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) June 16, 1997
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, 1994-1, 1994-2, 1995-1, 1996-1
and 1997-1
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: June 20, 1997 By: /s/Kyunghee Choi
Kyunghee Choi
Vice President
MONTHLY SERVICER'S CERTIFICATE
PEOPLE'S BANK
People's Bank Credit Card Master Trust
For the June 10, 1997 Determination Date
For the May 1997 Monthly Period
The undersigned, a duly authorized representative of People's Bank, as
Servicer pursuant to the Amended and Restated Pooling and Servicing Agreement
dated as of March 18, 1997, (as heretofore amended, supplemented or otherwise
modified, 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 June 10, 1997, 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...$ 292,696,818.97
(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...............$ 30,632,354.06
(b) The aggregate amount of Collections of Principal Receivables
collected during the preceding Monthly Period (the "Collections of
Principal Receivables") was equal to....................$ 262,064,464.91
6. The aggregate amount of Receivables as of the end of the last day of the
preceding Monthly Period was equal to...................$ 2,256,619,887.11
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............$ 457,958,360.56
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 10th Day of June 1997.
PEOPLE'S BANK
Servicer
By : /s/Lisa Brooks
Name: Lisa Brooks
Title: Vice President
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1994-1
For the June 10, 1997 Determination Date
For the May 1997 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 27,857,705.09
(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......................................................$ 790,948.95
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1994-1 was equal to...$ 27,066.756.14
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......................................................$ 17,457,615.62
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........................................$ 19,798.76
(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..........................$ 212,500.00
Total...................................................$ 16,879,166.67
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1994-2
For the June 10, 1997 Determination Date
For the May 1997 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 59,602,359.33
(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......................................................$ 5,468,847.05
(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...$ 54,133,512.28
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......................................................$ 32,611,704.19
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...................$ 27,142,857.14
(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.................................................$ 27,142,857.14
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........................................$ 136,894.33
(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........................$ 27,142,857.14
Payable in respect of interest.........................$ 1,690,095.24
Total..................................................$ 28,832,952.38
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 108,222.22
Total..................................................$ 108,222.22
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
Schedule - to Monthly
Servicer's Certificate
PEOPLE'S BANK
People's Bank Credit Card Master Trust, Series 1995-1
For the June 10, 1997 Determination Date
For the May 1997 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 60,461,103.91
(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......................................................$ 6,327,591.63
(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...$ 54,133,512.28
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......................................................$ 6,327,591.63
3. (a) The aggregate amount of funds on deposit in the Principal Account
with respect to Collections processed during the preceding Monthly Period
and allocated to Series 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........................................$ 158,390.07
(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.........................$ 1,988,666.67
Total..................................................$ 1,986,666.67
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 107,333.33
Total..................................................$ 107,333.33
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 1996-1
For the June 10, 1997 Determination Date
For the May 1997 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 60,461,103.91
(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......................................................$ 6,327,591.63
(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....$ 54,133,512.28
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......................................................$ 6,327,591.63
3. (a) The aggregate amount of funds on deposit in the Principal Account with
respect to Collections processed during the preceding Monthly Period and
allocated to Series 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........................................$ 158,390.07
(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.........................$ 1,966,588.89
Total..................................................$ 1,966,588.89
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 111,766.67
Total..................................................$ 111,766.67
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 1997-1
For the June 10, 1997 Determination Date
For the May 1997 Monthly Period
1. The aggregate amount of Collections processed during the preceding Monthly
Period (equal to 1(a) plus 1(b)) was equal to...........$ 75,576,379.98
(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 1997-1 was equal
to......................................................$ 7,909,489.54
(b) The aggregate amount of Collections of Principal Receivables collected
during the preceding Monthly Period (the "Collections of Principal
Receivables") allocated to Series 1997-1 was equal to....$ 67,666,890.35
2. The aggregate amount of funds on deposit in the Series Accounts with
respect to Series 1997-1 with respect to Collections processed during the
preceding Monthly Period, and applicable to Series 1997-1 as of the
Transfer Date relating to the preceding Monthly Period was equal
to......................................................$ 7,909,489.54
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 1997-1, 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 1997-1 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 1997-1 on the next succeeding Transfer
Date is equal to........................................$ 197,987.59
(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 1997-1 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.........................$ 2,193,944.44
Total..................................................$ 2,193,944.44
Class B Certificateholders
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 180.225.00
Total..................................................$ 180,225.00
Collateral Interest
Payable in respect of principal........................$ 0.00
Payable in respect of interest.........................$ 160,562.14
Total..................................................$ 160,562.14
8. No Series Pay Out Event or Trust Pay Out Event has occurred.
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 40
Monthly Period Ended May 31, 1997
Distribution Date June 16, 1997
Determination Date June 10, 1997
1. Trust Activity Series 1994-1
Beginning of Month - Aggregate Principal Receivables 1,936,430,531.47(1)
Principal Collections on the Receivables 262,064,464.91
Finance Charge Receivables 30,632,354.06
Receivables in Defaulted Accounts 11,201,032.59
End of Month - Aggregate Principal Receivables 2,256,619,887.11
Investor Interest Series 1994-1 33,333,333.33
Investor Interest Series 1994-2 318,571,428.57
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Investor Interest Series 1997-1 500,000,000.00
Seller Principal Receivables 604,715.125.21
Investor Percentage with respect to...
Finance Charges 1.4771355%
Charged-Off Accounts 1.4771355%
Principal Receivables 8.8628130%
Seller Percentage with respect to ...
