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 15, 1997
------------------------------------
CITIBANK (SOUTH DAKOTA), N.A.
ON BEHALF OF
CHOICE CREDIT CARD MASTER TRUST I
(Issuer in respect of the Choice Credit Card Master Trust I
Floating Rate Class A Credit Card Participation Certificates, Series 1992-2
7.20% Class B Credit Card Participation Certificates, Series 1992-2
(collectively, the "Certificates"))
(Exact name of registrant as specified in charter)
UNITED STATES OF AMERICA 33-55268
(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)
1
<PAGE>
ITEM 5. OTHER EVENTS.
Set forth below is the monthly report and servicer's certificate (the "Monthly
Report") relating to the Distribution Date occurring on November 15, 1997 and
the related Due Period delivered pursuant to Section 5.02 of the Series 1992-2
Supplement to the Pooling and Servicing Agreement, each dated as of December 15,
1992 (together, the "Agreement"), relating to Choice Credit Card Master Trust I,
among Citibank (South Dakota), N.A. (the "Bank"), as successor to Citibank
(Maryland), National Association, as Seller, the Bank, as Servicer, and Norwest
Bank Minnesota, National Association, as Trustee. The Monthly Report contains
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 Agreement.
2
CITIBANK (SOUTH DAKOTA), N.A.
================================================================================
CHOICE CREDIT CARD MASTER TRUST I
For the Due Period Ending October 28, 1997
================================================================================
This Certificate relates to the Distribution Date occurring on November
17, 1997 and the related Due Period.
A. Information Regarding the Portfolio
-----------------------------------
1. Portfolio Yield......................................... 8.49%
Yield Component....................................... 14.84%
Credit Loss Component................................. 6.35%
2. New Purchase Rate....................................... 8.58%
3. Total Payment Rate...................................... 10.30%
4. Principal Payment Rate.................................. 9.12%
5. Aggregate Amount of Principal Receivables in the Trust:
Beginning of Due Period..............................$ 2,828,828,122
Average..............................................$ 2,811,816,462
Lump Sum Addition....................................$ 0
End of Due Period....................................$ 2,795,545,701
6. Delinquencies (Aggregate outstanding balances in the Accounts that
were delinquent by the time periods listed below as of the close of
business of the month preceding the Distribution Date, as a percentage
of aggregate Receivables as of the last day of the Due Period):
Current............................................$ 2,560,262,299
5-34 days delinquent............................$ 151,437,474
35-64 days delinquent............................$ 48,691,695
65-94 days delinquent............................$ 28,352,501
95-124 days delinquent............................$ 19,936,135
125-154 days delinquent............................$ 15,928,510
155-184 days delinquent............................$ 13,155,085
Current............................................. 90.22%
5-34 days delinquent............................. 5.34%
35-64 days delinquent............................. 1.72%
65-94 days delinquent............................. 1.00%
95-124 days delinquent............................. 0.70%
125-154 days delinquent............................. 0.56%
155-184 days delinquent............................. 0.46%
3
<PAGE>
CITIBANK (SOUTH DAKOTA), N.A.
================================================================================
CHOICE CREDIT CARD MASTER TRUST I - GROUP 1
For the Due Period Ending October 28, 1997
================================================================================
Current Due Current Due
Period on an Period on a
Actual Basis(1) Standard Basis(1)
B. Information Regarding Group 1
-----------------------------
(Percentage Basis)
1. Portfolio Yield 8.49% 8.49%
2. Weighted Average Certificate Rate 5.38% 5.38%
3. Weighted Average Investor Fee Rates
Fixed Servicing Fee 0.77% 0.77%
Others 0.17% 0.17%
4. Surplus Finance Charge Collections 2.17% 2.17%
5. Required Surplus Finance Charge Amount 0.00% 0.00%
6. Aggregate Surplus Finance Charge Amount 2.17% 2.17%
minus Required Surplus Finance Charge Amount
C. Information Regarding Group 1
-----------------------------
(Dollar Basis)
1. Total Investor Collections $ 104,848,830 $ 104,848,830
Principal Collections $ 100,470,391 $ 100,470,391
Finance Charge Collections $ 4,378,439 $ 4,378,439
2. Investor Default Amount $ 1,861,709 $ 1,861,709
3. Investor Monthly Interest $ 1,536,306 $ 1,536,306
4. Investor Monthly Fees
Fixed Servicing Fees $ 208,043 $ 208,043
Others $ 48,449 $ 48,449
5. Surplus Finance Charge Collections $ 723,932 $ 723,932
6. Required Surplus Finance Charge Collections$ 0 $ 0
7. Aggregate Surplus Finance Charge Amount $ 723,932 $ 723,932
minus Required Surplus Finance Charge Amount
(1) Values for "Current Due Period on an Actual Basis" reflect, in the case
of a first due period close of a series, activity from the series cut-off
or close dates until the first due period end, or, as in the case of
Investor Monthly Interest and certain fees, until the first distribution
date. Values for "Current Due Period on a Standard Basis" reflect activi-
ty for the entire current period, as if all series had already been out-
standing prior to the first day of such period.
All percents are based on actual cash revenue or expense for the period,
converted to an annualized percent using daycounts appropriate for the
item, either 30/360, actual/360, or actual/actual. Depending on the item,
cash expenses may accrue from September 26, 1997 to October 28, 1997, 33
days, or October 15, 1997 to November 16, 1997, 33 days (standard basis)
4
<PAGE>
CITIBANK (SOUTH DAKOTA), N.A.
