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) April 15, 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.
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, 1995-1, 1996-1, 1997-1,
1997-2, 1998-1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this Amendment No. 1 to the report on Form 8-K
to be signed on its behalf by the undersigned hereunto duly authorized.
PEOPLE'S BANK
Dated: June 15, 1999 By: /s/Vincent J.Calabrese
Vincent J.Calabrese
First Vice President
This Amendment No. 1 to the People's Bank Current Report on Form 8-K (Date
of Report: April 15, 1999) (the "Report") is being filed solely for the
purpose of amending Exhibit 20 to the Report. Specifically, this
Amendment No. 1 amends the footnote appearing at the end of Section 10 of
the People's Bank Credit Card Master Trust Monthly Servicer's Report for
each of Series 1995-1 and 1996-1, and at the end of Section 11 of the
People's Bank Credit Card Master Trust Monthly Servicer's Report for each
of Series 1997-1, 1997-2, and 1998-1, to read, in its entirety, as follows:
(1) During the fourth quarter of 1998, People's Bank modified its
methodology for charging off delinquent credit card receivables. The Bank
will now charge-off as a loan loss credit card receivables in the month in
which the receivable becomes 181 days past due. The prior practice had
been to charge-off delinquent receivables between the 210th through the
240th day of delinquency. For the People's Bank Credit Card Master Trust
(the "Trust"), this modification will result in approximately $17 million
of additional Defaulted Receivables and a corresponding decrease in
delinquent Receivables (based on the level of delinquent Receivables 181
days past due on December 31, 1998). For operational purposes, this
change will be phased-in over a period of up to 12 months which commenced
with the January 1999 Monthly Period. Investors should note that for
People's Bank's financial reporting purposes, the entire amount of
additional charge-offs was recognized during the fourth quarter of 1998.
For the March 1999 Monthly Period, the additional Defaulted Receivables
resulting from this change of methodology are $3,109,125.84 or 1.26%.