Finance Charges 26.7973853%
Charged-Off Accounts 26.7973853%
Principal Receivables 15.8032768%
2. Allocation of Funds in Collection Account
Available Finance Charge Collections 790,948.95
Available Principal Collections 27,066,756.14
Investor Default Amount 289,218.55
Unpaid Investor Default Amount 0.00
Aggregate Collections Allocated to Certificateholders 27,857,705.09
Monthly Certificate Interest Payable to Certificateholders
(See "Calculation of Certificate Interest" #3) 212,500.00
Monthly Principal Payable To Certificateholders
(See "Calculation of Monthly Principal" #4) 16,666,666.67
Monthly Principal Reinvested In Receivables
(See "Calculation of Monthly Principal" #4) 10,689,308.02
(Net Deposit)/Draws on Shared Principal Collections 0.00
Collections Available to Reimburse Investor Charge offs 201,990.82
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) 201,990.82
Excess Servicing (Shortfall) (percentage of Investor Interest) 4.85%
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 8,229,309.54
Deposit of Shared Finance Charge Collections for other Series 201,990.82
Total Distribution to Investors 16,879,166.67
Total Distribution to Investors per $1,000 Invested 84.40
3. Calculation of Certificate Interest
Certificate Rate 5.10000%
This Month Certificate Interest 212,500.00
Previous Month's Deficiency Amount 0.00
Total Certificate Interest Distributable to Certificateholders 212,500.00
Total Certificate Interest Distributable per $1,000 of Original
Investment 1.06
4. Calculation of Monthly Principal
Beginning Investor Interest 50,000,000.00
Available Principal Collections 27,066,756.14
Investor Default Amount 289,218.55
Total Investor Monthly Principal 27,355.974.69
Investor Monthly Principal Reinvested in Receivables 10,689,308.02
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 33,333,333.00
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 5,000,000.00
Stated Surety Bond Amount 3,750,000.00
Unreimbursed Claims on Surety Bond 0.00
Reimbursements of Claims on Surety Bond 0.00
Available Surety Bond Amount (Dollars) 3,750,000.00
Available Surety Bond Amount (Percentage) 7.50%
8. Cash Collateral Account Activity
Beginning of Month Balance 3,333,333.33
Required Cash Collateral Account Amount 2,500,000.00
Cash Collateral Account Deposits 0.00
Cash Collateral Surplus 833,333.33
Reinvestment Income Received on Cash Collateral Account 14,927.66
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 2,500,000.00
Available Cash Collateral Amount (Percentage) 5.00%
Total Credit Enhancement Percentage 12.50%
9. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 107,530,332.67
Percent Dollars 4.77%
Number of Accts 38,076
Percent Number of Accts 2.53%
31-60 days past due Dollars 26,589,692.04
Percent Dollars 1.18%
Number of Accts 8,696
Percent Number of Accts 0.58%
61-90 days past due Dollars 18,007,684.43
Percent Dollars 0.80%
Number of Accts 5,376
Percent Number of Accts 0.36%
91-120 days past due Dollars 14,234,632.71
Percent Dollars 0.63%
Number of Accts 3,972
Percent Number of Accts 0.26%
121-150 days past due Dollars 11,741,618.16
Percent Dollars 0.52%
Number of Accts 3,198
Percent Number of Accts 0.21%
151-180 days past due Dollars 10,139,123.45
Percent Dollars 0.45%
Number of Accts 2,702
Percent Number of Accts 0.18%
181 + days past due Dollars 16,887,899.72
Percent Dollars 0.75%
Number of Accts 4,338
Percent Number of Accts 0.29%
10. Base Rate Calculation
Gross Yield 18.98%(1)
Percentage of Defaulted Accounts 6.94%(1)
Portfolio Yield (net of losses) 12.04%(1)
Base Rate 7.20%
Excess of Portfolio Yield over Base Rate 4.84%(1)
11. Number of Accounts in the Trust
Number of Additional Accounts 240,877
Number of Removed Accounts 21,097
Number of Automatic Additonal Accounts 1,170
Ending Number of Accounts 1,502,491
(1)Consistent with the Servicer's standard methodology, the Aggregate Principal
receivables reported in the May Servicer's Report does not include the
receivables arising under the addition of accounts to the Trust on
May 1, 1997. However, Principal Collections on the Receivables, Finance
Charge Receivables and Receivables in Defaulted Accounts arising under
such Additional Accounts to the Trust were included in the May Servicer's
Report, in accordance with the standard methodology. Were the Principal
Receivables arising under the May 1st addition included in the Aggregate
Principal Receivables, the percentages would be calculated as set forth
below:
Gross Yield: 15.68%
Receivables in Defaulted Accounts: 5.73%
Portfolio Yield (net of losses): 9.95%
Excess of Portfolio Yield over Base Rate:
Series 1994-1: 2.75%
Series 1994-2: 2.09%
Series 1995-1: 2.05%
Series 1996-1: 2.10%
Series 1997-1: 2.24%
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-2
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 32
Monthly Period Ended May 31, 1997
Distribution Date June 16, 1997
Determination Date June 10, 1997
Number of Days in Period 32
1. Trust Activity Series 1994-2
Beginning of Month - Aggregate Principal Receivables 1,936,430,531.47(1)
Principal Collections on the Receivables 262,064,464.91
Finance Charge Receivables 30,632,354.06
Receivables in Defaulted Accounts 11,201,032.59
End of Month - Aggregate Principal Receivables 2,256,619,887.11
Investor Interest Series 1994-1 33,333,333.33
Investor Interest Series 1994-2 318,571,428.57
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Investor Interest Series 1997-1 500,000,000.00
Seller Principal Receivables 604,715,125.21
Total Investor Percentage with respect to...
Finance Charges 14.1171949%
Charged-Off Accounts 14.1171949%
Principal Receivables 17.7256259%
Class A Percentage with respect to...
Finance Charges 13.2309136%
Charged-Off Accounts 13.2309136%
Principal Receivables 16.8393446%
Class B Percentage with respect to...
Finance Charges 0.8862813%
Charged-Off Accounts 0.8862813%
Principal Receivables 0.8862813%
Seller Percentage with respect to ...
