Item 1. Business.............................................. 2
Item 2.
Item 2. Properties ----------
The information set forth in the Current Reports on Form 8-K dated January 12, 1998, February 11, 1998, March 12, 1998, April 10, 1998, May 12, 1998, June 9, 1998, July 8, 1998, August 11, 1998, September 10, 1998, October 9, 1998, November 10, 1998, and December 9, 1998, as filed by the Registrant with respect to First Chicago Master Trust II, is incorporated herein by reference. (Certain terms used but not defined in this Form 10-K Annual Report have the meanings assigned, respectively, in the Pooling and Servicing Agreement dated as of June 1, 1990, as amended and supplemented, filed as Exhibits 4.1, 4.7, 4.9, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.19, 4.20, 4.21, 4.22, 4.23, 4.24, 4.27 and 4.28 to the Registrant's Form S-3 Registration Statement No. 333-49625.)
First Chicago Master Trust II ( "Master Trust II")
For the February 16, 1999, interest payment date 1.70% of the Accounts in the Master Trust II were 30 days or more delinquent, which represented 5.47% of the receivables in the Master Trust II. As of the February 16, 1999, interest payment date, the amount of receivables in the Master Trust II written off as uncollectible in each of the prior two Due Periods equaled 5.74% and 4.74%, respectively, on an annualized basis of the balance of receivables in the Master Trust for such Due Periods.
Item 3.
Item 3. Legal Proceedings -----------------
There are no material pending legal proceedings with respect to Master Trust II, involving Master Trust II, the Trustee or the Registrant, other than ordinary or routine litigation incidental to the Trustee's or the Registrant's duties under the applicable Pooling and Servicing Agreement.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders ---------------------------------------------------
Not applicable.
PART II
Item 5.
Item 5. Market for the Registrant's Common Equity and Related Stockholder ----------------------------------------------------------------- Matters -------
Master Trust II
(i) There is no established public trading market for the Certificates.
(ii) Since each of the Certificates was issued in book entry form only, there is only one holder of record of each Series of Certificates.
(iii) Not applicable.
Item 6.
Item 6. Selected Financial Data -----------------------
Not applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results ----------------------------------------------------------------------- of Operations -------------
Year 2000 Readiness Disclosure
BANK ONE CORPORATION ("BANK ONE"), the parent corporation of FCC National Bank (the "Bank"), has established an overall project plan to address systems-related Year 2000 issues. The plan calls for either modification to or replacement of existing business systems applications. Included in this plan is the repair of the systems of the Bank, including those systems applications maintained for the Trust. Substantially all of the remaining work under the program which relates to the Trust or the Bank, including testing of critical systems, was completed by the end of 1998.
Detailed contingency plans exist for critical business system applications to mitigate potential delays or other problems associated with system replacements or vendor delivery dates. Critical business processes have been identified, and the most reasonable recovery strategies have been selected. Contingency plans have been documented and validated for effectiveness. BANK ONE will continue to review and validate the scope and content of its contingency plans through 1999.
Year 2000 readiness is highly dependent on external entities and is not limited to operating risk. BANK ONE is working extensively with external entities to ensure that their systems will be Year 2000 compliant; however, BANK ONE bears risk and could be adversely affected if outside parties, such as customers, vendors, utilities and government agencies, do not appropriately address Year 2000 readiness.
BANK ONE's Year 2000 project costs are expected to reach $350 million over the life of the project. Year 2000 costs incurred by BANK ONE through year-end 1998 were approximately $235 million. Notwithstanding the substantial expense involved in Year 2000 compliance issues incurred by BANK ONE, the Trust will not bear any expense in connection with BANK ONE's remediation program.
Because the Bank's business is highly reliant on various computer technologies, disruptions caused by Year 2000 failures have the potential to have a material impact on the Bank's operations. Based on the current project status and extensive testing completed and planned, the Bank expects any internal Year 2000 system failure will be handled in the normal course of business and will not have a significant impact on the Bank or the Trust. It is more likely that any impact will result from a third party that the Bank conducts business with directly or indirectly. Payments to the Trust could be negatively affected if Year 2000 failures prevent the Bank or other entities from processing customer transactions or cause customers to curtail credit card spending for a period of time.
