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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant To Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 25,
1998.
THE PROVIDENT BANK
(The Provident Bank, as Seller (the "Seller"), as Document Custodian
(the "Document Custodian") and as Master Servicer (the "Master
Servicer"), and Bankers Trust Company of California, N.A., as
Trustee).
PROVIDENT BANK HOME EQUITY LOAN TRUST 1998-3 HOME EQUITY LOAN
ASSET-BACKED CERTIFICATES, SERIES 1998-3.
(Exact name of Registrant as specified in its Charter)
OHIO
(State or Other Jurisdiction of Incorporation)
333-45369 31-0412725
(Commission File Number) (I.R.S. Employer Identification No.)
ONE EAST FOURTH STREET
CINCINNATI, OHIO 45202
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (513) 579-2000
Item 5. Other Events
Attached hereto is a copy of the Monthly Remittance Statements
to the Certificateholders which was derived from the monthly
information submitted by the Master Servicer of the Trust to the
Trustee.
Item 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Report to Certificateholders as to distributions made on
November 25, 1998.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, hereunto duly authorized.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the
Registrant pursuant to the Pooling and
Servicing Agreement, dated as of September
1, 1998.
Date: December 31, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Report to Certificateholders as to distributions made on
November 25, 1998.
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-3
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
1 36,769,000.00 35,667,102.46 291,326.21 184,971.30
>476,297.51 0.00 0.00 35,482,131.16
2 22,961,000.00 22,961,000.00 187,543.72 0.00
>187,543.72 0.00 0.00 22,961,000.00
3 12,292,000.00 12,292,000.00 100,400.13 0.00
>100,400.13 0.00 0.00 12,292,000.00
4 12,906,000.00 12,906,000.00 105,415.24 0.00
>105,415.24 0.00 0.00 12,906,000.00
5 15,134,000.00 15,134,000.00 123,613.37 0.00
>123,613.37 0.00 0.00 15,134,000.00
6-1 37,438,000.00 37,438,000.00 305,790.77 0.00
>305,790.77 0.00 0.00 37,438,000.00
6-2 137,500,000.00 136,911,891.99 1,080,911.54 447,204.56 1,
>528,116.10 0.00 0.00 136,464,687.43
R1 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 275,000,000.00 273,309,994.45 2,195,000.98 632,175.86 2,
>827,176.84 0.00 0.00 272,677,818.59
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
1 PB9803101 970.031887 7.923147 5.030632
> 12.953779 965.001255 9.801510% 8.910469%
2 PB9803102 1,000.000000 8.167925 0.000000
> 8.167925 1,000.000000 9.801510% 9.801516%
3 PB9803103 1,000.000000 8.167925 0.000000
> 8.167925 1,000.000000 9.801510% 9.801516%
4 PB9803104 1,000.000000 8.167925 0.000000
> 8.167925 1,000.000000 9.801510% 9.801516%
5 PB9803105 1,000.000000 8.167925 0.000000
> 8.167925 1,000.000000 9.801510% 9.801516%
6-1 PB9803106 1,000.000000 8.167925 0.000000
> 8.167925 1,000.000000 9.801510% 9.801516%
6-2 PB9803107 995.722851 7.861175 3.252397
> 11.113572 992.470454 9.473931% 8.609869%
R1 PB9803108 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMI
>NISTRATOR: Alan Sueda
SERVICER: Provident Bank
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers
> 3 Park Plaza
RECORD DATE: October 30, 1998
> Irvine, CA 92714
DISTRIBUTION DATE: November 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1998-3
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A1 36,769,000.00 35,667,102.46 158,700.18 184,971.30
>343,671.48 0.00 0.00 35,482,131.16
A2 22,961,000.00 22,961,000.00 111,743.53 0.00
>111,743.53 0.00 0.00 22,961,000.00
A3 12,292,000.00 12,292,000.00 62,381.90 0.00
> 62,381.90 0.00 0.00 12,292,000.00
A4 12,906,000.00 12,906,000.00 65,497.95 0.00
> 65,497.95 0.00 0.00 12,906,000.00
A5 15,134,000.00 15,134,000.00 76,426.70 0.00
> 76,426.70 0.00 0.00 15,134,000.00
A-6-1 37,438,000.00 37,438,000.00 171,259.51 0.00
>171,259.51 0.00 0.00 37,438,000.00
A-6-2137,500,000.00 136,911,891.99 626,301.17 447,204.56 1,
>073,505.73 0.00 0.00 136,464,687.43
X1 0.00 0.00 468,079.67 0.00
>468,079.67 0.00 0.00 0.00
X2 0.00 0.00 454,610.37 0.00
>454,610.37 0.00 0.00 0.00
R2 0.00 0.00 630.18 0.00
> 630.18 0.00 0.00 0.00
**This statement is also available on Bankers Trust's Website, http://online.ba
>nkerstrust.com/invr/.
We begin posting statements to the Web at 7:00 p.m. Eastern Time on the busines
>s day before each
distribution date.
