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) December 16, 1996
PEOPLE'S BANK
on behalf of
PEOPLE'S BANK CREDIT CARD MASTER TRUST
(Exact Name of Registrant as Specified in its Charter)
Connecticut
(State or Other Jurisdiction of Incorporation)
33-63146, 33-73442, 33-84428
33-90012, 33-99506, 33-99508 06-1213065
(Commission File Number) (I.R.S. Employer Identification No.)
850 Main Street, Bridgeport, Connecticut 06604
(Address of Principal Executive Offices) (Zip Code)
(203) 338-7171
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
INDEX TO EXHIBITS
Exhibit
No. Document Description
20 Monthly Servicer's Certificate
Item 5. Other Events.
The Registrant hereby incorporates by reference the information
contained in Exhibit 20 hereto in response to this Item 5.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
20. Monthly Servicer's Certificate for People's Bank Credit
Card Master Trust, Series 1993-1, 1994-1, 1994-2, 1995-1
and 1996-1
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.
PEOPLE'S BANK
Dated: December 29, 1996 By: /s/Vincent J. Calabrese
Vincent J. Calabrese
Vice President
MONTHLY SERVICER'S CERTIFICATE
PEOPLE'S BANK
People's Bank Credit Card Master Trust
For the December 10, 1996 Determination Date
For the November 1996 Monthly Period
The undersigned, a duly authorized representative of People's Bank, as
Servicer pursuant to the Pooling and Servicing Agreement dated as of
June 1, 1993, as amended, (the "Pooling and Servicing Agreement") by and
between People's Bank and Bankers Trust Company, as Trustee, does hereby
certify as follows:
1. Capitalized terms used in this Certificate have their respective meanings
set forth in the Pooling and Servicing Agreement; provided, that the
"preceding Monthly Period" shall mean the Monthly Period immediately
preceding the calendar month in which this Certificate is delivered.
This Certificate is delivered pursuant to subsection 3.4 (b) of the
Pooling and Servicing Agreement. References herein to certain sections
and subsections are references to the respective sections and subsections
of the Pooling and Servicing Agreement, as amended by the applicable
Series Supplement.
2. People's Bank is Servicer under the Pooling and Servicing Agreement.
3. The undersigned is a Servicing Officer.
4. The date of this Certificate is December 10, 1996, which is a
Determination Date under the Pooling and Servicing Agreement.
5. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to 5(a) plus 5(b)) was equal to....$ 232,993,575.06
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of
Finance Charge Receivables") was equal to................$ 29,519,352.54
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of
Principal Receivables") was equal to.....................$ 203,474,222.52
6. The aggregate amount of Receivables as of the end of the last day of the
preceding Monthly Period was equal to....................$2,180,840,579.58
7. Attached hereto is a true and correct copy of the statements required to
be delivered by the Servicer on the date of this Certificate to the
Paying Agent pursuant to Article V.
8. To the knowledge of the undersigned, there are no Liens on any
Receivables in the Trust except as described below:
"NONE"
9. The amount by which the Aggregate Principal Receivables exceeds the
Aggregate Principal Receivables required to be maintained pursuant to
the Pooling and Servicing Agreement, is equal to.........$ 661,515,072.34
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 10th Day of December 1996.
PEOPLE'S BANK
Servicer
By : /s/Lisa Brooks
Name: Lisa Brooks
Title: Manager
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1993-1
For the December 10, 1996 Determination Date
For the November 1996 Monthly Period
1. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to 1(a) plus 1(b)) was equal to....$ 18,416,511.97
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of Finance
Charge Receivables") allocated to Series 1993-1 was equal
to.......................................................$ 219,990.82
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of
Principal Receivables") allocated to Series 1993-1 was equal
to.......................................................$ 18,196,521.15
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1993-1 with respect to Collections processed during
the preceding Monthly Period, and applicable to Series 1993-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to.......................................................$ 16,886,657.49
3. (a) The aggregate amount of funds on deposit in the Principal Account
with respect to Collections processed during the preceding Monthly Period
and allocated to Series 1993-1, as of the end of the last day of the
preceding Monthly Period was equal to....................$ 16,666,666.67
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be..................................................$ 16,666,666.67
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1993-1 as of the end of the last day of the preceding
Monthly Period was equal to..............................$ 0.00
5. The aggregate amount of drawings required to be made under the Surety
Bond pursuant to Section 4.6 or 4.11 on the Determination Date in the
current calendar month is equal to.......................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1993-1 on the next succeeding Transfer
Date is equal to.........................................$ 5,732.52
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from
the Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to.....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1993-1 on the Distribution Date in the current Monthly Period is
equal to:
Payable in respect of principal........................$ 16,666,666.67
Payable in respect of interest.........................$ 66,666.67
Total.................................................$ 16,733,333.34
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1994-1
For the December 10, 1996 Determination Date
For the November 1996 Monthly Period
1. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to 1(a) plus 1(b)) was equal to....$ 20,176,438.50
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of
Finance Charge Receivables") allocated to Series 1994-1 was equal
to.......................................................$ 1,979,917.34
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1994-1 was equal to....$ 18,196,521.15
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1994-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1994-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to.......................................................$ 18,646,584.01
3. (a) The aggregate amount of funds on deposit in the Principal Account
with respect to Collections processed during the preceding Monthly Period
and allocated to Series 1994-1, as of the end of the last day of the
preceding Monthly Period was equal to....................$ 16,666,666.67
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be..................................................$ 16,666,666.67
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1994-1 as of the end of the last day of the preceding
Monthly Period was equal to..............................$ 0.00
5. The aggregate amount of drawings required to be made under the Surety
Bond pursuant to Section 4.6 or 4.11 on the Determination Date in the
current calendar month is equal to.......................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1994-1 on the next succeeding Transfer
Date is equal to.........................................$ 51,592.38
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from
the Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to.....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1994-1 on the Distribution Date in the current Monthly Period
is equal to:
Payable in respect of principal.......................$ 16,666,666.67
Payable in respect of interest........................$ 637,500.00
Total...............................................$ 17,304,166.67
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1994-2
For the December 10, 1996 Determination Date
For the November 1996 Monthly Period
1. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to 1(a) plus 1(b)) was equal to....$ 41,672,821.90
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of
Finance Charge Receivables") allocated to Series 1994-2 was equal
to.......................................................$ 5,279,779.59
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1994-2 was equal to....$ 36,393,042.31
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1994-2 with respect to Collections processed during
the preceding Monthly Period, and applicable to Series 1994-2 as of the
Transfer Date relating to the preceding Monthly Period was equal
to.......................................................$ 5,279,779.59
3. (a) The aggregate amount of funds on deposit in the Principal Account
with respect to Collections processed during the preceding Monthly Period
and allocated to Series 1994-2, as of the end of the last day of the
preceding Monthly Period was equal to....................$ 0.00
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be..................................................$ 0.00
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1994-2 as of the end of the last day of the preceding
Monthly Period was equal to..............................$ 0.00
5. The aggregate amount of withdrawals required to be made under the Cash
Collateral Account pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to...................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1994-2 on the next succeeding Transfer
Date is equal to.........................................$ 137,579.70
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from
the Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to.....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1994-2 on the Distribution Date in the current Monthly Period is
equal to:
Class A Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 1,807,902.78
Total..................................................$ 1,807,902.78
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 99,458.33
Total..................................................$ 99,458.33
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1995-1
For the December 10, 1996 Determination Date
For the November 1996 Monthly Period
1. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to 1(a) plus 1(b)) was equal to....$ 41,672,821.90
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of
Finance Charge Receivables") allocated to Series 1995-1 was equal
to.......................................................$ 5,279,779.59
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of
Principal Receivables") allocated to Series 1995-1 was equal
to.......................................................$ 36,393,042.31
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1995-1 with respect to Collections processed during
the preceding Monthly Period, and applicable to Series 1995-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to.......................................................$ 5,279,779.59
3. (a) The aggregate amount of funds on deposit in the Principal Account
with respect to Collections processed during the preceding Monthly
Period and allocated to Series 1995-1, as of the end of the last day
of the preceding Monthly Period was equal to.............$ 0.00
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be..................................................$ 0.00
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1995-1 as of the end of the last day of the preceding
Monthly Period was equal to..............................$ 0.00
5. The aggregate amount of withdrawals required to be made under the Cash
Collateral Account pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to...................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1995-1 on the next succeeding Transfer
Date is equal to.........................................$ 137,579.70
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from
the Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to.....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1995-1 on the Distribution Date in the current Monthly Period is
equal to:
Class A Certificateholders
Payable in respect of principal..........................$ 0.00
Payable in respect of interest...........................$ 1,824,263.89
Total....................................................$ 1,824,263.89
Class B Certificateholders
Payable in respect of principal..........................$ 0.00
Payable in respect of interest...........................$ 98,597.22
Total....................................................$ 98,597.22
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1996-1
For the December 10, 1996 Determination Date
For the November 1996 Monthly Period
1. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to 1(a) plus 1(b)) was equal to....$ 23,476,300.74
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of
Finance Charge Receivables") allocated to Series 1996-1 was equal
to.......................................................$ 5,279,779.59
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of
Principal Receivables") allocated to Series 1996-1 was equal
to.......................................................$ 18,196,521.15
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1996-1 with respect to Collections processed during
the preceding Monthly Period, and applicable to Series 1996-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to.......................................................$ 5,279,779.59
3. (a) The aggregate amount of funds on deposit in the Principal Account
with respect to Collections processed during the preceding Monthly Period
and allocated to Series 1996-1, as of the end of the last day of the
preceding Monthly Period was equal to....................$ 0.00
(b) The aggregate amount of funds which will be on deposit in the
Principal Account on the Transfer Date following this Determination Date,
will be..................................................$ 0.00
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1996-1 as of the end of the last day of the preceding
Monthly Period was equal to..............................$ 0.00
5. The aggregate amount of withdrawals required to be made under the Cash
Collateral Account pursuant to Section 4.6 on the Determination Date in
the current calendar month is equal to...................$ 0.00
6. (a) The aggregate amount of Recoveries to be deposited to the
Collection Account and allocated to Series 1996-1 on the next succeeding
Transfer Date is equal to................................$ 137,579.70
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from
the Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to.....................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1996-1 on the Distribution Date in the current Monthly Period is
equal to:
Class A Certificateholders
Payable in respect of principal..........................$ 0.00
Payable in respect of interest...........................$ 1,803,145.14
Total....................................................$ 1,803,145.14
Class B Certificateholders
Payable in respect of principal..........................$ 0.00
Payable in respect of interest...........................$ 102,622.92
Total....................................................$ 102,622.92
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1993-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 42
Monthly Period Ended November 30, 1996
Distribution Date December 16, 1996
Determination Date December 10, 1996
1. Trust Activity Series 1993-1
Beginning of Month - Aggregate Principal Receivables 2,236,407,946.23
Principal Collections on the Receivables 203,474,222.52
Finance Charge Receivables 29,519,352.54
Receivables in Defaulted Accounts 8,984,234.51
End of Month - Aggregate Principal Receivables 2,180,840,579.58
Investor Interest Series 1993-1 0.00
Investor Interest Series 1994-1 133,333,333.33
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Seller Principal Receivables 847,507,246.25
Investor Percentage with respect to...
Finance Charges 0.0000000%
Charged-Off Accounts 0.0000000%
Principal Receivables 9.1707758%
Seller Percentage with respect to ...
