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) January 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)
INDEX TO EXHIBITS
Item 5. Other Events.
The Registrant has implemented a change in charge off methodology
for credit card delinquencies.
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: January 22, 1999 By: /s/Vincent J. Calabrese
Vincent J. Calabrese
First Vice President
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, 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 commencing 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.