8/97 Page 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported:) September 15, 1997
Chevy Chase Master Credit Card Trust II
_____________________________________________________
(Exact name of registrant as specified in charter)
Maryland 33-99334 52-0897004
___________________________ ________________ _________________
State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or organ- File No.) Identification No.
ization
C/O CHEVY CHASE BANK, F.S.B
8401 Connecticut Avenue
Chevy Chase, Maryland 20815
______________________________________ _____________
Address of principal executive offices Zip Code
Registrant's telephone number, including area code(301)-986-7000
_____________
Not Applicable
________________________________________________________________
(Former name, former address, and former fiscal year, if changed
since last report)
8/97 Page 2
Item 5. Other Events
None
Item 7. Financial Statements, Pro forma Financial Information
and Exhibits.
Exhibit 99.1 Monthly Report to Certificateholders dated
September 15, 1997 for Series 1995-A and
Series 1995-C.
Signatures
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has caused this report to be signed
on behalf of the Chevy Chase Master Credit Card Trust by the
undersigned thereunto duly authorized.
Chevy Chase Master Credit Card Trust II
By: Chevy Chase Bank, F.S.B.
Originator of the Trust and Servicer
Mark A. Holles
Dated: September 15, 1997 By: ___________________________________
Mark A. Holles
Vice President
8/97 Page 1
MONTHLY CERTIFICATEHOLDERS' STATEMENT
CHEVY CHASE MASTER CREDIT CARD TRUST II
SERIES 1995-A
Pursuant to the Pooling and Servicing Agreement dated as of
June 1, 1995, (the "Pooling and Servicing Agreement"), among
Chevy Chase Bank, F.S.B., as Transferor and Servicer ("Chevy Chase"),
CCB Holding Corporation, as Transferor, and Bankers Trust Company,
as trustee (the "Trustee"), Chevy Chase, as Servicer, is required to
prepare certain information each month regarding current distributions
to Certificateholders and the performance of the Chevy Chase Master
Credit Card Trust II (the "Trust") during the previous month. The
information which is required to be prepared with respect to the
Distribution Date of September 15, 1997, and with respect to the performance
of the Trust during the month of August, 1997 is set forth below. Certain of
the information is presented based on the aggregate amounts for the Trust
as a whole. Capitalized terms used in this Monthly Statement have their
respective meanings set forth in the Pooling and Servicing Agreement.
A) Information Regarding Distributions to
the Class A Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class A
Certificateholders, per $1,000
original certificate principal amount $ 5.0825705
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $ 5.0825705
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $ 0.0000000
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $ 0.0000000
(2) The amount of Class A Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class A Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect
to all transactions on such Distribution Date $ 0.0000000
C) Information Regarding Distributions to
the Class B Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class B
Certificatedholders, per $1,000
original certificate principal amount $ 5.1772928
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 5.1772928
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 0.0000000
D) Class B Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class B Investor
Charge Offs $ 0.0000000
(2) The amount of Class B Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class B Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class
B Invested Amount after giving effect
to all transactions on such
Distribution Date $ 0.0000000
CHEVY CHASE BANK, F.S.B.,
Servicer
By ________________________
Mark A. Holles
Vice President
8/97 Page 1
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1995-A
CHEVY CHASE MASTER CREDIT CARD TRUST II
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,044,665,320.00
Beginning of the Month Finance Charge Receivables: $ 59,228,242.58
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,103,893,562.58
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 0.00
Additional Finance Charge Receivables: $ 0.00
Additional Total Receivables: $ 0.00
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,042,198,580.75
End of the Month Finance Charge Receivables: $ 63,401,053.43
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,105,599,634.18
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust Series) $ 1,802,000,000.00
End of the Month Transferor Amount $ 240,198,580.75
End of the Month Transferor Percentage 11.76%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies: RECEIVABLES
30-59 Days Delinquent $ 42,599,170.49
60-89 Days Delinquent $ 26,394,538.42
90+ Days Delinquent $ 48,816,350.36
Total 30+ Days Delinquent $ 117,810,059.27
Delinquent Percentage 5.60%
Defaulted Accounts During the Month $ 16,067,993.77
