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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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 18, 1996
First Union National Bank of Georgia
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(Exact name of registrant as specified in its charter)
United States 33-98546 58-1051808
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification
Number)
999 Peachtree Street
Atlanta, Georgia 30309
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(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code (404) 827-7350
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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INFORMATION TO BE INCLUDED IN THE REPORT
Items 1-4. Not Applicable
Item 5. On June 18, 1996 First Union Capital Markets Corp., an
Underwriter of the First Union Master Credit Card Trust, Class
A Floating Rate Asset Backed Certificates, Series 1996-2, made
a press release available discussing the possibility that the
Class A Floating Rate Asset Backed Certificates, Series 1996-2
may have failed to meet the "100 holders" requirements of
ERISA.
Item 6. Not Applicable.
Item 7. Exhibits.
The following is filed as an Exhibit to this Report under Exhibit 99.
Exhibit 99 Press Release dated June 18, 1996.
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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/ KENT S. HATHAWAY
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Name: Kent S. Hathaway
Title: Senior Vice President
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EXHIBIT INDEX
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Exhibit Description Page
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99 Press Release dated June 18, 1996. 5
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EXHIBIT 99
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June 18, 1996
Contact: Marianna Sheridan
(704) 383-3715
CHARLOTTE - First Union Captial Markets Corp. has determined that employee
benefit plans subject to ERISA that hold the First Union Master Credit Card
Trust's Class A Floating Rate Asset Back Certificates, Series 1996-2
("Class A Certificates") may be deemed to own "plan assets" for ERISA purposes.
First Union has made this determination because certain trades in connection
with First Union Capital Markets Corp.'s initial offering of the Class A
Certificates may have been impermissible and this may have caused the Class A
Certificates to have failed to meet the "100 holders" requirement of ERISA,
which is one of several ways to make securities "ERISA eligible." Accordingly,
continued ownership of 1996-2 Class A Certificates by plans could result in
the occurrence of "prohibited transactions" under ERISA.
Further, because the Class A Certificates are not "ERISA eligible," holders of
Class A Certificates should not sell them to plans.
The information in this release has no effect on holders of interests in the
Trust other than holders of the Class A Certificates, Series 1996-2.
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