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) October 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: October 25, 1996 By: /s/Carlos R. Mello
Carlos R. Mello
Senior Vice President
& Comptroller
MONTHLY SERVICER'S CERTIFICATE
PEOPLE'S BANK
People's Bank Credit Card Master Trust
For the October 10, 1996 Determination Date
For the September 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 October 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.............$ 184,710,796.63
(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..............$ 25,036,356.06
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of
Principal Receivables") was equal to...................$ 159,674,440.57
6. The aggregate amount of Receivables as of the end of the last day of the
preceding Monthly Period was equal to.....................$1,770,537,407.75
7. Attached hereto is a true and correct copy of the statements required to
be delivered by the Servicer on the date of this Certificate to the
Paying Agent pursuant to Article V.
8. To the knowledge of the undersigned, there are no Liens on any Receivables
in the Trust except as described below:
"NONE"
9. The amount by which the Aggregate Principal Receivables exceeds the
Aggregate Principal Receivables required to be maintained pursuant to the
Pooling and Servicing Agreement, is equal to..............$ 246,599,789.20
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 10th Day of October 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 October 10, 1996 Determination Date
For the September 1996 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to.............$ 18,428,641.74
(a) The aggregate amount of Collections of Finance Charge Receivables
collected during the preceding Monthly Period (the "Collections of
Finance Charge Receivables") allocated to Series 1993-1 was equal
to.....................................................$ 695,136.84
(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..$ 17,733,504.91
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........................................................$ 17,361,803.51
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.......................................$ 17,434.37
(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........$ 200,000.00
Total...............................$ 16,866,666.67
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 October 10, 1996 Determination Date
For the September 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.....$ 20,282,339.98
(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.....................................................$ 2,548,835.07
(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..$ 17,733,504.91
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........................................................$ 19,215,501.74
3.(a) The aggregate amount of funds on deposit in the Principal Account
with respect to Collections processed during the preceding Monthly
Period and allocated to Series 1994-1, as of the end of the last day
of the preceding Monthly Period was equal to...........$ 16,666,666.67
(b) The aggregate amount of funds which will be on deposit in the Principal
Account on the Transfer Date following this Determination Date, will
be.....................................................$ 16,666,666.67
4. The aggregate amount of funds on deposit in the Collection Subaccount
relating to Series 1994-1 as of the end of the last day of the preceding
Monthly Period was equal to...............................$ 0.00
5. The aggregate amount of drawings required to be made under the Surety
Bond pursuant to Section 4.6 or 4.11 on the Determination Date in the
current calendar month is equal to........................$ 0.00
6.(a) The aggregate amount of Recoveries to be deposited to the Collection
Account and allocated to Series 1994-1 on the next succeeding Transfer
Date is equal to.......................................$ 63,925.88
(b) The amount of earnings (net of losses and investment expenses) on
funds on deposit in the Excess Funding Account to be transferred from
the Excess Funding Account to the Finance Charge Account on the next
succeeding Transfer Date is equal to...................$ 0.00
7. The sum of all amounts payable to the Investor Certificateholders of
Series 1994-1 on the Distribution Date in the current Monthly Period is
equal to:
Payable in respect of principal.......$ 16,666,666.67
Payable in respect of interest........$ 779,166.67
Total...............................$ 17,445,833.33
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1994-2
For the October 10, 1996 Determination Date
For the September 1996 Monthly Period
1. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to 1(a) plus 1(b)) was equal to.....$ 41,028,104.52
(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.....................................................$ 5,561,094.71
(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..$ 35,467,009.81
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........................................................$ 5,561,094.71
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.......................................$ 139,474.63
(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.........$ 1,730,724.67
Total................................$ 1,730,724.67
Class B Certificateholders
Payable in respect of principal........$ 0.00
Payable in respect of interest.........$ 95,118.55
Total................................$ 95,118.55
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 October 10, 1996 Determination Date
For the September 1996 Monthly Period
1. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to 1(a) plus 1(b)) was equal to.....$ 41,028,104.52
(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.....................................................$ 5,561,094.71
(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..$ 35,467,009.81
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........................................................$ 5,561,094.71
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.......................................$ 139,474.63
(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.........$ 1,746,030.23
Total................................$ 1,746,030.23
Class B Certificateholders
Payable in respect of principal........$ 0.00
Payable in respect of interest.........$ 94,312.99
Total................................$ 94,312.99
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 October 10, 1996 Determination Date
For the September 1996 Monthly Period
1. The aggregate amount of Collections processed during the preceding
Monthly Period (equal to 1(a) plus 1(b)) was equal to.....$ 23,294,599.62
(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.....................................................$ 5,561,094.71
(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..$ 17,733,504.91
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........................................................$ 5,561,094.71
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.......................................$ 139,474.63
(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........................$ 1,726,170.13
Total.................................................$ 1,726,170.13
Class B Certificateholder
Payable in respect of principal.......................$ 0.00
Payable in respect of interest........................$ 98,182.81
Total.................................................$ 98,182.81
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 40
Monthly Period Ended September 30, 1996
Distribution Date October 15, 1996
Determination Date October 10, 1996
1. Trust Activity Series 1993-1
Beginning of Month - Aggregate Principal Receivables 1,800,822,132.22
Principal Collections on the Receivables 159,674,440.57
Finance Charge Receivables 25,036,356.06
Receivables in Defaulted Accounts 8,931,594.63
End of Month - Aggregate Principal Receivables 1,770,537,407.75
Investor Interest Series 1993-1 33,333,333.33
Investor Interest Series 1994-1 166,666,666.67
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 370,537,407.75
Investor Percentage with respect to...
