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) August 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: August 23, 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 August 9, 1996 Determination Date
For the July 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 August 9, 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.....$ 188,996,475.11
(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.........$ 24,434,398.04
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections
of Principal Receivables") was equal to............. $ 164,562,077.07
6. The aggregate amount of Receivables as of the end of the last day of
the preceding Monthly Period was equal to.................$1,694,424,654.71
7. Attached hereto is a true and correct copy of the statements required to
be delivered by the Servicer on the date of this Certificate to the
Paying Agent pursuant to Article V.
8. To the knowledge of the undersigned, there are no Liens on any Receivables
in the Trust except as described below:
"NONE"
9. The amount by which the Aggregate Principal Receivables exceeds the
Aggregate Principal Receivables required to be maintained pursuant to
the Pooling and Servicing Agreement, is equal to...........$ 109,148,262.21
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 9th Day of August 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 August 9, 1996 Determination Date
For the July 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.....$ 20,443,205.00
(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 1993-1 was
equal to.............................................$ 1,191,075.82
(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...................................................$ 19,252,129.18
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......$ 1,191,075.82
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.......................................$ 29,177.92
(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 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....................$ 333,333.33
Total..........................................$ 17,000,000.00
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 1994-1
For the August 9, 1996 Determination Date
For the July 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..............$ 22,110,711.15
(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....................................................$ 2,858,581.98
(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....................................................$ 19,252,129.18
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.........................................................$ 2,858,581.98
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.................$ 70,026.99
(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...................$ 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 August 9, 1996 Determination Date
For the July 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......$ 44,221,422.30
(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....................................................$ 5,717,163.95
(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....................................................$ 38,504,258.35
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.........................................................$ 5,717,163.95
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..................$ 140,053.97
(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....................$ 1,847,526.12
Total.............................................$ 1,847,526.12
Class B Certificateholders
Payable in respect of principal...................$ 0.00
Payable in respect of interest....................$ 101,543.77
Total.............................................$ 101,543.77
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 August 9, 1996 Determination Date
For the July 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.....$ 44,221,422.30
(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...................................................$ 5,717,163.95
(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...................................................$ 38,504,258.35
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.........................................................$ 5,717,163.95
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..................$ 140,053.97
(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....................$ 1,863,887.23
Total.............................................$ 1,863,887.23
Class B Certificateholders
Payable in respect of principal...................$ 0.00
Payable in respect of interest....................$ 100,682.66
Total.............................................$ 100,682.66
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 August 9, 1996 Determination Date
For the July 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......$ 24,969,293.13
(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....................................................$ 5,717,163.95
(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....................................................$ 19,252,129.18
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.........................................................$ 5,717,163.95
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..................$ 140,053.97
(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....................$ 1,842,664.21
Total.............................................$ 1,842,664.21
Class B Certificateholders
Payable in respect of principal...................$ 0.00
Payable in respect of interest....................$ 104,812.63
Total.............................................$ 104,812.63
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 38
Monthly Period Ended July 31, 1996
Distribution Date August 15, 1996
Determination Date August 9, 1996
1. Trust Activity Series 1993-1
Beginning of Month - Aggregate Principal Receivables 1,709,546,778.56
Principal Collections on the Receivables 164,562,077.07
Finance Charge Receivables 24,434,398.04
Receivables in Defaulted Accounts 8,577,132.27
End of Month - Aggregate Principal Receivables 1,694,424,654.71
Investor Interest Series 1993-1 66,666,666.67
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 227,757,988.04
Investor Percentage with respect to...
Finance Charges 3.9344722%
Charged-Off Accounts 3.9344722%
Principal Receivables 11.8034165%
Seller Percentage with respect to ...
