PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 35
Monthly Period Ended December 31, 1996
Distribution Date January 15, 1997
Determination Date January 10, 1997
1. Trust Activity Series 1994-1
Beginning of Month - Aggregate Principal Receivables 2,180,840,579.58
Principal Collections on the Receivables 215,112,172.00
Finance Charge Receivables 30,087,443.65
Receivables in Defaulted Accounts 8,935,292.20
End of Month - Aggregate Principal Receivables 2,174,315,241.66
Investor Interest Series 1994-1 116,666,666.67
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Seller Principal Receivables 857,648,574.99
Investor Percentage with respect to...
Finance Charges 5.3656740%
Charged-Off Accounts 5.3656740%
Principal Receivables 9.1982982%
Seller Percentage with respect to ...
Finance Charges 39.4445368%
Charged-Off Accounts 39.4445368%
Principal Receivables 35.6119125%
2. Allocation of Funds in Collection Account
Available Finance Charge Collections 1,839,501.33
Available Principal Collections 19,727,455.00
Investor Default Amount 546,290.41
Aggregate Collections Allocated to Certificateholders 21,566,956.34
Monthly Certificate Interest Payable to Certificateholders
(See "Calculation of Certificate Interest" #3) 566,666.67
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) 3,607,078.74
(Net Deposit)/Draws on Shared Principal Collections 0.00
Collections Available to Reimburse Investor Charge offs 493,905.37
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) 222,222.22
Monthly Certificate Insurer Fee 10,416.67
Excess Servicing (Shortfall) (dollars) 493,905.37
Excess Servicing (Shortfall) (percentage of Investor Interest) 4.45%
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 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Investors 17,233,333.33
Total Distribution to Investors per $1,000 Invested 86.17
3. Calculation of Certificate Interest
Certificate Rate 5.10000%
This Month Certificate Interest 566,666.67
Previous Month's Deficiency Amount 0.00
Total Certificate Interest Distributable to Certificateholders 566,666.67
Total Certificate Interest Distributable per $1,000 of Original
Investment 2.83
4. Calculation of Monthly Principal
Beginning Investor Interest 133,333,333.33
Available Principal Collections 19,727,455.00
Investor Default Amount 546,290.41
Total Investor Monthly Principal 20,273,745.41
Investor Monthly Principal Reinvested in Receivables 3,607,078.74
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 116,666,666.67
5. Calculation of Pool Factor
Pool Factor
(Ending Certificate Balance divided by Initial Principal Amount
to 7 decimal places) 0.5833333
6. Calculation of Monthly Servicing Fee
Series Servicing Fee Percentage 2.00%
Beginning Investor Interest 133,333,333.33
Monthly Servicing Fee 222,222.22
7. Calculation of Remaining Surety Bond Amount
Available Surety Bond Amount on Previous Payment Date 13,500,000.00
Stated Surety Bond Amount 12,000,000.00
Unreimbursed Claims on Surety Bond 0.00
Reimbursements of Claims on Surety Bond 0.00
Available Surety Bond Amount (Dollars) 12,000,000.00
Available Surety Bond Amount (Percentage) 9.00%
8. Cash Collateral Account Activity
Beginning of Month Balance 5,250,000.00
Required Cash Collateral Account Amount 4,666,666.67
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 25,604.26
Aggregate Cash Collateral Account Draws 0.00
Available Cash Collateral Amount (Dollars) 4,666,666.67
Available Cash Collateral Amount (Percentage) 3.50%
Total Credit Enhancement Percentage 12.50%
9. Past Due Statistics
(past due on a contractual basis)
1-30 days past due Dollars 122,962,270.13
Percent Dollars 5.66%
Number of Accts 42,790
Percent Number of Accts 3.17%
31-60 days past due Dollars 30,476,975.96
Percent Dollars 1.40%
Number of Accts 10,135
Percent Number of Accts 0.75%
61-90 days past due Dollars 19,514,180.27
Percent Dollars 0.90%
Number of Accts 5,961
Percent Number of Accts 0.44%
91-120 days past due Dollars 15,215,724.36
Percent Dollars 0.70%
Number of Accts 4,539
Percent Number of Accts 0.34%
121-150 days past due Dollars 12,649,490.43
Percent Dollars 0.58%
Number of Accts 3,593
Percent Number of Accts 0.27%
151-180 days past due Dollars 9,807,997.88
Percent Dollars 0.45%
Number of Accts 2,806
Percent Number of Accts 0.21%
181 + days past due Dollars 14,665,490.59
Percent Dollars 0.67%
Number of Accts 4,056
Percent Number of Accts 0.30%
10. Base Rate Calculation
Base Rate 7.20%
Portfolio Yield (net of losses) 11.64%
Excess of Portfolio Yield over Base Rate 4.44%
11. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 226,745
Number of Automatic Additonal Accounts 909
Ending Number of Accounts 1,349,867
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1994-2
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 27
Monthly Period Ended December 31, 1996
Distribution Date January 15, 1997
Determination Date January 10, 1997
Number of Days in Period 30
1. Trust Activity Series 1994-2
Beginning of Month - Aggregate Principal Receivables 2,180,840,579.58
Principal Collections on the Receivables 215,112,172.00
Finance Charge Receivables 30,087,443.65
Receivables in Defaulted Accounts 8,935,292.20
End of Month - Aggregate Principal Receivables 2,174,315,241.66
Investor Interest Series 1994-1 116,666,666.67
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Seller Principal Receivables 857,648,574.99
Total Investor Percentage with respect to...
Finance Charges 18.3965964%
Charged-Off Accounts 18.3965964%
Principal Receivables 18.3965964%
Class A Percentage with respect to...
Finance Charges 17.4767666%
Charged-Off Accounts 17.4767666%
Principal Receivables 17.4767666%
Class B Percentage with respect to...
Finance Charges 0.9198298%
Charged-Off Accounts 0.9198298%
Principal Receivables 0.9198298%
Seller Percentage with respect to ...
Finance Charges 39.4445368%
Charged-Off Accounts 39.4445368%
Principal Receivables 35.6119125%
Class A Available Finance Charge Collections 5,242,578.80
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,822,565.50
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 1,556,927.67
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,229,752.30
Class A Required Amount 0.00
Class B Available Finance Charge Collections 275,925.20
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 100,091.17
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 81,943.56
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 60,557.14
Class B Required Amount 0.00
Total Excess Spread 1,290,309.44
Excess Spread used to Satisfy Class A Required Amount 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Cap Interest 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Servicing Fee 0.00
Excess Spread used to satisfy 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 Unpaid Class B Monthly Cap Interest 0.00
Excess Spread used to satisfy Unpaid Class B Monthly Servicing Fee 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 Unpaid Class A Monthly
Cap Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy 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 Unpaid Class A Monthly
Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Reallocated Amount used to satisfy Remaining Class A
Required Amount 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A Monthly
Cap Interest 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Class B Reallocated Amount used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Investor Interest used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Shared Finance Charges used to satisfy Remaining Class B Required
Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Cap Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy 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 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 1,290,309.44
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Remaining Excess Servicing (Shortfall) (dollars) 1,273,242.78
Remaining Excess Servicing (Shortfall) (percentage of
Investor Interest) 3.82%
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 39,454,910.00
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) 41,093,781.22
(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 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Class A Investors 1,822,565.50
Total Distribution to Class A Investors per $1,000 Invested 4.80
Total Distribution to Class B Investors 100,091.17
Total Distribution to Class B Investors per $1,000 Invested 5.00
3. Calculation of Certificate Interest
Class A Certificate Rate 5.75547%
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 1,822,565.50
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 1,822,565.50
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 4.80
Class B Certificate Rate 6.00547%
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 100,091.17
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 100,091.17
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 5.00
Total Certificate Interest Distributable to
Certificateholders 1,922,656.67
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.81