Finance Charges 38.8614947%
Charged-Off Accounts 38.8614947%
Principal Receivables 35.8045694%
2. Allocation of Funds in Collection Account
Available Finance Charge Collections 219,990.82
Available Principal Collections 18,196,521.15
Investor Default Amount 66,954.35
Aggregate Collections Allocated to Certificateholders 18,416,511.97
Monthly Certificate Interest Payable to Certificateholders
(See "Calculation of Certificate Interest" #3) 66,666.67
Monthly Principal Payable To Certificateholders
(See "Calculation of Monthly Principal" #4) 16,666,666.67
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 1,596,808.84
(Net Deposit)/Draws on Shared Principal Collections 0.00
Collections Available to Reimburse Investor Charge offs 58,592.02
Aggregate Investor Charge Offs 0.00
Reimbursed Investor Charge Offs 0.00
Reimbursed Investor Charge Offs per $1,000 Original Investment 0.00
Monthly Investor Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 27,777.78
Monthly Certificate Insurer Fee 0.00
Excess Servicing (Shortfall) (dollars) 58,592.02
Excess Servicing (Shortfall) (percentage of Investor Iterest) 4.22%
Required Shared Finance Charge Collections from other Series 0.00
Draw on Shared Finance Charge Collections from other Series 0.00
Withdrawal from Cash Collateral Account 0.00
Surety Bond Claim 0.00
Certificate Insurer Fee Shortfall 0.00
Servicing Fee Shortfall 0.00
Investor Charge Offs 0.00
Investor Charge Offs per $1,000 Original Investment 0.00
Investor Certificate Interest Shortfall (Deficiency Amount) 0.00
Payments To Certificate Insurer 0.00
Deposits In Cash Collateral Account 0.00
Required Shared Finance Charge Collections for other Series 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Investors 16,733,333.33
Total Distribution to Investors per $1,000 Invested 83.67
3. Calculation of Certificate Interest
Certificate Rate 4.80000%
This Month Certificate Interest 66,666.67
Previous Month's Deficiency Amount 0.00
Total Certificate Interest Distributable to Certificateholders 66,666.67
Total Certificate Interest Distributable per $1,000 of Original
Investment 0.33
4. Calculation of Monthly Principal
Beginning Investor Interest 16,666,666.67
Available Principal Collections 18,196,521.15
Investor Default Amount 66,954.35
Total Investor Monthly Principal 18,263,475.51
Investor Monthly Principal Reinvested in Receivables 1,596,808.84
Controlled Amortization Amount 16,666,666.67
Maximum Monthly Principal to Certificateholders 16,666,666.67
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Certificateholders 16,666,666.67
Monthly Principal Payable per $1,000 of Original Investment 83.33
Ending Investor Interest 0.00
5. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal Amount
to 7 decimal places) 0.0000000
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Investor Interest 16,666,666.67
Monthly Servicing Fee 27,777.78
7. Calculation of Remaining Surety Bond Amount
Available Surety Bond Amount on Previous Payment Date 4,000,000.00
Stated Surety Bond Amount 4,000,000.00
Unreimbursed Claims on Surety Bond 0.00
Reimbursements of Claims on Surety Bond 0.00
Available Surety Bond Amount (Dollars) 4,000,000.00
Available Surety Bond Amount (Percentage) 24.00%
8. Cash Collateral Account Activity
Beginning of Month Balance 2,000,000.00
Required Cash Collateral Account Amount 2,000,000.00
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 8,426.11
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 2,000,000.00
Available Cash Collateral Amount (Percentage) 12.00%
Total Credit Enhancement Percentage 36.00%
9. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 114,313,713.14
Percent Dollars 5.24%
Number of Accts 39,366
Percent Number of Accts 2.50%
31-60 days past due Dollars 29,574,078.36
Percent Dollars 1.36%
Number of Accts 9,689
Percent Number of Accts 0.62%
61-90 days past due Dollars 18,383,368.58
Percent Dollars 0.84%
Number of Accts 5,725
Percent Number of Accts 0.36%
91-120 days past due Dollars 15,171,186.50
Percent Dollars 0.70%
Number of Accts 4,491
Percent Number of Accts 0.29%
121-150 days past due Dollars 12,035,920.40
Percent Dollars 0.55%
Number of Accts 3,536
Percent Number of Accts 0.22%
151-180 days past due Dollars 8,976,534.68
Percent Dollars 0.41%
Number of Accts 2,573
Percent Number of Accts 0.16%
181 + days past due Dollars 13,068,989.87
Percent Dollars 0.60%
Number of Accts 3,668
Percent Number of Accts 0.23%
10. Base Rate Calculation
Base Rate 6.90%
Portfolio Yield (net of losses) 11.02%
Excess of Portfolio Yield over Base Rate 4.12%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 1,125
Ending Number of Accounts 1,574,983
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 34
Monthly Period Ended November 30, 1996
Distribution Date December 16, 1996
Determination Date December 10, 1996
1. Trust Activity Series 1994-1
Beginning of Month - Aggregate Principal Receivables 2,236,407,946.23
Principal Collections on the Receivables 203,474,222.52
Finance Charge Receivables 29,519,352.54
Receivables in Defaulted Accounts 8,984,234.51
End of Month - Aggregate Principal Receivables 2,180,840,579.58
Investor Interest Series 1993-1 0.00
Investor Interest Series 1994-1 133,333,333.33
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Seller Principal Receivables 847,507,246.25
Investor Percentage with respect to...
Finance Charges 6.1138505%
Charged-Off Accounts 6.1138505%
Principal Receivables 9.1707758%
Seller Percentage with respect to ...
