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, 1998

Commission file number:  333-32591


                         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:  None

                  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
                      -----                                      ----

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        (1) In reliance upon various  no-action letters issued by the Securities
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).  This Form
10-K was due May 29, 1998.




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                  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 (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.



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                  As of February 28, 1998, the Trust had two outstanding  series
of Certificates.  On October 30, 1997, the Trust issued in a private transaction
the Series  1997-1  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
(collectively,  the "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. 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  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  five
certificates registered in the name of Cede & Co., the nominee of the Depository
Trust Company ("DTC").


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                  (c)      Not Applicable.


Item 6.           Selected Financial Data.

                  Not Applicable.

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

                  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  five
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, Seven Hanover Square, New York, New York 10004.

                  (b)      Not Applicable.

                  (c)      Not Applicable.


<PAGE>



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, 1998, 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.


                                     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, 1998: Current Reports on Form
8-K dated December 15, 1998,  January 15, 1998,  February 17, 1998 and March 16,
1998   reporting   Items  5  and   7(c)  and   providing   the   Series   1997-2
Certificateholders  Statements for the months of November  1997,  December 1997,
January 1998 and February 1998.



<PAGE>



                  (c)      Exhibits.



                  Exhibit 4.1       Master Pooling and Servicing Agreement dated
                                    as of October 30, 1997  between  First North
                                    American  National  Bank, as Transferor  and
                                    Servicer,  and First Union National Bank, as
                                    Trustee. (2)

                  Exhibit 4.2       Series   1997-2   Supplement   dated  as  of
                                    November 25, 1997 to the Master  Pooling and
                                    Servicing  Agreement dated as of October 30,
                                    1997 between First North  American  National
                                    Bank, as Transferor and Servicer,  and First
                                    Union National Bank, as Trustee. (2)

                  (d)      Financial Statement Schedules.

                           Not Applicable.


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        (2)  Incorporated  by reference to Amendment  No. 1 to the  registrant's
Registration  Statement on Form S-3  (Registration No. 333-32591) filed with the
Securities and Exchange Commission on November 12, 1997.

<PAGE>



                                   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 29, 1998