Finance Charges 26.7973853%
Charged-Off Accounts 26.7973853%
Principal Receivables 15.8032768%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,152,467.47
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,690,095.24
Unpaid Class A Monthly Cap Interest 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 542,857.14
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 1,884,052.27
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,035,462.82
Class A Required Amount 0.00
Class B Available Finance Charge Collections 316,379.58
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 108,222.22
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 33,333.33
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 115,687.42
Unreimbursed Class B Investor Charge-offs 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 59,136.61
Class B Required Amount 0.00
Total Excess Spread 1,094,599.43
Excess Spread used to Satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining Unpaid Class A
Monthly Servicing Fee 0.00
Excess Spread used to satisfy remaining Unpaid Class A Investor
Default Amount 0.00
Excess Spread used to satisfy remaining Unpaid 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 remaining Unpaid Class B Monthly
Cap Interest 0.00
Excess Spread used to satisfy remaining Unpaid Class B Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining Unpaid Class B Investor
Default Amount 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 remaining Unpaid Class A
Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining Unpaid Class A
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining Unpaid Class A
Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining 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 remaining Unpaid
Class A Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy remaining Unpaid
Class A Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy remaining Unpaid
Class A Investor Default Amount 0.00
Cash Collateral Withdrawal used to satisfy remaining
Unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Reallocated Principal Collections used to satisfy Remaining
Class A Required Amount 0.00
Class B Reallocated Principal Collections used to satisfy
remaining Unpaid Class A Monthly Cap Interest 0.00
Class B Reallocated Principal Collections used to satisfy
remaining Unpaid Class A Monthly Servicing Fee 0.00
Class B Reallocated Principal Collections used to satisfy
remaining Unpaid Class A Investor Default Amount 0.00
Class B Reallocated Principal Collections used to satisfy
remaining Unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Investor Interest used to satisfy remaining Class A
Required Amount 0.00
Class B Investor Interest used to satisfy remaining Unpaid
Class A Monthly Cap Interest 0.00
Class B Investor Interest used to satisfy remaining Unpaid
Class A Monthly Servicing Fee 0.00
Class B Investor Interest used to satisfy remaining Unpaid
Class A Investor Default Amount 0.00
Class B Investor Interest used to satisfy remaining Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy Remaining Class B Required
Amount 0.00
Shared Finance Charges used to satisfy remaining Unpaid
Class B Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining Unpaid
Class B Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining Unpaid
Class B Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining 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 remaining Unpaid
Class B Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy remaining Unpaid
Class B Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy remaining Unpaid
Class B Investor Default Amount 0.00
Cash Collateral Withdrawal used to satisfy remaining
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 1,094,599.43
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Remaining Excess Spread (Shortfall) (dollars) 1,080,928.00
Remaining Excess Spread (Shortfall) (percentage of Investor
Interest) 3.75%
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 54,133,512.28
Monthly Principal Payable To Class A Certificateholders
(See "Calculation of Monthly Principal" #4) 27,142,857.14
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) 28,990,394.83
(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 8,229,309.54
Deposit of Shared Finance Charge Collections for other
Series 2,235,154.78
Total Distribution to Class A Investors 28,832,952.38
Total Distribution to Class A Investors per $1,000 Invested 75.88
Total Distribution to Class B Investors 108,222.22
Total Distribution to Class B Investors per $1,000 Invested 5.41
3. Calculation of Certificate Interest
Class A Certificate Rate 5.83750%
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 1,690,095.24
Expected Class A Principal 325,714,285.71
This Month Class A Cap Shortfall 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 1,690,095.24
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 4.45
Class B Certificate Rate 6.08750%
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 108,222.22
Expected Class B Principal 20,000,000.00
This Month Class B Cap Shortfall 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 108,222.22
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 5.41
Total Certificate Interest Distributable to
Certificateholders 1,798,317.46
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.50
4. Calculation of Monthly Principal
Beginning Investor Interest 345,714,285.71
Beginning Class A Interest 325,714,285.71
Class A Available Principal Collections 51,426,836.67
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 53,310,888.94
Class A Monthly Principal Reinvested in Receivables 26,168,031.80
Class A Controlled Amortization Amount 27,142,857.14
Maximum Monthly Principal to Class A Certificateholders 27,142,857.14
Class A Deficit Controlled Amortization Amount 0.00
Monthly Principal Payable to Class A Certificateholders 27,142,857.14
Class A Monthly Principal Payable per $1,000 of Original
Investment 71.43
Beginning Class B Interest 20,000,000.00
Class B Available Principal Collections 2,706,675.61
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 2,822,363.03
Class B Reallocated Principal Collections 0.00
Prior Month's Cumulative Class B Reallocated Principal 0.00
Class B Reallocated Investor Interest 0.00
Prior Month's Cumulative Class B Reduction of Interest 0.00
Class B Monthly Principal Reinvested in Receivables 2,822,363.03
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 318,571,428.57
Ending Class A Interest 298,571,428.57
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) 0.7964286
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Class A Investor Interest 325,714,285.71
Beginning Class B Investor Interest 20,000,000.00
Beginning Investor Interest 345,714,285.71
Class A Monthly Servicing Fee 542,857.14
Class B Monthly Servicing Fee 33,333.33
Total Monthly Servicing Fee 576,190.47
7. Cash Collateral Account Activity
Beginning of Month Balance 33,557,142.86
Required Cash Collateral Account Amount 31,114,285.71
Excess Spread used to satisfy payments per Loan Agreement 1,094,599.43
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 68,512.50
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 31,114,285.71
Available Cash Collateral Amount (Percentage) 9.00%
8. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 107,530,332.67
Percent Dollars 4.77%
Number of Accts 38,076
Percent Number of Accts 2.53%
31-60 days past due Dollars 26,589,692.04
Percent Dollars 1.18%
Number of Accts 8,696
Percent Number of Accts 0.58%
61-90 days past due Dollars 18,007,684.43
Percent Dollars 0.80%
Number of Accts 5,376
Percent Number of Accts 0.36%
91-120 days past due Dollars 14,234,632.71
Percent Dollars 0.63%
Number of Accts 3,972
Percent Number of Accts 0.26%
121-150 days past due Dollars 11,741,618.16
Percent Dollars 0.52%
Number of Accts 3,198
Percent Number of Accts 0.21%
151-180 days past due Dollars 10,139,123.45
Percent Dollars 0.45%
Number of Accts 2,702
Percent Number of Accts 0.18%
181 + days past due Dollars 16,887,899.72
Percent Dollars 0.75%
Number of Accts 4,338
Percent Number of Accts 0.29%
9. Base Rate Calculation
Gross Yield 18.98%(1)
Percentage of Defaulted Accounts 6.94%(1)
Portfolio Yield (net of losses) 12.04%(1)
Base Rate 7.85%
Excess of Portfolio Yield over Base Rate 4.19%(1)
10. Number of Accounts in the Trust
Number of Additional Accounts 240,877
Number of Removed Accounts 21,097
Number of Automatic Additonal Accounts 1,170
Ending Number of Accounts 1,502,491
(1)Consistent with the Servicer's standard methodology, the Aggregate Principal
receivables reported in the May Servicer's Report does not include the
receivables arising under the addition of accounts to the Trust on
May 1, 1997. However, Principal Collections on the Receivables, Finance
Charge Receivables and Receivables in Defaulted Accounts arising under
such Additional Accounts to the Trust were included in the May Servicer's
Report, in accordance with the standard methodology. Were the Principal
Receivables arising under the May 1st addition included in the Aggregate
Principal Receivables, the percentages would be calculated as set forth
below:
Gross Yield: 15.68%
Receivables in Defaulted Accounts: 5.73%
Portfolio Yield (net of losses): 9.95%
Excess of Portfolio Yield over Base Rate:
Series 1994-1: 2.75%
Series 1994-2: 2.09%
Series 1995-1: 2.05%
Series 1996-1: 2.10%
Series 1997-1: 2.24%
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1995-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 27
Monthly Period Ended May 31, 1997
Distribution Date June 16, 1997
Determination Date June 10, 1997
Number of Days in Period 32
1. Trust Activity Series 1995-1
Beginning of Month - Aggregate Principal Receivables 1,936,430,531.47(1)
Principal Collections on the Receivables 262,064,464.91
Finance Charge Receivables 30,632,354.06
Receivables in Defaulted Accounts 11,201,032.59
End of Month - Aggregate Principal Receivables 2,256,619,887.11
Investor Interest Series 1994-1 33,333,333.33
Investor Interest Series 1994-2 318,571,428.57
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Investor Interest Series 1997-1 500,000,000.00
Seller Principal Receivables 604,715,125.21
Total Investor Percentage with respect to...
