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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): AUGUST 20, 1998
FIRST BANK CORPORATE CARD MASTER TRUST
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(Exact name of registrant as specified in its charter)
UNITED STATES 000-22781 41-1881896
(State or other jurisdiction (Commission (I.R.S Employer
of Incorporation) File Number) Identification No.)
4325 17TH AVENUE S.W. FARGO, NORTH DAKOTA 58103
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 701-461-3468
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(NOT APPLICABLE)
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(Former name or former address, if changed since last report)
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Item 5. OTHER EVENTS
Pursuant to the Pooling and Servicing Agreement, dated as of February
1, 1997 (the "Agreement"), among U.S. Bank National Association ND, as
Transferor, U.S. Bank Card Services, Inc., as Servicer, and Citibank,
N.A., as Trustee on behalf of the Certificateholders of the First Bank
Corporate Card Master Trust, as supplemented by the Series 1997-1
Supplement thereto, dated as of February 27, 1997, the Servicer has
prepared and delivered to the Trustee the monthly servicer's
certificate with respect to the Interest Payment Date of August 17,
1998, which monthly servicer's certificate is attached hereto as
Exhibit 99.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
(c.) Exhibits (filed herewith)
Exhibit 99 Monthly Servicer's Certificate dated August 10,
1998.
SIGNATURE
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.
FIRST BANK CORPORATE CARD MASTER TRUST
By U.S. BANK NATIONAL ASSOCIATION ND,
as Originator
By /s/ David P. Grandstrand
------------------------
David P. Grandstrand
Senior Vice President & Treasurer
DATE: August 20, 1998
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FORM OF SERIES 1997-1 CERTIFICATEHOLDERS' STATEMENT
U.S. BANK NATIONAL ASSOCIATION ND
FIRST BANK CORPORATE CARD MASTER TRUST
The information which is required to be prepared with
respect to the Distribution Date of August 17, 1998
and with respect to the performance of the Trust
during the related Collection Period(s).
Capitalized terms used in this Statement have their
respective meanings set forth in the Pooling and
Servicing Agreement.
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<CAPTION>
A. INFORMATION REGARDING THE CURRENT DISTRIBUTION
(STATED ON THE BASIS OF $1,000 ORIGINAL
CERTIFICATE PRINCIPAL BALANCE)
<S> <C>
1. Class A Monthly Principal $ -
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2. Class B Monthly Principal $ -
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3. Collateral Monthly Principal $ -
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4. Class A Monthly Interest $ 32.00
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5. Class A Deficiency Amounts $ -
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6. Class A Additional Interest $ -
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7. Class B Monthly Interest $ 32.75
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8. Class B Deficiency Amounts $ -
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9. Class B Additional Interest $ -
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10. Collateral Monthly Interest $ 5.51
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11. Accrued and unpaid Collateral Monthly Interest $ -
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B. INFORMATION REGARDING THE PERFORMANCE OF THE TRUST
1. Principal Collections
(a) Principal Collections allocated to the Class A
Certificates $ 351,769,295.67
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(b) Principal Collections allocated to the Class B
Certificates $ 5,613,339.82
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(c) Principal Collections allocated to the
Collateral Investor Interest $ 16,840,019.47
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2. Trust Principal Component
(a) Trust Principal Component as of the end of
the related Collection Period(s) $ 517,779,104.40
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(b) Series 1997-1 Invested Amount as of the end
of the related Transfer Date(s) $ 420,000,000.00
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(c) Series 1997-1 Adjusted Invested Amount as of
the end of the related Transfer Date(s) $ 420,000,000.00
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(d) Class A Invested Amount as of the end of the
related Transfer Date(s) $ 394,800,000.00
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(e) Class A Adjusted Invested Amount as of the
end of the related Transfer Date(s) $ 394,800,000.00
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(f) Class B Invested Amount as of the end of the
related Transfer Date(s) $ 6,300,000.00
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(g) Collateral Invested Amount as of the end of
the related Transfer Date(s) $ 18,900,000.00
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(h) Floating Allocation Percentage with respect
to the related Collection Period(s) 74.91%
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(i) Class A Floating Percentage with respect to
