SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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): May 10, 1996
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CITIBANK (SOUTH DAKOTA), N.A.
ON BEHALF OF
STANDARD CREDIT CARD TRUST 1990-3
(Issuer in respect of the Standard Credit Card Trust 1990-3
9.50% Class A Credit Card Participation Certificates
9.85% Class B Credit Card Participation Certificates
(collectively, the "Certificates"))
(Exact name of registrant as specified in charter)
UNITED STATES OF AMERICA 33-33861
(State or other jurisdiction of (Commission File No.)
incorporation)
46-0358360
(I.R.S. Employer Identification No.)
701 EAST 60TH STREET, NORTH
SIOUX FALLS, SOUTH DAKOTA 57117
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (605) 331-2626
NOT APPLICABLE
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
Set forth below are the Class A Certificateholder's Statement and the Class
B Certificateholder's Statement (the "Certificateholders' Statements") relating
to the Distribution Date occurring on May 10, 1996 and the related Due Period
delivered pursuant to Section 5.02 of the Pooling and Servicing Agreement dated
as of March 28, 1990 (the "Pooling Agreement") relating to Standard Credit Card
Trust 1990-3 among Citibank (South Dakota), N.A., as Seller and Servicer,
Citibank (Nevada), National Association, as Seller, and Yasuda Bank and Trust
Company (U.S.A.), as Trustee. The Certificateholders' Statements contain
information relating to the distribution to Certificateholders on the referenced
Distribution Date as well as information relating to the Receivables and the
Accounts from which the Receivables have arisen. Capitalized terms used but not
defined herein have the meanings set forth in the Pooling Agreement.
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CLASS A CERTIFICATEHOLDER'S STATEMENT
CITIBANK (SOUTH DAKOTA), N.A.
CITIBANK (NEVADA), NATIONAL ASSOCIATION
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STANDARD CREDIT CARD TRUST 1990-3
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Under the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of March 28, 1990, by and among Citibank (South Dakota),
N.A., as Seller and Servicer, Citibank (Nevada), National Association, as
Seller and Yasuda Bank and Trust Company (U.S.A), as Trustee, the Servicer is
required to prepare certain information each month regarding current
distributions to Class A Certificateholders and the performance of the
Standard Credit Card Trust 1990-3 (the "Trust") during the previous month. The
information which is required to be prepared with respect to the distribution
on May 10, 1996 Payment Date (the Payment Date") and with respect to the
performance of the Trust during the Due Period(s) with respect to such Payment
Date is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1000 per Class A Certificate. Certain
other information is presented based on the aggregate amounts for the Trust as
a whole. All capitalized terms used herein shall have the respective meanings
set forth in the Pooling and Servicing Agreement.
A. Information Regarding Distributions to Class A
Certificateholders (Stated on the Basis of $1,000
Current Invested Amount).
1. The total amount of the distribution to Class A
Certificateholders on the Distribution Date, per
$1,000 interest....................................$ 47.500
2. The amount of the distribution set forth in paragraph
1 above in respect of principal on the Class A Certi-
ficates, per $1,000 interest.......................$ 0.000
3. The amount of the distribution set forth in paragraph
1 above in respect of interest on the Class A Certi-
ficates, per $1,000 interest.......................$ 47.500
B. Information Regarding the Performance of the Trust
1. Collections of Receivables.
(a) The aggregate amount of Collections of Receivables
processed during the Due Period(s) with respect
to the Distribution Date......................$ 574,038,361
(b) The aggregate amount of Collections of Receivables
in respect of Finance Charge Receivables processed
during the Due Period(s) with respect to the
Distribution Date.............................$ 64,529,899 [1]
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(c) The aggregate amount of Collections of Receivables
in respect of Principal Receivables processed during
the Due Period(s) with respect to the Distribution
Date..........................................$ 509,508,462 [2]
2. Allocation of Receivables.
(a) The Class A Floating Allocation Percentage for
the Due Period(s) with respect to the Distribution
Date..........................................
First Due Period...... 73.68
Second Due Period..... 74.03
Third Due Period...... 72.37
Fourth Due Period..... 74.45
Fifth Due Period...... 75.89
Sixth Due Period...... 76.83
(b) The Fixed Allocation Percentage............... N/A [3]
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[1] Includes Interchange and Recoveries.
[2] During the Revolving Period, this amount (or the portion thereof
received prior to the occurrence of an Amortization Event) will be paid
solely to the holders of the Seller Certificate.
[3] Applicable during the Accumulation Period and any Early Amortization
Period.
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3. Class A Principal Funding Account.