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 37,482,164.50
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 39,039,092.17
Class A Monthly Principal Reinvested in Receivables 39,039,092.17
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 1,972,745.50
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 2,054,689.05
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 2,054,689.05
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) 1.000000
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 1,290,309.44
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 57,466.67
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 122,962,270.13
Percent Dollars 5.66%
Number of Accts 42,790
Percent Number of Accts 3.17%
31-60 days past due Dollars 30,476,975.96
Percent Dollars 1.40%
Number of Accts 10,135
Percent Number of Accts 0.75%
61-90 days past due Dollars 19,514,180.27
Percent Dollars 0.90%
Number of Accts 5,961
Percent Number of Accts 0.44%
91-120 days past due Dollars 15,215,724.36
Percent Dollars 0.70%
Number of Accts 4,539
Percent Number of Accts 0.34%
121-150 days past due Dollars 12,649,490.43
Percent Dollars 0.58%
Number of Accts 3,593
Percent Number of Accts 0.27%
151-180 days past due Dollars 9,807,997.88
Percent Dollars 0.45%
Number of Accts 2,806
Percent Number of Accts 0.21%
181 + days past due Dollars 14,665,490.59
Percent Dollars 0.67%
Number of Accts 4,056
Percent Number of Accts 0.30%
9. Base Rate Calculation
Base Rate 7.77%
Portfolio Yield (net of losses) 11.64%
Excess of Portfolio Yield over Base Rate 3.87%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 226,745
Number of Automatic Additonal Accounts 909
Ending Number of Accounts 1,349,867
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1995-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 22
Monthly Period Ended December 31, 1996
Distribution Date January 15, 1997
Determination Date January 10, 1997
Number of Days in Period 30
1. Trust Activity Series 1995-1
Beginning of Month - Aggregate Principal Receivables 2,180,840,579.58
Principal Collections on the Receivables 215,112,172.00
Finance Charge Receivables 30,087,443.65
Receivables in Defaulted Accounts 8,935,292.20
End of Month - Aggregate Principal Receivables 2,174,315,241.66
Investor Interest Series 1994-1 116,666,666.67
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Seller Principal Receivables 857,648,574.99
Total Investor Percentage with respect to...
Finance Charges 18.3965964%
Charged-Off Accounts 18.3965964%
Principal Receivables 18.3965964%
Class A Percentage with respect to...
Finance Charges 17.4767666%
Charged-Off Accounts 17.4767666%
Principal Receivables 17.4767666%
Class B Percentage with respect to...
Finance Charges 0.9198298%
Charged-Off Accounts 0.9198298%
Principal Receivables 0.9198298%
Seller Percentage with respect to ...
Finance Charges 39.4445368%
Charged-Off Accounts 39.4445368%
Principal Receivables 35.6119125%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,242,578.80
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,838,398.83
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 1,556,927.67
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,213,918.96
Class A Required Amount 0.00
Class B Available Finance Charge Collections 275,925.20
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 99,257.83
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 81,943.56
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 61,390.48
Class B Required Amount 0.00
Total Excess Spread 1,275,309.44
Excess Spread used to Satisfy Class A Required Amount 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Cap Interest 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Servicing Fee 0.00
Excess Spread used to satisfy 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 Unpaid Class B Monthly Cap Interest 0.00
Excess Spread used to satisfy Unpaid Class B Monthly Servicing Fee 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 Unpaid Class A Monthly Cap
Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy 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 Unpaid Class A Monthly
Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed Class
A Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Reallocated Amount used to satisfy Remaining Class A
Required Amount 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A Monthly
