First North American National Bank, a Circuit City Corp. banking subsidiary, last week filed to issue up to $1 billion in asset-backed securities with the Securities & Exchange Commission.

FNANB has not brought a bankcard deal since 1998, according to Thomson Financial. The securities off this shelf would not be backed by the usual Circuit City store card receivables, but by Visa and MasterCard general purpose accounts originated by FNANB. The filing also draws a distinction between the FNANB bankcard product and Circuit City's new co-branded hybrid, called the Circuit City PLUS Visa, which will not be securitized in this trust.

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