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) July 15, 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: July 24, 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 July 10, 1996 Determination Date
For the June 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 July 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..................................................$167,048,028.93
(a) The aggregate amount of Collections of Finance Charge
Receivables collected during the preceding Monthly Period
(the "Collections of Finance Charge Receivables") was
equal to..............................................$ 23,988,195.68
(b) The aggregate amount of Collections of Principal
Receivables collected during the preceding Monthly Period
(the "Collections of Principal Receivables") was
equal to..............................................$143,059,833.25
6. The aggregate amount of Receivables as of the end of
the last day of the preceding Monthly Period was equal
to......................................................$1,709,546,778.56
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....................................$189,878,504.06
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 10th Day of July 1996.
PEOPLE'S BANK
Servicer
By: /s/ Bob Mihalcik
Name: Bob Mihalcik
Title: Vice President
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1993-1
For the July 10, 1996 Determination Date
For the June 1996 Monthly Period
1. The aggregate amount of Collections processed during the
preceding Monthly Period (equal to 1(a) plus 1(b)) was
equal to..................................................$ 17,848,648.58
(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....................................................$ 1,380,670.81
(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...............$ 16,467,977.76
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..............................................$ 1,380,670.81
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....................................$ 16,467,977.76
(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........$ 30,061.92
(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 Certificate-
holders 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........................$ 400,000.00
Total...............................................$ 17,066,666.67
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 1994-1
For the July 10, 1996 Determination Date
For the June 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...................................................$ 19,229,319.39
(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................$ 2,761,341.63
(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................$ 16,467,977.76
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......$ 2,761,341.63
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.......$ 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 1994-1 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.....................................................$ 60,123.85
(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 Certificate-
holders of Series 1994-1 on the Distribution Date in the
current Monthly Period is equal to:
Payable in respect of principal.......................$ 0.00
Payable in respect of interest........................$ 850,000.00
Total...............................................$ 850,000.00
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 July 10, 1996 Determination Date
For the June 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...................................................$ 38,458,638.79
(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..$ 5,522,683.26
(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................$ 32,935,955.53
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......$ 5,522,683.26
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.......$ 120,247.70
(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 Certificate-
holders 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........................$ 1,668,733.27
Total.................................................$ 1,668,733.27
Class B Certificateholders
Payable in respect of principal.......................$ 0.00
Payable in respect of interest........................$ 91,716.96
Total.................................................$ 91,716.96
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 July 10, 1996 Determination Date
For the June 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...................................................$ 38,458,638.79
(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................$ 5,522,683.26
(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................$ 32,935,955.53
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......$ 5,522,683.26
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.......$ 120,247.70
(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 Certificate-
holders 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........................$ 1,683,511.04
Total.................................................$ 1,683,511.04
Class B Certificateholders
Payable in respect of principal.......................$ 0.00
Payable in respect of interest........................$ 90,939.18
Total.................................................$ 90,939.18
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 July 10, 1996 Determination Date
For the June 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...................................................$ 0.00
(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................$ 0.00
(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................$ 0.00
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......$ 814,427.61
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.......$ 0.00
(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 Certificate-
holders 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........................$ 770,592.38
Total.................................................$ 770,592.38
Class B Certificateholders
Payable in respect of principal.......................$ 0.00
Payable in respect of interest........................$ 43,835.23
Total.................................................$ 43,835.23
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
# of Months Series in Existence: 37
Monthly Period Ended June 30, 1996
Distribution Date July 15, 1996
Determination Date July 10, 1996
1.Trust Activity Series 1993-1
Beginning of Month - Aggregate Principal Receivables 1,737,430,488.58
Principal Collections on the Receivables 143,059,833.25
Finance Charge Receivables 23,988,195.68
Receivables in Defaulted Accounts 8,715,746.24
End of Month - Aggregate Principal Receivables 1,709,546,778.56
Investor Interest Series 1993-1 83,333,333.33
Investor Interest Series 1994-1 200,000,000.00
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 226,213,445.23
Investor Percentage with respect to...
Finance Charges 4.8745863%
Charged-Off Accounts 4.8745863%
Principal Receivables 11.6990072%
Seller Percentage with respect to ...