Cap Interest 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Class B Reallocated Amount used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Investor Interest used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Shared Finance Charges used to satisfy Remaining Class B Required
Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Cap Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy 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 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 1,275,309.44
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Remaining Excess Servicing (dollars) 1,259,131.66
Remaining Excess Servicing (percentage of Investor Interest) 3.78%
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 39,454,910.00
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) 41,093,781.22
(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 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Class A Investors 1,838,398.83
Total Distribution to Class A Investors per $1,000 Invested 4.84
Total Distribution to Class B Investors 99,257.83
Total Distribution to Class B Investors per $1,000 Invested 4.96
3. Calculation of Certificate Interest
Class A Certificate Rate 5.80547%
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 1,838,398.83
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 1,838,398.83
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 4.84
Class B Certificate Rate 5.95547%
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 99,257.83
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 99,257.83
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 4.96
Total Certificate Interest Distributable to
Certificateholders 1,937,656.66
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.84
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 37,482,164.50
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 39,039,092.17
Class A Monthly Principal Reinvested in Receivables 39,039,092.17
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 1,972,745.50
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 2,054,689.05
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 2,054,689.05
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 1,275,309.44
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 39,016.02
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 122,962,270.13
Percent Dollars 5.66%
Number of Accts 42,790
Percent Number of Accts 3.17%
31-60 days past due Dollars 30,476,975.96
Percent Dollars 1.40%
Number of Accts 10,135
Percent Number of Accts 0.75%
61-90 days past due Dollars 19,514,180.27
Percent Dollars 0.90%
Number of Accts 5,961
Percent Number of Accts 0.44%
91-120 days past due Dollars 15,215,724.36
Percent Dollars 0.70%
Number of Accts 4,539
Percent Number of Accts 0.34%
121-150 days past due Dollars 12,649,490.43
Percent Dollars 0.58%
Number of Accts 3,593
Percent Number of Accts 0.27%
151-180 days past due Dollars 9,807,997.88
Percent Dollars 0.45%
Number of Accts 2,806
Percent Number of Accts 0.21%
181 + days past due Dollars 14,665,490.59
Percent Dollars 0.67%
Number of Accts 4,056
Percent Number of Accts 0.30%
9. Base Rate Calculation
Base Rate 7.81%
Portfolio Yield (net of losses) 11.64%
Excess of Portfolio Yield over Base Rate 3.83%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 226,745
Number of Automatic Additonal Accounts 909
Ending Number of Accounts 1,349,867
PEOPLE'S BANK CREDIT CARD MASTER TRUST SERIES 1996-1
MONTHLY SERVICER'S REPORT
Number of Months Series in Existence 6
Monthly Period Ended December 31, 1996
Distribution Date January 15, 1997
Determination Date January 10, 1997
Number of Days in Period 30
1. Trust Activity Series 1996-1
Beginning of Month - Aggregate Principal Receivables 2,180,840,579.58
Principal Collections on the Receivables 215,112,172.00
Finance Charge Receivables 30,087,443.65
Receivables in Defaulted Accounts 8,935,292.20
End of Month - Aggregate Principal Receivables 2,174,315,241.66
Investor Interest Series 1994-1 116,666,666.67
Investor Interest Series 1994-2 400,000,000.00
Investor Interest Series 1995-1 400,000,000.00
Investor Interest Series 1996-1 400,000,000.00
Seller Principal Receivables 857,648,574.99
Total Investor Percentage with respect to...
Finance Charges 18.3965964%
Charged-Off Accounts 18.3965964%
Principal Receivables 18.3965964%
Class A Percentage with respect to...
Finance Charges 17.4307751%
Charged-Off Accounts 17.4307751%
Principal Receivables 17.4307751%
Class B Percentage with respect to...
Finance Charges 0.9658213%
Charged-Off Accounts 0.9658213%
Principal Receivables 0.9658213%
Seller Percentage with respect to ...