Finance Charges 13.4416120%
Charged-Off Accounts 13.4416120%
Principal Receivables 17.3760842%
2. Allocation of Funds in Collection Account
Available Finance Charge Collections 1,191,075.82
Available Principal Collections 19,252,129.18
Investor Default Amount 418,099.72
Aggregate Collections Allocated to Certificateholders 20,443,205.00
Monthly Certificate Interest Payable to Certificateholders
(See "Calculation of Certificate Interest" #3) 333,333.33
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) 3,003,562.22
(Net Deposit)/Draws on Shared Principal Collections 0.00
Collections Available to Reimburse Investor Charge offs 294,243.47
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) 138,888.89
Monthly Certificate Insurer Fee 6,510.42
Excess Servicing (Shortfall) (dollars) 294,243.47
Excess Servicing (Shortfall) (percentage of Investor Interest) 4.24%
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 17,000,000.00
Total Distribution to Investors per $1,000 Invested 85.00
3. Calculation of Certificate Interest
Certificate Rate 4.80000%
This Month Certificate Interest 333,333.33
Previous Month's Deficiency Amount 0.00
Total Certificate Interest Distributable to Certificateholders 333,333.33
Total Certificate Interest Distributable per $1,000 of Original
Investment 1.67
4. Calculation of Monthly Principal
Beginning Investor Interest 83,333,333.33
Available Principal Collections 19,252,129.18
Investor Default Amount 418,099.72
Total Investor Monthly Principal 19,670,228.89
Investor Monthly Principal Reinvested in Receivables 3,003,562.22
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 66,666,666.67
5. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 0.3333333
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Investor Interest 83,333,333.33
Monthly Servicing Fee 138,888.89
7. Calculation of Remaining Surety Bond Amount
Available Surety Bond Amount on Previous Payment Date 9,000,000.00
Stated Surety Bond Amount 7,500,000.00
Unreimbursed Claims on Surety Bond 0.00
Reimbursements of Claims on Surety Bond 0.00
Available Surety Bond Amount (Dollars) 7,500,000.00
Available Surety Bond Amount (Percentage) 9.00%
8. Cash Collateral Account Activity
Beginning of Month Balance 3,500,000.00
Required Cash Collateral Account Amount 2,916,666.67
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 16,925.20
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 2,916,666.67
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 101,299,788.30
Percent Dollars 5.98%
Number of Accts 36,452
Percent Number of Accts 2.92%
31-60 days past due Dollars 25,292,436.04
Percent Dollars 1.49%
Number of Accts 8,680
Percent Number of Accts 0.69%
61-90 days past due Dollars 16,240,685.29
Percent Dollars 0.96%
Number of Accts 5,421
Percent Number of Accts 0.43%
91-120 days past due Dollars 11,514,202.23
Percent Dollars 0.68%
Number of Accts 3,631
Percent Number of Accts 0.29%
121-150 days past due Dollars 9,021,635.94
Percent Dollars 0.53%
Number of Accts 2,710
Percent Number of Accts 0.22%
151-180 days past due Dollars 7,362,991.95
Percent Dollars 0.43%
Number of Accts 2,113
Percent Number of Accts 0.17%
181 + days past due Dollars 12,444,065.84
Percent Dollars 0.73%
Number of Accts 3,489
Percent Number of Accts 0.28%
10. Base Rate Calculation
Base Rate 6.90%
Portfolio Yield (net of losses) 11.13%
Excess of Portfolio Yield over Base Rate 4.23%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 1,139
Ending Number of Accounts 1,249,296
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 30
Monthly Period Ended July 31, 1996
Distribution Date August 15, 1996
Determination Date August 9, 1996
1. Trust Activity Series 1994-1
Beginning of Month - Aggregate Principal Receivables 1,709,546,778.56
Principal Collections on the Receivables 164,562,077.07
Finance Charge Receivables 24,434,398.04
Receivables in Defaulted Accounts 8,577,132.27
End of Month - Aggregate Principal Receivables 1,694,424,654.71
Investor Interest Series 1993-1 66,666,666.67
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 227,757,988.04
Investor Percentage with respect to...
Finance Charges 11.8034165%
Charged-Off Accounts 11.8034165%
Principal Receivables 11.8034165%
Seller Percentage with respect to ...