The foregoing forward-looking statements concerning the effects of Year 2000 compliance on the Bank and the Trust are subject to risks and uncertainties related to the implementation of the remediation plan undertaken by BANK ONE. Factors which could affect such plan include, but are not limited to: failure of third parties providing software, telecommunications, data network
and other products and services to the Bank or to BANK ONE to become Year 2000 compliant; insufficient staff and other technical resources to address unexpected Year 2000 issues; and disruptions in the overall consumer credit market due to Year 2000 problems.
Item 8.
Item 8. Financial Statements and Supplementary Data -------------------------------------------
See (i) the Annual Servicer's Certificate respecting compliance for the Master Trust II filed as Exhibit 1 under Item 14(a) hereof, (ii) the Annual Independent Public Accountant's Reports concerning the Servicer's servicing activities and applying certain agreed-upon procedures for Master Trust II filed as Exhibit 2 under Item 14(a) hereof, and (iii) the Supplementary Master Trust II Data relating to the performance of Master Trust II filed as Exhibit 3 under Item 14(a) hereof.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and --------------------------------------------------------------- Financial Disclosure --------------------
Not applicable.
PART III - --------
Item 10.
Item 10. Directors and Executive Officers of the Registrant --------------------------------------------------
Not applicable.
Item 11.
Item 11. Executive Compensation ----------------------
Not applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management --------------------------------------------------------------
(a) Each holder of record* at December 31, 1998, of more than five percent (5%) of each Series of Certificates is indicated below:
Master Trust II
(A) Floating Rate Credit Card Certificates Series 1993-H
Dollar Amount of Percent of Name and Address of Holder Certificates Held Certificates Held - -------------------------- ----------------- -----------------
The Bank of New York $234,390,000 33.48% 925 Patterson Plank Road Secaucus, New Jersey 07094
State Street Bank and Trust Company 169,086,000 24.16 Global Corp. Action Dept. JAB5W P.O. Box 1631 Boston, Massachusetts 02105-1631
Chase Manhattan Bank 141,000,060 20.14 4 New York Plaza, 13th Floor New York, New York 10004
Bankers Trust Company 55,260,000 7.89 c/o BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, Tennessee 37211
Prudential Securities Custody 37,113,940 5.30 c/o ADP Proxy Services 51 Mercedes Way Edgewood, New York 11717
Citibank, N.A. 35,350,000 5.05 P.O. Box 30576 Tampa, Florida 33630-3576
- --------------- * With respect to each Series of Certificates, The Depository Trust Company ("DTC"), through its nominee Cede & Co., P.O. Box 20, Bowling Green Station, New York, New York 10274, is the sole holder of record of more than five percent (5%) of the Certificates. The information set forth in response to Item 12(a) represents those persons for whom DTC holds the Certificates, based on information supplied by DTC to the Registrants.
(B) Floating Rate Asset Backed Certificates Series 1994-J
Dollar Amount of Percent of Name and Address of Holder Certificates Held Certificates Held - -------------------------- ----------------- -----------------
Boston Safe Deposit and Trust Company $177,325,000 35.47% c/o Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, Pennsylvania 15259
State Street Bank and Trust Company 85,500,000 17.10 Global Corp. Action Dept. JAB5W P.O. Box 1631 Boston, Massachusetts 02105-1631
Bankers Trust Company 83,350,000 16.67 c/o BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, Tennessee 37211
Chase Manhattan Bank 71,250,000 14.25 4 New York Plaza, 13th Floor New York, New York 10004
Citibank, N.A. 27,525,000 5.51 P.O. Box 30576 Tampa, Florida 33630-3576
(C) Floating Rate Credit Card Certificates Series 1994-K
Dollar Amount of Percent of Name and Address of Holder Certificates Held Certificates Held - -------------------------- ----------------- -----------------
