the related Monthly Period . . . . . . . $482,041
-------------------
(d) The Collateral Default Amount for the related Monthly Period . . . . . . . . . . $767,696
-------------------
6 Investor Charge Offs
--------------------
(a) The aggregate amount of Class A Investor Charge Offs for the related Monthly
Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0
-------------------
(b) The aggregate amount of Class A Investor Charge Offs set forth in 5(a) above
per $1,000 of original certificate principal amount . . . . . . . . . . . . . . . $0
-------------------
(c) The aggregate amount of Class B Investor Charge Offs for the related Monthly
Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0
-------------------
(d) The aggregate amount of Class B Investor Charge Offs set forth in 5(c) above per
$1,000 of original certificate principal amount . . . . . . . . . . . . . . . . $0
-------------------
(e) The aggregate amount of Collateral Charge Offs for the related Monthly Period . . $0
-------------------
(f) The aggregate amount of Class A Investor Charge Offs reimbursed on the Transfer
Date immediately preceding this Distribution Date. . . . . . . . . . . . . . . . $0
-------------------
</TABLE>
<PAGE> 6
<TABLE>
<S> <C> <C>
(g) The aggregate amount of Class A Investor Charge Offs set forth in 5(g) above per
$1,000 original certificate principal amount reimbursed on the Transfer Date
immediately preceding this Distribution Date . . . . . . . . . . . . . . . . . . $0
-------------------
(h) The aggregate amount of Class B Investor Charge Offs reimbursed on the Transfer
Date immediately preceding this Distribution Date . . . . . . . . . . . . . . . $0
-------------------
(i) The aggregate amount of Class B Investor Charge Offs set forth in 5(i) above per
$1,000 original certificate principal amount reimbursed on the Transfer Date
immediately preceding this Distribution Date. . . . . . . . . . . . . . . . . . $0
-------------------
(j) The aggregate amount of Collateral Charge Offs reimbursed on the Transfer Date
immediately preceding this Distribution Date . . . . . . . . . . . . . . . . . $0
-------------------
7 Investor Servicing fee
----------------------
(a) The amount of the Class A Servicing Fee payable by the Trust to the Servicer for
the related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . . . . $958,333
-------------------
(b) The amount of the Class B Servicing Fee payable by the Trust to the Servicer for
the related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . . . . $78,409
-------------------
(c) The amount of the Collateral Servicing Fee payable by the Trust to the Servicer
for the related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . . $124,874
-------------------
(d) the amount of Servicer Interchange payable by the Trust to the Servicer for the
related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $696,970
-------------------
8 Reallocations
-------------
(a) The amount of Reallocated Collateral Principal Collections with respect to this
Distribution Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0
-------------------
(b) The amount of Reallocated Class B Principal Collections with respect to this
Distribution Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0
-------------------
</TABLE>
<PAGE> 7
<TABLE>
<S> <C>
(c) The Collateral Interest as of the close of business on this Distribution Date . . $119,878,821
-------------------
(d) The Class B Investor Interest as of the close of business on this Distribution
Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $75,273,000
-------------------
9 Collection of Finance Charge Receivables
----------------------------------------
(a) The aggregate amount of Collections of Finance Charge Receivable processed during
the related Monthly Period which were allocated in respect of the
Class A Certificate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,689,717
-------------------
(b) The aggregate amount of Collections of Finance Charge Receivable processed
during the related Monthly Period which were allocated in respect
of the Class B Certificate . . . . . . . . . . . . . . . . . . . . . . . . . . . $956,431
-------------------
(c) The aggregate amount of Collections of Finance Charge Receivable processed
during the related Monthly Period which were allocated in
respect of the Collateral Interest. . . . . . . . . . . . . . . . . . . . . . . $1,523,206
-------------------
10 Principal Funding Account
------------------------
(a) The principal amount on deposit in the Principal Funding Account on the related
Transfer Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0
-------------------
(b) The Accumulation Shortfall with respect to the related Monthly Period . . . . . $0
-------------------
(c) The Principal Funding Investment Proceeds deposited in the Finance Charge
Account on the related Transfer Date . . . . . . . . . . . . . . . . . . . . . $0
-------------------
(d) The amount of all or the portion of the Reserve Draw Amount deposited in the
Finance Charge Account on the related Transfer date from the Reserve Account . . $0
-------------------