Finance Charges 17.7256259%
Charged-Off Accounts 17.7256259%
Principal Receivables 17.7256259%
Class A Percentage with respect to...
Finance Charges 16.8393446%
Charged-Off Accounts 16.8393446%
Principal Receivables 16.8393446%
Class B Percentage with respect to...
Finance Charges 0.8862813%
Charged-Off Accounts 0.8862813%
Principal Receivables 0.8862813%
Seller Percentage with respect to ...
Finance Charges 26.7973853%
Charged-Off Accounts 26.7973853%
Principal Receivables 15.8032768%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 6,011,212.05
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,988,666.67
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 2,198,060.98
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,191,151.07
Class A Required Amount 0.00
Class B Available Finance Charge Collections 316,379.58
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 107,333.33
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #6) 33,333.33
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 115,687.42
Unpaid Class B Investor Default Amound 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 60,025.50
Class B Required Amount 0.00
Total Excess Spread 1,251,176.57
Excess Spread used to Satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining Unpaid Class A
Monthly Servicing Fee 0.00
Excess Spread used to satisfy remaining Unpaid Class A
Investor Default Amount 0.00
Excess Spread used to satisfy remaining Unpaid 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 remaining Unpaid Class B
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining Unpaid Class B
Monthly Servicing Fee 0.00
Excess Spread used to satisfy remaining Unpaid Class B
Investor Default Amount 0.00
Excess Spread used to satisfy remaining Unpaid 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 remaining Unpaid Class A
Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining Unpaid Class A
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining Unpaid Class A
Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining 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 remaining Unpaid
Class A Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy remaining Unpaid
Class A Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy remaining Unpaid
Class A Investor Default Amount 0.00
Cash Collateral Withdrawal used to satisfy remaining
Unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Reallocated Principal Collections used to satisfy Remaining
Class A Required Amount 0.00
Class B Reallocated Principal Collections used to satisfy
remaining Unpaid Class A Monthly Cap Interest 0.00
Class B Reallocated Principal Collections used to satisfy
remaining Unpaid Class A Monthly Servicing Fee 0.00
Class B Reallocated Principal Collections used to satisfy
remaining Unpaid Class A Investor Default Amount 0.00
Class B Reallocated Principal Collections used to satisfy
remaining Unpaid Unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Reallocated Investor Interest used to satisfy remaining
Class A Required Amount 0.00
Class B Reallocated Investor Interest used to satisfy remaining
Unpaid Class A Monthly Cap Interest 0.00
Class B Reallocated Investor Interest used to satisfy remaining
Unpaid Class A Monthly Servicing Fee 0.00
Class B Reallocated Investor Interest used to satisfy remaining
Unpaid Class A Investor Default Amount 0.00
Class B Reallocated Investor Interest used to satisfy remaining
Unpaid Unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy Remaining Class B Required
Amount 0.00
Shared Finance Charges used to satisfy remaining Unpaid Class B
Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining Unpaid Class B
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining Unpaid Class B
Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining 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 remaining Unpaid
Class B Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy remaining Unpaid
Class B Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy remaining Unpaid
Class B Investor Default Amount 0.00
Cash Collateral Withdrawal used to satisfy Unpaid 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 Investor
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 1,251,176.57
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Remaining Excess Spread after Funding Spread Account (dollars) 0.00
Remaining Excess Spread after Funding Spread Account (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 54,133,512.28
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) 56,447,260.68
(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 8,229,309.54
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Class A Investors 1,988,666.67
Total Distribution to Class A Investors per $1,000 Invested 5.23
Total Distribution to Class B Investors 107,333.33
Total Distribution to Class B Investors per $1,000 Invested 5.37
3. Calculation of Certificate Interest
Class A Certificate Rate 5.88750%
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 1,988,666.67
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 1,988,666.67
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 5.23
Class B Certificate Rate 6.03750%
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 107,333.33
Expected Class B Principal 20,000,000.00
This Month Class B Cap Shortfall 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 107,333.33
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 5.37
Total Certificate Interest Distributable to
Certificateholders 2,096,000.00
Total Certificate Interest Distributable per $1,000 of
Original Investment 5.24
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 51,426,836.67
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 53,624,897.65
Class A Monthly Principal Reinvested in Receivables 53,624,897.65
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 2,706,675.61
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 2,822,363.03
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 2,822,363.03
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 1,251,176.57
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 51,982.66
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 36,000,000.00
Available Cash Collateral Amount (Percentage) 9.00%
8. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 107,530,332.67
Percent Dollars 4.77%
Number of Accts 38,076
Percent Number of Accts 2.53%
31-60 days past due Dollars 26,589,692.04
Percent Dollars 1.18%
Number of Accts 8,696
Percent Number of Accts 0.58%
61-90 days past due Dollars 18,007,684.43
Percent Dollars 0.80%
Number of Accts 5,376
Percent Number of Accts 0.36%
91-120 days past due Dollars 14,234,632.71
Percent Dollars 0.63%
Number of Accts 3,972
Percent Number of Accts 0.26%
121-150 days past due Dollars 11,741,618.16
Percent Dollars 0.52%
Number of Accts 3,198
Percent Number of Accts 0.21%
151-180 days past due Dollars 10,139,123.45
Percent Dollars 0.45%
