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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) May 17, 1999
First Union Direct Bank, N.A.
(Successor to the First Union National Bank of Georgia as Originator
of the First Union Master Credit Card Trust)
--------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
on behalf of
First Union Master Credit Card Trust
<TABLE>
<S> <C> <C>
United States 33-98546 56-2017017
- ---------------------------------------------- ------------------------ ----------------------
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer
Identification Number)
600 Broad Street
Augusta, Georgia 30903
- --------------------------------------- ----------
(Address of Principal Executive Office) (Zip Code)
</TABLE>
Registrant's telephone number, including area code (706) 823-2580
N/A
-------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 1. Not Applicable.
Item 2. Not Applicable.
Item 3. Not Applicable.
Item 4. Not Applicable.
Item 5. The First Union Master Credit Card Trust, Series 1996-1
Certificateholders' Statement for the period of April 1999 was
delivered to Certificateholders on May 17, 1999.
Item 6. Not Applicable.
Item 7. Exhibits.
The following are filed as Exhibits to this Report under Exhibits 20.1 and 20.2.
Exhibit 20.1 First Union Master Credit Card Trust, Series 1996-1
Certificateholders' Statement for the May 17, 1999
Distribution Date.
Exhibit 20.2 Trust and Public Series Summary for the First Union
Master Credit Card Trust as of April 1999.
Item 8. Not Applicable.
2
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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 DIRECT BANK, N.A.,
on behalf of the First Union
Master Credit Card Trust
By: /s/ James H. Gilbraith II
---------------------------------
Name: James H. Gilbraith II
Title: Managing Director
3
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EXHIBIT INDEX
Exhibit Description
- ------- -----------
Exhibit 20.1 First Union Master Credit Card Trust, Series 1996-1
Certificateholders' Statement for the May 17, 1999
Distribution Date.
Exhibit 20.2 Trust and Public Series Summary for the First Union Master
Credit Card Trust as of April 1999.
4
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EXHIBIT 20.1
EXHIBIT C
FORM OF MONTHLY SERIES 1996-1 CERTIFICATEHOLDERS' STATEMENT
Series 1996-1
FIRST UNION DIRECT BANK, N.A.
------------------------------------------
FIRST UNION MASTER CREDIT CARD TRUST
------------------------------------------
The information which is required to be prepared with respect to the
Distribution Date of May 17, 1999 and with respect to the performance of the
Trust during the preceding Monthly Period.
Capitalized terms used in this Statement have their respective meanings
set forth in the Pooling and Servicing Agreement.
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<S> <C>
A. Information Regarding the Current Monthly Distribution (Stated on the
---------------------------------------------------------------------
basis of $1,000 Original Certificate Principal Amount)
------------------------------------------------------
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 4,167,600
----------------
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 349,016
----------------
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
----------------
10 The amount of the current monthly distribution in
respect of Collateral Monthly Interest 577,766
----------------
</TABLE>
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<S> <C>
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 preceding Monthly Period
which were allocated in respect of the
Class A Certificates 88,187,911
----------------
(b) The aggregate amount of Principal Collections
processed during the preceding Monthly Period
which were allocated in respect of the
Class B Certificates 7,215,401
----------------
(c) The aggregate amount of Principal Collections
processed during the preceding Monthly Period
which were allocated in respect of the
Collateral Interest 11,491,155
----------------
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 preceding Monthly
Period (ending Principal balance) 1,973,090,573
----------------
(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 preceding 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 preceding 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 preceding 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 preceding Monthly Period 920,000,000
----------------
</TABLE>
2
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<S> <C>
(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 preceding 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
preceding Monthly Period 119,878,821
----------------
(h) The Floating Investor Percentage with respect
to the preceding Monthly Period 56.60%
----------------
(i) The Class A Floating Allocation with respect
to the preceding Monthly Period 46.70%
----------------
(j) The Class B Floating Allocation with respect
to the preceding Monthly Period 3.82%
----------------
(k) The Collateral Floating Allocation with respect
to the preceding Monthly Period 6.08%
----------------
(l) The Fixed Investor Percentage with respect to
the preceding Monthly Period N/A
----------------
(m) The Class A Fixed Allocation with respect to
the preceding Monthly Period N/A
----------------
(n) The Class B Fixed Allocation with respect to
the preceding Monthly Period N/A
----------------
(o) The Collateral Fixed Allocation with respect to
the preceding Monthly Period N/A
----------------
3 Rebate Accounts
---------------
The aggregate amount of Aggregate Percentage of
Receivables arising in Account Total Trust
Rebate Accounts with respect Balance Receivables
to the preceding Monthly Account ------- -----------
Receivables 64,962,213.85 3.17%
------------------------------------------
</TABLE>
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<S> <C>
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
preceding Monthly Period:
Aggregate Percentage of
Account Total
Balance Receivables
------- -----------
(a) 35 - 64 days:. . . . . . 21,233,220.00 1.04%