Annualized Default Percentage 9.43%
Principal Collections 195,676,113.57
Principal Payment Rate 9.57%
Total Payment Rate 10.96%
8/97 Page 2
INVESTED AMOUNTS
Class A Initial Invested Amount $ 368,000,000.00
Class B Initial Invested Amount $ 32,000,000.00
INITIAL INVESTED AMOUNT $ 400,000,000.00
Class A Invested Amount $ 368,000,000.00
Class B Invested Amount $ 32,000,000.00
INVESTED AMOUNT $ 400,000,000.00
FLOATING ALLOCATION PERCENTAGE 19.56%
PRINCIPAL ALLOCATION PERCENTAGE 19.56%
MONTHLY SERVICING FEE $ 666,666.66
INVESTOR DEFAULT AMOUNT $ 3,142,899.58
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING PERCENTAGE 92.00%
Class A Finance Charge Collections $ 6,742,295.62
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 6,742,295.62
Class A Monthly Interest $ 1,870,385.96
Class A Servicing Fee $ 613,333.33
Class A Investor Default Amount $ 2,891,467.61
TOTAL CLASS A EXCESS SPREAD $ 1,367,108.72
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING PERCENTAGE 8.00%
Class B Finance Charge Collections $ 586,286.56
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 586,286.56
Class B Monthly Interest $ 165,673.37
Class B Servicing Fee $ 53,333.33
TOTAL CLASS B EXCESS SPREAD $ 367,279.86
8/97 Page 3
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 1,734,388.58
Excess Spread Applied to Required Amount $ 0.00
Excess Spread Applied to Class A Investor $ 0.00
Charge Offs
Excess Spread Applied to Class B Items $ 251,431.97
Excess Spread Applied to Class B Investor $ 0.00
Charge Offs
Excess Spread Applied to Monthly Cash $ 26,501.02
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to other amounts owed $ 0.00
Cash Collateral Depositor
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR
GROUP I $ 1,456,455.59
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 5,730,710.63
SERIES 1995-A EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $
0.00
SERIES 1995-A
Excess Finance Charge Collections Applied to $ 0.00
Required Amount
Excess Finance Charge Collections Applied to $ 0.00
Class A Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Class B Items
Excess Finance Charge Collections Applied to $ 0.00
Class B Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Monthly Cash Collateral Fee
Excess Finance Charge Collections Applied to $ 0.00
Cash Collateral Account
8/97 Page 4
Excess Finance Charge Collections Applied to $ 0.00
other amounts owed Cash Collateral Depositor
YIELD AND BASE RATE --
Base Rate (Current Month) 7.91%
Base Rate (Prior Month) 7.94%
Base Rate (Two Months Ago) 7.95%
THREE MONTH AVERAGE BASE RATE 7.93%
Portfolio Yield (Current Month) 12.56%
Portfolio Yield (Prior Month) 13.62%
Portfolio Yield (Two Months Ago) 11.19%
THREE MONTH AVERAGE PORTFOLIO YIELD 12.46%
PRINCIPAL COLLECTIONS --
CLASS A PRINCIPAL PERCENTAGE 92.00%
Class A Principal Collections $ 35,212,307.98
CLASS B PRINCIPAL PERCENTAGE 8.00%
Class B Principal Collections $ 3,061,939.81
TOTAL PRINCIPAL COLLECTIONS $ 38,274,247.79
REALLOCATED PRINCIPAL COLLECTIONS $ 0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $ 0.00
SERIES
CLASS A AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DISTRIBUTION AMOUNT $ 0.00
CLASS B AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount 0.00
CONTROLLED DISTRIBUTION AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $ 38,274,247.79
SHARING
INVESTOR CHARGE OFFS --
8/97 Page 5
CLASS A INVESTOR CHARGE OFFS $ 0.00
CLASS B INVESTOR CHARGE OFFS $ 0.00
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS B CHARGE OFFS REIMBURSED $ 0.00
CASH COLLATERAL ACCOUNT --
Required Cash Collateral Amount $ 52,000,000.00
Available Cash Collateral Amount $ 52,000,000.00
INTEREST RATE CAP PAYMENTS --
Class A Interest Rate Cap Paymets $ 0.00
Class B Interest Rate Cap Paymets $ 0.00
TOTAL DRAW AMOUNT $ 0.00
CASH COLLATERAL ACCOUNT SURPLUS $ 0.00
CHEVY CHASE BANK, F.S.B.,
as Servicer
By: ________________________
Mark A. Holles
Vice President
8/97 Page 1
MONTHLY CERTIFICATEHOLDERS' STATEMENT
CHEVY CHASE MASTER CREDIT CARD TRUST II
SERIES 1995-C
Pursuant to the Pooling and Servicing Agreement dated as of
June 1, 1995, (the "Pooling and Servicing Agreement"), among
Chevy Chase Bank, F.S.B., as Transferor and Servicer ("Chevy Chase"),
CCB Holding Corporation, as Transferor, and Bankers Trust Company,
as trustee (the "Trustee"), Chevy Chase, as Servicer, is required to
prepare certain information each month regarding current distributions
to Certificateholders and the performance of the Chevy Chase Master
Credit Card Trust II (the "Trust") during the previous month. The
information which is required to be prepared with respect to the
Distribution Date of September 15, 1997, and with respect to the performance
of the Trust during the month of August, 1997, is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Series 1995-C Certificate
(a "Certificate").Certain other information is presented based on the
aggregate amounts for the Trust as a whole. Capitalized terms
used in this Monthly Statement have their respective meanings
set forth in the Pooling and Servicing Agreement.