Finance Charges 1.8826676%
Charged-Off Accounts 1.8826676%
Principal Receivables 11.2960053%
Seller Percentage with respect to ...
Finance Charges 20.9279627%
Charged-Off Accounts 20.9279627%
Principal Receivables 20.9279627%
2. Allocation of Funds in Collection Account
Available Finance Charge Collections 695,136.84
Available Principal Collections 17,733,504.91
Investor Default Amount 247,986.59
Aggregate Collections Allocated to Certificateholders 18,428,641.74
Monthly Certificate Interest Payable to Certificateholders
(See "Calculation of Certificate Interest" #3)" 200,000.00
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) 1,314,824.82
(Net Deposit)/Draws on Shared Principal Collections 0.00
Collections Available to Reimburse Investor Charge offs 159,910.67
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) 83,333.33
Monthly Certificate Insurer Fee 3,906.25
Excess Servicing (Shortfall) (dollars) 159,910.67
Excess Servicing (Shortfall) (percentage of Investor Interest) 3.84%
Required Shared Finance Charge Collections from other Series 0.00
Draw on Shared Finance Charge Collections from other Series 0.00
Withdrawal from Cash Collateral Account 0.00
Surety Bond Claim 0.00
Certificate Insurer Fee Shortfall 0.00
Servicing Fee Shortfall 0.00
Investor Charge Offs 0.00
Investor Charge Offs per $1,000 Original Investment 0.00
Investor Certificate Interest Shortfall (Deficiency Amount) 0.00
Payments To Certificate Insurer 0.00
Deposits In Cash Collateral Account 0.00
Required Shared Finance Charge Collections for other Series 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Investors 16,866,666.67
Total Distribution to Investors per $1,000 Invested 84.33
3. Calculation of Certificate Interest
Certificate Rate 4.80000%
This Month Certificate Interest 200,000.00
Previous Month's Deficiency Amount 0.00
Total Certificate Interest Distributable to Certificateholders 200,000.00
Total Certificate Interest Distributable per $1,000 of Original
Investment 1.00
4. Calculation of Monthly Principal
Beginning Investor Interest 50,000,000.00
Available Principal Collections 17,733,504.91
Investor Default Amount 247,986.59
Total Investor Monthly Principal 17,981,491.49
Investor Monthly Principal Reinvested in Receivables 1,314,824.82
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 33,333,333.33
5. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal Amount to
7 decimal places) 0.1666667
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Investor Interest 50,000,000.00
Monthly Servicing Fee 83,333.33
7. Calculation of Remaining Surety Bond Amount
Available Surety Bond Amount on Previous Payment Date 6,000,000.00
Stated Surety Bond Amount 4,250,000.00
Unreimbursed Claims on Surety Bond 0.00
Reimbursements of Claims on Surety Bond 0.00
Available Surety Bond Amount (Dollars) 4,250,000.00
Available Surety Bond Amount (Percentage) 8.50%
8. Cash Collateral Account Activity
Beginning of Month Balance 2,333,333.33
Required Cash Collateral Account Amount 2,000,000.00
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 9,566.84
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 2,000,000.00
Available Cash Collateral Amount (Percentage) 4.00%
Total Credit Enhancement Percentage 12.50%
9. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 102,544,369.34
Percent Dollars 5.79%
Number of Accts 35,833
Percent Number of Accts 2.76%
31-60 days past due Dollars 27,380,752.18
Percent Dollars 1.55%
Number of Accts 9,163
Percent Number of Accts 0.70%
61-90 days past due Dollars 18,189,938.51
Percent Dollars 1.03%
Number of Accts 5,818
Percent Number of Accts 0.45%
91-120 days past due Dollars 13,257,869.63
Percent Dollars 0.75%
Number of Accts 4,131
Percent Number of Accts 0.32%
121-150 days past due Dollars 10,625,770.72
Percent Dollars 0.60%
Number of Accts 3,148
Percent Number of Accts 0.24%
151-180 days past due Dollars 7,586,640.46
Percent Dollars 0.43%
Number of Accts 2,216
Percent Number of Accts 0.17%
181 + days past due Dollars 11,928,694.46
Percent Dollars 0.67%
Number of Accts 3,343
Percent Number of Accts 0.26%
10. Base Rate Calculation
Base Rate 6.90%
Portfolio Yield (net of losses) 10.73%
Excess of Portfolio Yield over Base Rate 3.83%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 650
Ending Number of Accounts 1,300,579
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 32
Monthly Period Ended September 30, 1996
Distribution Date October 15, 1996
Determination Date October 10, 1996
1. Trust Activity Series 1994-1
Beginning of Month - Aggregate Principal Receivables 1,800,822,132.22
Principal Collections on the Receivables 159,674,440.57
Finance Charge Receivables 25,036,356.06
Receivables in Defaulted Accounts 8,931,594.63
End of Month - Aggregate Principal Receivables 1,770,537,407.75
Investor Interest Series 1993-1 33,333,333.33
Investor Interest Series 1994-1 166,666,666.67