Finance Charges 38.8614947%
Charged-Off Accounts 38.8614947%
Principal Receivables 35.8045694%
2. Allocation of Funds in Collection Account
Available Finance Charge Collections 1,979,917.34
Available Principal Collections 18,196,521.15
Investor Default Amount 602,589.16
Aggregate Collections Allocated to Certificateholders 20,176,438.50
Monthly Certificate Interest Payable to Certificateholders
(See "Calculation of Certificate Interest" #3) 637,500.00
Monthly Principal Payable To Certificateholders
(See "Calculation of Monthly Principal" #4) 16,666,666.67
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 2,132,443.64
(Net Deposit)/Draws on Shared Principal Collections 0.00
Collections Available to Reimburse Investor Charge offs 478,109.44
Aggregate Investor Charge Offs 0.00
Reimbursed Investor Charge Offs 0.00
Reimbursed Investor Charge Offs per $1,000 Original Investment 0.00
Monthly Investor Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 250,000.00
Monthly Certificate Insurer Fee 11,718.75
Excess Servicing (Shortfall) (dollars) 478,109.44
Excess Servicing (Shortfall) (percentage of Investor Interest) 3.82%
Required Shared Finance Charge Collections from other Series 0.00
Draw on Shared Finance Charge Collections from other Series 0.00
Withdrawal from Cash Collateral Account 0.00
Surety Bond Claim 0.00
Certificate Insurer Fee Shortfall 0.00
Servicing Fee Shortfall 0.00
Investor Charge Offs 0.00
Investor Charge Offs per $1,000 Original Investment 0.00
Investor Certificate Interest Shortfall (Deficiency Amounts) 0.00
Payments To Certificate Insurer 0.00
Deposits In Cash Collateral Account 0.00
Required Shared Finance Charge Collections for other Series 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Investors 17,304,166.67
Total Distribution to Investors per $1,000 Invested 86.52
3. Calculation of Certificate Interest
Certificate Rate 5.10000%
This Month Certificate Interest 637,500.00
Previous Month's Deficiency Amount 0.00
Total Certificate Interest Distributable to
Certificateholders 637,500.00
Total Certificate Interest Distributable per $1,000 of
Original Investment 3.19
4. Calculation of Monthly Principal
Beginning Investor Interest 150,000,000.00
Available Principal Collections 18,196,521.15
Investor Default Amount 602,589.16
Total Investor Monthly Principal 18,799,110.31
Investor Monthly Principal Reinvested in Receivables 2,132,443.64
Controlled Amortization Amount 16,666,666.67
Maximum Monthly Principal to Certificateholders 16,666,666.67
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Certificateholders 16,666,666.67
Monthly Principal Payable per $1,000 of Original Investment 83.33
Ending Investor Interest 133,333,333.33
5. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal Amount to
7 decimal places) 0.6666667
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Investor Interest 150,000,000.00
Monthly Servicing Fee 250,000.00
7. Calculation of Remaining Surety Bond Amount
Available Surety Bond Amount on Previous Payment Date 15,000,000.00
Stated Surety Bond Amount 13,500,000.00
Unreimbursed Claims on Surety Bond 0.00
Reimbursements of Claims on Surety Bond 0.00
Available Surety Bond Amount (Dollars) 13,500,000.00
Available Surety Bond Amount (Percentage) 9.00%
8. Cash Collateral Account Activity
Beginning of Month Balance 5,833,333.33
Required Cash Collateral Account Amount 5,250,000.00
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 24,576.16
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 5,250,000.00
Available Cash Collateral Amount (Percentage) 3.50%
Total Credit Enhancement Percentage 12.50%
9. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 114,313,713.14
Percent Dollars 5.24%
Number of Accts 39,366
Percent Number of Accts 2.50%
31-60 days past due Dollars 29,574,078.36
Percent Dollars 1.36%
Number of Accts 9,689
Percent Number of Accts 0.62%
61-90 days past due Dollars 18,383,368.58
Percent Dollars 0.84%
Number of Accts 5,725
Percent Number of Accts 0.36%
91-120 days past due Dollars 15,171,186.50
Percent Dollars 0.70%
Number of Accts 4,491
Percent Number of Accts 0.29%
121-150 days past due Dollars 12,035,920.40
Percent Dollars 0.55%
Number of Accts 3,536
Percent Number of Accts 0.22%
151-180 days past due Dollars 8,976,534.68
Percent Dollars 0.41%
Number of Accts 2,573
Percent Number of Accts 0.16%
181 + days past due Dollars 13,068,989.87
Percent Dollars 0.60%
Number of Accts 3,668
Percent Number of Accts 0.23%
10. Base Rate Calculation
Base Rate 7.20%
Portfolio Yield (net of losses) 11.02%
Excess of Portfolio Yield over Base Rate 3.82%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 1,125
Ending Number of Accounts 1,574,983
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-2
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 26
Monthly Period Ended November 30, 1996
Distribution Date December 16, 1996
Determination Date December 10, 1996
Number of Days in Period 31
1. Trust Activity Series 1994-2
Beginning of Month - Aggregate Principal Receivables 2,236,407,946.23
Principal Collections on the Receivables 203,474,222.52
Finance Charge Receivables 29,519,352.54
Receivables in Defaulted Accounts 8,984,234.51
End of Month - Aggregate Principal Receivables 2,180,840,579.58
Investor Interest Series 1993-1 0.00
Investor Interest Series 1994-1 133,333,333.33
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Seller Principal Receivables 847,507,246.25
Total Investor Percentage with respect to...
Finance Charges 18.3415516%
Charged-Off Accounts 18.3415516%
Principal Receivables 18.3415516%
Class A Percentage with respect to...
Finance Charges 17.4244740%
Charged-Off Accounts 17.4244740%
Principal Receivables 17.4244740%
Class B Percentage with respect to...
Finance Charges 0.9170776%
Charged-Off Accounts 0.9170776%
Principal Receivables 0.9170776%
Seller Percentage with respect to ...