Number of Accts 2,702
Percent Number of Accts 0.18%
181 + days past due Dollars 16,887,899.72
Percent Dollars 0.75%
Number of Accts 4,338
Percent Number of Accts 0.29%
9. Base Rate Calculation
Gross Yield 18.98%(1)
Percentage on Default Accounts 6.94%(1)
Portfolio Yield (net of losses) 12.04%(1)
Base Rate 7.90%
Excess of Portfolio Yield over Base Rate 4.15%(1)
10. Number of Accounts in the Trust
Number of Additional Accounts 240,877
Number of Removed Accounts 21,097
Number of Automatic Additonal Accounts 1,170
Ending Number of Accounts 1,502,491
(1)Consistent with the Servicer's standard methodology, the Aggregate Principal
receivables reported in the May Servicer's Report does not include the
receivables arising under the addition of accounts to the Trust on
May 1, 1997. However, Principal Collections on the Receivables, Finance
Charge Receivables and Receivables in Defaulted Accounts arising under
such Additional Accounts to the Trust were included in the May Servicer's
Report, in accordance with the standard methodology. Were the Principal
Receivables arising under the May 1st addition included in the Aggregate
Principal Receivables, the percentages would be calculated as set forth
below:
Gross Yield: 15.68%
Receivables in Defaulted Accounts: 5.73%
Portfolio Yield (net of losses): 9.95%
Excess of Portfolio Yield over Base Rate:
Series 1994-1: 2.75%
Series 1994-2: 2.09%
Series 1995-1: 2.05%
Series 1996-1: 2.10%
Series 1997-1: 2.24%
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1996-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 11
Monthly Period Ended May 31, 1997
Distribution Date June 16, 1997
Determination Date June 10, 1997
Number of Days in Period 32
1. Trust Activity Series 1996-1
Beginning of Month - Aggregate Principal Receivables 1,936,430,531.47(1)
Principal Collections on the Receivables 262,064,464.91
Finance Charge Receivables 30,632,354.06
Receivables in Defaulted Accounts 11,201,032.59
End of Month - Aggregate Principal Receivables 2,256,619,887.11
Investor Interest Series 1994-1 33,333,333.33
Investor Interest Series 1994-2 318,571,428.57
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Investor Interest Series 1997-1 500,000,000.00
Seller Principal Receivables 604,715,125.21
Total Investor Percentage with respect to...
Finance Charges 17.7256259%
Charged-Off Accounts 17.7256259%
Principal Receivables 17.7256259%
Class A Percentage with respect to...
Finance Charges 16.7950306%
Charged-Off Accounts 16.7950306%
Principal Receivables 16.7950306%
Class B Percentage with respect to...
Finance Charges 0.9305954%
Charged-Off Accounts 0.9305954%
Principal Receivables 0.9305954%
Seller Percentage with respect to ...
Finance Charges 26.7973853%
Charged-Off Accounts 26.7973853%
Principal Receivables 15.8032768%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,995,393.07
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,966,588.89
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 2,192,276.61
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,204.860.90
Class A Required Amount 0.00
Class B Available Finance Charge Collections 332,198.56
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 111,766.67
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 121,471.79
Unpaid Class B Investor Default Amount 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 63,960.10
Class B Required Amount 0.00
Total Excess Spread 1,268,821.00
Excess Spread used to Satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining Unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining Unpaid Class A
Monthly Servicing Fee 0.00
Excess Spread used to satisfy remaining Unpaid Class A
Investor Default Amount 0.00
Excess Spread used to satisfy remaining Unpaid 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 remaining Unpaid Class B
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining Unpaid Class B
Monthly Servicing Fee 0.00
Excess Spread used to satisfy remaining Unpaid Class A
Investor Default Amount 0.00
Excess Spread used to satisfy remaining Unpaid 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 remaining Unpaid
Class A Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining Unpaid
Class A Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining Unpaid
Class A Investor Default Amount 0.00
Shared Finance Charges used to satisfy remaining Unpaid
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 remaining Unpaid
Class A Monthly Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy remaining Unpaid
Class A Monthly Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy remaining Unpaid
Class A Investor Default Amount 0.00
Cash Collateral Withdrawal used to satisfy remaining Unpaid
Unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy Remaining
Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Unpaid Class A Investor Default Amount 0.00
Reallocated Class B Principal Collections used to satisfy
Unpaid Unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy Remaining
Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Unpaid Class A Investor Default Amount 0.00
Reallocated Class B Investor Interest used to satisfy
Unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy Remaining Class B Required
Amount 0.00
Shared Finance Charges used to satisfy remaining Unpaid
Class B Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining Unpaid
Class B Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining Unpaid
Class B Investor Default Amount 0.00
Shared Finance Charges used to satisfy Unpaid 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 Class B Investor
Default Amount 0.00
Cash Collateral Withdrawal used to satisfy remaining
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
Investor 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 1,268,821.00
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Remaining Excess Spread after Funding Spread Account (dollars) 0.00
Remaining Excess Spread after Funding Spread Account (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 54,133,512.28
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) 56,447,260.68
(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 8,229,309.54
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Class A Investors 1,966,588.89
Total Distribution to Class A Investors per $1,000 Invested 5.19
Total Distribution to Class B Investors 111,766.67
Total Distribution to Class B Investors per $1,000 Invested 5.32
3. Calculation of Certificate Interest
Class A Certificate Rate 5.83750%
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 1,966,588.89
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 1,966,588.89
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 5.19
Class B Certificate Rate 5.98750%
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 111,766.67
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 111,766.67
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 5.32