the related Collection Period(s) 70.41%
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(j) Class B Floating Percentage with respect to
the related Collection Period(s) 1.12%
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(k) Collateral Floating Percentage with respect to
the related Collection Period(s) 3.37%
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(l) Fixed Allocation Percentage with respect to
the related Collection Period(s) N/A
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(m) Class A Fixed Percentage with respect to the
related Collection Period(s) N/A
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(n) Class B Fixed Percentage with respect to the
related Collection Period(s) N/A
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(o) Collateral Fixed Percentage with respect
to the related Collection Period(s) N/A
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3. 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
Collection Period(s):
Aggregate Account
Balance
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(a) 30-59 days: $ 5,892,162.81
(b) 60-89 days: $ 1,625,802.40
(c) 90-119 days: $ 372,949.96
(d) 120-149 days: $ 3,972.75
Total: $ 7,894,887.92
Percentage of
Total Receivables
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(a) 30-59 days: 1.12%
(b) 60-89 days: 0.31%
(c) 90-119 days: 0.07%
(d) 120-149 days: 0.00%
Total: 1.49%
4. Investor Default Amount
(a) Investor Default Amount for the related
Collection Period(s) $ 136,168.39
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(b) Class A Investor Default Amount for the
related Collection Period(s) $ 127,998.28
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(c) Class B Investor Default Amount for the
related Collection Period(s) $ 2,042.53
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(d) Collateral Investor Default Amount for the
related Collection Period(s) $ 6,127.58
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5. Investor Charge-Offs
(a) Aggregate Class A Investor Charge-Offs
for the related Collection Period(s) $ -
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(b) Class A Charge-Offs per $1,000 of original
Certificate Principal Balance $ -
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(c) Aggregate Class B Investor Charge-Offs
for the related Collection Period(s) $ -
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(d) Class B Charge-Offs per $1,000 of original
Certificate Principal Balance $ -
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(e) Aggregate Collateral Investor Charge-Offs
for the related Collection Period(s) $ -
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(f) Collateral Charge-Offs per $1,000 of original
Certificate Principal Balance $ -
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(g) Aggregate Class A Investor Charge-Offs
reimbursed on the related Transfer Date(s) $ -
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(h) Class A Investor Charge-Offs reimbursed per
$1,000 of original Certificate Principal Balance $ -
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(i) Aggregate Class B Investor Charge-Offs
reimbursed on the related Transfer Date(s) $ -
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(j) Class B Investor Charge-Offs reimbursed per
$1,000 of original Certificate Principal Balance $ -
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(k) Aggregate Collateral Investor Charge-Offs
reimbursed on the related Transfer Date(s) $ -
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(l) Collateral Investor Charge-Offs reimbursed
per $1,000 of original Certificate Principal
Balance $ -
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6. Monthly Investor Servicing Fee
(a) Class A Servicing Fee payable for the related
Collection Period(s) $ 329,000.00
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(b) Class B Servicing Fee payable for the related
Collection Period(s) $ 5,250.00
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(c) Collateral Servicing Fee payable for the
related Collection Period(s) $ 15,750.00
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7. Reallocations
(a) Reallocated Collateral Principal Collections
with respect to the related Collection Period(s) $ -
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(b) Reallocated Class B Principal Collections
with respect to the related Collection Period(s) $ -
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(c) Collateral Invested Amount as of this
Distribution Date $ 18,900,000.00
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(d) Class B Invested Amount as of this Distribution
Date $ 6,300,000.00
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8. Yield Collections and Net Interchange
(a) Aggregate Yield Collections (including Net
Interchange) processed during the related
Collection Period allocated in respect of the
Class A Investor Certificate $ 13,230,973.47
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(b) Aggregate Yield Collections (including Net
Interchange) processed during the related
Collection Period allocated in respect of the
Class B Investor Certificate $ 211,132.56