State Street Bank and Trust Company $244,255,000 48.85% Global Corp. Action Dept. JAB5W P.O. Box 1631 Boston, Massachusetts 02105-1631
Boston Safe Deposit and Trust Co. 85,000,000 17.00 c/o Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, Pennsylvania 15259
The Bank of New York 55,000,000 11.00 925 Patterson Plank Road Secaucus, New Jersey 07094
Citibank, N.A. 33,000,000 6.60 P.O. Box 30576 Tampa, Florida 33630-3576
Bankers Trust Company 27,340,000 5.47 c/o BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, Tennessee 37211
Chase Manhattan Bank 25,000,000 5.00 4 New York Plaza, 13th Floor New York, New York
(D) 7.15% Credit Card Certificates Series 1994-L
Dollar Amount of Percent of Name and Address of Holder Certificates Held Certificates Held - -------------------------- ----------------- -----------------
Chase Manhattan Bank $132,815,000 26.56% 4 New York Plaza, 13th Floor New York, New York 10004
Bankers Trust Company 75,645,000 15.13 c/o BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, Tennessee 37211
State Street Bank and Trust Company 63,925,000 12.79 Global Corp. Action Dept. JAB5W P.O. Box 1631 Boston, Massachusetts 02105-1631
The Bank of New York 48,225,000 9.65 925 Patterson Plank Road Secaucus, New Jersey 07094
The Northern Trust Company 37,015,000 7.40 801 S. Canal C-IN Chicago, Illinois 60607
(E) Floating Rate Credit Card Certificates Series 1995-M
Dollar Amount of Percent of Name and Address of Holder Certificates Held Certificates Held - -------------------------- ----------------- -----------------
Chase Manhattan Bank $273,490,000 54.70% 4 New York Plaza, 13th Floor New York, New York 10004
Boston Safe Deposit and Trust Company 69,000,000 13.80 c/o Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, Pennsylvania 15259
The Fuji Bank and Trust Company 40,000,000 8.00 2 World Trade Center, 81st Floor New York, New York 10048
State Street Bank and Trust Company 30,000,000 6.00 Global Corp. Action Dept. JAB5W P.O. Box 1631 Boston, Massachusetts 02105-1631
(F) Floating Rate Credit Card Certificates Series 1995-N
Dollar Amount of Percent of Name and Address of Holder Certificates Held Certificates Held - -------------------------- ----------------- -----------------
State Street Bank and Trust Company $252,125,000 50.43% Global Corp. Action Dept. JAB5W P.O. Box 1631 Boston, Massachusetts 02105-1631
Chase Manhattan Bank 89,000,000 17.80 4 New York Plaza, 13th Floor New York, New York 10004
Investors Fiduciary Trust Company/SSB 72,100,000 14.42 Global Corp. Action Dept. JAB5W P.O. Box 1631 Boston, Massachusetts 02105-1631
Citibank. N.A. 25,000,000 5.00 P.O. Box 30576 Tampa, Florida 33630-3576
(G) Floating Rate Credit Card Certificates Series 1995-O
Dollar Amount of Percent of Name and Address of Holder Certificates Held Certificates Held - -------------------------- ----------------- -----------------
Chase Manhattan Bank $261,750,000 52.35% 4 New York Plaza, 13th Floor New York, New York 10004
Marine/Treasury Investments 42,220,000 8.44 140 Broadway Level A New York, New York 10015
Citibank, N.A. 38,560,000 7.71 P.O. Box 30576 Tampa, Florida 33630-3576
Bankers Trust Company 35,970,000 7.19 c/o BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, Tennessee 37211
The Bank of New York 33,690,000 6.74 925 Patterson Plank Road Secaucus, New Jersey 07094
Boston Safe Deposit and Trust Company 26,930,000 5.39 c/o Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, Pennsylvania 15259
The Fuji Bank and Trust Company 25,000,000 5.00 2 World Trade Center, 81st Floor New York, New York 10048
(H) Floating Rate Credit Card Certificates Series 1995-P
Dollar Amount of Percent of Name and Address of Holder Certificates Held Certificates Held - -------------------------- ----------------- -----------------
Boston Safe and Trust Company $160,675,000 32.14% c/o Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, Pennsylvania 15259
The Bank of New York 66,100,000 13.22 925 Patterson Plank Road Secaucus, New Jersey 07094
Deutsche Bank A.G. 50,000,000 10.00 New York Branch 31 West 52nd Street New York, New York 10019
Chase Manhattan Bank 47,100,000 9.42 4 New York Plaza, 13th Floor New York, New York 10004
