<PAGE>   1
                                                                   EXHIBIT 99.5


               1996 CLASS A ANNUAL CERTIFICATEHOLDER'S STATEMENT
                      (To be delivered by the Paying Agent
                         each Calendar Year pursuant to
                       subsection 5.02(c) of the Pooling
                            and Servicing Agreement)

                                CAPITAL ONE BANK


                        CAPITAL ONE MASTER TRUST 1994-2


         Under the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of September 30, 1993, between Capital One Bank (formerly
Signet Bank/Virginia), as Transferor and Servicer, and The Bank of New York, as
Trustee, the Servicer is required each year to prepare certain information
regarding distributions to Class A Certificateholders. The information which is
required to be prepared with respect to the distributions made during the
preceding calendar year is set forth below. The information is presented on the
basis of an original principal amount of $1,000 per Class A Certificate. All
capitalized terms used herein shall have the respective meanings set forth in
the Pooling and Servicing Agreement.

<TABLE>

<S>      <C>                                                                    <C>
A.       Information Regarding Distributions to Class A
         Certificateholders (Stated on the basis of $1,000
         original principal amount).

1.       The total amount distributed to Class A
         Certificateholders, per $1,000 interest                                $          57.5925958412
                                                                                 -----------------------

2.       The amount of the distribution set forth
         in paragraph 1 above in respect of
         principal on the Class A Certificates,
         per $1,000 interest                                                    $                    -0-
                                                                                 -----------------------

3.       The amount of the distribution set forth
         in paragraph 1 above in respect of
         interest on the Class A Certificates,
         per $1,000 interest                                                    $          57.5925958412
                                                                                 -----------------------
</TABLE>




<TABLE>

         <S>                                                               <C>
         CAPITAL ONE BANK                                                  SIGNET TRUST COMPANY
         as Servicer,                                                      as Paying Agent,


         By:  /s/ JOHN SCHMOHL                                             By: /s/ MARY L. BREWER
             ----------------------------------                                ------------------------
         Name:    John Schmohl                                             Name:   Mary L. Brewer
         Title:   Director of External Reporting                           Title:  Corporate Trust Officer
</TABLE>




                                     -19-
<PAGE>   2
                                                           EXHIBIT 99.5 (cont.)


               1996 CLASS B ANNUAL CERTIFICATEHOLDER'S STATEMENT
                      (To be delivered by the Paying Agent
                         each Calendar Year pursuant to
                       subsection 5.02(c) of the Pooling
                            and Servicing Agreement)

                                CAPITAL ONE BANK


                        CAPITAL ONE MASTER TRUST 1994-2


         Under the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of September 30, 1993, between Capital One Bank (formerly
Signet Bank/Virginia), as Transferor and Servicer, and Bank, The Bank of New
York as Trustee, the Servicer is required each year to prepare certain
information regarding distributions to Class B Certificateholders. The
information which is required to be prepared with respect to the distributions
made during the preceding calendar year is set forth below. The information is
presented on the basis of an original principal amount of $1,000 per Class B
Certificate. All capitalized terms used herein shall have the respective
meanings set forth in the Pooling and Servicing Agreement.


<TABLE>
<S>      <C>                                                                    <C>
A.       Information Regarding Distributions to Class B
         Certificateholders (Stated on the basis of $1,000
         original principal amount).

1.       The total amount distributed to Class B
         Certificateholders, per $1,000 interest                                $          69.5000000004
                                                                                 -----------------------

2.       The amount of the distribution set forth
         in paragraph 1 above in respect of
         principal on the Class B Certificates,
         per $1,000 interest                                                    $                    -0-
                                                                                 -----------------------

3.       The amount of the distribution set forth
         in paragraph 1 above in respect of
         interest on the Class B Certificates,
         per $1,000 interest                                                    $          69.5000000004
                                                                                 -----------------------
</TABLE>





<TABLE>

         <S>                                                               <C>
         CAPITAL ONE BANK                                                  SIGNET TRUST COMPANY
         as Servicer,                                                      as Paying Agent,


         By:  /s/ JOHN SCHMOHL                                             By: /s/ MARY L. BREWER
             ----------------------------------                                ------------------------
         Name:    John Schmohl                                             Name:   Mary L. Brewer
         Title:   Director of External Reporting                           Title:  Corporate Trust Officer
</TABLE>




                                     -20-