<PAGE>

                                                                    Exhibit 99.5

               1997 CLASS A ANNUAL CERTIFICATEHOLDER'S STATEMENT
                     (To be delivered by the Paying Agent
                        each Calendar Year pursuant to
                       subsection 5.02(e) of the Pooling
                           and Servicing Agreement)

                               CAPITAL ONE BANK


                        CAPITAL ONE MASTER TRUST 1994-3

         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                                $          58.7509586015
                                                                                 -----------------------

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                                                    $          58.7509586015
                                                                                 -----------------------
</TABLE>



         CAPITAL ONE BANK                           HARRIS TRUST
         as Servicer,                               as Paying Agent,


         By: /s/ Douglas C.H. Adamson               By: /s/ Keith Richardson
            -------------------------                  ---------------------
         Name:   Douglas C.H. Adamson               Name:   Keith Richardson
         Title:  Securitization Manager             Title:

                                     -17-
<PAGE>

                                                            Exhibit 99.5 (cont.)

               1997 CLASS B ANNUAL CERTIFICATEHOLDER'S STATEMENT
                     (To be delivered by the Paying Agent
                        each Calendar Year pursuant to
                       subsection 5.02(e) of the Pooling
                           and Servicing Agreement)

                               CAPITAL ONE BANK


                        CAPITAL ONE MASTER TRUST 1994-3

         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 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                                $          73.5000014736
                                                                                 -----------------------

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                                                    $         73.50000014736
                                                                                 -----------------------
</TABLE>



         CAPITAL ONE BANK                           HARRIS TRUST
         as Servicer,                               as Paying Agent,


         By: /s/ Douglas C.H. Adamson               By: /s/ Keith Richardson
            -------------------------                  ---------------------
         Name:   Douglas C.H. Adamson               Name:   Keith Richardson
         Title:  Securitization Manager             Title:

                                     -18-