Finance Charges 13.2323636%
Charged-Off Accounts 13.2323636%
Principal Receivables 18.1069499%
2. Allocation of Funds in Collection Account
Available Finance Charge Collections 1,380,670.81
Available Principal Collections 16,467,977.76
Investor Default Amount 501,645.75
Aggregate Collections Allocated to Certificateholders 17,848,648.58
Monthly Certificate Interest Payable to Certificateholders
(See "Calculation of Certificate Interest" #3) 400,000.00
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) 302,956.85
(Net Deposit)/Draws on Shared Principal Collections 0.00
Collections Available to Reimburse Investor Charge offs 304,545.90
Aggregate Investor Charge Offs 0.00
Reimbursed Investor Charge Offs 0.00
Reimbursed Investor Charge Offs per $1,000 Original Investments 0.00
Monthly Investor Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 166,666.67
Monthly Certificate Insurer Fee 7,812.50
Excess Servicing (Shortfall) (dollars) 304,545.90
Excess Servicing (Shortfall) (percentage of Investor interest) 3.65%
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 814,427.61
Deposit of Shared Finance Charge Collections for other Series 74,038.88
Total Distribution to Investors 17,066,666.67
Total Distribution to Investors per $1,000 Invested 85.33
3. Calculation of Certificate Interest
Certificate Rate 4.80%
This Month Certificate Interest 400,000.00
Previous Month's Deficiency Amount 0.00
Total Certificate Interest Distributable to Certificateholders 400,000.00
Total Certificate Interest Distributable per $1,000 of
Original Investment 2.00
4. Calculation of Monthly Principal
Beginning Investor Interest 100,000,000.00
Available Principal Collections 16,467,977.76
Investor Default Amount 501,645.75
Total Investor Monthly Principal 16,969,623.51
Investor Monthly Principal Reinvested in Receivables 302,956.85
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 83,333,333.33
5. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 0.4166667
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Investor Interest 100,000,000.00
Monthly Servicing Fee 166,666.67
7. Calculation of Remaining Surety Bond Amount
Available Surety Bond Amount on Previous Payment Date 10,500,000.00
Stated Surety Bond Amount 9,000,000.00
Unreimbursed Claims on Surety Bond 0.00
Reimbursements of Claims on Surety Bond 0.00
Available Surety Bond Amount (Dollars) 9,000,000.00
Available Surety Bond Amount (Percentage) 9.00%
8. Cash Collateral Account Activity
Beginning of Month Balance 4,083,333.33
Required Cash Collateral Account Amount 3,500,000.00
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 16,475.12
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 3,500,000.00
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 107,281,349.63
Percent Dollars 6.28%
Number of Accts 37,748
Percent Number of Acct 3.03%
31-60 days past due Dollars 24,844,369.63
Percent Dollars 1.45%
Number of Accts 9,062
Percent Number of Acct 0.73%
61-90 days past due Dollars 14,909,183.30
Percent Dollars 0.87%
Number of Accts 4,900
Percent Number of Acct 0.39%
91-120 days past due Dollars 11,518,942.69
Percent Dollars 0.67%
Number of Accts 3,592
Percent Number of Acct 0.29%
121-150 days past due Dollars 8,795,208.17
Percent Dollars 0.51%
Number of Accts 2,580
Percent Number of Acct 0.21%
151-180 days past due Dollars 7,959,777.86
Percent Dollars 0.47%
Number of Accts 2,260
Percent Number of Acct 0.18%
181 + days past due Dollars 11,849,939.62
Percent Dollars 0.69%
Number of Accts 3,439
Percent Number of Acct 0.28%
10. Base Rate Calculation
Base Rate 6.90%
Portfolio Yield (net of losses) 10.55%
Excess of Portfolio Yield over Base Rate 3.65%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 1,842
Ending Number of Accounts 1,247,737
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-1
MONTHLY SERVICER'S REPORT
# of Months Series in Existence: 29
Monthly Period Ended June 30, 1996
Distribution Date July 15, 1996
Determination Date July 10, 1996
1.Trust Activity Series 1994-1
Beginning of Month - Aggregate Principal Receivables 1,737,430,488.58
Principal Collections on the Receivables 143,059,833.25
Finance Charge Receivables 23,988,195.68
Receivables in Defaulted Accounts 8,715,746.24
End of Month - Aggregate Principal Receivables 1,709,546,778.56
Investor Interest Series 1993-1 83,333,333.33
Investor Interest Series 1994-1 200,000,000.00
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 226,213,445.23
Investor Percentage with respect to...