A) Information Regarding Distributions to
the Class A Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class A
Certificateholders, per $1,000
original certificate principal amount $ 5.0911817
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $ 5.0911817
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $ 0.0000000
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $ 0.0000000
(2) The amount of Class A Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class A Investor Charge Offs $ 0.0000000
8/97 Page 2
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect
to all transactions on such Distribution Date $ 0.0000000
C) Information Regarding Distributions to
the Class B Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class B
Certificatedholders, per $1,000
original certificate principal amount $ 5.1988206
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 5.1988206
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 0.0000000
D) Class B Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class B Investor
Charge Offs $ 0.0000000
(2) The amount of Class B Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class B Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class
B Invested Amount after giving effect
to all transactions on such
Distribution Date $ 0.0000000
CHEVY CHASE BANK, F.S.B.,
Servicer
By ________________________
Mark A. Holles
Vice President
8/97 Page 1
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1995-C
CHEVY CHASE MASTER CREDIT CARD TRUST II
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,044,665,320.00
Beginning of the Month Finance Charge Receivables: $ 59,228,242.58
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,103,893,562.58
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 0.00
Additional Finance Charge Receivables: $ 0.00
Additional Total Receivables: $ 0.00
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,042,198,580.75
End of the Month Finance Charge Receivables: $ 63,401,053.43
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,105,599,634.18
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust Series) $ 1,802,000,000.00
End of the Month Transferor Amount $ 240,198,580.75
End of the Month Transferor Percentage 11.76%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies: RECEIVABLES
30-59 Days Delinquent $ 42,599,170.49
60-89 Days Delinquent $ 26,394,538.42
90+ Days Delinquent $ 48,816,350.36
Total 30+ Days Delinquent $ 117,810,059.27
Delinquent Percentage 5.60%
Defaulted Accounts During the Month $ 16,067,993.77
Annualized Default Percentage 9.43%
Principal Collections 195,676,113.57
Principal Payment Rate 9.57%
Total Payment Rate 10.96%
INVESTED AMOUNTS
Class A Initial Invested Amount $ 322,000,000.00
Class B Initial Invested Amount $ 28,000,000.00
INITIAL INVESTED AMOUNT $ 350,000,000.00
Class A Invested Amount $ 368,000,000.00
Class B Invested Amount $ 32,000,000.00
INVESTED AMOUNT $ 400,000,000.00
FLOATING ALLOCATION PERCENTAGE 19.56%
PRINCIPAL ALLOCATION PERCENTAGE 19.56%
MONTHLY SERVICING FEE $ 666,666.66
INVESTOR DEFAULT AMOUNT $ 3,142,899.59
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING PERCENTAGE 92.00%
Class A Finance Charge Collections $ 6,742,295.62
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 6,742,295.62
Class A Monthly Interest $ 1,873,554.85
Class A Servicing Fee $ 613,333.33
Class A Investor Default Amount $ 2,891,467.61
TOTAL CLASS A EXCESS SPREAD $ 1,363,939.83
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING PERCENTAGE 8.00%
Class B Finance Charge Collections $ 586,286.56
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 586,286.56
Class B Monthly Interest $ 166,362.26
Class B Servicing Fee $ 53,333.33
TOTAL CLASS B EXCESS SPREAD $ 366,590.97