Finance Charges 13.4416120%
Charged-Off Accounts 13.4416120%
Principal Receivables 17.3760842%
2. Allocation of Funds in Collection Account
Available Finance Charge Collections 2,858,581.98
Available Principal Collections 19,252,129.18
Investor Default Amount 1,003,439.32
Aggregate Collections Allocated to Certificateholders 22,110,711.15
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) 20,255,568.49
(Net Deposit)/Draws on Shared Principal Collections 0.00
Collections Available to Reimburse Investor Charge offs 656,184.32
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) 656,184.32
Excess Servicing (Shortfall) (percentage of Investor Interest) 3.94%
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 850,000.00
Total Distribution to Investors per $1,000 Invested 4.25
3. Calculation of Certificate Interest
Certificate Rate 5.10000%
This Month Certificate Interest 850,000.00
Previous Month's Deficiency Amount 0.00
Total Certificate Interest Distributable to Certificate-
holders 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 19,252,129.18
Investor Default Amount 1,003,439.32
Total Investor Monthly Principal 20,255,568.49
Investor Monthly Principal Reinvested in Receivables 20,255,568.49
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 33,850.41
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 101,299,788.30
Percent Dollars 5.98%
Number of Accts 36,452
Percent Number of Accts 2.92%
31-60 days past due Dollars 25,292,436.04
Percent Dollars 1.49%
Number of Accts 8,680
Percent Number of Accts 0.69%
61-90 days past due Dollars 16,240,685.29
Percent Dollars 0.96%
Number of Accts 5,421
Percent Number of Accts 0.43%
91-120 days past due Dollars 11,514,202.23
Percent Dollars 0.68%
Number of Accts 3,631
Percent Number of Accts 0.29%
121-150 days past due Dollars 9,021,635.94
Percent Dollars 0.53%
Number of Accts 2,710
Percent Number of Accts 0.22%
151-180 days past due Dollars 7,362,991.95
Percent Dollars 0.43%
Number of Accts 2,113
Percent Number of Accts 0.17%
181 + days past due Dollars 12,444,065.84
Percent Dollars 0.73%
Number of Accts 3,489
Percent Number of Accts 0.28%
10. Base Rate Calculation
Base Rate 7.20%
Portfolio Yield (net of losses) 11.13%
Excess of Portfolio Yield over Base Rate 3.93%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 1,139
Ending Number of Accounts 1,249,296
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-2
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 22
Monthly Period Ended July 31, 1996
Distribution Date August 15, 1996
Determination Date August 9, 1996
Number of Days in Period 31
1. Trust Activity Series 1994-2
Beginning of Month - Aggregate Principal Receivables 1,709,546,778.56
Principal Collections on the Receivables 164,562,077.07
Finance Charge Receivables 24,434,398.04
Receivables in Defaulted Accounts 8,577,132.27
End of Month - Aggregate Principal Receivables 1,694,424,654.71
Investor Interest Series 1993-1 66,666,666.67
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 227,757,988.04
Total Investor Percentage with respect to...
Finance Charges 23.6068331%
Charged-Off Accounts 23.6068331%
Principal Receivables 23.6068331%
Class A Percentage with respect to...
Finance Charges 22.4264914%
Charged-Off Accounts 22.4264914%
Principal Receivables 22.4264914%
Class B Percentage with respect to...
Finance Charges 1.1803417%
Charged-Off Accounts 1.1803417%
Principal Receivables 1.1803417%
Seller Percentage with respect to ...
Finance Charges 13.4416120%
Charged-Off Accounts 13.4416120%
Principal Receivables 17.3760842%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,431,305.75
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,847,526.12
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 1,906,534.70
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,043,911.60
Class A Required Amount 0.00
Class B Available Finance Charge Collections 285,858.20
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 101,543.77
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 100,343.93
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 50,637.17
Class B Required Amount 0.00
Total Excess Spread 1,094,548.77
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 1,094,548.77
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) 1,076,948.77
Remaining Excess Servicing (Shortfall) (percentage of
Investor Interest) 3.23%
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 38,504,258.35
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) 40,511,136.98
(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 1,847,526.12
Total Distribution to Class A Investors per $1,000 Invested 4.86
Total Distribution to Class B Investors 101,543.77
Total Distribution to Class B Investors per $1,000 Invested 5.08
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 1,847,526.12
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 1,847,526.12
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 4.86
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 101,543.77
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 101,543.77
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 5.08
Total Certificate Interest Distributable to
Certificateholders 1,949,069.89
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.87
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 36,579,045.44
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 38,485,580.14
Class A Monthly Principal Reinvested in Receivables 38,485,580.14
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 1,925,212.92
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 2,025,556.84
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 2,025,556.84
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 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 1,094,548.77
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 57,887.50
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 101,299,788.30
Percent Dollars 5.98%
Number of Accts 36,452
Percent Number of Accts 2.92%
31-60 days past due Dollars 25,292,436.04
Percent Dollars 1.49%
Number of Accts 8,680
Percent Number of Accts 0.69%
61-90 days past due Dollars 16,240,685.29
