SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
Current Report
Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Amendment No. 1
Date of Report (Date of Earliest Event Reported) October 11, 1999
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)
33-90012, 33-99506, 33-99508
333-33269, 333-45785, 333-63989 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)
Item 5. Other Events.
Pursuant to the provisions of Section 2.6 of the Amended and Restated
Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"), dated
as of March 18, 1997, as amended by an amendment thereto dated as of September
24, 1997, by and between People's Bank, a Connecticut capital stock savings
bank ("People's Bank"), as seller and servicer, and Banker's Trust Company, a
banking corporation organized and existing under the laws of the State of
New York, as trustee, of the People's Bank Credit Card Master Trust
(the "Trust"), People's Bank has transferred to the Trust all right, title
and interest of People's Bank in and to receivables and specified related
assets (collectively, the "Receivables") arising under certain revolving
credit card accounts which meet the definition of Automatic Additional
Accounts under the Pooling And Servicing Agreement. As a consequence of the
foregoing transfer of Receivables, the seller interest in the Trust evidenced
by a seller certificate, currently held by a wholly-owned subsidiary of
People's Bank, increased by a corresponding amount. Included as an exhibit
hereto are revised tables summarizing Trust portfolio balance and account
characteristics.
Item 7. Financial Statement and Exhibits.
(c) Exhibits.
99.1 Revised Tables Summarizing Trust Portfolio
SIGNATURES
Pursuant to the requirements of the Securities and 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: November 12, 1999 By: /s/ Vincent J. Calabrese
Vincent J. Calabrese
First Vice President & Controller
INDEX TO EXHIBITS
Exhibit No. Document Description
99.1 Revised tables summarizing Trust portfolio balance and
account characteristics
The following tables present data as of September 30, 1999
<TABLE>
Composition by Account Balance
Representative Portfolio
<CAPTION>
Percentage Percentage
of Total of Total
Number of Number of Receivables Receivables
Account Balance Range Accounts Accounts Balance Balance
<S> <C> <C> <C> <C>
Credit Balance 56,777 2.55% $(6,144,345.80) -0.20%
Zero Balance 1,034,115 46.42% - 0.00%
$.01-$1,000.00 401,323 18.01% 139,848,570.78 4.52%
$1,000.01-$3,000.00 299,191 13.43% 575,579,622.88 18.61%
$3,000.01-$5,000.00 215,733 9.68% 855,992,173.92 27.68%
$5,000.01-$10,000.00 213,859 9.60% 1,447,659,796.11 46.81%
Over $10,000.00 6,899 0.31% 79,380,708.60 2.58%
Total 2,227,897 100.00% $3,092,316,526.49 100.00%
</TABLE>
Composition by Credit Limit
Representative Portfolio
<TABLE>
<CAPTION>
Percentage Percentage
of Total of Total
Number of Number of Receivables Receivables
Credit Limit Range Accounts Accounts Balance Balance
<S> <C> <C> <C> <C>
$0.01-$1,000.00 102,579 4.60% $ 7,065,429.90 0.23%
$1,000.01-$2,000.00 48,741 2.19% 27,298,489.55 0.88%
$2,000.01-$3,000.00 61,634 2.77% 58,625,846.51 1.90%
$3,000.01-$4,000.00 96,580 4.34% 103,900,251.48 3.36%
$4,000.01-$5,000.00 211,580 9.50% 272,433,983.37 8.81%
$5,000.01-$10,000.00 1,649,884 74.06% 2,451,623,016.44 79.28%
Over $10,000.00 56,899 2.54% 171,369,509.24 5.54%
Total 2,227,897 100.00% $3,092,316,526.49 100.00%
</TABLE>
Composition by Period of Delinquency
Representative Portfolio
<TABLE>
<CAPTION>
Percentage Percentage
Period of Delinquency of Total of Total
(Days Contractually Number of Number of Receivables Receivables
Delinquent) Accounts Accounts Balance Balance
<S> <C> <C> <C> <C>
Current 2,170,668 97.43% $2,870,920,019.55 92.84%
1-30 Days 35,032 1.57% 119,845,677.99 3.88%
31-60 Days 7,764 0.35% 32,357,320.96 1.05%
61 or More Days 14,433 0.65% 69,193,507.99 2.23%
Total 2,227,897 100.00% $3,092,316,526.49 100.00%
</TABLE>
Composition by Account Age
Representative Portfolio
<TABLE>
<CAPTION>
Percentage Percentage
of Total of Total
Number of Number of Receivables Receivables
Account Age Range Accounts Accounts Balance Balance
<S> <C> <C> <C> <C>
0-6 Months 158,938 7.13% $ 452,348,519.72 14.63%
Over 6 to 12 Months 350,673 15.74% 523,112,487.98 16.92%
Over 12 to 24 Months 673,939 30.25% 634,474,556.96 20.52%
Over 24 to 48 Months 677,841 30.43% 818,243,201.94 26.46%
Over 48 Months 366,506 16.45% 664,137,759.89 21.47
Total 2,227,897 100.00% $3,092,316,526.49 100.00%
</TABLE>
Geographic Distribution by Receivables Balance
Representative Portfolio
<TABLE>
<CAPTION>
Percentage Percentage
of Total of Total
Number of Number of Receivables Receivables
Accounts Accounts Balance Balance
<S> <C> <C> <C> <C>
CA 228,094 10.24% $ 307,665,490.18 9.95%
TX 147,498 6.62% 218,463,602.62 7.06%
CT 123,286 5.53% 199,292,688.06 6.44%
NY 152,798 6.86% 195,504,242.29 6.32%
FL 144,165 6.47% 191,675,383.41 6.20%
IL 92,527 4.15% 131,893,477.39 4.27%
PA 102,062 4.58% 127,730,767.93 4.13%
OH 90,429 4.06% 124,726,450.73 4.03%
MI 70,618 3.17% 97,072,232.08 3.14%
NJ 73,016 3.28% 93,204,198.83 3.01%
Other(1) 1,003,404 45.04% 1,405,087,992.97 45.45%
Total 2,227,897 100.00% $3,092,316,526.49 100.00%
<FN>
(1) States with less than 3.01% of the Percentage of Total Receivables
Balance.
</FN>
</TABLE>