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 1,730,530.80
Excess Spread Applied to Required Amount $ 0.00
Excess Spread Applied to Class A Investor $ 0.00
Charge Offs
Excess Spread Applied to Class B $ 251,431.97
Interest, Servicing Fee and Default
Amount
Excess Spread Applied to Reductions of $ 0.00
Class B Invested Amount
Excess Spread Applied to Monthly Cash $ 26,177.78
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to other amounts owed $ 0.00
Cash Collateral Depositor
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR
GROUP I $ 1,452,921.05
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 5,730,710.63
SERIES 1995-C EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $
0.00
SERIES 1995-C
Excess Finance Charge Collections Applied to $ 0.00
Required Amount
Excess Finance Charge Collections Applied to $ 0.00
Class A Investor Charge Offs
Excess Finance Charge Collections Applied to $ 0.00
Class B Interest, Servicing Fee and Default Amounts
Excess Finance Charge Collections Applied to $ 0.00
Reductions of Class B Invested Amount
Excess Finance Charge Collections Applied to $ 0.00
Monthly Cash Collateral Fee
Excess Finance Charge Collections Applied to $ 0.00
Cash Collateral Account
Excess Finance Charge Collections Applied to $ 0.00
other amounts owed Cash Collateral Depositor
YIELD AND BASE RATE --
Base Rate (Current Month) 7.92%
Base Rate (Prior Month) 7.95%
Base Rate (Two Months Ago) 7.96%
THREE MONTH AVERAGE BASE RATE 7.94%
Portfolio Yield (Current Month) 12.56%
Portfolio Yield (Prior Month) 13.62%
Portfolio Yield (Two Months Ago) 11.19%
THREE MONTH AVERAGE PORTFOLIO YIELD 12.46%
PRINCIPAL COLLECTIONS --
CLASS A PRINCIPAL PERCENTAGE 92.00%
Class A Principal Collections $ 35,212,307.98
CLASS B PRINCIPAL PERCENTAGE 8.00%
Class B Principal Collections $ 3,061,939.81
TOTAL PRINCIPAL COLLECTIONS $ 38,274,247.79
REALLOCATED PRINCIPAL COLLECTIONS $
$ 0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $ 0.00
SERIES
CLASS A SCHEDULED AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
CLASS B SCHEDULED AMORTIZATION --
Controlled Accumulation Amount $ 0.00
Deficit Controlled Accumulation Amount 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $ 38,274,247.79
SHARING
INVESTOR CHARGE OFFS --
CLASS A INVESTOR CHARGE OFFS $ 0.00
CLASS B INVESTOR CHARGE OFFS $ 0.00
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS B CHARGE OFFS REIMBURSED $ 0.00
CASH COLLATERAL ACCOUNT --
Required Cash Collateral Amount $ 52,000,000.00
Available Cash Collateral Amount $ 52,000,000.00
TOTAL DRAW AMOUNT $ 0.00
CASH COLLATERAL ACCOUNT SURPLUS $ 0.00
CHEVY CHASE BANK, F.S.B.,
as Servicer
By: ________________________
Mark A. Holles
Vice President
8/97 Page 1
MONTHLY CERTIFICATEHOLDERS' STATEMENT
CHEVY CHASE MASTER CREDIT CARD TRUST II
SERIES 1996-A
Pooling and Servicing Agreement"), among Chevy Chase Bank, F.S.B.,
("Chevy Chase"), as Transferor and Servicer, CCB Holding Corporation,
as Transferor, and Bankers Trust Company, as trustee (the "Trustee").
Chevy Chase as Servicer is required to prepare certain information each
month regarding current distributions to Series 1996-A Certificateholders an
the performance of the Chevy Chase Master Credit Card Trust II (the "Trust")
during the previous month. The information that is required to be prepared
with respect to the September 15, 1997, Distribution Date (referred to herein
the "Distribution Date"), and with respect to the performance of the Trust
during the August, 1997, Monthly Period (referred to herein as the
Monthly Period") is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per
Series 1996-A Certificate (a "Certificate"). Certain other information
is presented based on the aggregate amounts for the Trust as a whole.