Finance Charges 38.8614947%
Charged-Off Accounts 38.8614947%
Principal Receivables 35.8045694%
Class A Available Finance Charge Collections 5,015,790.61
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,807,902.78
Unpaid Class A Monthly Cap Interest 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 633,333.33
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 1,526,559.19
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,047,995.30
Class A Required Amount 0.00
Class B Available Finance Charge Collections 263,988.98
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 99,458.33
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 33,333.33
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 80,345.22
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 50,852.10
Class B Required Amount 0.00
Total Excess Spread 1,098,847.40
Excess Spread used to Satisfy Class A Required Amount 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Cap
Interest 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Servicing
Fee 0.00
Excess Spread used to satisfy Unreimbursed Class A Investor
Charge-offs 0.00
Remaining Class A Required Amount 0.00
Excess Spread used to satisfy Class B Required Amount 0.00
Excess Spread used to satisfy Unpaid Class B Monthly Cap
Interest 0.00
Excess Spread used to satisfy Unpaid Class B Monthly Servicing
Fee 0.00
Excess Spread used to satisfy Unreimbursed Class B Investor
Charge-offs 0.00
Remaining Class B Required Amount 0.00
Shared Finance Charges used to satisfy Remaining Class A Required
Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthly
Cap Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Remaining Class A
Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A Monthly
Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Reallocated Amount used to satisfy Remaining Class A
Required Amount 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A
Monthly Cap Interest 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A
Monthly Servicing Fee 0.00
Class B Reallocated Amount used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Investor Interest used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Shared Finance Charges used to satisfy Remaining Class B Required
Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Cap Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy Unreimbursed Class B
Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Remaining Class B
Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class B Monthly
Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class B Monthly
Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed Class B
Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Excess Spread used to satisfy interest on overdue Class A
(See "Calculation of Certificate Interest" #3) 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #3) 0.00
Excess Spread used to satisfy reimbursements of Class B Interest 0.00
Excess Spread used to satisfy deposits into Required Cash
Collateral Account 0.00
Excess Spread used to satisfy shortfalls of the Class A Interest
Payments 0.00
Excess Spread used to satisfy shortfalls of the Class B Interest
Payments 0.00
Excess Spread used to satisfy payments per Loan Agreement 1,098,847.40
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Remaining Excess Servicing (Shortfall) (dollars) 1,083,380.73
Remaining Excess Servicing (Shortfall) (percentage of
Investor Interest) 3.25%
Class A Investor Certificate Interest Shortfall
(Deficiency Amounts) 0.00
Class A Charge-offs 0.00
Unreimbursed Class A Charge Offs 0.00
Unreimbursed Class A Charge Offs per $1,000 Original Investment 0.00
Class A Monthly Servicing Fee Shortfall 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Charge-offs 0.00
Unreimbursed Class B Charge Offs 0.00
Unreimbursed Class B Charge Offs per $1,000 Original Investment 0.00
Class B Monthly Servicing Fee Shortfall 0.00
Available Principal Collections 36,393,042.31
Monthly Principal Payable To Class A Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Payable To Class B Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 37,999,946.72
(Net Deposit)/Draws on Shared Principal Collections 0.00
Required Shared Finance Charge Collections from other Series 0.00
Draw on Shared Finance Charge Collections from other Series 0.00
Withdrawal from Cash Collateral Account 0.00
Class B Investor Certificate Interest Shortfall
(Deficiency Amounts) 0.00
Required Shared Finance Charge Collections for other Series 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Class A Investors 1,807,902.78
Total Distribution to Class A Investors per $1,000 Invested 4.76
Total Distribution to Class B Investors 99,458.33
Total Distribution to Class B Investors per $1,000 Invested 4.97
3. Calculation of Certificate Interest
Class A Certificate Rate 5.52500%
Class A Interest Rate Cap Provider Deposit 0.00
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
This Month Class A Certificate Interest 1,807,902.78
Expected Class A Principal 380,000,000.00
This Month Class A Cap Shortfall 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 1,807,902.78
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 4.76
Class B Certificate Rate 5.77500%
Class B Interest Rate Cap Provider Deposit 0.00
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on Deficiency
Amount 0.00
This Month Class B Certificate Interest 99,458.33
Expected Class B Principal 20,000,000.00
This Month Class B Cap Shortfall 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 99,458.33
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 4.97
Total Certificate Interest Distributable to
Certificateholders 1,907,361.11
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.77
4. Calculation of Monthly Principal
Beginning Investor Interest 400,000,000.00
Beginning Class A Interest 380,000,000.00
Class A Available Principal Collections 34,573,390.19
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 36,099,949.39
Class A Monthly Principal Reinvested in Receivables 36,099,949.39
Class A Controlled Amortization Amount 0.00
Maximum Monthly Principal to Class A Certificateholders 0.00
Class A Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class A Certificateholders 0.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Interest 20,000,000.00
Class B Available Principal Collections 1,819,652.12
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 1,899,997.33
Class B Reallocated Principal 0.00
Prior Month's Cumulative Class B Reallocated Principal 0.00
Class B Reduction of Interest 0.00
Prior Month's Cumulative Class B Reduction of Interest 0.00
Class B Monthly Principal Reinvested in Receivables 1,899,997.33
Class B Controlled Amortization Amount 0.00
Maximum Monthly Principal to Class B Certificateholders 0.00
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Class B Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class B Certificateholders 0.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Ending Investor Interest 400,000,000.00
Ending Class A Interest 380,000,000.00
Ending Class B Interest 20,000,000.00
5. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 1.000000
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Class A Investor Interest 380,000,000.00
Beginning Class B Investor Interest 20,000,000.00
Beginning Investor Interest 400,000,000.00
Class A Monthly Servicing Fee 633,333.33
Class B Monthly Servicing Fee 33,333.33
Total Monthly Servicing Fee 666,666.67
7. Cash Collateral Account Activity
Beginning of Month Balance 36,000,000.00
Required Cash Collateral Account Amount 36,000,000.00
Excess Spread used to satisfy payments per Loan Agreement 1,098,847.40
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 50,266.67
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 36,000,000.00
Available Cash Collateral Amount (Percentage) 9.00%
8. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 114,313,713.14
Percent Dollars 5.24%
Number of Accts 39,366
Percent Number of Accts 2.50%
31-60 days past due Dollars 29,574,078.36
Percent Dollars 1.36%
Number of Accts 9,689
Percent Number of Accts 0.62%
61-90 days past due Dollars 18,383,368.58
Percent Dollars 0.84%
Number of Accts 5,725
Percent Number of Accts 0.36%
91-120 days past due Dollars 15,171,186.50
Percent Dollars 0.70%
Number of Accts 4,491
Percent Number of Accts 0.29%
121-150 days past due Dollars 12,035,920.40
Percent Dollars 0.55%
Number of Accts 3,536
Percent Number of Accts 0.22%
151-180 days past due Dollars 8,976,534.68
Percent Dollars 0.41%
Number of Accts 2,573
Percent Number of Accts 0.16%
181 + days past due Dollars 13,068,989.87
Percent Dollars 0.60%
Number of Accts 3,668
Percent Number of Accts 0.23%
9. Base Rate Calculation
Base Rate 7.53%
Portfolio Yield (net of losses) 11.02%
Excess of Portfolio Yield over Base Rate 3.49%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 1,125
Ending Number of Accounts 1,574,983
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1995-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 21
Monthly Period Ended November 30, 1996
Distribution Date December 16, 1996
Determination Date December 10, 1996
Number of Days in Period 31
1. Trust Activity Series 1995-1
Beginning of Month - Aggregate Principal Receivables 2,236,407,946.23
Principal Collections on the Receivables 203,474,222.52
Finance Charge Receivables 29,519,352.54
Receivables in Defaulted Accounts 8,984,234.51
End of Month - Aggregate Principal Receivables 2,180,840,579.58
Investor Interest Series 1993-1 0.00
Investor Interest Series 1994-1 133,333,333.33
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Seller Principal Receivables 847,507,246.25
Total Investor Percentage with respect to...