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 370,537,407.75
Investor Percentage with respect to...
Finance Charges 9.4133378%
Charged-Off Accounts 9.4133378%
Principal Receivables 11.2960053%
Seller Percentage with respect to ...
Finance Charges 20.9279627%
Charged-Off Accounts 20.9279627%
Principal Receivables 20.9279627%
2. Allocation of Funds in Collection Account
Available Finance Charge Collections 2,548,835.07
Available Principal Collections 17,733,504.91
Investor Default Amount 909,284.15
Aggregate Collections Allocated to Certificateholders 20,282,339.98
Monthly Certificate Interest Payable to Certificateholders
(See "Calculation of Certificate Interest" #3) 779,166.67
Monthly Principal Payable To Certificateholders
(See "Calculation of Monthly Principal" #4) 16,666,666.67
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 1,976,122.38
(Net Deposit)/Draws on Shared Principal Collections 0.00
Collections Available to Reimburse Investor Charge offs 540,505.79
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) 305,555.56
Monthly Certificate Insurer Fee 14,322.92
Excess Servicing (Shortfall) (dollars) 540,505.79
Excess Servicing (Shortfall) (percentage of Investor Interest) 3.54%
Required Shared Finance Charge Collections from other Series 0.00
Draw on Shared Finance Charge Collections from other Series 0.00
Withdrawal from Cash Collateral Account 0.00
Surety Bond Claim 0.00
Certificate Insurer Fee Shortfall 0.00
Servicing Fee Shortfall 0.00
Investor Charge Offs 0.00
Investor Charge Offs per $1,000 Original Investment 0.00
Investor Certificate Interest Shortfall (Deficiency Amounts) 0.00
Payments To Certificate Insurer 0.00
Deposits In Cash Collateral Account 0.00
Required Shared Finance Charge Collections for other Series 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Investors 17,445,833.33
Total Distribution to Investors per $1,000 Invested 87.23
3. Calculation of Certificate Interest
Certificate Rate 5.10000%
This Month Certificate Interest 779,166.67
Previous Month's Deficiency Amount 0.00
Total Certificate Interest Distributable to Certificateholders 779,166.67
Total Certificate Interest Distributable per $1,000 of Original
Investment 3.90
4. Calculation of Monthly Principal
Beginning Investor Interest 183,333,333.33
Available Principal Collections 17,733,504.91
Investor Default Amount 909,284.15
Total Investor Monthly Principal 18,642,789.05
Investor Monthly Principal Reinvested in Receivables 1,976,122.38
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 166,666,666.67
5. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal Amount
to 7 decimal places) 0.8333333
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Investor Interest 183,333,333.33
Monthly Servicing Fee 305,555.56
7. Calculation of Remaining Surety Bond Amount
Available Surety Bond Amount on Previous Payment Date 18,000,000.00
Stated Surety Bond Amount 16,500,000.00
Unreimbursed Claims on Surety Bond 0.00
Reimbursements of Claims on Surety Bond 0.00
Available Surety Bond Amount (Dollars) 16,500,000.00
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 6,416,666.67
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 28,700.53
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 6,416,666.67
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 102,544,369.34
Percent Dollars 5.79%
Number of Accts 35,833
Percent Number of Accts 2.76%
31-60 days past due Dollars 27,380,752.18
Percent Dollars 1.55%
Number of Accts 9,163
Percent Number of Accts 0.70%
61-90 days past due Dollars 18,189,938.51
Percent Dollars 1.03%
Number of Accts 5,818
Percent Number of Accts 0.45%
91-120 days past due Dollars 13,257,869.63
Percent Dollars 0.75%
Number of Accts 4,131
Percent Number of Accts 0.32%
121-150 days past due Dollars 10,625,770.72
Percent Dollars 0.60%
Number of Accts 3,148
Percent Number of Accts 0.24%
151-180 days past due Dollars 7,586,640.46
Percent Dollars 0.43%
Number of Accts 2,216
Percent Number of Accts 0.17%
181 + days past due Dollars 11,928,694.46
Percent Dollars 0.67%
Number of Accts 3,343
Percent Number of Accts 0.26%
10. Base Rate Calculation
Base Rate 7.20%
Portfolio Yield (net of losses) 10.73%
Excess of Portfolio Yield over Base Rate 3.53%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 650
Ending Number of Accounts 1,300,579
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-2
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 24
Monthly Period Ended September 30, 1996
Distribution Date October 15, 1996
Determination Date October 10, 1996
Number of Days in Period 29
1. Trust Activity Series 1994-2
Beginning of Month - Aggregate Principal Receivables 1,800,822,132.22
Principal Collections on the Receivables 159,674,440.57
Finance Charge Receivables 25,036,356.06
Receivables in Defaulted Accounts 8,931,594.63
End of Month - Aggregate Principal Receivables 1,770,537,407.75
