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) June 12, 2000
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FIRST USA BANK, NATIONAL ASSOCIATION
(As Successor to First National Bank of Commerce)
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(Exact name of registrant as specified in its charter)
(As Servicer on behalf of FIRST NBC CREDIT CARD MASTER TRUST)
United States
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(State or other jurisdiction of incorporation)
333-24023 51-0269396
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(Commission File Number) (IRS Employer Identification Number)
201 North Walnut Street, Wilmington, Delaware 19801
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(Address of principal executive offices) (Zip Code)
(302) 594-4117
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Registrant's telephone number, including area code
N/A
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(Former name, former address and former fiscal year, if changed since last
report)
Item 5. Other Events
In the May reporting period, certain charge-off policies for the
Trust were changed in order to conform these policies to new
guidelines adopted by the Federal Financial Institution Examination
Council. The changes relate to the timing of recognition of losses on
accounts of which the cardholder has filed for bankruptcy or died. The
implementation of these changes has caused a one-time acceleration of
certain charge-offs. Accounts of bankrupt cardholders were previously
charged off 90 days after First USA Bank, National Association, the
Servicer of the Trust, was notified of bankruptcy. These accounts will
now be charged off 60 days after notification. Accounts of deceased
customers were previously charged off after 180 days but under the new
policy will be charged off after 60 days.
These policy changes will cause a one-time increase in gross
credit losses for the May Trust results. Reported Trust gross credit
losses for May were 7.32% after the one time increase in charge-offs
due to bankruptcy or death of 2.76%. Without the impact of the policy
change, gross credit losses would have been 4.56%. The impact on one
month excess spread and three month average excess spread was
approximately 2.76% and 0.92%, respectively.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
Exhibit No. Document Description
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(20.1) Monthly Servicer's Certificate, Series 1997-1
(20.2) Monthly Holders' Statement, Series 1997-1
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 thereunto duly authorized.
First USA Bank, National Association, as Servicer,
on behalf of FIRST NBC CREDIT CARD MASTER TRUST,
By: /s/ Tracie H. Klein
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Name: Tracie H. Klein
Title: First Vice President
Date: June 12, 2000
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INDEX TO EXHIBITS
Exhibit No. Document Description Sequential Page No.
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20.1 Monthly Servicer's Certificate, Series 1997-1 5
20.2 Monthly Holders' Statement, Series 1997-1 10