Finance Charges 18.3415516%
Charged-Off Accounts 18.3415516%
Principal Receivables 18.3415516%
Class A Percentage with respect to...
Finance Charges 17.4244740%
Charged-Off Accounts 17.4244740%
Principal Receivables 17.4244740%
Class B Percentage with respect to...
Finance Charges 0.9170776%
Charged-Off Accounts 0.9170776%
Principal Receivables 0.9170776%
Seller Percentage with respect to ...
Finance Charges 38.8614947%
Charged-Off Accounts 38.8614947%
Principal Receivables 35.8045694%
Class A Available Finance Charge Collections 5,015,790.61
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,824,263.89
Unpaid Class A Monthly Cap Interest 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 633,333.33
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 1,526,559.19
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,031,634.19
Class A Required Amount 0.00
Class B Available Finance Charge Collections 263,988.98
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 98,597.22
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 33,333.33
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 80,345.22
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 51,713.21
Class B Required Amount 0.00
Total Excess Spread 1,083,347.40
Excess Spread used to Satisfy Class A Required Amount 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Cap
Interest 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Servicing
Fee 0.00
Excess Spread used to satisfy Unreimbursed Class A Investor
Charge-offs 0.00
Remaining Class A Required Amount 0.00
Excess Spread used to satisfy Class B Required Amount 0.00
Excess Spread used to satisfy Unpaid Class B Monthly Cap
Interest 0.00
Excess Spread used to satisfy Unpaid Class B Monthly Servicing
Fee 0.00
Excess Spread used to satisfy Unreimbursed Class B Investor
Charge-offs 0.00
Remaining Class B Required Amount 0.00
Shared Finance Charges used to satisfy Remaining Class A
Required Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthly
Cap Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Remaining Class A
Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A
Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A
Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed Class
A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Reallocated Amount used to satisfy Remaining Class A
Required Amount 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A
Monthly Cap Interest 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A
Monthly Servicing Fee 0.00
Class B Reallocated Amount used to satisfy Unreimbursed
Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Investor Interest used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Shared Finance Charges used to satisfy Remaining Class B
Required Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Cap Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy Unreimbursed Class B
Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Remaining Class B
Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class B
Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class B
Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed
Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Excess Spread used to satisfy interest on overdue Class A
(See "Calculation of Certificate Interest" #3) 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #3) 0.00
Excess Spread used to satisfy reimbursements of Class B Interest 0.00
Excess Spread used to satisfy deposits into Required Cash
Collateral Account 0.00
Excess Spread used to satisfy shortfalls of the Class A
Interest Payments 0.00
Excess Spread used to satisfy shortfalls of the Class B
Interest Payments 0.00
Excess Spread used to satisfy payments per Loan Agreement 1,083,347.40
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Remaining Excess Servicing (dollars) 1,068,686.29
Remaining Excess Servicing (percentage of Investor Interest) 3.21%
Class A Investor Certificate Interest Shortfall
(Deficiency Amounts) 0.00
Class A Charge-offs 0.00
Unreimbursed Class A Charge Offs 0.00
Unreimbursed Class A Charge Offs per $1,000 Original Investment 0.00
Class A Monthly Servicing Fee Shortfall 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Charge-offs 0.00
Unreimbursed Class B Charge Offs 0.00
Unreimbursed Class B Charge Offs per $1,000 Original Investment 0.00
Class B Monthly Servicing Fee Shortfall 0.00
Available Principal Collections 36,393,042.31
Monthly Principal Payable To Class A Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Payable To Class B Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 37,999,946.72
(Net Deposit)/Draws on Shared Principal Collections 0.00
Required Shared Finance Charge Collections from other Series 0.00
Draw on Shared Finance Charge Collections from other Series 0.00
Withdrawal from Cash Collateral Account 0.00
Class B Investor Certificate Interest Shortfall
(Deficiency Amounts) 0.00
Required Shared Finance Charge Collections for other Series 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Class A Investors 1,824,263.89
Total Distribution to Class A Investors per $1,000 Invested 4.80
Total Distribution to Class B Investors 98,597.22
Total Distribution to Class B Investors per $1,000 Invested 4.93
3. Calculation of Certificate Interest