Capitalized terms used in this Monthly Statement have their respective
meanings set forth in the Pooling and Servicing Agreement.
A) Information Regarding Distributions to
the Class A Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class A
Certificateholders, per $1,000
original certificate principal amount $ 4.9964595
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $ 4.9964595
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $ 0.0000000
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $ 0.0000000
(2) The amount of Class A Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class A Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
8/97 Page 2
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect
to all transactions on such Distribution Date $ 0.0000000
C) Information Regarding Distributions to
the Class B Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class B
Certificatedholders, per $1,000
original certificate principal amount $ 5.1902094
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 5.1902094
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 0.0000000
D) Class B Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class B Investor
Charge Offs $ 0.0000000
(2) The amount of Class B Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class B Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class
B Invested Amount after giving effect
to all transactions on such
Distribution Date $ 0.0000000
CHEVY CHASE BANK, F.S.B.,
Servicer
By ________________________
Mark A. Holles
Vice President
8/97 Page 1
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1996-A
CHEVY CHASE MASTER CREDIT CARD TRUST II
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,044,665,320.00
Beginning of the Month Finance Charge Receivables: $ 59,228,242.58
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,103,893,562.58
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 0.00
Additional Finance Charge Receivables: $ 0.00
Additional Total Receivables: $ 0.00
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,042,198,580.75
End of the Month Finance Charge Receivables: $ 63,401,053.43
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,105,599,634.18
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust Series) $ 1,802,000,000.00
End of the Month Transferor Amount $ 240,198,580.75
End of the Month Transferor Percentage 11.76%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies: RECEIVABLES
30-59 Days Delinquent $ 42,599,170.49
60-89 Days Delinquent $ 26,394,538.42
90+ Days Delinquent $ 48,816,350.36
Total 30+ Days Delinquent $ 117,810,059.27
Delinquent Percentage 5.60%
Defaulted Accounts During the Month $ 16,067,993.77
Annualized Default Percentage 9.43%
Principal Collections 195,676,113.57
Principal Payment Rate 9.57%
Total Payment Rate 10.96%
8/97 Page 2
INVESTED AMOUNTS
Class A Initial Invested Amount $ 369,000,000.00
Class B Initial Invested Amount $ 38,250,000.00
Class C Initial Invested Amount $ 42,750,000.00
INITIAL INVESTED AMOUNT $ 450,000,000.00
Class A Invested Amount $ 369,000,000.00
Class B Invested Amount $ 38,250,000.00
Class C Invested Amount $ 42,750,000.00
INVESTED AMOUNT $ 450,000,000.00
FLOATING ALLOCATION PERCENTAGE 22.01%
PRINCIPAL ALLOCATION PERCENTAGE 22.01%
MONTHLY SERVICING FEE $ 750,000.00
INVESTOR DEFAULT AMOUNT $ 3,536,565.43
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING PERCENTAGE 82.00%
Class A Finance Charge Collections $ 6,762,048.48
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 6,762,048.48
Class A Monthly Interest $ 1,843,693.54
Class A Servicing Fee $ 615,000.00
Class A Investor Default Amount $ 2,899,983.65
TOTAL CLASS A EXCESS SPREAD $ 1,403,371.29
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING PERCENTAGE 8.50%
Class B Finance Charge Collections $ 700,944.05
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 700,944.05
Class B Monthly Interest $ 198,525.51
Class B Servicing Fee $ 63,750.00
TOTAL CLASS B EXCESS SPREAD $ 438,668.54
CLASS B INVESTOR DEFAULT AMOUNT 300,608.06
CLASS B REQUIRED AMOUNT 300,608.06
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 2,554,197.91
Excess Spread Applied to Class A Required Amount $ 0.00
Excess Spread Applied to Class A Investor
Charge Offs $ 0.00
Excess Spread Applied to Class B
