UNITED STATES
                       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: February 28, 2001

                Commission file number: 333-32591 and 333-58391


                         FNANB CREDIT CARD MASTER TRUST
             (Exact name of registrant as specified in its charter)


             United States                           58-1897792
           -----------------                     -------------------
           (State or other                         (IRS Employer
             jurisdiction                        Identification No.)
           of incorporation)

 225 Chastain Meadows Court, Kennesaw, Georgia       30144
-----------------------------------------------    ----------
    (Address of principal executive offices)       (Zip Code)

Registrant's telephone number, including area code: 770 792-4600

Securities registered pursuant to Section 12(b) of the Act:  None

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

                  On June 26, 1998 and January 15, 1999,  the  registrant  filed
with the Securities and Exchange Commission  registration statements on Form 8-A
registering certain FNANB Credit Card Master Trust asset backed certificates.

                  Indicate by 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(1)                                 No _____
                               ------

--------
     (1) In reliance upon various no-action letters issued by the Securities and
Exchange  Commission  to other  trusts  which are  substantially  similar to the
registrant,  the  registrant  has filed monthly Forms 8-K in lieu of Forms 10-Q.
See, e.g., Banc One Credit Card Master Trust (avail. May 26, 1995).

                  State the  aggregate  market value of the voting stock held by
non-affiliates  of the registrant.  The aggregate market value shall be computed
by  reference  to the price at which the stock was sold,  or the average bid and
asked prices of such stock,  as of a specified  date within 60 days prior to the
date of filing. (See definition of affiliate in Rule 405)

                  Not Applicable.


                                     PART I

                  The FNANB  Credit Card Master  Trust (the  "Trust") was formed
pursuant to a Master  Pooling and  Servicing  Agreement  dated as of October 30,
1997,  as amended (the "Pooling and  Servicing  Agreement")  between First North
American  National Bank, as Transferor (in such capacity,  the "Transferor") and
Servicer (in such capacity,  the "Servicer"),  and First Union National Bank, as
Trustee (the "Trustee"). The Trust was created as a master trust under which one
or more series of asset  backed  certificates  (the  "Certificates")  evidencing
undivided  interests in certain  assets of the Trust have been or will be issued
pursuant to a series supplement to the Pooling and Servicing Agreement.

                  The  assets  of  the  Trust  (the  "Trust   Assets")   include
receivables (the "Receivables") arising under certain MasterCard and VISA credit
card  accounts  (the  "Accounts")  owned or acquired by the  Transferor  and all
monies due or to become due in payment of the Receivables  (including recoveries
on charged-off Receivables), certain interchange fees received by the Transferor
in  connection  with the  Receivables,  all monies on  deposit  in certain  bank
accounts of the Trust (including,  to the extent specified in the related series
supplement,  investment earnings on such amounts), all proceeds of the foregoing
and, with respect to a particular series or class of Certificates, any letter of
credit,  guaranteed  rate  agreement,   maturity  guaranty  facility,  liquidity
facility,   cash  collateral  account,  cash  collateral  guaranty,   collateral
indebtedness  amount,   collateral  interest,  surety  bond,  insurance  policy,
interest rate protection agreement,  tax protection  agreement,  spread account,
reserve  account,  subordination  arrangement,  cross-support  feature  or other
similar arrangement (or any combination of the foregoing) for the benefit of the
holders of the  Certificates of such series or class.  The Trust will not engage
in any activity  other than  acquiring and holding  Receivables,  issuing one or
more series of  Certificates  and any  related  interest in the Trust and one or
more  certificates  evidencing the  Transferor's  interest in the Trust,  making
payments thereon and engaging in related activities. The Trustee holds the Trust
Assets in trust for the  benefit  of the  holders of the  Certificates,  and the
Servicer services the Receivables.

                  As of February 28, 2001, the Trust had four outstanding series
of Certificates.  On October 30, 1997, the Trust issued in a private transaction
the Series 1997-1 Variable Funding Certificates. On November 19, 1997, the Trust
issued  in  a  public  transaction  the  Class  A  Floating  Rate  Asset  Backed
Certificates,  Series  1997-2  and  the  Class  B  Floating  Rate  Asset  Backed
Certificates,  Series 1997-2 (together,  the "1997-2 Public  Certificates").  In
addition,  the Trust issued in private  transactions as part of Series 1997-2 an
interest  referred to as the  Collateral  Indebtedness  Interest  and a class of
investor certificates  referred to as the Class D Certificates.  On November 13,
1998, the Trust issued in a public  transaction  the Class A Floating Rate Asset
Backed  Certificates,  Series  1998-1 and the Class B Floating Rate Asset Backed
Certificates,  Series 1998-1  (collectively with the 1997-2 Public Certificates,
the  "Public   Certificates").   In  addition,   the  Trust  issued  in  private
transactions   as  part  of  Series   1998-1   interests   referred  to  as  the
Collateralized Trust Obligations and a class of investor  certificates  referred
to as the Class D  Certificates.  On February  27,  2001,  the Trust issued in a
private transaction the Series 2001-A Variable Funding  Certificates.  The Trust
may  issue  from  time to time  additional  series  of  Certificates  evidencing
undivided interests in the Trust Assets.