11 Reserve Draw Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0
------------------- -------------------
12 Available Funds
---------------
(a) The amount of Class A Available Funds on deposit in the Finance Charge Account on
the related Transfer Date . . . . . . . . . . . . . . . . . . . . . . . . . . . $11,689,717
-------------------
</TABLE>
<PAGE> 8
<TABLE>
<S> <C> <C>
(b) The amount of Class B Available Funds on deposit in the Finance charge Account on
the related Transfer Date . . . . . . . . . . . . . . . . . . . . . . . . . . . $956,431
-------------------
(c) The amount of Collateral Available Funds on deposit in the Finance Charge
Account on the related Transfer Date . . . . . . . . . . . . . . . . . . . . . . $1,523,206
-------------------
13 Portfolio Yield
---------------
(a) The Portfolio Yield for the related Monthly Period . . . . . . . . . . . . . . . 8.31%
-------------------
(b) The Portfolio Adjusted Yield for the related
Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
-------------------
C. Floating Rate Determinations
----------------------------
1 LIBOR for the Interest Period ending on this
Distribution Dat . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4297%
-------------------
</TABLE>
FIRST UNION NATIONAL BANK OF
GEORGIA,
SERVICER
By /s/ JAMES H. GILBRAITH II
----------------------------------
James H. Gilbraith II
Vice President and Managing Director
First Union National Bank of Georgia
<PAGE> 1
EXHIBIT 20.3
<PAGE> 2
EXHIBIT C
FORM OF MONTHLY SERIES 1996-2 CERTIFICATEHOLDERS' STATEMENT
Series 1996-2
FIRST UNION NATIONAL BANK OF GEORGIA
------------------------------------
FIRST UNION MASTER CREDIT CARD TRUST
------------------------------------
The information which is required to be prepared with respect to the
distribution date of June 20, 1996 and with respect to the performance of the
Trust during the related Monthly Period.
Capitalized terms used in this Statement have their respective meanings
set forth in the Pooling and Servicing Agreement.
A. Information Regarding the Current Monthly Distribution (Stated on
the basis of $1,000 Original Certificate Principal Amount)
<TABLE>
<S> <C> <C>
1 The amount of the current monthly distribution in
respect of Class A Monthly Principal . . . . . . . . . . . . . . . . . . . . . . . . . $0
--------------
2 The amount of the current monthly distribution in
respect of Class B Monthly Principal . . . . . . . . . . . . . . . . . . . . . . . . . $0
--------------
3 The amount of the current monthly distribution in
respect of Collateral Monthly Principal . . . . . . . . . . . . . . . . . . . . . . . $0
--------------
4 The amount of the current monthly distribution in
respect of Class A Monthly Interest . . . . . . . . . . . . . . . . . . . . . . . . . $2,679,144
--------------
5 The amount of the current monthly distribution in
respect of Class A Deficiency Amounts . . . . . . . . . . . . . . . . . . . . . . . . $0
--------------
6 The amount of the current monthly distribution in
respect of Class A Additional Interest . . . . . . . . . . . . . . . . . . . . . . . . $0
--------------
7 The amount of the current monthly distribution in
respect of Class B Monthly Interest . . . . . . . . . . . . . . . . . . . . . . . . . $224,349
--------------
8 The amount of the current monthly distribution in
respect of Class B Deficiency Amounts . . . . . . . . . . . . . . . . . . . . . . . . $0
--------------
9 The amount of the current monthly distribution in
respect of Class B Additional Interest . . . . . . . . . . . . . . . . . . . . . . . . $0
--------------
</TABLE>
<PAGE> 3
<TABLE>
<S> <C> <C>
10 The amount of the current monthly distribution in
respect of Collateral Monthly Interest . . . . . . . . . . . . . . . . . . . . . . . $320,066
--------------
11 The amount of the current monthly distribution in respect of any accrued
and unpaid Collateral Monthly Interest . . . . . . . . . . . . . . . . . . . . . . . . $0
--------------
B. Information Regarding the Performance of the Trust
--------------------------------------------------
1 Collection of Principal Receivables
-----------------------------------
(a) The aggregate amount of Principal Collections of processed during the
related Monthly Period which were allocated in
respect of the Class A Certificates . . . . . . . . . . . . . . . . . . . . . . $31,871,571
--------------
(b) The aggregate amount of Collections of Principal Receivables processed during
the related Monthly Period which were allocated in
respect of the Class B Certificates . . . . . . . . . . . . . . . . . . . . . . $2,607,674
--------------
(c) The aggregate amount of Collections of Principal Receivables processed
during the related Monthly Period which were allocated in
respect of the Collateral Interest . . . . . . . . . . . . . . . . . . . . . . . $4,152,962
--------------
2 Principal Receivables in the Trust
----------------------------------
(a) The aggregate amount of Principal Receivables in the Trust as of the
end of the day on the last day of the related Monthly Period . . . . . . . . . $4,343,712,106
--------------
(b) The amount of Principal Receivables in the Trust represented by the