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(c) Aggregate Yield Collections (including Net
Interchange) processed during the related
Collection Period allocated in respect
of the Collateral Investor Certificate $ 633,397.67
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9. Principal Funding Amount
(a) Principal amount in Principal Funding Account
on the related Transfer Date $ -
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(b) Deficit Controlled Accumulation Amount with
respect to the related Collection Period(s) $ -
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(c) Principal Funding Investment Proceeds deposited
in the
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Collection Account on the related
Transfer Date(s) $ -
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(d) Reserve Draw Amount deposited in the Collection
Account on the related Transfer Date(s) from
the Reserve Account $ -
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10. Reserve Draw Amount on the related Transfer Date(s) $ -
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11. Overconcentration Draw Amount on the related
Transfer Date(s) $ -
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12. Available Funds
(a) Class A Available Funds on deposit in the
Collection Account on the related $ 12,984,532.03
Transfer Date(s) ------------------
(a) Class B Available Funds on deposit in the
Collection Account on the related $ 207,199.98
Transfer Date(s) ------------------
(a) Collateral Available Funds on deposit in the
Collection Account on the related $ 621,599.94
Transfer Date(s) ------------------
13. Portfolio Yield and Base Rate
(a) Portfolio Yield for the related Collection
Period 21.43%
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(b) Base Rate for the related Collection Period 7.41%
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14. Monthly Payment Rate 89.10%
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15. Principal Payment Rate 89.10%
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16. Gross Losses as a Percentage of Charge
Volume & Fees 0.39%
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17. Minimum Transferor's Percentage 14.00%
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U.S. Bank Card Services, Inc.
Servicer
By:/s/Charles W. Devens
-----------------------
Name: Charles W. Devens
Title: Assistant Vice President
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SCHEDULE TO MONTHLY SERVICER'S CERTIFICATE
COLLECTION PERIOD ENDING JULY 31, 1998
U.S. BANK NATIONAL ASSOCIATION ND
FIRST BANK CORPORATE CARD MASTER TRUST SERIES 1997-1
<TABLE>
<CAPTION>
<S> <C>
1. Investor Percentage of Principal Collections $ 374,222,654.97
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2. Investor Percentage of Yield Collections
(ex. Net Interchange) $ 7,637,197.04
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3. Investor Percentage of Net Interchange $ 6,438,306.65
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4. Servicer Interchange $ 350,000.00
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5. The aggregate amount of funds on deposit in
Collection Account allocable to Series
1997-1 Certificates $ 518,379,101.89
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6. Funds in Principal Funding Account allocable
to Series 1997-1 Certificates $ -
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7. Aggregate amount paid in accordance with the
Loan Agreement pursuant to Section 4.11 $ 104,058.28
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8. Required Collateral Invested Amount over the
Collateral Invested Amount $ -
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9. Collateral Invested Amount $ 18,900,000.00
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10. The amount of Monthly Interest, Deficiency
Amounts and Additional Interest payable to the
(i) Class A Certificateholders $ 12,633,600.00
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(ii) Class B Certificateholders $ 206,325.00
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(iii) Collateral Interest Holder $ 104,058.28
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11. The amount of principal payable to the
(i) Class A Certificateholders $ -
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(ii) Class B Certificateholders $ -
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(iii) Collateral Interest Holder $ -
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12. The sum of all amounts payable to the
(i) Class A Certificateholders $ 12,633,600.00
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(ii) Class B Certificateholders $ 206,325.00
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(iii) Collateral Interest Holder $ 104,058.28
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13. To the knowledge of the undersigned, no
Early Amortization Event has occurred except
as described below:
None
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In witness whereof, the undersigned has duly executed this certificate this
10th day of August, 1998.
U.S. Bank Card Services, Inc.
Servicer
By:/s/Charles W. Devens
-----------------------
Name: Charles W. Devens
Title: Assistant Vice President