Finance Charges 11.6990072%
Charged-Off Accounts 11.6990072%
Principal Receivables 11.6990072%
Seller Percentage with respect to ...
Finance Charges 13.2323636%
Charged-Off Accounts 13.2323636%
Principal Receivables 18.1069499%
2. Allocation of Funds in Collection Account
Available Finance Charge Collections 2,761,341.63
Available Principal Collections 16,467,977.76
Investor Default Amount 1,003,291.50
Aggregate Collections Allocated to Certificateholders 19,229,319.39
Monthly Certificate Interest Payable to Certificateholders
(See "Calculation of Certificate Interest" #3) 850,000.00
Monthly Principal Payable To Certificateholders
(See"Calculation of Monthly Principal" #4) 0.00
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 17,471,269.26
(Net Deposit)/Draws on Shared Principal Collections 0.00
Collections Available to Reimburse Investor Charge offs 559,091.80
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) 333,333.33
Monthly Certificate Insurer Fee 15,625.00
Excess Servicing (Shortfall) (dollars) 559,091.80
Excess Servicing (Shortfall) (percentage of Investor interest) 3.35%
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 814,427.61
Deposit of Shared Finance Charge Collections for other Series 148,077.75
Total Distribution to Investors 850,000.00
Total Distribution to Investors per $1,000 Invested 4.25
3. Calculation of Certificate Interest
Certificate Rate 5.10%
This Month Certificate Interest 850,000.00
Previous Month's Deficiency Amount 0.00
Total Certificate Interest Distributable to Certificateholders 850,000.00
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.25
4. Calculation of Monthly Principal
Beginning Investor Interest 200,000,000.00
Available Principal Collections 16,467,977.76
Investor Default Amount 1,003,291.50
Total Investor Monthly Principal 17,471,269.26
Investor Monthly Principal Reinvested in Receivables 17,471,269.26
Controlled Amortization Amount 0.00
Maximum Monthly Principal to 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
Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Certificateholders 0.00
Monthly Principal Payable per $1,000 of Original Investment 0.00
Ending Investor Interest 200,000,000.00
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 Investor Interest 200,000,000.00
Monthly Servicing Fee 333,333.33
7. Calculation of Remaining Surety Bond Amount
Available Surety Bond Amount on Previous Payment Date 18,000,000.00
Stated Surety Bond Amount 18,000,000.00
Unreimbursed Claims on Surety Bond 0.00
Reimbursements of Claims on Surety Bond 0.00
Available Surety Bond Amount (Dollars) 18,000,000.00
Available Surety Bond Amount (Percentage) 9.00%
8. Cash Collateral Account Activity
Beginning of Month Balance 7,000,000.00
Required Cash Collateral Account Amount 7,000,000.00
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 28,243.06
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 7,000,000.00
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 107,281,349.63
Percent Dollars 6.28%
Number of Accts 37,748
Percent Number of Acct 3.03%
31-60 days past due Dollars 24,844,369.63
Percent Dollars 1.45%
Number of Accts 9,062
Percent Number of Acct 0.73%
61-90 days past due Dollars 14,909,183.30
Percent Dollars 0.87%
Number of Accts 4,900
Percent Number of Acct 0.39%
91-120 days past due Dollars 11,518,942.69
Percent Dollars 0.67%
Number of Accts 3,592
Percent Number of Acct 0.29%
121-150 days past due Dollars 8,795,208.17
Percent Dollars 0.51%
Number of Accts 2,580
Percent Number of Acct 0.21%
151-180 days past due Dollars 7,959,777.86
Percent Dollars 0.47%
Number of Accts 2,260
Percent Number of Acct 0.18%
181 + days past due Dollars 11,849,939.62
Percent Dollars 0.69%
Number of Accts 3,439
Percent Number of Acct 0.28%
10. Base Rate Calculation
Base Rate 7.20%
Portfolio Yield (net of losses) 10.55%
Excess of Portfolio Yield over Base Rate 3.35%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 1,842
Ending Number of Accounts 1,247,737
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-2
MONTHLY SERVICER'S REPORT
# of Months Series in Existence: 21
Monthly Period Ended June 30, 1996
Distribution Date July 15, 1996
Determination Date July 10, 1996
Number of Days in Period 28
1.Trust Activity Series 1994-2
Beginning of Month - Aggregate Principal Receivables 1,737,430,488.58
Principal Collections on the Receivables 143,059,833.25
Finance Charge Receivables 23,988,195.68
Receivables in Defaulted Accounts 8,715,746.24
End of Month - Aggregate Principal Receivables 1,709,546,778.56
Investor Interest Series 1993-1 83,333,333.33
Investor Interest Series 1994-1 200,000,000.00
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 226,213,445.23
Total Investor Percentage with respect to...