Investor Interest of Series 1996-2 as of the end of the day on the
last day of the related Monthly Period . . . . . . . . . . . . . . . . . . . . . $363,636,975
--------------
(c) The amount of Principal Receivables in the Trust represented by the
Series 1996-2 Adjusted Investor Interest as of the end of the day on the last
day of the related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . $363,636,975
--------------
(d) The amount of Principal Receivables in the Trust represented by the
Class A Investor Interest as of the end of the day on the last
day of the related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . $300,000,000
--------------
</TABLE>
<PAGE> 4
<TABLE>
<S> <C> <C>
(e) The amount of Principal Receivables in the Trust represented by the
Class A Adjusted Investor Interest as of the end of day on the
last day of the related Monthly Period . . . . . . . . . . . . . . . . . . . . $300,000,000
--------------
(f) The amount of Principal Receivables in the Trust represented by the
Class B Investor Interest as of the end of the day on the last
day of the related Monthly Period . . . . . . . . . . . . . . . . . . . . . . $24,546,000
--------------
(g) The amount of Principal Receivables in the Trust represented by the
Collateral Interest as of the end of the day on the last day of the
related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . $39,090,975
--------------
(h) The Floating Investor Percentage with respect to the related Monthly Period . 8.43%
--------------
(i) The Class A Floating Allocation with respect to the related Monthly Period . . 6.96%
--------------
(j) The Class B Floating Allocation with respect to the related Monthly Period . . 0.57%
--------------
(k) The Collateral Floating Allocation with respect to the related Monthly Period 0.91%
--------------
(l) The Fixed Investor Percentage with respect to the related Monthly Period . . . N/A
--------------
(m) The Class A Fixed Allocation with respect to the related Monthly Period . . . N/A
--------------
(n) The Class B Fixed Allocation with respect to
the related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
--------------
(o) The Collateral Fixed Allocation with respect to N/A
the related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . . . --------------
3 Rebate Accounts
---------------
The aggregate amount of Aggregate Percentage of
Principal Receivables arising in Account Total
Rebate Accounts with respect t Balance Receivables
the related Monthly Account ------- -----------
Receivables $175,122,716 3.97%
-----------------------------------------------------------
</TABLE>
<PAGE> 5
4 Delinquent Balances
-------------------
The aggregate amount of outstanding balances in the Accounts which were
delinquent as of the end of the day on the last day of the related
Monthly Period:
<TABLE>
<CAPTION>
Aggregate Percentage of
Account Total
Balance Receivables
--------- -------------
<S> <C> <C>
(a) 35 - 64 days: . . . . . . . . . . . . . . $79,352,450 1.80%
---------------------------------------------------------
(b) 65 - 94 days: . . . . . . . . . . . . . . $49,154,987 1.11%
---------------------------------------------------------
(c) 95 - 124 days: . . . . . . . . . . . . . . $36,998,700 0.84%
---------------------------------------------------------
(d) 125 - 154 days: . . . . . . . . . . . . . . $32,127,922 0.73%
---------------------------------------------------------
(e) 155 - or more days days: . . . . . . . . . $44,130,357 1.00%
---------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
5 Investor Default Amount
-----------------------
(a) The Aggregate Investor Default Amount for the related Monthly Period . . . . . . . . $2,487,563
--------------
(b) The Class A Investor Default Amount for the related Monthly Period . . . . . . . . . $2,052,239
--------------
(c) The Class B Investor Default Amount for the related Monthly Period . . . . . . . . . $167,910
--------------
(d) The Collateral Default Amount for the related Monthly Period . . . . . . . . . . . . $267,413
--------------
6 Investor Charge Offs
--------------------
(a) The aggregate amount of Class A Investor
Charge Offs for the related Monthly Period. . . . . . . . . . . . . . . . . . . . . . $0
--------------
(b) The aggregate amount of Class A Investor Charge Offs set forth in 5(a) above per
$1,000 of original certificate principal amount . . . . . . . . . . . . . . . . . . . $0
--------------
(c) The aggregate amount of Class B Investor
Charge Offs for the related Monthly Period . . . . . . . . . . . . . . . . . . . . . $0
--------------
(d) The aggregate amount of Class B Investor Charge Offs set forth in 5(c) above per
$1,000 of original certificate principal amount . . . . . . . . . . . . . . . . . . . $0
--------------
(e) The aggregate amount of Collateral
Charge Offs for the related Monthly Period . . . . . . . . . . . . . . . . . . . . . $0
--------------
</TABLE>
<PAGE> 6
<TABLE>
<S> <C> <C>
(f) The aggregate amount of Class A Investor Charge Offs reimbursed on the Transfer Date
immediately preceding this Distribution Date. . . . . . . . . . . . . . . . . . . . . $0
--------------
