SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-Ka
Current Report
Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) August 15, 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
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
20. People's Bank Credit Card Master Trust Series 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: September 29, 1997 By: /s/Vincent J. Calabrese
Vincent J. Calabrese
Vice President
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1997-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence **REVISED** 5
Monthly Period Ended July 31, 1997
Distribution Date August 15, 1997
Determination Date August 8, 1997
Number of Days in Period 31
1. Trust Activity Series 1997-1
Beginning of Month - Aggregate Principal Receivables 2,228,003,330.89
Principal Collections on the Receivables 254,606,588.29
Finance Charge Collections 30,384,635.97
Receivables in Defaulted Accounts 11,649,586.19
End of Month - Aggregate Principal Receivables 2,152,713,937.02
Investor Interest Series 1994-1 0.00
Investor Interest Series 1994-2 264,285,714.29
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 588,428,222.73
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 22.2264952%
Charged-Off Accounts 22.2264952%
Principal Receivables 22.2264952%
Class A Percentage with respect to...
Finance Charges 19.7425209%
Charged-Off Accounts 19.7425209%
Principal Receivables 19.7425209%
Class B Percentage with respect to...
Finance Charges 1.5677884%
Charged-Off Accounts 1.5677884%
Principal Receivables 1.5677884%
Collateral Interest Percentage with respect to...
Finance Charges 1.9161859%
Charged-Off Accounts 1.9161859%
Principal Receivables 1.9161859%
Seller Percentage with respect to...
Finance Charges 27.3342506%
Charged-Off Accounts 27.3342506%
Principal Receivables 21.0299162%
Discount Percentage N/A
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,795,983.39
Class A Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 2,122,525.44
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 2,222,202.30
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 Available Funds 742,922.31
Class A Required Amount 0.00
Class B Available Finance Charge Collections 460,269.27
Class B Monthly Cap Rate Interest
(See "Calculation of Certificate Interest" #4) 174,365.99
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 176,469.01
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 53,184.27
Class B Required Amount 0.00
Collateral Available Finance Charge Collections 562,551.33
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 493,801.33
Total Excess Spread 1,289,907.92
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 153,851.60
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 215,684.34
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 902,371.98
Remaining unfunded amount to pay amounts per Loan Agreement 0.00
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
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) 902,371.980
Excess Spread paid to Holder of Exchangeable Seller Certificate
(percentage of Investor Interest) 2.21%
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 0.00
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 59,752,193.99
Available Investor Principal Collections plus Draws from
Shared Principal Collections 59,752,193.99
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) 59,752,193.99
(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
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 2,122,525.44
Total Distribution to Class A Investors per $1,000
Invested 4.99
Total Distribution to Class B Investors 174,365.99
Total Distribution to Class B Investors per $1,000
Invested 5.17
Total Distribution to Collateral Interest Holders 153,851.60
Total Distribution to Collateral Interest Holders per
$1,000 Invested 3.73
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 5.79969%
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 2,122,525.44
Class A Monthly Interest 2,122,525.44
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 2,122,525.44
Total Class A Interest Distributable per $1,000 of
Class A Original Investment 4.99
Class B Certificate Rate 5.99969%
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 174,365.99
Class B Monthly Interest 174,365.99
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 174,365.99
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 5.17
Total Certificate Interest Distributable to Class A and
Class B Certificateholders 2,296,891.43
Total Certificate Interest Distributable per $1,000 of
Original Investment to Class A and Class B
Certificateholders 5.01
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 59,752,193.99
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 153,851.60
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 3.73
Ending Collateral Interest 41,250,000.00
Collateral Default Amount this period 215,684.34
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 105,639,992.15
Percent Dollars 4.91%
Number of Accts 37,304
Percent Number of Accts 2.54%
31-60 days past due Dollars 25,412,621.50
Percent Dollars 1.18%
Number of Accts 8,235
Percent Number of Accts 0.56%
61-90 days past due Dollars 16,440,978.08
Percent Dollars 0.76%
Number of Accts 4,914
Percent Number of Accts 0.33%
91-120 days past due Dollars 13,809,038.34
Percent Dollars 0.64%
Number of Accts 3,830
Percent Number of Accts 0.26%
121-150 days past due Dollars 11,486,086.13
Percent Dollars 0.53%
Number of Accts 3,047
Percent Number of Accts 0.21%
151-180 days past due Dollars 9,417,749.17
Percent Dollars 0.44%
Number of Accts 2,464
Percent Number of Accts 0.17%
181 + days past due Dollars 16,281,944.21
Percent Dollars 0.76%
Number of Accts 4,193
Percent Number of Accts 0.29%
10. Base Rate Calculation
Gross Yield 16.37%
Percentage on Defaulted Accounts 6.27%
Portfolio Yield (net of losses) 10.09%
Base Rate 7.69%
Excess of Portfolio Yield over Base Rate 2.40%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 11,391
Number of Automatic Additonal Accounts 701
Ending Number of Accounts 1,469,455