                  The  registrant  has prepared  this Form 10-K in reliance upon
various  no-action  letters issued by the Securities and Exchange  Commission to
other trusts which are  substantially  similar to the Trust. See, e.g., Banc One
Credit Card Master Trust (avail.  May 26, 1995). Items designated herein as "Not
Applicable" have been omitted as a result of such reliance.

Item 1.  Business.
         --------

         Not Applicable.

Item 2.  Properties.
         ----------

         See  introductory  statement to Part I above for a description of Trust
Assets.

Item 3.  Legal Proceedings.
         -----------------

         To the best knowledge of the registrant,  there are no material pending
legal proceedings involving the Trust, the Servicer or the Trustee.

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.
         ---------------------------------------------------------------------

         (a) To the best  knowledge of the  registrant,  there is no established
public trading market for the Certificates.

         (b) The  Public  Certificates  are  represented  by  nine  certificates
registered  in the  name of Cede & Co.,  the  nominee  of The  Depository  Trust
Company ("DTC").


Item 6.  Selected Financial Data.
         -----------------------

         Not Applicable.

Item 7.  Management's Discussion and Analysis of Financial Condition and Results
         -----------------------------------------------------------------------
         of Operation.
         -------------

         Not Applicable.

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

         Not Applicable.

Item 8.  Financial Statements and Supplementary Data.
         -------------------------------------------

         Not Applicable.

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.
         --------------------------------------------------

         Not Applicable.

Item 11. Executive Compensation.
         ----------------------

         Not Applicable.

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

         (a) The  Public  Certificates  are  represented  by  nine  certificates
registered in the name of Cede & Co., and an investor holding an interest in the
Trust is not entitled to receive a certificate representing such interest except
in certain limited circumstances.  Accordingly, Cede & Co. is the sole holder of
record of the Public Certificates, which it holds on behalf of brokers, dealers,
banks and other direct  participants in the DTC system. Such direct participants
may hold Public Certificates for their own accounts or for the accounts of their
customers.  The address of Cede & Co. is c/o The Depository  Trust  Company,  55
Water Street, New York, New York 10041.

         (b) Not Applicable.

         (c) Not Applicable.


Item 13. Certain Relationships and Related Transactions.
         ----------------------------------------------

         (a)  To  the  best   knowledge  of  the   registrant,   there  were  no
transactions,  or series of similar  transactions,  during the fiscal year ended
February 28, 2001, and there are no currently proposed  transactions,  or series
of similar  transactions,  to which the Trust was or is to be a party,  in which
the  amount  involved  exceeds  $60,000  and in which  any  person  known to the
registrant  to own of  record or  beneficially  more  than  5.00% of the  Public
Certificates had, or will have, a direct or indirect material interest.

         (b) Not Applicable.

         (c) Not Applicable.

         (d) Not Applicable.


                                     PART IV

Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
         ----------------------------------------------------------------

         (a)      Documents.
                  ---------

                  1.  Financial Statements.

                      Not Applicable.

                  2.  Financial Statement Schedules.

                      Not Applicable.

                  3.  Exhibits.

                      See Item 14(c).

         (b)      Reports on Form 8-K.
                  -------------------

         The  registrant  filed the following  Current  Reports on Form 8-K with
respect to the fiscal year ended February 28, 2001:  Current Reports on Form 8-K
dated March 15, 2000,  April 17, 2000,  May 15,  2000,  June 15, 2000,  July 17,
2000, August 15, 2000,  September 15, 2000, October 16, 2000, November 15, 2000,
December  15,  2000,  January  16,  2001,  February  15, 2001 and March 15, 2001
reporting  Items 5 and 7(c) and providing  the Series 1997-2  Certificateholders
Statements and the Series 1998-1 Certificateholders Statements for the months of
February 2000,  March 2000,  April 2000, May 2000, June 2000, July 2000,  August
2000,  September 2000, October 2000,  November 2000, December 2000, January 2001
and February 2001.

         (c)      Exhibits.
                  ---------

         Exhibits 99.1     Annual Servicer's Certificate.

         (d)      Financial Statement Schedules.
                  -----------------------------

                  Not Applicable.



                                   SIGNATURES

         Pursuant to the  requirements  of Section 13 or 15(d) 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.


                                          FNANB CREDIT CARD MASTER TRUST

                                          By: FIRST NORTH AMERICAN
                                              NATIONAL BANK, as Servicer

                                          By: /s/ Michael T. Chalifoux
                                              -----------------------------
                                              Michael T. Chalifoux
                                              Chairman of the Board and
                                                    President

Dated as of: May 23, 2001




                                INDEX TO EXHIBITS

Exhibit           Description
Number            of Exhibit

99.1              Annual Servicer's Certificate