------------------------------------------
(b) 65 - 94 days:. . . . . . 12,587,298.53 0.62%
------------------------------------------
(c) 95 - 124 days:. . . . . 10,238,609.97 0.50%
------------------------------------------
(d) 125 - 154 days:. . . . . 8,571,052.42 0.42%
------------------------------------------
(e) 155 - or more days: . . 6,771,791.59 0.33%
------------------------------------------
Total 59,401,972.51 2.91%
------------------------------------------
5 Credit Loss Amount (allocable to Series 1996-1)
-----------------------------------------------
(a) The Aggregate Credit Loss Amount for
the preceding Monthly Period 4,388,150
----------------
(b) The Class A Credit Loss Amount for
the preceding Monthly Period 3,620,223
----------------
(c) The Class B Credit Loss Amount for
the preceding Monthly Period 296,201
----------------
(d) The Collateral Credit Loss Amount for
the preceding Monthly Period 471,726
----------------
6 Investor Charge Offs
--------------------
(a) The aggregate amount of Class A Investor
Charge Offs for the preceding 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 preceding 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 preceding Monthly Period 0
----------------
</TABLE>
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<S> <C>
(f) The aggregate amount of Collateral Charge Offs
set forth in 5(e) above per $1,000 of
original certificate principal amount 0
----------------
(g) The aggregate amount of Class A Investor
Charge Offs reimbursed on the Transfer Date
immediately preceding this Distribution Date 0
----------------
(h) 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
----------------
(i) The aggregate amount of Class B Investor
Charge Offs reimbursed on the Transfer
Date immediately preceding this Distribution
Date 0
----------------
(j) 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
----------------
(k) The aggregate amount of Collateral Charge
Offs reimbursed on the Transfer Date
immediately preceding this Distribution Date 0
----------------
(l) The aggregate amount of Collateral Charge
Offs set forth in 5(k) above per $1,000
original certificate principal amount
reimbursed on the Transfer Date
immediately preceding this Distribution Date. 0
----------------
7 Investor Servicing Fee -1.25% (allocable to Series 1996-1)
----------------------------------------------------------
(a) The amount of the Class A Servicing Fee
payable by the Trust to the Servicer for the
preceding Monthly Period 958,333
----------------
(b) The amount of the Class B Servicing Fee
payable by the Trust to the Servicer for the
preceding Monthly Period 78,409
----------------
(c) The amount of the Collateral Servicing Fee
payable by the Trust to the Servicer for the
preceding Monthly Period 124,874
----------------
</TABLE>
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<S> <C>
(d) The amount of Servicer Interchange (.75%) payable
by the Trust to the Servicer for the preceding
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
----------------
(c) The Collateral Balance as of the close of
business on this Distribution Date 119,878,821
----------------
(d) The Class B Investor Balance as of the close of
business on this Distribution Date 75,273,000
----------------
9 Finance Charge Collections (minus Servicer Interchange)
-------------------------------------------------------
allocable to Series 1996-1
(a) The aggregate amount of Collections of
Finance Charge Receivables processed
during the preceding Monthly Period which were
allocated in respect of the Class A Certificates 16,183,159
----------------
(b) The aggregate amount of Collections of
Finance Charge Receivables processed
during the preceding Monthly Period which were
allocated in respect of the Class B Certificates 1,324,081
----------------
(c) The aggregate amount of Collections of
Finance Charge Receivable processed
during the preceding Monthly Period which were
allocated in respect of the Collateral Interest. 2,108,715
----------------
10 Principal Funding Account
-------------------------
(a) The principal amount on deposit in the
Principal Funding Account on or before the
Transfer Date of the preceding Monthly Period 0
----------------
(b) The Accumulation Shortfall with respect to
the preceding Monthly Period 0
----------------
</TABLE>
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<S> <C>
(c) The Principal Funding Investment Proceeds
deposited in the Finance Charge Account on
or before the Transfer Date of the preceding
Monthly Period 0
----------------
(d) The amount of all or the portion of the
Reserve Draw Amount deposited in the
Finance Charge Account on or before the
Transfer date of the preceding Monthly Period
from the Reserve Account 0
----------------
11 Reserve Draw Amount
-------------------
12 Available Funds [Finance Charge Collections minus
-------------------------------------------------
Servicer Interchange]
(a) The amount of Class A Available Funds on
deposit in the Finance Charge Account on
or before the Transfer Date of the preceding
Monthly Period 16,183,159
----------------
(b) The amount of Class B Available Funds on
deposit in the Finance charge Account on
or before the Transfer Date of the preceding
Monthly Period 1,324,081
----------------
(c) The amount of Collateral Available Funds on
deposit in the Finance Charge Account on
the preceding Transfer Date 2,108,715
----------------
13 Portfolio Yield (yield minus charge offs)
-----------------------------------------
(a) The Portfolio Yield for the preceding Monthly
Period 17.14%
----------------
(b) The Portfolio Adjusted Yield for the preceding
Monthly Period 9.14%
----------------
C. Floating Rate Determinations
----------------------------
1 LIBOR for the Interest Period ending on this
Distribution Date 4.92625%
----------------
2 Number of days in this interest period 32
----------------
3 Interest Factor 0.56075%
----------------
D. CUSIP Numbers
-------------
1 Class A 337365AA8
----------------
2 Class B 337365AB6
----------------
</TABLE>
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FIRST UNION DIRECT BANK, N.A.