Total Certificate Interest Distributable to
Certificateholders 2,078,355.56
Total Certificate Interest Distributable per $1,000 of
Original Investment 5.20
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 51,291,502.89
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 53,483,779.50
Class A Monthly Principal Reinvested in Receivables 53,483,779.50
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 2,842,009.39
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 2,963,481.18
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 2,963,481.18
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 1,268,821.00
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 72,220.63
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 36,000,000.00
Available Cash Collateral Amount (Percentage) 9.00%
8. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 107,530,332.67
Percent Dollars 4.77%
Number of Accts 38,076
Percent Number of Accts 2.53%
31-60 days past due Dollars 26,589,692.04
Percent Dollars 1.18%
Number of Accts 8,696
Percent Number of Accts 0.58%
61-90 days past due Dollars 18,007,684.43
Percent Dollars 0.80%
Number of Accts 5,376
Percent Number of Accts 0.36%
91-120 days past due Dollars 14,234,632.71
Percent Dollars 0.63%
Number of Accts 3,972
Percent Number of Accts 0.26%
121-150 days past due Dollars 11,741,618.16
Percent Dollars 0.52%
Number of Accts 3,198
Percent Number of Accts 0.21%
151-180 days past due Dollars 10,139,123.45
Percent Dollars 0.45%
Number of Accts 2,702
Percent Number of Accts 0.18%
181 + days past due Dollars 16,887,899.72
Percent Dollars 0.75%
Number of Accts 4,338
Percent Number of Accts 0.29%
9. Base Rate Calculation
Gross Yield 18.98%(1)
Percentage on Defaulted Accounts 6.94%(1)
Portfolio Yield (net of losses) 12.04%(1)
Base Rate 7.85%
Excess of Portfolio Yield over Base Rate 4.20%(1)
10. Number of Accounts in the Trust
Number of Additional Accounts 240,877
Number of Removed Accounts 21,097
Number of Automatic Additonal Accounts 1,170
Ending Number of Accounts 1,502,491
(1)Consistent with the Servicer's standard methodology, the Aggregate Principal
receivables reported in the May Servicer's Report does not include the
receivables arising under the addition of accounts to the Trust on
May 1, 1997. However, Principal Collections on the Receivables, Finance
Charge Receivables and Receivables in Defaulted Accounts arising under
such Additional Accounts to the Trust were included in the May Servicer's
Report, in accordance with the standard methodology. Were the Principal
Receivables arising under the May 1st addition included in the Aggregate
Principal Receivables, the percentages would be calculated as set forth
below:
Gross Yield: 15.68%
Receivables in Defaulted Accounts: 5.73%
Portfolio Yield (net of losses): 9.95%
Excess of Portfolio Yield over Base Rate:
Series 1994-1: 2.75%
Series 1994-2: 2.09%
Series 1995-1: 2.05%
Series 1996-1: 2.10%
Series 1997-1: 2.24%
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1997-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 3
Monthly Period Ended May 31, 1997
Distribution Date June 16, 1997
Determination Date June 10, 1997
Number of Days in Period 32
1. Trust Activity Series 1997-1
Beginning of Month - Aggregate Principal Receivables 1,936,430,531.47(1)
Principal Collections on the Receivables 262,064,464.91
Finance Charge Collections 30,632,354.06
Receivables in Defaulted Accounts 11,201,032.59
End of Month - Aggregate Principal Receivables 2,256,619,887.11
Investor Interest Series 1994-1 33,333,333.33
Investor Interest Series 1994-2 318,571,428.57
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Investor Interest Series 1997-1 500,000,000.00
Seller Principal Receivables 604,715,125.21
Adjusted Investor Interest Series 1997-1 500,000,000.00
Class A Adjusted Investor Interest 425,000,000.00
Class B Investor Interest 33,750,000.00
Collateral Interest 41,250,000.00
Total Investor Percentage with respect to...
Finance Charges 22.1570324%
Charged-Off Accounts 22.1570324%
Principal Receivables 22.1570324%
Class A Percentage with respect to...
Finance Charges 18.8334776%
Charged-Off Accounts 18.8334776%
Principal Receivables 18.8334776%
Class B Percentage with respect to...
Finance Charges 1.4955997%
Charged-Off Accounts 1.4955997%
Principal Receivables 1.4955997%
Collateral Interest Percentage with respect to...
Finance Charges 1.8279552%
Charged-Off Accounts 1.8279552%
Principal Receivables 1.8279552%
Seller Percentage with respect to...
Finance Charges 26.7973853%
Charged-Off Accounts 26.7973853%
Principal Receivables 15.8032768%
Discount Percentage N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 6,723,066.11
Class A Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 2,193,944.44
Unpaid Class A Monthly Cap Rate Interest 0.00
Class A Covered Amount
(See "Calculation of Certificate Interest" #4) 0.00
Unpaid Class A Covered Amount 0.00
Class A Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 708,333.33
Unpaid Class A Monthly Servicing Fee 0.00
Class A Investor Default Amount 2,458,357.67
Unpaid Class A Investor Default Amount 0.00
Unreimbursed Class A Investor Charge-offs 0.00
Unpaid unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,362,430.67
Class A Required Amount 0.00
Class B Available Finance Charge Collections 533,890.54
Class B Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 180,225.00
Unpaid Class B Monthly Cap Interest 0.00
Class B Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7)" 56,250.00
Unpaid Class B Monthly Servicing Fee 0.00
Class B Investor Default Amount 195,222.52
Unpaid Class B Investor Default Amount 0.00
Unreimbursed Class B Investor Charge-offs 0.00
Unpaid unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Available Funds 102,193.02
Class B Required Amount 0.00
Collateral Available Finance Charge Collections 652,532.89
Collateral Interest Monthly Servicing Fee
(See "Calculation of Monthly Servicing Fee" #7) 68,750.00
Unpaid Collateral Interest Monthly Servicing Fee 0.00
Excess Spread from Collateral Available Finance Charge
Collections 583,782.89
Total Excess Spread 2,048,406.58
Excess Spread used to satisfy Class A Required Amount 0.00
Excess Spread used to satisfy remaining Unpaid Class A
Monthly Cap Interest 0.00
Excess Spread used to satisfy remaining Unpaid Class A Covered
Amount 0.00
Excess Spread used to satisfy remaining Unpaid Class A Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining Unpaid Class A Investor
Default Amount 0.00
Excess Spread used to satisfy remaining Unpaid 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 remaining Unpaid Class B Monthly
Cap Interest 0.00
Excess Spread used to satisfy remaining Unpaid Class B Monthly
Servicing Fee 0.00
Excess Spread used to satisfy remaining Unpaid Class B Investor
Default Amount 0.00
Excess Spread used to satisfy remaining Unpaid 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 remaining Unpaid Class A
Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining Unpaid Class A