Finance Charges 23.3980143%
Charged-Off Accounts 23.3980143%
Principal Receivables 23.3980143%
Class A Percentage with respect to...
Finance Charges 22.2281136%
Charged-Off Accounts 22.2281136%
Principal Receivables 22.2281136%
Class B Percentage with respect to...
Finance Charges 1.1699007%
Charged-Off Accounts 1.1699007%
Principal Receivables 1.1699007%
Seller Percentage with respect to ...
Finance Charges 13.2323636%
Charged-Off Accounts 13.2323636%
Principal Receivables 18.1069499%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,246,549.10
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,668,733.27
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 1,906,253.86
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,038,228.64
Class A Required Amount 0.00
Class B Available Finance Charge Collections 276,134.16
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 91,716.96
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 100,329.15
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 50,754.73
Class B Required Amount 0.00
Total Excess Spread 1,088,983.37
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 1,088,983.37
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) 1,074,050.04
Remaining Excess Servicing (Shortfall) (percentage of Investor
Interest) 3.22%
Class A Investor Certificate Interest Shortfall 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 32,935,955.53
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) 34,942,538.53
(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
Required Shared Finance Charge Collections for other Series 814,427.61
Deposit of Shared Finance Charge Collections for other Series 296,155.49
Total Distribution to Class A Investors 1,668,733.27
Total Distribution to Class A Investors per $1,000 Invested 4.39
Total Distribution to Class B Investors 91,716.96
Total Distribution to Class B Investors per $1,000 Invested 4.59
3. Calculation of Certificate Interest
Class A Certificate Rate 5.64609%
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 1,668,733.27
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 Certificate-
holders 1,668,733.27
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 4.39
Class B Certificate Rate 5.89609%
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 91,716.96
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 Certificate-
holders 91,716.96
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 4.59
Total Certificate Interest Distributable to Certificateholders 1,760,450.22
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.40
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 31,289,157.75
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 33,195,411.61
Class A Monthly Principal Reinvested in Receivables 33,195,411.61
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 1,646,797.78
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 1,747,126.92
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 1,747,126.92
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 1,088,983.37
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 49,408.33
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 107,281,349.63
Percent Dollars 6.28%
Number of Accts 37,748
Percent Number of Acct 3.03%
31-60 days past due Dollars 24,844,369.63
Percent Dollars 1.45%
Number of Accts 9,062
Percent Number of Acct 0.73%
61-90 days past due Dollars 14,909,183.30
Percent Dollars 0.87%
Number of Accts 4,900
Percent Number of Acct 0.39%
91-120 days past due Dollars 11,518,942.69
Percent Dollars 0.67%
Number of Accts 3,592
Percent Number of Acct 0.29%
121-150 days past due Dollars 8,795,208.17
Percent Dollars 0.51%
Number of Accts 2,580
Percent Number of Acct 0.21%
151-180 days past due Dollars 7,959,777.86
Percent Dollars 0.47%
Number of Accts 2,260
Percent Number of Acct 0.18%
181 + days past due Dollars 11,849,939.62
Percent Dollars 0.69%
Number of Accts 3,439
Percent Number of Acct 0.28%
9. Base Rate Calculation
Base Rate 7.65%
Portfolio Yield (net of losses) 10.55%
Excess of Portfolio Yield over Base Rate 2.89%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 1,842
Ending Number of Accounts 1,247,737
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1995-1
MONTHLY SERVICER'S REPORT
# of Months Series in Existence: 16
Monthly Period Ended June 30, 1996
Distribution Date July 15, 1996
Determination Date July 10, 1996
Number of Days in Period 28
1.Trust Activity Series 1995-1
Beginning of Month - Aggregate Principal Receivables 1,737,430,488.58
Principal Collections on the Receivables 143,059,833.25
Finance Charge Receivables 23,988,195.68
Receivables in Defaulted Accounts 8,715,746.24
End of Month - Aggregate Principal Receivables 1,709,546,778.56
Investor Interest Series 1993-1 83,333,333.33
Investor Interest Series 1994-1 200,000,000.00
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 226,213,445.23
Total Investor Percentage with respect to...