Required Amount $ 300,608.06
Excess Spread Applied to Reductions of $ 0.00
Class B Invested Amount
Excess Spread Applied to Class C Required Amount $ 580,862.99
Excess Spread Applied to Reductions of
Class C Invested Amount $ 0.00
Excess Spread Applied to Monthly Cash $ 93,750.00
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to Spread Account $ 0.00
Excess Spread Applied to Reserve Account $ 0.00
Excess Spread Applied to other amounts owed $ 0.00
Cash Collateral Depositor
Excess Spread Applied to other amounts owed to
Spread Account Residual Interest Holders $ 0.00
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR
GROUP I $ 1,578,976.86
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 5,730,710.63
SERIES 1996-A EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $
0.00
SERIES 1996-A
Excess Finance Charge Collections Applied to
Class A Required Amount $ 0.00
Excess Finance Charge Collections Applied to
Class A Investor Charge Offs $ 0.00
Excess Finance Charge Collections Applied to
Class B Required Amount $ 0.00
Excess Finance Charge Collections Applied to
Reductions of Class B Invested Amount $ 0.00
Excess Finance Charge Collections Applied to
Class C Required Amount $ 0.00
Excess Finance Charge Collections Applied to
Reductions of Class C Invested Amount $ 0.00
Excess Finance Charge Collections Applied to
Monthly Cash Collateral Fee $ 0.00
Excess Finance Charge Collections Applied to
other amounts owed Cash Collateral Depositor $ 0.00
Excess Finance Charge Collections Applied to
other amounts owed to Spread Account Residual Interest
Holders $ 0.00
YIELD AND BASE RATE --
Base Rate (Current Month) 7.90%
Base Rate (Prior Month) 7.93%
Base Rate (Two Months Ago) 7.94%
THREE MONTH AVERAGE BASE RATE 7.92%
Portfolio Yield (Current Month) 12.56%
Portfolio Yield (Prior Month) 13.63%
Portfolio Yield (Two Months Ago) 11.19%
THREE MONTH AVERAGE PORTFOLIO YIELD 12.46%
PRINCIPAL COLLECTIONS --
TOTAL PRINCIPAL COLLECTIONS $ 43,068,312.61
REALLOCATED PRINCIPAL COLLECTIONS
Allocable to Class C Interests $ 0.00
Allocable to Class B Certificates $ 0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $ 0.00
SERIES
CLASS A SCHEDULED AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
CLASS B SCHEDULED AMORTIZATION --
Controlled Accumulation Amount $ 0.00
Deficit Controlled Accumulation Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $
43,068,312.61
SHARING
INVESTOR CHARGE OFFS --
CLASS A INVESTOR CHARGE OFFS $ 0.00
CLASS B INVESTOR CHARGE OFFS $ 0.00
CLASS C INVESTOR CHARGE OFFS $ 0.00
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS B CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS C CHARGE OFFS REIMBURSED $ 0.00
CASH COLLATERAL ACCOUNT --
Required Cash Collateral Amount $ 13,500,000.00
Available Cash Collateral Amount $ 13,500,000.00
TOTAL DRAW AMOUNT $ 0.00
CASH COLLATERAL ACCOUNT SURPLUS $ 0.00
CHEVY CHASE BANK, F.S.B.,
as Servicer
By: ________________________
Mark A. Holles
Vice President
8/97 Page 1
MONTHLY CERTIFICATEHOLDERS' STATEMENT
CHEVY CHASE MASTER CREDIT CARD TRUST II
SERIES 1996-C
Pursuant to the "Pooling and Servicing Agreement"), dated as of June 1, 1995
(the "Pooling and Servicing Agreement"), among Chevy Chase Bank, F.S.B.,
as Transferor and Servicer ("Chevy Chase"), CCB Holding Corporation,
as Transferor, and Bankers Trust Company, as trustee (the "Trustee").
Chevy Chase as Servicer is required to prepare certain information each
month regarding current distributions to Series 1996-C Certificateholders an
the performance of the Chevy Chase Master Credit Card Trust II (the "Trust")
during the previous month. The information which is required to be prepared
with respect to the September 15, 1997, Distribution Date (referred to herein
the "Distribution Date"), and with respect to the performance of the Trust
during the August, 1997, Monthly Period (referred to herein as the
Monthly Period") is set forth below. Certain of the information is presente
on the basis of an original principal amount of $1,000 per Series 1996-C
Certificate (a "Certificate"). Certain other information is presented based
on the aggregate amounts for the Trust as a whole. Capitalized terms
used in this Monthly Statement have their respective meanings set forth in
the Pooling and Servicing Agreement.