================================================================================
Choice Credit Card Master Trust I, Series 1992-2
For the Due Period Ending October 28, 1997
================================================================================
The undersigned, a duly authorized representative of Citibank (South Dako-
ta), N.A., as Servicer ("Citibank (South Dakota)"), pursuant to the Pooling and
Servicing Agreement dated as of December 15, 1992, (as amended and supplemented,
the "Agreement"), as supplemented by the Series 1992-2 Supplement (as amended
and supplemented, the "Series Supplement"), between Citibank (South Dakota),
Seller and Servicer, and Norwest Bank Minnesota, National Association, Trustee,
does hereby certify the information set forth below. Capitalized terms used in
this Certificate have their respective meanings as set forth in the Agreement or
Series Supplement, as applicable.
D. Information Regarding Series 1992-2
------------------------------------
1a. Class A Invested Amount ......................$ 111,111,111
1b. Class B Invested Amount ......................$ 102,000,000
2a. Class A Monthly Interest .............................$ 924,306
2b. Class B Monthly Interest .............................$ 612,000
3a. Balance in the Class A Interest Funding Account.......$ 15,797,222
3b. Balance in the Class B Interest Funding Account.......$ 3,672,000
4a. Available Cash Collateral Amount......................$ 77,140,000
4b. Percent of Class B Invested Amount ............ 75.63%
5a. Class A Investor Charge-offs..........................$ 0
5b. Class B Investor Charge-offs..........................$ 0
6. Required Amount.......................................$ 0
7. Draw on Cash Collateral Account.......................$ 0
8a. Class A Monthly Principal for the Distribution Date(2)$ 55,555,556
8b. Class B Monthly Principal for the Distribution Date(2)$ 0
9a. Balance in the Class A Principal Funding Account(2)...$ 888,888,889
9b. Balance in the Class B Principal Funding Account(2)...$ 0
-------------------------------------------------------
(2) Applicable during the Accumulation Period and any
Early Amortization Period.
5
<PAGE>
CITIBANK (SOUTH DAKOTA), N.A.
================================================================================
Choice Credit Card Master Trust I, Series 1992-2
For the Due Period Ending October 28, 1997
================================================================================
E. Information Regarding Charge-offs and Distributions to Certificateholders(3)
-------------------------------------------------------------------------
1a. The total amount of the distribution to Class A
Certificateholders on the Payment Date....................$ 15,797,222
1b. The total amount of the distribution to Class B
Certificateholders on the Payment Date....................$ 3,672,000
2a. The amount of the distribution set forth in item 1(a) above
in respect of principal on the Class A Certificates.......$ 0
2b. The amount of the distribution set forth in item 1(b) above
in respect of principal on the Class B Certificates.......$ 0
3a. The amount of the distribution set forth in item 1(a) above
in respect of interest on the Class A Certificates........$ 15,797,222
3b. The amount of the distribution set forth in item 1(b) above
in respect of interest on the Class B Certificates........$ 3,672,000
4a. The amount, if any, by which the outstanding principal
balance of the Class A Certificates exceeds the Class A
Invested Amount as of the end of the Record Date with
respect to the Payment Date...............................$ 888,888,889
4b. The amount, if any, by which the outstanding principal
balance of the Class B Certificates exceeds the Class B
Invested Amount as of the end of the Record Date with
respect to the Payment Date...............................$ 0
----------------------------------------------------------
(3) The following information, as applicable, is included
only on Payment Date.
6
<PAGE>
CITIBANK (SOUTH DAKOTA), N.A.
================================================================================
Choice Credit Card Master Trust I, Series 1992-2
For the Due Period Ending October 28, 1997
================================================================================
The undersigned, a duly authorized representative of Citibank
(South Dakota), N.A., as Servicer ("Citibank (South Dakota)"), pursuant
to the Pooling and Servicing Agreement dated as of December 15, 1992,
(as amended and supplemented, the "Agreement"), as supplemented by the
Series 1992-2 Supplement (as amended and supplemented, the "Series Sup-
plement"), between Citibank (South Dakota), N.A., Seller and Servicer,
and Norwest Bank Minnesota, National Association, Trustee, does hereby
certify as follows:
1. Capitalized terms used in this Certificate have their
respective meanings as set forth in the Agreement or
Series Supplement, as applicable.
2. Citibank (South Dakota) is, as of the date hereof, the
Servicer under the Agreement.
3. The undersigned is a Servicing Officer.
4. This Certificate relates to the Distribution Date
occurring on November 17, 1997.
5. As of the date hereof, to the best knowledge of
the undersigned, the Servicer has performed in
all material respects all its obligations under
the Agreement through the Due Period preceeding
such Distribution Date.
6. As of the date hereof, to the best knowledge of the
undersigned, no Amortization Event has been deemed
to have occurred on or prior to such Distribution Date.
7. As of the date hereof, to the best knowledge of the
undersigned, no Lien has been placed on any of the
Receivables other than pursuant to the Agreement.
IN WITNESS WHEREOF, the undersigned has duly
executed and delivered this Certificate this 13 day of
November 1997.
CITIBANK (SOUTH DAKOTA), N.A.
Servicer,
By: /s/Joseph Mecca
Name: Joseph Mecca
Title: Servicing Officer
7
<PAGE>
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
Choice Credit Card Master Trust I
By: /s/ Eugene D. Rowenhorst
----------------------------------
Eugene D. Rowenhorst
Senior Vice President
Dated: November 18, 1997
8
<PAGE>