TOTALS 275,000,000.00 273,309,994.45 2,195,631.17 632,175.86 2,
>827,807.03 0.00 0.00 272,677,818.59
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A1 743844BP6 970.031887 4.316141 5.030632
> 9.346773 965.001255 5.339380% 5.162340%
A2 743844BQ4 1,000.000000 4.866667 0.000000
> 4.866667 1,000.000000 5.840000% 5.840000%
A3 743844BR2 1,000.000000 5.075000 0.000000
> 5.075000 1,000.000000 6.090000% 6.090000%
A4 743844BS0 1,000.000000 5.075000 0.000000
> 5.075000 1,000.000000 6.090000% 6.090000%
A5 743844BT8 1,000.000000 5.050000 0.000000
> 5.050000 1,000.000000 6.060000% 6.060000%
A-6-1743844BU5 1,000.000000 4.574483 0.000000
> 4.574483 1,000.000000 5.489380% 5.312340%
A-6-2743844BU5 995.722851 4.554918 3.252397
> 7.807314 992.470454 5.489380% 5.312340%
X1 PB9803201 0.000000 1.702108 0.000000
> 1.702108 0.000000 4.118060% 3.931893%
X2 PB9803202 0.000000 1.653129 0.000000
> 1.653129 0.000000 3.984551% 3.627281%
R2 PB9803203 0.000000 0.002292 0.000000
> 0.002292 0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMI
>NISTRATOR: Alan Sueda
SERVICER: Provident Bank
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers
> 3 Park Plaza
RECORD DATE: October 30, 1998
> Irvine, CA 92714
DISTRIBUTION DATE: November 25, 1998
> FACTOR INFORMATION(800) 735-7777
Page 2 of 5
> (c) COPYRIGHT 1998 Bankers Trust Company
> PROVIDENT BANK
> HOME EQUITY LOAN TRUST
>
> SERIES 1998-3
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
> DELINQUENT AND
> LOANS LOANS LOANS
>
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS IN IN IN
> INFORMATION
> DAYS DAYS DAYS FORECLOSURE REO BANKRUPTCY
>
> GROUP 1 PRINCIPA
>L BALANCE 1,173,176.523,200.00 12,074.06 328,624.06 0.00 100,779.86
>
> PERCENTAGE OF POOL BALA
>NCE 0.8610% 0.3840% 0.0089% 0.2412% 0.0000% 0.0740%
>
> NUMBER OF LOANS
> 15 5 1 3 0 2
>
> PERCENTAGE OF LOANS
> 0.7657% 0.2552% 0.0510% 0.1531% 0.0000% 0.1021%
>
> GROUP 2 PRINCIPA
>L BALANCE 930,701.69 0.00 0.00 0.00 0.00 271,766.93
>
> PERCENTAGE OF POOL BALA
>NCE 0.6818% 0.0000% 0.0000% 0.0000% 0.0000% 0.1991%
>
> NUMBER OF LOANS
> 10 0 0 0 0 3
>
> PERCENTAGE OF LOANS
> 0.6873% 0.0000% 0.0000% 0.0000% 0.0000% 0.2062%
>
> Note: Quantity and Pri
>ncipal Balance of Foreclosures,Bankruptcies, & REOs are Included in the Delinq
>
>
> GROUP 1 GROUP 2
>
> BOOK VALUE OF LOANS IN
>REO: 0.00 0.00
>
> NUMBER OF LOANS IN BANK
>RUPTCY PROCEEDINGS LESS THAN 30 DAYS DELINQUENT 1 3
>
> PRINCIPAL BALANCE OF LO
>ANS IN BANKRUPTCY PROCEEDINGS LESS THAN 30 DAYS DELINQUE 64,539.86 271,766.93
>
> WEIGHTED AVERAGE MORTGA
>GE INTEREST RATE: 10.471510% 10.143931%
>
> WEIGHTED AVERAGE REMAIN
>ING TERM TO MATURITY 265 358
>
> PRIOR NUMBER OF MORTGAG
>E LOANS INCLUDED IN THE POOL 1,961 1,461
>
> CURRENT NUMBER OF MORTG
>AGE LOANS INCLUDED IN THE POOL 1,959 1,455
>
> PRIOR AGGREGATE PRINCIP
>AL BALANCE OF THE MORTGAGE LOANS 136,436,499.37 136,950,686.84
>
> CURRENT AGGREGATE PRINC
>IPAL BALANCE OF THE MORTGAGE LOANS 136,251,528.07 136,503,482.28
>
> POOL FACTOR OF LOAN GRO
>UPS 99.064357% 99.247258%
>
> NUMBER OF LOANS SUBJECT
> TO PRINCIPAL PREPAYMENTS 2 6
>
> SCHEDULE
> PRINCIPAL RECEIVED 108,770.72 43,483.81
>
> PREPAYME
>NTS IN FULL 76,327.63 403,721.49