Class A Certificate Rate 5.57500%
Class A Interest Rate Cap Provider Deposit 0.00
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
This Month Class A Certificate Interest 1,824,263.89
Expected Class A Principal 380,000,000.00
This Month Class A Cap Shortfall 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 1,824,263.89
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 4.80
Class B Certificate Rate 5.72500%
Class B Interest Rate Cap Provider Deposit 0.00
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on Deficiency
Amount 0.00
This Month Class B Certificate Interest 98,597.22
Expected Class B Principal 20,000,000.00
This Month Class B Cap Shortfall 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 98,597.22
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 4.93
Total Certificate Interest Distributable to
Certificateholders 1,922,861.11
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.81
4. Calculation of Monthly Principal
Beginning Investor Interest 400,000,000.00
Beginning Class A Interest 380,000,000.00
Class A Available Principal Collections 34,573,390.19
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 36,099,949.39
Class A Monthly Principal Reinvested in Receivables 36,099,949.39
Class A Controlled Amortization Amount 0.00
Maximum Monthly Principal to Class A Certificateholders 0.00
Class A Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class A Certificateholders 0.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Interest 20,000,000.00
Class B Available Principal Collections 1,819,652.12
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 1,899,997.33
Class B Reallocated Principal 0.00
Prior Month's Cumulative Class B Reallocated Principal 0.00
Class B Reduction of Interest 0.00
Prior Month's Cumulative Class B Reduction of Interest 0.00
Class B Monthly Principal Reinvested in Receivables 1,899,997.33
Class B Controlled Amortization Amount 0.00
Maximum Monthly Principal to Class B Certificateholders 0.00
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Class B Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class B Certificateholders 0.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Ending Investor Interest 400,000,000.00
Ending Class A Interest 380,000,000.00
Ending Class B Interest 20,000,000.00
5. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 1.0000000
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Class A Investor Interest 380,000,000.00
Beginning Class B Investor Interest 20,000,000.00
Beginning Investor Interest 400,000,000.00
Class A Monthly Servicing Fee 633,333.33
Class B Monthly Servicing Fee 33,333.33
Total Monthly Servicing Fee 666,666.67
7. Cash Collateral Account Activity
Beginning of Month Balance 36,000,000.00
Required Cash Collateral Account Amount 36,000,000.00
Excess Spread used to satisfy payments per Loan
Agreement 1,083,347.40
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 33,704.44
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 36,000,000.00
Available Cash Collateral Amount (Percentage) 9.00%
8. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 114,313,713.14
Percent Dollars 5.24%
Number of Accts 39,366
Percent Number of Accts 2.50%
31-60 days past due Dollars 29,574,078.36
Percent Dollars 1.36%
Number of Accts 9,689
Percent Number of Accts 0.62%
61-90 days past due Dollars 18,383,368.58
Percent Dollars 0.84%
Number of Accts 5,725
Percent Number of Accts 0.36%
91-120 days past due Dollars 15,171,186.50
Percent Dollars 0.70%
Number of Accts 4,491
Percent Number of Accts 0.29%
121-150 days past due Dollars 12,035,920.40
Percent Dollars 0.55%
Number of Accts 3,536
Percent Number of Accts 0.22%
151-180 days past due Dollars 8,976,534.68
Percent Dollars 0.41%
Number of Accts 2,573
Percent Number of Accts 0.16%
181 + days past due Dollars 13,068,989.87
Percent Dollars 0.60%
Number of Accts 3,668
Percent Number of Accts 0.23%
9. Base Rate Calculation
Base Rate 7.58%
Portfolio Yield (net of losses) 11.02%
Excess of Portfolio Yield over Base Rate 3.44%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 1,125
Ending Number of Accounts 1,574,983
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1996-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 5
Monthly Period Ended November 30, 1996
Distribution Date December 16, 1996
Determination Date December 10, 1996
Number of Days in Period 31
1. Trust Activity Series 1996-1
Beginning of Month - Aggregate Principal Receivables 2,236,407,946.23
Principal Collections on the Receivables 203,474,222.52
Finance Charge Receivables 29,519,352.54
Receivables in Defaulted Accounts 8,984,234.51
End of Month - Aggregate Principal Receivables 2,180,840,579.58
Investor Interest Series 1993-1 0.00
Investor Interest Series 1994-1 133,333,333.33
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Seller Principal Receivables 847,507,246.25
Total Investor Percentage with respect to...
Finance Charges 18.3415516%
Charged-Off Accounts 18.3415516%
Principal Receivables 9.1707758%
Class A Percentage with respect to...
Finance Charges 17.3786201%
Charged-Off Accounts 17.3786201%
Principal Receivables 8.6893101%
Class B Percentage with respect to...
Finance Charges 0.9629315%
Charged-Off Accounts 0.9629315%
Principal Receivables 0.4814657%
Seller Percentage with respect to ...