(a) The total amount deposited into the Principal
Funding Account on the Distribution Date(s) with
respect to the Distribution Date..............$ 0 [4]
(b) The total amount on deposit in the Principal Funding
Account on the Distribution Date (after giving effect
to each deposit referred to in
Item 3(a))....................................$ 0 [4]
4. Delinquent Balances.
(a) The aggregate outstanding balance of the Accounts
which were delinquent by 35 days to 64 days as of
the close of business on the last day of the calendar
month preceding the Payment Date..............$ 12,156,262
(b) The aggregate outstanding balance of the Accounts
which were delinquent by 65 days or more as of the
close of business on the last day of the calendar
month preceding the Payment Date..............$ 19,064,995
5. Class A Investor Default Amount.
The aggregate Class A Investor Default Amount for the
Payment Date(s) with respect to the Payment Date...$ 2,293,951
6. Class A Investor Charge-Offs; Reimbursement of Charge-Offs.
(a) The aggregate of the Class A Investor Charge-Offs,
if any, for the Distribution Date with respect
to the Payment Date............................$ 0
(b) The amount of the Class A Investor Charge-Offs set
forth in Item 6(a) above, per $1,000 interest (which
will have the effect of reducing, pro rata, the
amount of each Class A Investor Certificateholder's
investment....................................$ 0
(c) The total amount reimbursed to the Trust for such
Distribution Date(s) in respect of Class A Investor
Charge-Offs...................................$ 0
(d) The amount set forth in Item 6(c) above, per $1,000
interest (which will have the effect of reinstating,
pro rata, the amount of each Class A Investor
Certificateholder's investment................$ 0
(e) The amount, if any, by which the outstanding principal
balance of the Class A Investor Certificates exceeds
the Class A Invested Amount as of the end of the day
on such Payment Date..........................$ 0
7. Servicing Fee.
The aggregate amount of the Monthly Class A
Servicing Fee paid or payable by the Trust to
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the Servicer for the Distribution Date.............$ 5,750,000
8. The existing Deficit Controlled Amortization Amount
for such Payment Date..............................$
C. The Class A Pool Factor.
The Class A Pool Factor for the preceding Record Date
(which represents the ratio of the Class A Invested Amount
as of such Record Date (adjusted after taking into account
any increases or decreases in the Class A Invested Amount
which will occur on the following Distribution Date) to the
Class A Initial Invested Amount). The amount of a Certifi-
cateholder's pro rata share of the Invested Amount can be
determined by multiplying the original denomination of the
holder's Class A Certificate by the Pool Factor....$ 100.00%
D. Receivables Balances.
1. The aggregate amount of Principal Receivables in the Trust
at the close of business on the last day of the preceding
Due Period.........................................$ 641,504,648
2. The aggregate amount of Finance Charge Receivables in the
Trust at the close of business on the last day of the
preceding Due Period...............................$ 10,878,284
E. Class B Certificates.
1. The amount of Reallocated Principal Collections with
respect to such Distribution Date..................$ 0
2. The Class B Invested Amount as of the end of the day
on the Payment Date................................$ 62,000,000
CITIBANK (SOUTH DAKOTA), N.A.
as Servicer
By: /s/ Susan Sexton
Name: Susan Sexton
Title: Vice President
[4] Applicable during the Scheduled Amortization Period.
[5] Applicable during the Accumulation Period.
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CLASS B CERTIFICATEHOLDER'S STATEMENT
CITIBANK (SOUTH DAKOTA), N.A.
CITIBANK (NEVADA), NATIONAL ASSOCIATION
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STANDARD CREDIT CARD TRUST 1990-3
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Under the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of March 28, 1990, by and among Citibank (South Dakota),
N.A., as Seller and Servicer, Citibank (Nevada), National Association, as
Seller and Yasuda Bank and Trust Company, as Trustee, the Servicer is required
to prepare certain information each month regarding current distributions to
Class B Certificateholders and the performance of the Standard Credit Card
Trust 90-3 (the "Trust") during the previous month. The information which is
required to be prepared with respect to the distribution on May 10, 1996
Payment Date (the "Payment Date") and with respect to the performance of the
Trust during the Due Period(s) with respect to such Payment Date is set forth
below. Certain of the information is presented on the basis of an original
principal amount of $1000 per Class B Certificate. Certain other information
is presented on the aggregate amounts for the Trust as a whole. All
capitalized terms used herein shall have the respective meanings set forth in
the Pooling and Servicing Agreement.
A. Information Regarding Distributions to Class B
Certificateholders (Stated on the Basis of $1,000
Current Invested Amount).
1. The total amount of the distribution to Class B
Certificateholders on the Payment Date, per $1,000
interest...........................................$ 49.250
2. The amount of the distribution set forth in paragraph
1 above in respect of principal on the Class B Certi-
ficates, per $1,000 interest.......................$ 0.000
3. The amount of the distribution set forth in paragraph
1 above in respect of interest on the Class B Certi-
ficates, per $1,000 interest.......................$ 49.250
B. Information Regarding the Performance of the Trust
1. Collections of Receivables.
(a) The aggregate amount of Collections of Receivables
processed during the Due Period(s) with respect
to the Payment Date...........................$ 574,038,361
(b) The aggregate amount of Collections of Receivables
in respect of Finance Charge Receivables processed
during the Due Period(s) with respect to the
Payment Date..................................$ 64,529,899 [1]
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(c) The aggregate amount of Collections of Receivables
in respect of Principal Receivables processed during
the Due Period(s) with respect to the Payment
Date..........................................$ 509,508,462 [2]
2. Allocation of Receivables.
(a) The Class B Floating Allocation Percentage for
the Due Period(s) with respect to the Payment
Date..........................................