Investor Interest Series 1993-1 33,333,333.33
Investor Interest Series 1994-1 166,666,666.67
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 370,537,407.75
Total Investor Percentage with respect to...
Finance Charges 22.5920107%
Charged-Off Accounts 22.5920107%
Principal Receivables 22.5920107%
Class A Percentage with respect to...
Finance Charges 21.4624101%
Charged-Off Accounts 21.4624101%
Principal Receivables 21.4624101%
Class B Percentage with respect to...
Finance Charges 1.1296005%
Charged-Off Accounts 1.1296005%
Principal Receivables 1.1296005%
Seller Percentage with respect to ...
Finance Charges 20.9279627%
Charged-Off Accounts 20.9279627%
Principal Receivables 20.9279627%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,283,039.97
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,730,724.67
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 1,884,698.05
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,034,283.92
Class A Required Amount 0.00
Class B Available Finance Charge Collections 278,054.74
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 95,118.55
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 99,194.63
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 50,408.22
Class B Required Amount 0.00
Total Excess Spread 1,084,692.14
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 1,084,692.14
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) 0.00
Remaining Excess Servicing (Shortfall) (percentage of Investor
Interest) 0.00%
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 35,467,009.81
Monthly Principal Payable To Class A Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Payable To Class B Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 37,450,902.48
(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 1,730,724.67
Total Distribution to Class A Investors per $1,000 Invested 4.55
Total Distribution to Class B Investors 95,118.55
Total Distribution to Class B Investors per $1,000 Invested 4.76
3. Calculation of Certificate Interest
Class A Certificate Rate 5.65391%
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 1,730,724.67
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 1,730,724.67
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 4.55
Class B Certificate Rate 5.90391%
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 95,118.55
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 95,118.55
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 4.76
Total Certificate Interest Distributable to
Certificateholders 1,825,843.22
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.56
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 33,693,659.32
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 35,578,357.37
Class A Monthly Principal Reinvested in Receivables 35,578,357.37
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 1,773,350.49
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 1,872,545.11
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 1,872,545.11
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 1,084,692.14
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 54,408.54
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 102,544,369.34
Percent Dollars 5.79%
Number of Accts 35,833
Percent Number of Accts 2.76%
31-60 days past due Dollars 27,380,752.18
Percent Dollars 1.55%
Number of Accts 9,163
Percent Number of Accts 0.70%
61-90 days past due Dollars 18,189,938.51
Percent Dollars 1.03%
Number of Accts 5,818
Percent Number of Accts 0.45%
91-120 days past due Dollars 13,257,869.63
Percent Dollars 0.75%
Number of Accts 4,131
Percent Number of Accts 0.32%
121-150 days past due Dollars 10,625,770.72
Percent Dollars 0.60%
Number of Accts 3,148
Percent Number of Accts 0.24%
151-180 days past due Dollars 7,586,640.46
Percent Dollars 0.43%
Number of Accts 2,216
Percent Number of Accts 0.17%
181 + days past due Dollars 11,928,694.46
Percent Dollars 0.67%
Number of Accts 3,343
Percent Number of Accts 0.26%
9. Base Rate Calculation
Base Rate 7.66%
Portfolio Yield (net of losses) 10.73%
Excess of Portfolio Yield over Base Rate 3.07%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 650
Ending Number of Accounts 1,300,579
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1995-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 19
Monthly Period Ended September 30, 1996
Distribution Date October 15, 1996
Determination Date October 10, 1996
Number of Days in Period 29
1. Trust Activity Series 1995-1
Beginning of Month - Aggregate Principal Receivables 1,800,822,132.22
Principal Collections on the Receivables 159,674,440.57
Finance Charge Receivables 25,036,356.06
Receivables in Defaulted Accounts 8,931,594.63
End of Month - Aggregate Principal Receivables 1,770,537,407.75
Investor Interest Series 1993-1 33,333,333.33
Investor Interest Series 1994-1 166,666,666.67
