<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-K

                  Annual Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934
                   For the fiscal year ended December 31, 1999
                         Commission file number 0-20817

                    MELLON BANK HOME EQUITY LOAN TRUST 1996-1
             (Exact name of registrant as specified in its charter)

NEW YORK                                              25-0659306
(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization)                        Identification No.
                                                      of servicer of registrant)

One Mellon Center,
Pittsburgh, Pennsylvania                              15258-0001
(Address of principal executive offices               (Zip Code)
of servicer of registrant)

Telephone number of servicer of registrant, including area code: 412-234-5000


           Securities registered pursuant to Section 12(b) of the Act:

                                      None

           Securities registered pursuant to Section 12(g) of the Act:

                  Revolving Home Equity Loan Asset Backed Certificates,
                  Series 1996-1 Class A, Class B-1 and Class B-2

Indicate by a check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X  No
                                             ---   ---

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. X
          ---

The Registrant estimates that as of March 1, 2000, the aggregate market value of
shares of the Registrant's Common Stock held by non-affiliates of the Registrant
was $0.

As of March 1, 2000, the Registrant had outstanding -0- shares of its Common
Stock, par value $ ___ per share.

No documents have been incorporated by reference in this Form 10-K.


<PAGE>   2


                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
PART I                                                                                             Page
<S>                                                                                                <C>

Item 1.  Business                                                                                    1

Item 2.  Properties                                                                                  1

Item 3.  Legal Proceedings                                                                           1

Item 4.  Submission of Matters to a Vote of Security Holders                                         1


PART II

Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters                       1

Item 6.  Selected Financial Data                                                                     1

Item 7.  Management's Discussion and Analysis of Financial Condition
           and Results of Operations                                                                 1

Item 7A. Quantitative and Qualitative Disclosures About Market Risk                                  2

Item 8.  Financial Statements and Supplementary Data                                                 2

Item 9.  Changes in and Disagreements With Accountants on Accounting
           and Financial Disclosure                                                                  2


PART III

Item 10. Directors and Executive Officers of the Registrant                                          2

Item 11. Executive Compensation                                                                      2

Item 12. Security Ownership of Certain Beneficial Owners and Management                              2

Item 13. Certain Relationships and Related Transactions                                              2


PART IV

Item 14. Exhibits, Financial Statements, Schedules and Reports on Form 8-K                           3
</TABLE>



<PAGE>   3


         The Mellon Bank Home Equity Loan Trust 1996-1 (the "Trust") was formed
pursuant to a Pooling and Servicing Agreement, dated as of March 1, 1996,
between Mellon Bank, N.A., as Seller and Servicer, and The Bank of New York, as
Trustee. The Trust was formed for the purpose of acquiring certain trust assets
and issuing mortgage-backed certificates under the Pooling and Servicing
Agreement and one or more supplements thereto. The property of the Trust
includes a portfolio of receivables arising under selected home equity revolving
credit line agreements transferred to the Trust by Mellon Bank, N.A.

         On March 29, 1996, the Trust issued $508,625,000 of Class A
Certificates, $60,125,000 of Class B-1 Certificates and $81,250,000 of Class B-2
Certificates, (together, the "Certificates"). On June 5, 1996, such Certificates
were registered pursuant to Section 12(g) of the Securities Exchange Act of
1934, as amended.

                                     PART I
ITEM 1.  BUSINESS

         Omitted.

ITEM 2.  PROPERTIES

         Omitted.

ITEM 3.  LEGAL PROCEEDINGS

         None.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         None.


                                     PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

         There is one holder of record of each class of Certificates.

         To the knowledge of the Trust, there is an over the counter public
         trading market for the Certificates, although the frequency of
         transactions varies substantially over time.

ITEM 6.  SELECTED FINANCIAL DATA

         Omitted.

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

         Omitted.


                                       -1-

<PAGE>   4


ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         Not Applicable.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

         Omitted.

ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
         AND FINANCIAL DISCLOSURE

         None.


                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

         Omitted.

ITEM 11. EXECUTIVE COMPENSATION

         Omitted.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

         A nominee of The Depository Trust Company is the sole record owner of
         each Class of Certificates. As of December 3l, 1999, based on a review
         of public filings with the Securities and Exchange Commission, no
         person was known to be the beneficial owner of more than 5% of the
         total principal amount of any Class of Certificates outstanding on that
         date.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         None.


                                       -2-

<PAGE>   5


                                     PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES, AND REPORTS ON FORM 8-K

         (a) Listed below are the documents filed as a part of this report:

         Exhibit Number

             20.1       Annual Certificateholders Report

             20.2       Annual Servicer's Certificate

             20.3       Report of Independent Certified Public Accountants


         (b) Reports on Form 8-K:

         On each of the following dates, the Trust filed a Form 8-K with the
         Commission reporting information under Items 5 and 7:


             January 13, 1999
             February 16, 1999
             March 15, 1999
             April 14, 1999
             May 13, 1999
             June 11, 1999
             July 14, 1999
             August 12, 1999
             September 13, 1999
             October 13, 1999
             November 10, 1999
             December 14, 1999

         (c) Omitted.

         (d) Omitted.


                                       -3-

<PAGE>   6

                                   SIGNATURES

         Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, Mellon Bank, N.A., on behalf of the Trust, has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                     MELLON BANK HOME EQUITY LOAN TRUST 1996-1


                                     By  MELLON BANK, N.A.


                                          By /s/ Steven G. Elliott
                                            ------------------------------------
                                              Name:  Steven G. Elliott
                                              Title: Senior Vice Chairman and
                                                     Chief Financial Officer

Date: March 27, 2000



                                       -4-

<PAGE>   7


                                  EXHIBIT INDEX

Exhibit                                                        Page
-------

20.1     Annual Certificateholders Report                        6

20.2     Annual Servicer's Certificate                           7

20.3     Report of Independent Certified Public Accountants      8


                                       -5-