A) Information Regarding Distributions to
the Class A Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class A
Certificateholders, per $1,000
original certificate principal amount $ 4.9878483
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $ 4.9878483
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $ 0.0000000
B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $ 0.0000000
(2) The amount of Class A Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class A Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
8/97 Page 2
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect
to all transactions on such Distribution Date $ 0.0000000
C) Information Regarding Distributions to
the Class B Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class B
Certificatedholders, per $1,000
original certificate principal amount $ 5.1902094
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 5.1902094
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 0.0000000
D) Class B Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class B Investor
Charge Offs $ 0.0000000
(2) The amount of Class B Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class B Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class
B Invested Amount after giving effect
to all transactions on such
Distribution Date $ 0.0000000
CHEVY CHASE BANK, F.S.B.,
Servicer
By ________________________
Mark A. Holles
Vice President
8/97 Page 1
MONTHLY STATEMENT TO CERTIFICATEHOLDERS
SERIES 1996-C
CHEVY CHASE MASTER CREDIT CARD TRUST II
RECEIVABLES
Beginning of the Month Principal Receivables: $ 2,044,665,320.00
Beginning of the Month Finance Charge Receivables: $ 59,228,242.58
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,103,893,562.58
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 0.00
Additional Finance Charge Receivables: $ 0.00
Additional Total Receivables: $ 0.00
Discounted Receivables Generated this Period: $ 0.00
End of the Month Principal Receivables: $ 2,042,198,580.75
End of the Month Finance Charge Receivables: $ 63,401,053.43
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $ 2,105,599,634.18
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trust II Series) $ 1,802,000,000.00
End of the Month Transferor Amount $ 240,198,580.75
End of the Month Transferor Percentage 11.76%
DELINQUENCIES AND LOSSES
End of the Month Delinquencies:
RECEIVABLES
30-59 Days Delinquent $ 42,599,170.49
60-89 Days Delinquent $ 26,394,538.42
90+ Days Delinquent $ 48,816,350.36
Total 30+ Days Delinquent $ 117,810,059.27
Delinquent Percentage 5.60%
Defaulted Accounts During the Month $ 16,067,993.77
Annualized Default Percentage 9.43%
Principal Collections 195,676,113.57
Principal Payment Rate 9.57%
Total Payment Rate 10.96%
8/97 Page 2
INVESTED AMOUNTS
Class A Initial Invested Amount $ 184,500,000.00
Class B Initial Invested Amount $ 19,125,000.00
Class C Initial Invested Amount $ 21,375,000.00
INITIAL INVESTED AMOUNT $ 225,000,000.00
Class A Invested Amount $ 246,000,000.00
Class B Invested Amount $ 25,500,000.00
Class C Invested Amount $ 28,500,000.00
INVESTED AMOUNT $ 300,000,000.00
Class A Adjusted Invested Amount $ 246,000,000.00
Class B Adjusted Invested Amount $ 25,500,000.00
Class C Adjusted Invested Amount $ 28,500,000.00
ADJUSTED INVESTED AMOUNT $ 300,000,000.00
PREFUNDED AMOUNT $ 0.00
FLOATING ALLOCATION PERCENTAGE 14.67%
PRINCIPAL ALLOCATION PERCENTAGE 14.67%
Class A Principal Allocation Percentage 82.00%
Class B Principal Allocation Percentage 8.50%
Class C Principal Allocation Percentage 9.50%
COLLECTIONS OF PRINCIPAL RECEIVABLES
DURING THE MONTHLY PERIOD
ALLOCATED TO SERIES 1996-C 28,705,685.86
COLLECTIONS OF FINANCE CHARGE RECEIVABLES
DURING THE MONTHLY PERIOD
ALLOCATED TO SERIES 1996-C 5,121,436.59
MONTHLY SERVICING FEE $ 500,000.00
INVESTOR DEFAULT AMOUNT $ 2,357,174.69
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING ALLOCATION PERCENTAGE 82.00%
Class A Finance Charge Collections $ 4,507,078.06
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 4,507,078.06