Percent Dollars 0.96%
Number of Accts 5,421
Percent Number of Accts 0.43%
91-120 days past due Dollars 11,514,202.23
Percent Dollars 0.68%
Number of Accts 3,631
Percent Number of Accts 0.29%
121-150 days past due Dollars 9,021,635.94
Percent Dollars 0.53%
Number of Accts 2,710
Percent Number of Accts 0.22%
151-180 days past due Dollars 7,362,991.95
Percent Dollars 0.43%
Number of Accts 2,113
Percent Number of Accts 0.17%
181 + days past due Dollars 12,444,065.84
Percent Dollars 0.73%
Number of Accts 3,489
Percent Number of Accts 0.28%
9. Base Rate Calculation
Base Rate 7.65%
Portfolio Yield (net of losses) 11.13%
Excess of Portfolio Yield over Base Rate 3.48%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 1,139
Ending Number of Accounts 1,249,296
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1995-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 17
Monthly Period Ended July 31, 1996
Distribution Date August 15, 1996
Determination Date August 9, 1996
Number of Days in Period 31
1. Trust Activity Series 1995-1
Beginning of Month - Aggregate Principal Receivables 1,709,546,778.56
Principal Collections on the Receivables 164,562,077.07
Finance Charge Receivables 24,434,398.04
Receivables in Defaulted Accounts 8,577,132.27
End of Month - Aggregate Principal Receivables 1,694,424,654.71
Investor Interest Series 1993-1 66,666,666.67
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 227,757,988.04
Total Investor Percentage with respect to...
Finance Charges 23.6068331%
Charged-Off Accounts 23.6068331%
Principal Receivables 23.6068331%
Class A Percentage with respect to...
Finance Charges 22.4264914%
Charged-Off Accounts 22.4264914%
Principal Receivables 22.4264914%
Class B Percentage with respect to...
Finance Charges 1.1803417%
Charged-Off Accounts 1.1803417%
Principal Receivables 1.1803417%
Seller Percentage with respect to ...
Finance Charges 13.4416120%
Charged-Off Accounts 13.4416120%
Principal Receivables 17.3760842%
Class A Available Finance Charge Collections 5,431,305.75
Class A Monthly Cap Interest Payable to Class A
Certificateholders
(See "Calculation of Certificate Interest" #3) 1,863,887.23
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 1,906,534.70
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,027,550.49
Class A Required Amount 0.00
Class B Available Finance Charge Collections 285,858.20
Class B Monthly Cap Interest Payable to Class B
Certificateholders
(See "Calculation of Certificate Interest" #3) 100,682.66
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 100,343.93
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 51,498.28
Class B Required Amount 0.00
Total Excess Spread 1,079,048.76
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 1,079,048.76
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) 1,062,365.43
Remaining Excess Servicing (percentage of Investor Interest) 3.19%
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 38,504,258.35
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) 40,511,136.98
(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 1,863,887.23
Total Distribution to Class A Investors per $1,000 Invested 4.90
Total Distribution to Class B Investors 100,682.66
Total Distribution to Class B Investors per $1,000 Invested 5.03
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 1,863,887.23
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 1,863,887.23
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 4.90
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 100,682.66
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 100,682.66
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 5.03
Total Certificate Interest Distributable to
Certificateholders 1,964,569.88
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.91
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 36,579,045.44
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 38,485,580.14
Class A Monthly Principal Reinvested in Receivables 38,485,580.14
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 1,925,212.92
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 2,025,556.84
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 2,025,556.84
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 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 1,079,048.76
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 38,686.18
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 101,299,788.30
Percent Dollars 5.98%
Number of Accts 36,452
Percent Number of Accts 2.92%
31-60 days past due Dollars 25,292,436.04
Percent Dollars 1.49%
Number of Accts 8,680
Percent Number of Accts 0.69%
61-90 days past due Dollars 16,240,685.29
Percent Dollars 0.96%
Number of Accts 5,421
Percent Number of Accts 0.43%
91-120 days past due Dollars 11,514,202.23
Percent Dollars 0.68%
Number of Accts 3,631
Percent Number of Accts 0.29%
121-150 days past due Dollars 9,021,635.94
Percent Dollars 0.53%
Number of Accts 2,710
Percent Number of Accts 0.22%
151-180 days past due Dollars 7,362,991.95
Percent Dollars 0.43%
Number of Accts 2,113
Percent Number of Accts 0.17%
181 + days past due Dollars 12,444,065.84
Percent Dollars 0.73%
Number of Accts 3,489
Percent Number of Accts 0.28%
9. Base Rate Calculation
Base Rate 7.70%
Portfolio Yield (net of losses) 11.13%
Excess of Portfolio Yield over Base Rate 3.43%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 1,139
Ending Number of Accounts 1,249,296
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1996-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 1
Monthly Period Ended July 31, 1996
Distribution Date August 15, 1996
Determination Date August 9, 1996
Number of Days in Period 31
1. Trust Activity Series 1996-1
Beginning of Month - Aggregate Principal Receivables 1,709,546,778.56
Principal Collections on the Receivables 164,562,077.07
Finance Charge Receivables 24,434,398.04
Receivables in Defaulted Accounts 8,577,132.27
End of Month - Aggregate Principal Receivables 1,694,424,654.71
Investor Interest Series 1993-1 66,666,666.67
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 227,757,988.04
Total Investor Percentage with respect to...