First Due Period...... 9.14
Second Due Period..... 9.18
Third Due Period...... 8.97
Fourth Due Period..... 9.23
Fifth Due Period...... 9.41
Sixth Due Period...... 9.53
(b) The Fixed Allocation Percentage............... N/A [3]
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[1] Includes Interchange and Recoveries.
[2] During the Revolving Period, this amount (or the portion thereof
received prior to the occurrence of an Amortization Event) will be paid
solely to the holders of the Seller Certificate or, under certain
circumstances, will be used to fund certain payments with respect to the
Class A Certificates.
[3] Applicable during the Accumulation Period and any Early Amortization
Period.
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3. Available L/C Amount.
(a) The amount available to be drawn under the L/C
(the "Available L/C Amount") as of the close of
business on the Payment Date, after giving
effect to any drawings on the L/C and payments
to the L/C Issuer on such Payment Date............$ 33,720,000
(b) The ratio of the Available L/C Amount to the
Class B Invested Amount as of the close of business
on the Payment Date after giving effect to any
drawings on the L/C and payments to the L/C Issuer
on such Payment Date.......................... 54.387%
4. Delinquent Balances.
(a) The aggregate outstanding balance of the
Accounts which were delinquent by 35 days to 64
days as of the close of business on the last day
of the calendar month preceding
the Payment Date..............................$ 12,156,262
(b) The aggregate outstanding balance of the
Accounts which were delinquent by 65 days
or more as of the close of business on the
last day of the calendar month preceding
the Payment Date..............................$ 19,064,995
5. Class B Investor Default Amount.
The Class B Investor Default Amount for the
Distribution Date(s) with respect to the Payment
Date...............................................$ 284,450
6. Class B Investor Charge-Offs; Reimbursement of Charge-Offs.
(a) The aggregate of the Class B Investor Charge-
Offs and other reductions in the Class B
Invested Amount (other than due to the payment
of principal to the Class B Certificateholders),
if any, for the Distribution Date(s) with respect
to the Payment Date...........................$ 0
(b) The amount of the Class B Investor Charge-
Offs and other reductions in the Class B Invested
Amount set forth in Item 6(a) above, per $1,000
interest (which will have the effect of reducing,
pro rata, the amount of each Class B Certificate-
holder's investment)..........................$ 0
(c) The total amount reimbursed to the Trust for
such Distribution Date(s) in respect of Class B
Investor Charge-Offs and other reductions in
Class B Invested Amount......................$ 0
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(d) The amount set forth in Item 6(c) above, per
$1,000 interest, which will have the effect of
reinstating, pro rata, the amount of each Class
B Certificateholder's investment..........................$ 0
(e) The amount, if any, by which the outstanding
principal balance of the Class B Investor
Certificates exceeds the Class B Invested Amount
as of the end of the day on such Payment Date...........$ 0
7. Servicing Fee.
The aggregate amount of the Class B Monthly
Servicing Fee paid or payable by the Trust to the
Servicer for the Distribution Date(s)
with respect to the Payment Date...................$ 713,000
8. The existing Deficit Controlled Amortization
Amount for such Payment Date.......................$ 0
C. The Class B Pool Factor.
The Class B Pool Factor for the preceding
Record Date (which represents the ratio of
the Class B Invested Amount as of such Record
Date (adjusted after taking into account any
increases or decreases in the Class B Invested
Amount which will occur on the following
Distribution Date) to the Class B Initial Invested
Amount.) The Amount of a Certificateholder's pro
rata share of the Invested Amount can be determined
by multiplying the original denomination of the
holder's Class B Certificate by the Pool Factor..... 100.00%
D. Receivables Balances.
1. The aggregate amount of Principal Receivables
in the Trust at the close of business on the
last day of the preceding Due Period...............$ 641,504,648
2. The aggregate amount of Finance Charge
Receivables in the Trust at the close of
business on the last day of the preceding
Due Period.........................................$ 10,878,284
CITIBANK (SOUTH DAKOTA), N.A.
as Servicer
By: /s/ Susan Sexton
Name: Susan Sexton
Title: Vice President
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SIGNATURES
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.
CITIBANK (SOUTH DAKOTA), N.A.,
as Servicer
Standard Credit Card Trust 1990-3
By: /s/ Eugene D. Rowenhorst
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Eugene D. Rowenhorst
Senior Vice President
Dated: May 31, 1996