Finance Charges 23.3980143%
Charged-Off Accounts 23.3980143%
Principal Receivables 23.3980143%
Class A Percentage with respect to...
Finance Charges 22.2281136%
Charged-Off Accounts 22.2281136%
Principal Receivables 22.2281136%
Class B Percentage with respect to...
Finance Charges 1.1699007%
Charged-Off Accounts 1.1699007%
Principal Receivables 1.1699007%
Seller Percentage with respect to ...
Finance Charges 13.2323636%
Charged-Off Accounts 13.2323636%
Principal Receivables 18.1069499%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,246,549.10
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,683,511.04
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 1,906,253.86
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,023,450.86
Class A Required Amount 0.00
Class B Available Finance Charge Collections 276,134.16
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 90,939.18
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 100,329.15
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 51,532.51
Class B Required Amount 0.00
Total Excess Spread 1,074,983.37
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 1,074,983.37
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) 1,060,827.81
Remaining Excess Servicing (percentage of Investor Interest) 3.18%
Class A Investor Certificate Interest Shortfall 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 32,935,955.53
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) 34,942,538.53
(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
Required Shared Finance Charge Collections for other Series 814,427.61
Deposit of Shared Finance Charge Collections for other Series 296,155.49
Total Distribution to Class A Investors 1,683,511.04
Total Distribution to Class A Investors per $1,000 Invested 4.43
Total Distribution to Class B Investors 90,939.18
Total Distribution to Class B Investors per $1,000 Invested 4.55
3. Calculation of Certificate Interest
Class A Certificate Rate 5.69609%
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 1,683,511.04
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 Certificate-
holders 1,683,511.04
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 4.43
Class B Certificate Rate 5.84609%
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 90,939.18
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 Certificate-
holders 90,939.18
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 4.55
Total Certificate Interest Distributable to Certificate-
holders 1,774,450.22
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.44
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 31,289,157.75
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 33,195,411.61
Class A Monthly Principal Reinvested in Receivables 33,195,411.61
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 1,646,797.78
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 1,747,126.92
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 1,747,126.92
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 1,074,983.37
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 32,277.78
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 107,281,349.63
Percent Dollars 6.28%
Number of Accts 37,748
Percent Number of Acct 3.03%
31-60 days past due Dollars 24,844,369.63
Percent Dollars 1.45%
Number of Accts 9,062
Percent Number of Acct 0.73%
61-90 days past due Dollars 14,909,183.30
Percent Dollars 0.87%
Number of Accts 4,900
Percent Number of Acct 0.39%
91-120 days past due Dollars 11,518,942.69
Percent Dollars 0.67%
Number of Accts 3,592
Percent Number of Acct 0.29%
121-150 days past due Dollars 8,795,208.17
Percent Dollars 0.51%
Number of Accts 2,580
Percent Number of Acct 0.21%
151-180 days past due Dollars 7,959,777.86
Percent Dollars 0.47%
Number of Accts 2,260
Percent Number of Acct 0.18%
181 + days past due Dollars 11,849,939.62
Percent Dollars 0.69%
Number of Accts 3,439
Percent Number of Acct 0.28%
9. Base Rate Calculation
Base Rate 7.70%
Portfolio Yield (net of losses) 10.55%
Excess of Portfolio Yield over Base Rate 2.84%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 1,842
Ending Number of Accounts 1,247,737
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1996-1
MONTHLY SERVICER'S REPORT
# of Months Series in Existence: 0
Monthly Period Ended June 30, 1996
Distribution Date July 15, 1996
Determination Date July 10, 1996
Number of Days in Period 13
1.Trust Activity Series 1996-1
Beginning of Month - Aggregate Principal Receivables 1,737,430,488.58
Principal Collections on the Receivables 143,059,833.25
Finance Charge Receivables 23,988,195.68
Receivables in Defaulted Accounts 8,715,746.24
End of Month - Aggregate Principal Receivables 1,709,546,778.56
Investor Interest Series 1993-1 83,333,333.33
Investor Interest Series 1994-1 200,000,000.00
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 226,213,445.23
Total Investor Percentage with respect to...