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 370,537,407.75
Total Investor Percentage with respect to...
Finance Charges 22.5920107%
Charged-Off Accounts 22.5920107%
Principal Receivables 22.5920107%
Class A Percentage with respect to...
Finance Charges 21.4624101%
Charged-Off Accounts 21.4624101%
Principal Receivables 21.4624101%
Class B Percentage with respect to...
Finance Charges 1.1296005%
Charged-Off Accounts 1.1296005%
Principal Receivables 1.1296005%
Seller Percentage with respect to ...
Finance Charges 20.9279627%
Charged-Off Accounts 20.9279627%
Principal Receivables 20.9279627%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,283,039.97
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,746,030.23
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 1,884,698.05
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,018,978.36
Class A Required Amount 0.00
Class B Available Finance Charge Collections 278,054.74
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 94,312.99
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 99,194.63
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 51,213.78
Class B Required Amount 0.00
Total Excess Spread 1,070,192.14
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 1,070,192.14
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 (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 35,467,009.81
Monthly Principal Payable To Class A Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Payable To Class B Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 37,450,902.48
(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 1,746,030.23
Total Distribution to Class A Investors per $1,000 Invested 4.59
Total Distribution to Class B Investors 94,312.99
Total Distribution to Class B Investors per $1,000 Invested 4.72
3. Calculation of Certificate Interest
Class A Certificate Rate 5.70391%
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 1,746,030.23
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 1,746,030.23
Total Class A Interest Distributable per $1,000 of Class A
Original Investment" 4.59
Class B Certificate Rate 5.85391%
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 94,312.99
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 94,312.99
Total Class B Interest Distributable per $1,000 of Class B
Original Investment" 4.72
Total Certificate Interest Distributable to
Certificateholders 1,840,343.22
Total Certificate Interest Distributable per $1,000 of
Original Investment" 4.60
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 33,693,659.32
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 35,578,357.37
Class A Monthly Principal Reinvested in Receivables 35,578,357.37
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 1,773,350.49
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 1,872,545.11
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 1,872,545.11
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 1,070,192.14
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 37,329.32
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 102,544,369.34
Percent Dollars 5.79%
Number of Accts 35,833
Percent Number of Accts 2.76%
31-60 days past due Dollars 27,380,752.18
Percent Dollars 1.55%
Number of Accts 9,163
Percent Number of Accts 0.70%
61-90 days past due Dollars 18,189,938.51
Percent Dollars 1.03%
Number of Accts 5,818
Percent Number of Accts 0.45%
91-120 days past due Dollars 13,257,869.63
Percent Dollars 0.75%
Number of Accts 4,131
Percent Number of Accts 0.32%
121-150 days past due Dollars 10,625,770.72
Percent Dollars 0.60%
Number of Accts 3,148
Percent Number of Accts 0.24%
151-180 days past due Dollars 7,586,640.46
Percent Dollars 0.43%
Number of Accts 2,216
Percent Number of Accts 0.17%
181 + days past due Dollars 11,928,694.46
Percent Dollars 0.67%
Number of Accts 3,343
Percent Number of Accts 0.26%
9. Base Rate Calculation
Base Rate 7.71%
Portfolio Yield (net of losses) 10.73%
Excess of Portfolio Yield over Base Rate 3.02%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 650
Ending Number of Accounts 1,300,579
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1996-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 3
Monthly Period Ended September 30, 1996
Distribution Date October 15, 1996
Determination Date October 10, 1996
Number of Days in Period 29
1. Trust Activity Series 1996-1
Beginning of Month - Aggregate Principal Receivables 1,800,822,132.22
Principal Collections on the Receivables 159,674,440.57
Finance Charge Receivables 25,036,356.06
Receivables in Defaulted Accounts 8,931,594.63
End of Month - Aggregate Principal Receivables 1,770,537,407.75
Investor Interest Series 1993-1 33,333,333.33
Investor Interest Series 1994-1 166,666,666.67
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 370,537,407.75
Total Investor Percentage with respect to...