>
> CURTAILM
>ENTS (127.05) (0.74)
>
> LIQUIDAT
>IONS 0.00 0.00
>
> INSURANC
>E PRINCIPAL PROCEEDS 0.00 0.00
>
> REPURCHA
>SED PRINCIPAL AMOUNTS 0.00 0.00
>
> TOTAL PRINCIPAL RECEIVE
>D: 184,971.30 447,204.56
>
> SERVICER ADVANCES:
> 160,993.14 130,084.78
>
> CUM NET FUNDS CAP CARRY
>OVER AMOUNT WITH RESPECT TO A-6 CERTIFICATES 0.00
>
> 3 MONTH ROLLING AVERAGE
> OF PRINCIPAL BALANCE OF ALL LOANS 90 OR MORE DELINQUENT 4,024.69
>
>
> Page 3 of 5 COPYRIGHT 1998 B
>
> PROVIDENT BANK
> HOME EQUITY LOAN TRUST
>
> SERIES 1998-3
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
>
> GROUP 1 GROUP 2
>
> SCHEDULED INTEREST
> 1,190,580.10 1,157,681.9
>
> LIQUIDATION INTEREST
> 0.00 0.00
>
> REPURCHASE INTEREST
> 0.00 0.00
>
> STOP ADVANCE INTEREST
> 0.00 0.00
>
> ACCRUED SERVICING FEE F
>OR THE CURRENT PERIOD: 56,848.54 57,062.79
>
> TOTAL SERVICING FEES DU
>E MASTER SERVICER: 56,848.54 57,062.79
>
> LESS: COMPENSATING IN
>TEREST 0.00 (647.24)
>
> LESS: DELINQUENT SER
>VICE FEES: (7,779.18) (6,496.77)
>
> COLLECTED SERVICING FEE
>S FOR CURRENT PERIOD: 49,069.36 49,918.78
>
> AMOUNTS PAID TO CERTIFI
>CATE INSURER PURSUANT SECT 5.01 (a)(i)(4) AND 5.01 (a)(i 0.00 18,254.92
>
> REIMBURSEMENT AMOUNT
> 0.00 0.00
>
> PREMIUM AMOUNT PAID
> 18,186.41 18,254.92
>
> PER $1,000 OF ORIGINAL
>AMOUNT 0.13222788 0.13272561
>
> REIMBURSEMENTS TO MASTE
>R SERVICER PURSUANT TO SECT 3.03 0.00 0.00
>
> INSURED PAYMENTS
> 0.00 0.00
>
> PER $1,000 OF ORIGINAL
>AMOUNT 0.00000000 0.00000000
>
> TOTAL PRINCIPAL COLLECT
>ED 184,971.30 447,204.56
>
> TOTAL INTEREST COLLECTE
>D 1,133,731.56 1,100,619.1
>
> TOTAL AVAILABLE FUNDS F
>OR DISTRIBUTION 1,318,702.86 1,547,823.7
>
> BASE SPREAD ACCOUNT REQ
>UIREMENT 12,375,000.00 16,843,750.00
>
> SPREAD ACCOUNT BALANCE
>BEGINNING 12,375,000.00 16,843,750.00
>
> SPREAD ACCOUNT BALANCE
>ENDING 12,375,000.00 16,843,750.00
>
> NET LIQUIDATION PROCEED
>S 0.00 0.00
>
> OUTSTANDING CLASS INTER
>EST CARRYOVER SHORTFALL 0.00 0.00
>
> OUTSTANDING CLASS A PRI
>NCIPAL SHORTFALL AMOUNT 0.00 0.00
>
> CURRENT NET LOSSES
> 0.00 0.00
>
> CUMULATIVE NET LOSSES
> 0.00 0.00
>
> CURRENT NONRECOVERABLE
>ADVANCES 0.00 0.00
>
>
> Page 4 of 5 COPYRIGHT 1998 B
>
> PROVIDENT BANK
> HOME EQUITY LOAN TRUST
>
> SERIES 1998-3
> Statement To Certific
>ateholders
> Distribution Date:
> November 25, 1998
>
> GROUP 1 GROUP 2
>
> SCHEDULED INTEREST
> 1,190,580.101,157,681.9
>
> LIQUIDATION INTEREST
> 0.00 0.00
>
> STOP ADVANCE INTEREST
> 0.00 0.00
>
> COMPENSATING INTEREST
> 0.00 (647.24)
>
> REIMBURSEMENTS TO MASTE
>R SERVICER PURSUANT TO SECT 3.03 0.00 0.00
>
> INSURED PAYMENTS
> 0.00 0.00
>
> PER $1,000 OF ORIGINAL
>AMOUNT 0.00000000 0.00000000
>
> TOTAL PRINCIPAL COLLECT
>ED 184,971.30 447,204.56
>
> TOTAL INTEREST COLLECTE
>D 1,133,731.561,100,619.1
>
> TOTAL AVAILABLE FUNDS F
>OR DISTRIBUTION 1,318,702.861,547,823.7
>
> O/C AMOUNT
> 38,396.91 38,794.85
>
> OUTSTANDING CLASS INTER
>EST CARRYOVER SHORTFALL 0.00 0.00
>
> OUTSTANDING CLASS A PRI
>NCIPAL SHORTFALL AMOUNT 0.00 0.00
>
>
> Page 5 of 5 COPYRIGHT 1998 B
>
uency Figures.
ankers Trust Company
ankers Trust Company
ankers Trust Company
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