Finance Charges 38.8614947%
Charged-Off Accounts 38.8614947%
Principal Receivables 35.8045694%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,002,591.16
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,803,145.14
Unpaid Class A Monthly Cap Interest 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 631,666.67
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 1,522,541.93
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,045,237.42
Class A Required Amount 0.00
Class B Available Finance Charge Collections 277,188.43
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 102,622.92
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 35,000.00
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 84,362.48
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 55,203.03
Class B Required Amount 0.00
Total Excess Spread 1,100,440.45
Excess Spread used to Satisfy Class A Required Amount 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Cap
Interest 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Servicing
Fee 0.00
Excess Spread used to satisfy Unreimbursed Class A Investor
Charge-offs 0.00
Remaining Class A Required Amount 0.00
Excess Spread used to satisfy Class B Required Amount 0.00
Excess Spread used to satisfy Unpaid Class B Monthly Cap
Interest 0.00
Excess Spread used to satisfy Unpaid Class B Monthly Servicing
Fee 0.00
Excess Spread used to satisfy Unreimbursed Class B Investor
Charge-offs 0.00
Remaining Class B Required Amount 0.00
Shared Finance Charges used to satisfy Remaining Class A
Required Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthly
Cap Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Remaining Class A
Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A Monthly
Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Reallocated Amount used to satisfy Remaining Class A
Required Amount 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A
Monthly Cap Interest 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A
Monthly Servicing Fee 0.00
Class B Reallocated Amount used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Investor Interest used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Shared Finance Charges used to satisfy Remaining Class B Required
Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Cap Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy Unreimbursed Class B
Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Remaining Class B
Required Amount 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class B
Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class B
Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed Class B
Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Excess Spread used to satisfy interest on overdue Class A
(See "Calculation of Certificate Interest" #3) 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #3) 0.00
Excess Spread used to satisfy reimbursements of Class B Interest 0.00
Excess Spread used to satisfy deposits into Required Cash
Collateral Account 0.00
Excess Spread used to satisfy shortfalls of the Class A
Interest Payments 0.00
Excess Spread used to satisfy shortfalls of the Class B
Interest Payments 0.00
Excess Spread used to satisfy payments per Loan Agreement 1,100,440.45
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Remaining Excess Servicing (dollars) 1,079,560.45
Remaining Excess Servicing (percentage of Investor Interest) 3.24%
Class A Investor Certificate Interest Shortfall
(Deficiency Amounts) 0.00
Class A Charge-offs 0.00
Unreimbursed Class A Charge Offs 0.00
Unreimbursed Class A Charge Offs per $1,000 Original Investment 0.00
Class A Monthly Servicing Fee Shortfall 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Charge-offs 0.00
Unreimbursed Class B Charge Offs 0.00
Unreimbursed Class B Charge Offs per $1,000 Original Investment 0.00
Class B Monthly Servicing Fee Shortfall 0.00
Available Principal Collections 18,196,521.15
Monthly Principal Payable To Class A Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Payable To Class B Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 19,803,425.57
(Net Deposit)/Draws on Shared Principal Collections 0.00
Required Shared Finance Charge Collections from other Series 0.00
Draw on Shared Finance Charge Collections from other Series 0.00
Withdrawal from Cash Collateral Account 0.00
Class B Investor Certificate Interest Shortfall
(Deficiency Amounts) 0.00
Required Shared Finance Charge Collections for other Series 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Class A Investors 1,803,145.14
Total Distribution to Class A Investors per $1,000 Invested 4.76
Total Distribution to Class B Investors 102,622.92
Total Distribution to Class B Investors per $1,000 Invested 4.89
3. Calculation of Certificate Interest
Class A Certificate Rate 5.52500%
Class A Interest Rate Cap Provider Deposit 0.00
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on Deficiency
Amount 0.00
This Month Class A Certificate Interest 1,803,145.14
Expected Class A Principal 379,000,000.00
This Month Class A Cap Shortfall 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 1,803,145.14
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 4.76
Class B Certificate Rate 5.67500%
Class B Interest Rate Cap Provider Deposit 0.00
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on Deficiency
Amount 0.00
This Month Class B Certificate Interest 102,622.92
Expected Class B Principal 21,000,000.00
This Month Class B Cap Shortfall 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 102,622.92
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 4.89
Total Certificate Interest Distributable to
Certificateholders 1,905,768.06
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.76
4. Calculation of Monthly Principal
Beginning Investor Interest 400,000,000.00
Beginning Class A Interest 379,000,000.00
Class A Available Principal Collections 17,241,203.79
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 18,763,745.73
Class A Monthly Principal Reinvested in Receivables 18,763,745.73
Class A Controlled Amortization Amount 0.00
Maximum Monthly Principal to Class A Certificateholders 0.00
Class A Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class A Certificateholders 0.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Interest 21,000,000.00
Class B Available Principal Collections 955,317.36
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 1,039,679.84
Class B Reallocated Principal 0.00
Prior Month's Cumulative Class B Reallocated Principal 0.00
Class B Reduction of Interest 0.00
Prior Month's Cumulative Class B Reduction of Interest 0.00
Class B Monthly Principal Reinvested in Receivables 1,039,679.84
Class B Controlled Amortization Amount 0.00
Maximum Monthly Principal to Class B Certificateholders 0.00
Required Shared Principal Collections for other Series 0.00
Deposit of Shared Principal Collections for other Series 0.00
Required Shared Principal Collections from other Series 0.00
Draw on Shared Principal Collections from other Series 0.00
Class B Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class B Certificateholders 0.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Ending Investor Interest 400,000,000.00
Ending Class A Interest 379,000,000.00
Ending Class B Interest 21,000,000.00
5. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 1.0000000
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Class A Investor Interest 379,000,000.00
Beginning Class B Investor Interest 21,000,000.00
Beginning Investor Interest 400,000,000.00
Class A Monthly Servicing Fee 631,666.67
Class B Monthly Servicing Fee 35,000.00
Total Monthly Servicing Fee 666,666.67
7. Cash Collateral Account Activity
Beginning of Month Balance 36,000,000.00
Required Cash Collateral Account Amount 36,000,000.00
Excess Spread used to satisfy payments per Loan Agreement 1,100,440.45
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 50,266.67
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 36,000,000.00
Available Cash Collateral Amount (Percentage) 9.00%
8. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 114,313,713.14
Percent Dollars 5.24%
Number of Accts 39,366
Percent Number of Accts 2.50%
31-60 days past due Dollars 29,574,078.36
Percent Dollars 1.36%
Number of Accts 9,689
Percent Number of Accts 0.62%
61-90 days past due Dollars 18,383,368.58
Percent Dollars 0.84%
Number of Accts 5,725
Percent Number of Accts 0.36%
91-120 days past due Dollars 15,171,186.50
Percent Dollars 0.70%
Number of Accts 4,491
Percent Number of Accts 0.29%
121-150 days past due Dollars 12,035,920.40
Percent Dollars 0.55%
Number of Accts 3,536
Percent Number of Accts 0.22%
151-180 days past due Dollars 8,976,534.68
Percent Dollars 0.41%
Number of Accts 2,573
Percent Number of Accts 0.16%
181 + days past due Dollars 13,068,989.87
Percent Dollars 0.60%
Number of Accts 3,668
Percent Number of Accts 0.23%
9. Base Rate Calculation
Base Rate 7.53%
Portfolio Yield (net of losses) 11.02%
Excess of Portfolio Yield over Base Rate 3.49%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 1,125
Ending Number of Accounts 1,574,983