Class A Monthly Interest $ 1,227,010.69
Class A Servicing Fee $ 410,000.00
Class A Investor Default Amount $ 1,932,883.25
TOTAL CLASS A EXCESS SPREAD $ 937,184.12
8/97 Page 3
CLASS A REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING ALLOCATION PERCENTAGE 8.50%
Class B Finance Charge Collections $ 467,197.08
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 467,197.08
Class B Monthly Interest $ 132,350.34
Class B Servicing Fee $ 42,500.00
TOTAL CLASS B EXCESS SPREAD $ 292,346.74
CLASS B INVESTOR DEFAULT AMOUNT 200,359.85
CLASS B REQUIRED AMOUNT 200,359.85
CLASS C FLOATING ALLOCATION PERCENTAGE 9.50%
CLASS C MONTHLY SERVICING FEE 47,500.00
EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 1,704,192.31
Excess Spread Applied to Class A Required Amount $ 0.00
Excess Spread Applied to Class A Investor
Charge Offs $ 0.00
Excess Spread Applied to Class B
Required Amount $ 200,359.85
Excess Spread Applied to Reductions of $ 0.00
Class B Invested Amount
Excess Spread Applied to Class C Required Amount $ 385,964.03
Excess Spread Applied to Reductions of
Class C Invested Amount $ 0.00
Excess Spread Applied to Monthly Cash $ 62,500.00
Collateral Fee
Excess Spread Applied to Cash Collateral $ 0.00
Account
Excess Spread Applied to Spread Account $ 588,274.41
Excess Spread Applied to Reserve Account $ 0.00
Excess Spread Applied to other amounts owed $ 0.00
Cash Collateral Depositor
8/97 Page 4
Excess Spread Applied to other amounts owed to
Spread Account Residual Interest Holders $ 0.00
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR
GROUP I $ 467,094.03
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 5,730,710.63
SERIES 1996-C EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO $
0.00
SERIES 1996-C
Excess Finance Charge Collections Applied to
Class A Required Amount $ 0.00
Excess Finance Charge Collections Applied to
Class A Investor Charge Offs $ 0.00
Excess Finance Charge Collections Applied to
Class B Required Amount $ 0.00
Excess Finance Charge Collections Applied to
Reductions of Class B Invested Amount $ 0.00
Excess Finance Charge Collections Applied to
Class C Required Amount $ 0.00
Excess Finance Charge Collections Applied to
Reductions of Class C Invested Amount $ 0.00
Excess Finance Charge Collections Applied to
Monthly Cash Collateral Fee $ 0.00
Excess Finance Charge Collections Applied to
other amounts owed Cash Collateral Depositor $ 0.00
Excess Finance Charge Collections Applied to
other amounts owed to Spread Account Residual Interest
Holders $ 0.00
YIELD AND BASE RATE --
Base Rate (Current Month) 7.89%
Base Rate (Prior Month) 7.92%
Base Rate (Two Months Ago) 7.92%
THREE MONTH AVERAGE BASE RATE 7.91%
Portfolio Yield (Current Month) 12.56%
Portfolio Yield (Prior Month) 13.63%
Portfolio Yield (Two Months Ago) 11.19%
8/97 Page 5
THREE MONTH AVERAGE PORTFOLIO YIELD 12.46%
PRINCIPAL COLLECTIONS --
TOTAL PRINCIPAL COLLECTIONS $ 28,705,685.86
REALLOCATED PRINCIPAL COLLECTIONS
Allocable to Class C Interests $ 0.00
Allocable to Class B Certificates $ 0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER $
0.00
SERIES
CLASS A SCHEDULED ACCUMULATION --
Controlled Accumulation Amount $ 0.00
Deficit Controlled Accumulation Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
CLASS B SCHEDULED ACCUMULATION --
Controlled Accumulation Amount $ 0.00
Deficit Controlled Accumulation Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL $28,705,685.86
SHARING
INVESTOR CHARGE OFFS --
CLASS A INVESTOR CHARGE OFFS $ 0.00
CLASS B INVESTOR CHARGE OFFS $ 0.00
CLASS C INVESTOR CHARGE OFFS $ 0.00
PREVIOUS CLASS A CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS B REDUCTIONS REIMBURSED $ 0.00
PREVIOUS CLASS C REDUCTIONS REIMBURSED $ 0.00
CASH COLLATERAL ACCOUNT --
Required Cash Collateral Amount $ 9,000,000.00
Available Cash Collateral Amount $ 9,000,000.00
TOTAL DRAW AMOUNT $ 0.00
8/97 Page 6
CASH COLLATERAL ACCOUNT SURPLUS $ 0.00
CHEVY CHASE BANK, F.S.B.,
as Servicer
By: ________________________
Mark A. Holles
Vice President