(g) The aggregate amount of Class A Investor Charge Offs set forth in 5(g) above per
$1,000 original certificate principal amount reimbursed on the Transfer Date
immediately preceding this Distribution Date . . . . . . . . . . . . . . . . . . . . . $0
--------------
(h) The aggregate amount of Class B Investor Charge Offs reimbursed on the Transfer
Date immediately preceding this Distribution Date . . . . . . . . . . . . . . . . . . $0
--------------
(i) The aggregate amount of Class B Investor Charge Offs set forth in 5(i) above per
$1,000 original certificate principal amount reimbursed on the Transfer Date
immediately preceding this Distribution Date. . . . . . . . . . . . . . . . . . . . . $0
--------------
(j) The aggregate amount of Collateral Charge Offs reimbursed on the Transfer Date
immediately preceding this Distribution Date . . . . . . . . . . . . . . . . . . . . . $0
--------------
7 Investor Servicing Fee
----------------------
(a) The amount of the Class A Servicing Fee payable by the Trust to the Servicer for the
related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $395,833
--------------
(b) The amount of the Class B Servicing Fee payable by the Trust to the Servicer for the
related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $32,387
--------------
(c) The amount of the Collateral Servicing Fee payable by the Trust to the Servicer for
the related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $51,578
--------------
(d) the amount of Servicer Interchange payable by the Trust to the Servicer for the
related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $287,880
--------------
8 Realcations
-----------
(a) The amount of Reallocated Collateral Principal Collections with respect to this
Distribution Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0
--------------
</TABLE>
<PAGE> 7
<TABLE>
<S> <C> <C>
(b) The amount of Reallocated Class B Principal Collections with respect to this
Distribution Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0
--------------
(c) The Collateral Interest as of the close of business on this Distribution Date . . . $39,090,975
--------------
(d) The Class B Investor Interest as of the close of business on this Distribution Date . $24,546,000
--------------
9 Collection of Finance Charge Receivables
----------------------------------------
(a) The aggregate amount of Collections of Finance Charge Receivable processed during
the related Monthly Period which were allocated in respect of the Class A Certificate $5,210,007
--------------
(b) The aggregate amount of Collections of Finance Charge Receivable processed
during the related Monthly Period which were allocated in respect of the
Class B Certificate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $426,273
--------------
(c) The aggregate amount of Collections of Finance Charge Receivable processed
during the related Monthly Period which were allocated in respect of the
Collateral Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $678,880
--------------
10 Principal Funding Account
-------------------------
(a) The principal amount on deposit in the Principal Funding Account on the related
Transfer Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0
--------------
(b) The Accumulation Shortfall with respect to
the related Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0
--------------
(c) The Principal Funding Investment Proceeds deposited in the Finance Charge Account on
the related Transfer Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0
--------------
(d) The amount of all or the portion of the Reserve Draw Amount deposited in the
Finance Charge Account on the related Transfer date from the Reserve Account . . . . $0
--------------
11 Reserve Draw Amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0
------------------- --------------
</TABLE>
<PAGE> 8
<TABLE>
<S> <C> <C>
12 Available Funds
---------------
(a) The amount of Class A Available Funds on deposit in the Finance Charge Account on
the related Transfer Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,210,007
--------------
(b) The amount of Class B Available Funds on deposit in the Finance charge Account on
the related Transfer Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $426,273
--------------
(c) The amount of Collateral Available Funds on deposit in the Finance Charge Account on
the related Transfer Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $678,880
--------------
13 Portfolio Yield
---------------
(a) The Portfolio Yield for the related Monthly
Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.45%
--------------
(b) The Portfolio Adjusted Yield for the related
Monthly Period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A
--------------
C. Floating Rate Determinations
----------------------------
1 LIBOR for the Interest Period ending on this Distribution Dat
April 23, 1996-May 19, 1996 5.44141%
--------
May 20, 1996-June 19, 1996 5.42578%
--------
</TABLE>
FIRST UNION NATIONAL BANK OF
GEORGIA,
SERVICER
By: /s/ JAMES H. GILBRAITH II
------------------------------
James H. Gilbraith II
Vice President and Managing Director
First Union National Bank of Georgia
