<PAGE>
Exhibit 25
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
-----------------
FORM T - 1
STATEMENT OF ELIGIBILITY UNDER THE TRUST
INDENTURE ACT OF 1939 OF A CORPORATION
DESIGNATED TO ACT AS TRUSTEE
-----------------
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY
OF A TRUSTEE PURSUANT TO SECTION 305 (b) (2) _________
U.S. BANK TRUST NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)
13-3781471
(I. R. S. Employer
Identification No.)
100 Wall Street, New York, NY 10005
(Address of principal executive offices) (Zip Code)
-----------------
For information, contact:
Thomas J. Kelly, President
U.S. Bank Trust National Association
100 Wall Street, 16th Floor
New York, NY 10005
Telephone: (212) 361-2506
Approved Financial Corp.
(Exact name of obligor as specified in its charter)
Virginia 52-0792752
(State or other jurisdiction of (I. R. S. Identification No.)
Employer incorporation or organization)
1716 Corporate Landing Parkway
Virginia Beach, Virginia 23454
(Address of principal executive offices)
(Zip Code)
-----------------
UNSECURED, SUBORDINATED CERTIFICATE OF INVESTMENT SECURITIES
and
UNSECURED, SUBORDINATED MONEY MARKET ACCOUNT SECURITIES
<PAGE>
Item 1. General Information.
Furnish the following information as to the trustee - -
(a) Name and address of each examining or supervising authority to
which it is subject.
Name Address
---- -------
Comptroller of the Currency Washington, D. C.
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
Item 2. Affiliations with the Obligor.
If the obligor is an affiliate of the trustee, describe each such
affiliation.
None.
Item 16. List of Exhibits.
Exhibit 1. Articles of Association of U.S. Bank Trust National
Association, incorporated herein by reference to Exhibit 1 of Form T-1,
Registration No. 22-22485.
Exhibit 2. Certificate of Authority to Commence Business for First
Trust of New York, National Association now known as U.S. Bank Trust National
Association, incorporated herein by reference to Exhibit 2 of Form T-1,
Registration No. 022-22485.
Exhibit 3. Authorization to exercise corporate trust powers for U.S.
Bank Trust National Association, incorporated herein by reference to Exhibit 3
of Form T-1, Registration No. 022-22485.
Exhibit 4. By-Laws of U.S. Bank Trust National Association,
incorporated herein by reference to Exhibit 4 of Form T-1, Registration No. 022-
22485.
Exhibit 5. Not applicable.
Exhibit 6. Consent of First Trust of New York, National Association now
known as U.S. Bank Trust National Association, required by Section 321(b) of the
Act, incorporated herein by reference to Exhibit 6 of Form T-1,Registration No.
022-22485.
Exhibit 7. Report of Condition of U.S. Bank Trust National Association,
as of the close of business on September 30, 2000, published pursuant to law or
the requirements of its supervising or examining authority.
<PAGE>
Exhibit 8. Not applicable.
Exhibit 9. Not applicable.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of
1939, as amended, the trustee, U.S. Bank Trust National Association, a national
banking association organized and existing under the laws of the United States,
has duly caused this statement of eligibility to be signed on its behalf by the
undersigned, thereunto duly authorized, all in The City of New York, and State
of New York, on the 1st day of December, 2000.
U.S. BANK TRUST
NATIONAL ASSOCIATION
By: /s/ Marlene J. Fahey
--------------------
------------------------------
Marlene J. Fahey
Vice President