Finance Charges 22.5920107%
Charged-Off Accounts 22.5920107%
Principal Receivables 11.2960053%
Class A Percentage with respect to...
Finance Charges 21.4059301%
Charged-Off Accounts 21.4059301%
Principal Receivables 10.7029651%
Class B Percentage with respect to...
Finance Charges 1.1860806%
Charged-Off Accounts 1.1860806%
Principal Receivables 0.5930403%
Seller Percentage with respect to ...
Finance Charges 20.9279627%
Charged-Off Accounts 20.9279627%
Principal Receivables 20.9279627%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,269,137.23
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,726,170.13
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 1,879,738.32
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,031,562.12
Class A Required Amount 0.00
Class B Available Finance Charge Collections 291,957.47
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 98,182.81
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 104,154.37
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 54,620.30
Class B Required Amount 0.00
Total Excess Spread 1,086,182.41
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 1,086,182.41
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 (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 Investmen 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 17,733,504.91
Monthly Principal Payable To Class A Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Payable To Class B Certificateholders
(See "Calculation of Monthly Principal" #4) 0.00
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 19,717,397.59
(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 1,726,170.13
Total Distribution to Class A Investors per $1,000 Invested 4.55
Total Distribution to Class B Investors 98,182.81
Total Distribution to Class B Investors per $1,000 Invested 4.68
3. Calculation of Certificate Interest
Class A Certificate Rate 5.65391%
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 1,726,170.13
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 1,726,170.13
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 4.55
Class B Certificate Rate 5.80391%
Class B Interest Rate Cap Provider Deposit 0.00
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on Deficiency Amount 0.00
This Month Class B Certificate Interest 98,182.81
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 98,182.81
Total Class B Interest Distributable per $1,000 of Class B
Original Investment" 4.68
Total Certificate Interest Distributable to
Certificateholders 1,824,352.94
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.56
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 16,802,495.90
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 18,682,234.21
Class A Monthly Principal Reinvested in Receivables 18,682,234.21
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 931,009.01
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 1,035,163.37
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 1,035,163.37
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 1,086,182.41
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 42,762.80
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 102,544,369.34
Percent Dollars 5.79%
Number of Accts 35,833
Percent Number of Accts 2.76%
31-60 days past due Dollars 27,380,752.18
Percent Dollars 1.55%
Number of Accts 9,163
Percent Number of Accts 0.70%
61-90 days past due Dollars 18,189,938.51
Percent Dollars 1.03%
Number of Accts 5,818
Percent Number of Accts 0.45%
91-120 days past due Dollars 13,257,869.63
Percent Dollars 0.75%
Number of Accts 4,131
Percent Number of Accts 0.32%
121-150 days past due Dollars 10,625,770.72
Percent Dollars 0.60%
Number of Accts 3,148
Percent Number of Accts 0.24%
151-180 days past due Dollars 7,586,640.46
Percent Dollars 0.43%
Number of Accts 2,216
Percent Number of Accts 0.17%
181 + days past due Dollars 11,928,694.46
Percent Dollars 0.67%
Number of Accts 3,343
Percent Number of Accts 0.26%
9. Base Rate Calculation
Base Rate 7.66%
Portfolio Yield (net of losses) 10.73%
Excess of Portfolio Yield over Base Rate 3.07%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 0
Number of Automatic Additonal Accounts 650
Ending Number of Accounts 1,300,579