Covered Amount 0.00
Shared Finance Charges used to satisfy remaining Unpaid Class A
Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining Unpaid Class A
Investor Default Amount 0.00
Shared Finance Charges used to satisfy Unpaid Unreimbursed
Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Unpaid Class A Covered Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
Unpaid Unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Unpaid Class A Covered Amount 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Principal Collections used to satisfy
remaining Unpaid Class A Investor Default Amount 0.00
Reallocated Class B Principal Collections used to satisfy
Unpaid Unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Unpaid Class A Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Unpaid Class A Covered Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Unpaid Class A Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Unpaid Class A Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
Unpaid Unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Class A Required Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Unpaid Class A Monthly Cap Interest 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Unpaid Class A Covered Amount 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Unpaid Class A Monthly Servicing Fee 0.00
Reallocated Class B Investor Interest used to satisfy
remaining Unpaid Class A Investor Default Amount 0.00
Reallocated Class B Investor Interest used to satisfy
Unpaid Unreimbursed Class A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Shared Finance Charges used to satisfy remaining Class B
Required Amount 0.00
Shared Finance Charges used to satisfy remaining Unpaid
Class B Monthly Cap Interest 0.00
Shared Finance Charges used to satisfy remaining Unpaid
Class B Monthly Servicing Fee 0.00
Shared Finance Charges used to satisfy remaining Unpaid
Class B Investor Default Amount 0.00
Shared Finance Charges used to satisfy Unpaid Unreimbursed
Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Principal Collections used to satisfy
remaining Unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Principal Collections used to satisfy
Unpaid Unreimbursed Class B Investor Charge-offs 0.00
Remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Class B Required Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Unpaid Class B Monthly Cap Interest 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Unpaid Class B Monthly Servicing Fee 0.00
Reallocated Collateral Investor Interest used to satisfy
remaining Unpaid Class B Investor Default Amount 0.00
Reallocated Collateral Investor Interest used to satisfy
Unpaid 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" #4) 0.00
Remaining unpaid interest on overdue Class A 0.00
Excess Spread used to satisfy interest on overdue Class B
(See "Calculation of Certificate Interest" #4) 0.00
Remaining unpaid interest on overdue Class A 0.00
Excess Spread used to satisfy unreimbursed reductions to Class B
Investor Interest from prior periods 0.00
Unpaid unreimbursed reductions to Class B Investor Interest
from prior periods 0.00
Excess Spread used to pay Collateral Monthly Interest 160,562.14
Remaining unpaid Collateral Monthly Interest 0.00
Excess Spread used to satisfy excess of Class A Monthly
Interest over Class A Monthly Cap Rate (other than Class A
Excess Interest) 0.00
Remaining excess of Class A Monthly Interest over Class A
Monthly Cap Rate (other than Class A Excess Interest) 0.00
Excess Spread used to satisfy excess of Class B Monthly Interest
over Class B Monthly Cap Rate (other than Class B Excess Interest) 0.00
Remaining excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Excess Spread used to satisfy Collateral Default Amount 238,605.30
Remaining Collateral Default Amount 0.00
Excess Spread used to satisfy unreimbursed reductions to
Collateral Investor Interest from prior periods 0.00
Remaining unreimbursed reductions to Collateral Investor
Interest from prior periods 0.00
Excess Spread used to fund Reserve Account up to Required
Reserve Account Amount 0.00
Remaining amount to fund Reserve Account up to Required
Reserve Account Amount 0.00
Excess Spread used to satisfy amounts per Loan Agreement 1,649,239.14
Remaining amount to pay amounts per Loan Agreement 8,229,309.54
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Excess Spread used for Shared Finance Charge Collections
for Other Series 0.00
Excess Spread used to pay other accrued and unpaid expenses
of the Trust 0.00
Excess Spread paid to Holder of Exchangeable Seller
Certificate (dollars) 0.00
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 0.00%
Shared Finance Charge Collections used to pay any remaining
Collateral Interest Monthly Servicing Fee 0.00
Shared Finance Charge Collections used to reimburse reductions
to Class B Investor Interest 0.00
Shared Finance Charge Collections used to pay any unpaid
Collateral Monthly Interest 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class A Monthly Interest over Class A Monthly
Cap (other than Class A Excess Interest) 0.00
Shared Finance Charge Collections used to satisfy remaining
excess of Class B Monthly Interest over Class B Monthly
Cap Rate (other than Class B Excess Interest) 0.00
Shared Finance Charge Collections used to pay remaining
Collateral Interest Defaults 0.00
Shared Finance Charge Collections used to reimburse reductions
to Collateral Investor Interest 0.00
Shared Finance Charge Collections used to pay any remaining
amount to fund up Reserve Account 0.00
Shared Finance Charge Collections used to satisfy amounts
per Loan Agreement 2,437,145.60
Shared Finance Charge Collections paid to Holder of
Exchangeable Seller Certificate 0.00
Unpaid Unreimbursed Class A Charge Offs 0.00
Unpaid Unreimbursed Class A Charge Offs per $1,000 Original
Investment 0.00
Unpaid Unreimbursed Class B Charge Offs 0.00
Unpaid Unreimbursed Class B Charge Offs per $1,000 Original
Investment 0.00
Available Investor Principal Collections 70,559,075.85
Available Investor Principal Collections plus Draws from
Shared Principal Collections 70,559,075.85
Class A Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Class B Monthly Principal
(See "Calculation of Monthly Principal" #5) 0.00
Collateral Monthly Principal
(See "Collateral Interest Amount Activity" #8) 0.00
Monthly Principal Reinvested In Receivables (includes
Investor Default amounts)
(See "Calculation of Monthly Principal" #5) 70,559,075.85
(Net Deposit)/Draws on Shared Principal Collections 0.00
Required Shared Finance Charge Collections from other
Series 8,229,309.54
Draw on Shared Finance Charge Collections from other
Series 2,437,145.60
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 2,193,944.44
Total Distribution to Class A Investors per $1,000
Invested 5.16
Total Distribution to Class B Investors 180,225.00
Total Distribution to Class B Investors per $1,000