Finance Charges 23.3980143%
Charged-Off Accounts 23.3980143%
Principal Receivables 11.6990072%
Class A Percentage with respect to...
Finance Charges 22.1696186%
Charged-Off Accounts 22.1696186%
Principal Receivables 11.0848093%
Class B Percentage with respect to...
Finance Charges 1.2283958%
Charged-Off Accounts 1.2283958%
Principal Receivables 0.6141979%
Seller Percentage with respect to ...
Finance Charges 13.2323636%
Charged-Off Accounts 13.2323636%
Principal Receivables 18.1069499%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 0.00
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 770,592.38
Unpaid Class A Monthly Cap Interest 770,592.38
Class A Monthly Servicing Fee
(See"Calculation of Monthly Servicing Fee" #6) 0.00
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 0.00
Class A Required Amount 770,592.38
Class B Available Finance Charge Collections 0.00
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 43,835.23
Unpaid Class B Monthly Cap Interest 43,835.23
Class B Monthly Servicing Fee
(See"Calculation of Monthly Servicing Fee" #6) 0.00
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 0.00
Class B Required Amount 43,835.23
Total Excess Spread 0.00
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 770,592.38
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 43,835.23
Shared Finance Charges used to satisfy Remaining Class A Required
Amount 770,592.38
Shared Finance Charges used to satisfy Unpaid Class A Monthly
Cap Interest 770,592.38
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 43,835.23
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Cap Interest 43,835.23
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 0.00
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) 0.00
Remaining Excess Servicing (percentage of Investor Interest) 0.00%
Class A Investor Certificate Interest Shortfall 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 0.00
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) 0.00
(Net Deposit)/Draws on Shared Principal Collections 0.00
Required Shared Finance Charge Collections from other Series 814,427.61
Draw on Shared Finance Charge Collections from other Series 814,427.61
Withdrawal from 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 Class A Investors 770,592.38
Total Distribution to Class A Investors per $1,000 Invested 2.03
Total Distribution to Class B Investors 43,835.23
Total Distribution to Class B Investors per $1,000 Invested 2.09
3. Calculation of Certificate Interest
Class A Certificate Rate 5.63047%
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 770,592.38
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 Certificate-
holders 770,592.38
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 2.03
Class B Certificate Rate 5.78047%
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 43,835.23
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 Certificate-
holders 43,835.23
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 2.09
Total Certificate Interest Distributable to Certificateholders 814,427.61
Total Certificate Interest Distributable per $1,000 of Original
Investment 2.04
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 0.00
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 0.00
Class A Monthly Principal Reinvested in Receivables 0.00
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 0.00
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 0.00
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 0.00
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 0.00
Class B Monthly Servicing Fee 0.00
Total Monthly Servicing Fee 0.00
7. Cash Collateral Account Activity
Beginning of Month Balance 0.00
Required Cash Collateral Account Amount 36,000,000.00
Excess Spread used to satisfy payments per Loan Agreement 0.00
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 11,875.00
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 107,281,349.63
Percent Dollars 6.28%
Number of Accts 37,748
Percent Number of Acct 3.03%
31-60 days past due Dollars 24,844,369.63
Percent Dollars 1.45%
Number of Accts 9,062
Percent Number of Acct 0.73%
61-90 days past due Dollars 14,909,183.30
Percent Dollars 0.87%
Number of Accts 4,900
Percent Number of Acct 0.39%
91-120 days past due Dollars 11,518,942.69
Percent Dollars 0.67%
Number of Accts 3,592
Percent Number of Acct 0.29%
121-150 days past due Dollars 8,795,208.17
Percent Dollars 0.51%
Number of Accts 2,580
Percent Number of Acct 0.21%
151-180 days past due Dollars 7,959,777.86
Percent Dollars 0.47%
Number of Accts 2,260
Percent Number of Acct 0.18%
181 + days past due Dollars 11,849,939.62
Percent Dollars 0.69%
Number of Accts 3,439
Percent Number of Acct 0.28%
9. Base Rate Calculation
Base Rate 7.64%
Portfolio Yield (net of losses) Not Applicable
Excess of Portfolio Yield over Base Rate Not Applicable
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 1,842
Ending Number of Accounts 1,247,737