Finance Charges 39.4445368%
Charged-Off Accounts 39.4445368%
Principal Receivables 35.6119125%
2. Allocation of Funds in Collection Account
Class A Available Finance Charge Collections 5,228,782.54
Class A Monthly Cap Interest Payable to Class A Certificateholders
(See "Calculation of Certificate Interest" #3) 1,817,769.28
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 1,552,830.49
Unreimbursed Class A Investor Charge-offs 0.00
Excess Spread from Class A Finance Charge Collections 1,226,516.11
Class A Required Amount 0.00
Class B Available Finance Charge Collections 289,721.46
Class B Monthly Cap Interest Payable to Class B Certificateholders
(See "Calculation of Certificate Interest" #3) 103,345.73
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 86,040.74
Unreimbursed Class B Investor Charge-offs 0.00
Excess Spread from Class B Finance Charge Collections 65,335.00
Class B Required Amount 0.00
Total Excess Spread 1,291,851.10
Excess Spread used to Satisfy Class A Required Amount 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Cap Interest 0.00
Excess Spread used to satisfy Unpaid Class A Monthly Servicing Fee 0.00
Excess Spread used to satisfy 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 Unpaid Class B Monthly Cap Interest 0.00
Excess Spread used to satisfy Unpaid Class B Monthly Servicing Fee 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 Unpaid Class A Monthly
Cap Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy 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 Unpaid Class A Monthly
Cap Interest 0.00
Cash Collateral Withdrawal used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Cash Collateral Withdrawal used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Reallocated Amount used to satisfy Remaining Class A Required
Amount 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A Monthly
Cap Interest 0.00
Class B Reallocated Amount used to satisfy Unpaid Class A Monthly
Servicing Fee 0.00
Class B Reallocated Amount used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Remaining Class A Required Amount 0.00
Class B Investor Interest used to satisfy Unreimbursed Class A
Investor Charge-offs 0.00
Shared Finance Charges used to satisfy Remaining Class B Required
Amount 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Cap Interest 0.00
Shared Finance Charges used to satisfy Unpaid Class B Monthly
Servicing Fee 0.00
Shared Finance Charges used to satisfy 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 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 1,291,851.10
Excess Spread used to satisfy Class A Excess Interest 0.00
Excess Spread used to satisfy Class B Excess Interest 0.00
Remaining Excess Servicing (dollars) 1,268,811.10
Remaining Excess Servicing (percentage of Investor Interest) 3.81%
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 19,727,455.00
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) 21,366,326.23
(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 0.00
Deposit of Shared Finance Charge Collections for other Series 0.00
Total Distribution to Class A Investors 1,817,769.28
Total Distribution to Class A Investors per $1,000 Invested 4.80
Total Distribution to Class B Investors 103,345.73
Total Distribution to Class B Investors per $1,000 Invested 4.92
3. Calculation of Certificate Interest
Class A Certificate Rate 5.75547%
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 1,817,769.28
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 1,817,769.28
Total Class A Interest Distributable per $1,000 of Class A
Original Investment 4.80
Class B Certificate Rate 5.90547%
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 103,345.73
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 103,345.73
Total Class B Interest Distributable per $1,000 of Class B
Original Investment 4.92
Total Certificate Interest Distributable to
Certificateholders 1,921,115.00
Total Certificate Interest Distributable per $1,000 of
Original Investment 4.80
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 18,691,763.61
Class A Monthly Unreimbursed Charge-Offs 0.00
Total Class A Monthly Principal 20,244,594.10
Class A Monthly Principal Reinvested in Receivables 20,244,594.10
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 1,035,691.39
Class B Monthly Unreimbursed Charge-Offs 0.00
Total Class B Monthly Principal 1,121,732.13
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 1,121,732.13
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 1,291,851.10
Cash Collateral Account Deposits 0.00
Reinvestment Income Received on Cash Collateral Account 57,133.33
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 122,962,270.13
Percent Dollars 5.66%
Number of Accts 42,790
Percent Number of Accts 3.17%
31-60 days past due Dollars 30,476,975.96
Percent Dollars 1.40%
Number of Accts 10,135
Percent Number of Accts 0.75%
61-90 days past due Dollars 19,514,180.27
Percent Dollars 0.90%
Number of Accts 5,961
Percent Number of Accts 0.44%
91-120 days past due Dollars 15,215,724.36
Percent Dollars 0.70%
Number of Accts 4,539
Percent Number of Accts 0.34%
121-150 days past due Dollars 12,649,490.43
Percent Dollars 0.58%
Number of Accts 3,593
Percent Number of Accts 0.27%
151-180 days past due Dollars 9,807,997.88
Percent Dollars 0.45%
Number of Accts 2,806
Percent Number of Accts 0.21%
181 + days past due Dollars 14,665,490.59
Percent Dollars 0.67%
Number of Accts 4,056
Percent Number of Accts 0.30%
9. Base Rate Calculation
Base Rate 7.76%
Portfolio Yield (net of losses) 11.64%
Excess of Portfolio Yield over Base Rate 3.88%
10. Number of Accounts in the Trust
Number of Additional Accounts 0
Number of Removed Accounts 226,745
Number of Automatic Additonal Accounts 909
Ending Number of Accounts 1,349,867