Invested 5.34
Total Distribution to Collateral Interest Holders 160,562.14
Total Distribution to Collateral Interest Holders per
$1,000 Invested 3.89
3. Principal Funding Account and Reserve Account
Beginning Balance of Principal Funding Account 0.00
Deposits into Principal Funding Account 0.00
Withdrawals from Principal Funding Account 0.00
Ending Balance of Principal Funding Account 0.00
Accumulation Shortfall 0.00
Principal Funding Investment Proceeds 0.00
Principal Funding Investment Shortfall 0.00
Beginning Balance of Reserve Account 0.00
Available Reserve Account Amount 0.00
Reserve Account Funding Date N/A
Required Reserve Account Amount 0.00
Reserve Account Investment Proceeds 0.00
Deposit from Excess Spread into Reserve Account 0.00
Reserve Account Draws 0.00
Ending Balance of Reserve Account 0.00
4. Calculation of Certificate Interest
Class A Certificate Rate 5.80750%
Class A Cap Rate 10.12000%
Previous Month's Class A Deficiency Amount 0.00
Class A Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class A Covered Amount 0.00
Overdue Class A Covered Amount 0.00
Principal Funding Investment Proceeds 0.00
Principal Funding Investment Shortfall 0.00
Reserve Account Draws 0.00
Class A Investor Certificate Interest Shortfall 0.00
Class A Monthly Cap Rate Interest 2,193,944.44
Class A Monthly Interest 2,193.944.44
Expected Class A Principal 425,000,000.00
Class A Excess Principal 0.00
Class A Excess Interest 0.00
Total Class A Interest Distributable to Class A
Certificateholders 2,193,944.44
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 5.16
Class B Certificate Rate 6.00750%
Class B Cap Rate 10.32000%
Previous Month's Class B Deficiency Amount 0.00
Class B Interest at the Certificate Rate + 0.5% on
Deficiency Amount 0.00
Class B Investor Certificate Interest Shortfall 0.00
Class B Monthly Cap Rate Interest 180,225.00
Class B Monthly Interest 180,225.00
Expected Class B Principal 33,750,000.00
Class B Excess Principal 0.00
Class B Excess Interest 0.00
Total Class B Interest Distributable to Class B
Certificateholders 180,225.00
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 5.34
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 2,374,169.44
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B
Certificateholders 5.18
5. Calculation of Monthly Principal
Beginning Investor Interest 500,000,000.00
Beginning Class A Investor Interest 425,000,000.00
Class A Monthly Principal 0.00
Controlled Deposit Amount 0.00
Controlled Accumulation Amount 0.00
Total Class A Monthly Principal Payable to Class A
Certificates 0.00
Ending Class A Investor Interest 425,000,000.00
Class A Monthly Principal Payable per $1,000 of Original
Investment 0.00
Beginning Class B Investor Interest 33,750,000.00
Class B Monthly Principal 0.00
Reallocated Class B Investor Interest this period 0.00
Cumulative Reallocated Class B Investor Interest 0.00
Previously Reallocated Class B Investor Interest reimbursed
this period by Excess Spread and Shared Finance Charge
Collections 0.00
Total Class B Monthly Principal Payable to Class B Certificates 0.00
Ending Class B Investor Interest 33,750,000.00
Class B Monthly Principal Payable per $1,000 of Original
Investment 0.00
Monthly Principal Reinvested in Receivables 70,559,075.85
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
Ending Investor Interest 500,000,000.00
6. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal
Amount to 7 decimal places) 1.000000
7. Calculation of Monthly Servicing Fee
Servicing Fee Percentage 2.00%
Beginning Balance Class A Adjusted Investor Interest 425,000,000.00
Beginning Class B Investor Interest 33,750,000.00
Beginning Collateral Investor Interest 41,250,000.00
Class A Monthly Servicing Fee 708,333.33
Class B Monthly Servicing Fee 56,250.00
Collateral Interest Monthly Servicing Fee 68,750.00
Total Monthly Servicing Fee 833,333.33
8. Collateral Interest Amount Activity
Beginning Collateral Interest 41,250,000.00
Required Collateral Interest Amount 41,250,000.00
Collateral Interest Surplus 0.00
Collateral Monthly Interest 160,562.14
Collateral Monthly Principal 0.00
Reallocated Collateral Interest this period 0.00
Cumulative Reallocated Collateral Interest 0.00
Previously Reallocated Collateral Interest reimbursed this
period by Excess Spread and Shared Finance Charge
Collections 0.00
Collateral Monthly Principal Payable per $1,000 of
Original Investment 0.00
Collateral Interest Monthly Interest Payable per $1,000 of
Original Investment 3.89
Ending Collateral Interest 41,250,000.00
Collateral Default Amount this period 238,605.30
Aggregate uncovered Collateral Default Amount 0.00
Available Collateral Interest Amount (Dollars) 41,250,000.00
Available Collateral Interest Amount (Percentage) 100.00%
Ratio of Collateral Interest to Investor Interest 8.25%
9. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 107,530,332.67
Percent Dollars 4.77%
Number of Accts 38,076
Percent Number of Accts 2.53%
31-60 days past due Dollars 26,589,692.04
Percent Dollars 1.18%
Number of Accts 8,696
Percent Number of Accts 0.58%
61-90 days past due Dollars 18,007,684.43
Percent Dollars 0.80%
Number of Accts 5,376
Percent Number of Accts 0.36%
91-120 days past due Dollars 14,234,632.71
Percent Dollars 0.63%
Number of Accts 3,972
Percent Number of Accts 0.21%
121-150 days past due Dollars 11,741,618.16
Percent Dollars 0.52%
Number of Accts 3,198
Percent Number of Accts 0.21%
151-180 days past due Dollars 10,139,123.45
Percent Dollars 0.45%
Number of Accts 2,702
Percent Number of Accts 0.18%
181 + days past due Dollars 16,887,899.72
Percent Dollars 0.75%
Number of Accts 4,338
Percent Number of Accts 0.29%
10. Base Rate Calculation
Gross Yield 18.98%(1)
Percentage on Defaulted Accounts 6.94%(1)
Portfolio Yield (net of losses) 12.04%(1)
Base Rate 7.70%
Excess of Portfolio Yield over Base Rate 4.34%(1)
11. Number of Accounts in the Trust
Number of Additional Accounts 240,877
Number of Removed Accounts 21,097
Number of Automatic Additonal Accounts 1,170
Ending Number of Accounts 1,502,491
(1)Consistent with the Servicer's standard methodology, the Aggregate Principal
receivables reported in the May Servicer's Report does not include the
receivables arising under the addition of accounts to the Trust on
May 1, 1997. However, Principal Collections on the Receivables, Finance
Charge Receivables and Receivables in Defaulted Accounts arising under
such Additional Accounts to the Trust were included in the May Servicer's
Report, in accordance with the standard methodology. Were the Principal
Receivables arising under the May 1st addition included in the Aggregate
Principal Receivables, the percentages would be calculated as set forth
below:
Gross Yield: 15.68%
Receivables in Defaulted Accounts: 5.73%
Portfolio Yield (net of losses): 9.95%
Excess of Portfolio Yield over Base Rate:
Series 1994-1: 2.75%
Series 1994-2: 2.09%
Series 1995-1: 2.05%
Series 1996-1: 2.10%
Series 1997-1: 2.24%