Brown Brothers Harriman & Co. 38,025,000 7.61 63 Wall Street, 8th Floor New York, New York 10005
State Street Bank and Trust Company 32,000,000 6.40 Global Corp. Action Dept. JAB5W P.O. Box 1631 Boston, Massachusetts 02105-1631
Bankers Trust Company 30,500,000 6.10 c/o BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, Tennessee 37211
Citibank, N.A. 28,000,000 5.60 P.O. Box 30576 Tampa, Florida 33630-3576
Union Bank of California, N.A. 25,000,000 5.00 P.O. Box 109 San Diego, CA 92112-4103
(I) Floating Rate Credit Card Certificates Series 1996-Q
Dollar Amount of Percent of Name and Address of Holder Certificates Held Certificates Held - -------------------------- ----------------- -----------------
Chase Manhattan Bank $292,625,000 32.51% 4 New York Plaza, 13th Floor New York, New York 10004
Bankers Trust Company 129,200,000 14.36 c/o BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, Tennessee 37211
The Northern Trust Company 108,875,000 12.10 801 S. Canal C-IN Chicago, Illinois 60607
Citibank, N.A. 105,000,000 11.67 P.O. Box 30576 Tampa, Florida 33630-3576
The Bank of New York 81,000,000 9.00 925 Patterson Plank Road Secaucus, New Jersey 07094
State Street Bank and Trust Company 55,950,000 6.22 Global Corp. Action Dept. JAB5W P.O. Box 1631 Boston, Massachusetts 02105-1631
BNY/ITC 45,450,000 5.05 c/o N.A. Schapiro & Co., Inc. One Chase Manhattan Plaza, 58th Floor New York, New York 10005
(J) Floating Rate Asset Backed Certificates Series 1996-R
Dollar Amount of Percent of Name and Address of Holder Certificates Held Certificates Held - -------------------------- ----------------- -----------------
Chase Manhattan Bank $84,360,000 21.09% 4 New York Plaza, 13th Floor New York, New York 10004
The Northern Trust Company 76,000,000 19.00 801 S. Canal C-IN Chicago, Illinois 60607
The Bank of New York 53,180,000 13.30 925 Patterson Plank Road Secaucus, New Jersey 07094
Bankers Trust Company 50,000,000 12.50 c/o BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, Tennessee 37211
Prudential Securities Custody 50,000,000 12.50 c/o ADP Proxy Services 51 Mercedes Way Edgewood, New York 11717
State Street Bank and Trust Company 36,000,000 9.00 Global Corp. Action Dept. JAB5W P.O. Box 1631 Boston, Massachusetts 02105-1631
(K) Floating Rate Asset Backed Certificates Series 1996-S
Dollar Amount of Percent of Name and Address of Holder Certificates Held Certificates Held - -------------------------- ----------------- -----------------
Chase Manhattan Bank $188,225,000 26.89% 4 New York Plaza, 13th Floor New York, New York 10004
Warburg Dillon Read LLC 80,000,000 11.43 677 Washington Boulevard Stamford, Connecticut 06901
Chase Bank of Texas, N.A. 76,000,000 10.86 P.O. Box 2558 Houston, Texas 77252-2558
Citibank, N.A. 74,075,000 10.58 P.O. Box 30576 Tampa, Florida 33630-3576
BNY/ITC 70,000,000 10.00 c/o N.A. Schapiro & Co., Inc. One Chase Manhattan Plaza, 58th Floor New York, New York 10005
State Street Bank and Trust Company 65,000,000 9.29 Global Corp. Action Dept. JAB5W P.O. Box 1631 Boston, Massachusetts 02105-1631
The Bank of New York 45,000,000 6.43 925 Patterson Plank Road Secaucus, New Jersey 07094
(L) Floating Rate Asset Backed Certificates Series 1996-T
Dollar Amount of Percent of Name and Address of Holder Certificates Held Certificates Held - -------------------------- ----------------- -----------------
Boston Safe Deposit and Trust Company $145,220,000 24.20% c/o Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, Pennsylvania 15259
The Bank of New York 100,700,000 16.78 925 Patterson Plank Road Secaucus, New Jersey 07094
State Street Bank and Trust Company 87,228,000 14.54 Global Corp. Action Dept. JAB5W P.O. Box 1631 Boston, Massachusetts 02105-1631
The Northern Trust Company 83,787,000 13.96 801 S. Canal C-IN Chicago, Illinois 60607
BNY/ITC 60,000,000 10.00 c/o N.A. Schapiro & Co., Inc. One Chase Manhattan Plaza, 58th Floor New York, New York 10005
Chase Manhattan Bank 55,780,000 9.30 4 New York Plaza, 13th Floor New York, New York 10004
Bankers Trust Company 36,810,000 6.14 c/o BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, Tennessee 37211
(M) Floating Rate Asset Backed Certificates Series 1997-U.