Servicer
By: /s/ JAMES H. GILBRAITH, II
---------------------------------------
James H. Gilbraith, II
Managing Director
First Union Direct Bank, N.A.
8
<PAGE> 1
EXHIBIT 20.2
FIRST UNION MASTER CREDIT CARD TRUST
TRUST AND SERIES SUMMARY
APRIL 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
TOTAL TRUST NOVEMBER 1998 DECEMBER 1998 JANUARY 1999
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TOTAL ENDING BALANCE 2,093,068,637 2,148,111,887 2,106,949,039
ENDING PRINCIPAL BALANCE 2,018,281,517 2,071,887,806 2,030,489,343
ENDING NON-PRINCIPAL BALANCE 74,787,120 76,224,081 76,459,696
YIELD 40,777,546 24.18% 39,973,599 23.77% 36,403,948 21.08%
CHARGE-OFFS (7,264,202) -4.31% (7,553,338) -4.49% (8,107,740) -4.70%
NET YIELD: (YIELD - C/O) 33,513,344 19.87% 32,420,261 19.28% 28,296,208 16.38%
- ------------------------------------------------------------------------------------------------------------------
SERIES 1996-1 NOVEMBER 1998 DECEMBER 1998 JANUARY 1999
- ------------------------------------------------------------------------------------------------------------------
MONTH-END INVESOR BALANCE 1,115,151,821 1,115,151,821 1,115,151,821
INVESTOR PERCENTAGE 55.11% 55.25% 53.82%
3-MONTH AVG. EXCESS SERVICING 10.76% 11.40% 10.91%
YIELD 22,472,557 24.18% 22,086,429 23.77% 19,593,691 21.08%
CHARGE-OFFS (4,003,311) -4.31% (4,173,411) -4.49% (4,363,827) -4.70%
CERTIFICATE INTEREST (4,932,596) -5.31% (5,520,198) -5.94% (5,167,486) -5.56%
SERVICING FEE (1,858,586) -2.00% (1,858,586) -2.00% (1,858,586) -2.00%
EXCESS SERVICING 11,678,064 12.57% 10,534,234 11.34% 8,203,792 8.83%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
TOTAL TRUST FEBRUARY 1999 MARCH 1999 APRIL 1999
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TOTAL ENDING BALANCE 2,060,152,370 2,040,450,131 2,044,381,980
ENDING PRINCIPAL BALANCE 1,985,733,515 1,970,193,055 1,973,090,573
ENDING NON-PRINCIPAL BALANCE 74,418,855 70,257,076 71,291,407
YIELD 38,335,971 22.66% 41,748,720 25.23% 35,887,835 21.86%
CHARGE-OFFS (8,908,248) -5.26% (8,056,359) -4.87% (7,752,758) -4.72%
NET YIELD: (YIELD - C/O) 29,427,723 17.40% 33,692,361 20.36% 28,135,077 17.14%
- -----------------------------------------------------------------------------------------------------------------------
SERIES 1996-1 FEBRUARY 1999 MARCH 1999 APRIL 1999
- -----------------------------------------------------------------------------------------------------------------------
MONTH-END INVESOR BALANCE 1,115,151,821 1,115,151,821 1,115,151,821
INVESTOR PERCENTAGE 54.92% 56.16% 56.60%
3-MONTH AVG. EXCESS SERVICING 10.31% 10.88% 11.15%
YIELD 21,054,249 22.66% 23,445,322 25.23% 20,312,925 21.86%
CHARGE-OFFS (4,892,441) -5.26% (4,524,305) -4.87% (4,388,150) -4.72%
CERTIFICATE INTEREST (4,306,230) -4.63% (4,947,186) -5.32% (5,094,382) -5.48%
SERVICING FEE (1,858,586) -2.00% (1,858,586) -2.00% (1,858,586) -2.00%
EXCESS SERVICING 9,996,992 10.76% 12,115,425 13.04% 8,971,807 9.66%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