Finance Charges 23.6068331%
Charged-Off Accounts 23.6068331%
Principal Receivables 11.8034165%
Class A Percentage with respect to...
Finance Charges 22.3674743%
Charged-Off Accounts 22.3674743%
Principal Receivables 11.1837372%
Class B Percentage with respect to...
Finance Charges 1.2393587%
Charged-Off Accounts 1.2393587%
Principal Receivables 0.6196794%
Seller Percentage with respect to ...
Finance Charges 13.4416120%
Charged-Off Accounts 13.4416120%
Principal Receivables 17.3760842%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,417,012.84
Class A Monthly Cap Interest Payable to Class A
Certificateholders
(See "Calculation of Certificate Interest" #3) 1,842,664.21
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 1,901,517.51
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,041,164.46
Class A Required Amount 0.00
Class B Available Finance Charge Collections 300,151.11
Class B Monthly Cap Interest Payable to Class B
Certificateholders
(See "Calculation of Certificate Interest" #3) 104,812.63
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 105,361.13
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 54,977.35
Class B Required Amount 0.00
Total Excess Spread 1,096,141.81
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 1,096,141.81
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) 1,068,425.25
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 19,252,129.18
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) 21,259,007.81
(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 1,842,664.21
Total Distribution to Class A Investors per $1,000
Invested 4.86
Total Distribution to Class B Investors 104,812.63
Total Distribution to Class B Investors per $1,000
Invested 4.99
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 1,842,664.21
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 1,842,664.21
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 4.86
Class B Certificate Rate 5.79609%
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 104,812.63
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 104,812.63
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 4.99
Total Certificate Interest Distributable to
Certificateholders 1,947,476.83
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.87
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 18,241,392.39
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 20,142,909.90
Class A Monthly Principal Reinvested in Receivables 20,142,909.90
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 1,010,736.78
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 1,116,097.91
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 1,116,097.91
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) 1.000000
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 1,096,141.81
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 38,975.26
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 101,299,788.30
Percent Dollars 5.98%
Number of Accts 36,452
Percent Number of Accts 2.92%
31-60 days past due Dollars 25,292,436.04
Percent Dollars 1.49%
Number of Accts 8,680
Percent Number of Accts 0.69%
61-90 days past due Dollars 16,240,685.29
Percent Dollars 0.96%
Number of Accts 5,421
Percent Number of Accts 0.43%
91-120 days past due Dollars 11,514,202.23
Percent Dollars 0.68%
Number of Accts 3,631
Percent Number of Accts 0.29%
121-150 days past due Dollar 9,021,635.94
Percent Dollars 0.53%
Number of Accts 2,710
Percent Number of Accts 0.22%
151-180 days past due Dollars 7,362,991.95
Percent Dollars 0.43%
Number of Accts 2,113
Percent Number of Accts 0.17%
181 + days past due Dollars 12,444,065.84
Percent Dollars 0.73%
Number of Accts 3,489
Percent Number of Accts 0.28%
9. Base Rate Calculation
Base Rate 7.65%
Portfolio Yield (net of losses) 11.13%
Excess of Portfolio Yield over Base Rate 3.48%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 1,139
Ending Number of Accounts 1,249,296