Dollar Amount of Percent of Name and Address of Holder Certificates Held Certificates Held - -------------------------- ----------------- -----------------
Chase Manhattan Bank $201,935,000 50.48% 4 New York Plaza, 13th Floor New York, New York 10004
Citibank, N.A. 111,565,000 27.89 P.O. Box 30576 Tampa, Florida 33630-3576
The Bank of New York 38,000,000 9.50 925 Patterson Plank Road Secaucus, New Jersey 07094
(N) Floating Rate Asset Backed Certificates Series 1998-V.
Dollar Amount of Percent of Name and Address of Holder Certificates Held Certificates Held - -------------------------- ----------------- -----------------
State Street Bank and Trust Company $253,776,000 25.38% Global Corp. Action Dept. JAB5W P.O. Box 1631 Boston, Massachusetts 02105-1631
Boston Safe Deposit and Trust Company 147,430,000 14.74 c/o Mellon Bank N.A. Three Mellon Bank Center Room 153-3015 Pittsburgh, Pennsylvania 15259
The Bank of New York 116,485,000 11.65 925 Patterson Plank Road Secaucus, New Jersey 07094
Chase Manhattan Bank 107,945,000 10.79 4 New York Plaza, 13th Floor New York, New York 10004
Citibank, N.A. 106,910,000 10.69 P.O. Box 30576 Tampa, Florida 33630-3576
The Northern Trust Company 81,050,000 8.11 801 S. Canal C-IN Chicago, Illinois 60607
Bankers Trust Company 65,003,000 6.50 c/o BT Services Tennessee Inc. 648 Grassmere Park Drive Nashville, Tennessee 37211
(b) Not Applicable
(c) Not Applicable
Item 13.
Item 13. Certain Relationships and Related Transactions ----------------------------------------------
Not applicable.
PART IV - -------
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K ----------------------------------------------------------------
(a) 1. Annual Servicer's Certificate respecting compliance for Master Trust II dated March 25,1999.
2. Annual Independent Public Accountant's Reports dated March 25, 1999 concerning the Servicer's servicing activities and applying certain agreed-upon procedures for Master Trust II for the period ended December 31, 1998.
3. Supplementary Master Trust II Data relating to the performance of Master Trust II.
(b) See Item 2.
(c) Not applicable.
(d) Not applicable. No annual report or proxy material has been sent to security holders.
SIGNATURES - ----------
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrants has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on this day of March, 1999.
FCC NATIONAL BANK As co-registrant and as servicer on behalf of the Trust as co-registrant
By: /s/ Richard W. Vague ------------------------------------- Richard W. Vague Chairman of the Board
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrants and in the capacities and on the date indicated.
Signature Title Date - --------- ----- ----
/s/ Richard W. Vague Director and Principal March 24, 1999 - --------------------------- Executive Officer Richard W. Vague
/s/ Randy L. Christofferson Director March 24, 1999 - --------------------------- Randy L. Christofferson
/s/ William J. Garner Director March 24, 1999 - --------------------------- William J. Garner
- --------------------------- Director March 24, 1999 Gary J. Marino
/s/ George P. Hubley Director, Principal March 24, 1999 - --------------------------- Financial Officer and George P. Hubley Principal Accounting Officer
/s/ Roger S. Deacon Director March 24, 1999 - --------------------------- Roger S. Deacon
INDEX TO EXHIBITS
Exhibit Description of Sequential Page Number Exhibit Number - ------- -------------- ---------------
1 Annual Servicer's Certificate respecting compliance for Master Trust II
2 Annual Independent Public Accountant's Reports for Master Trust II
3 Supplementary Master Trust II Data