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MONTHLY CERTIFICATEHOLDERS' STATEMENT
CHEVY CHASE MASTER CREDIT CARD TRUST II
SERIES 1996-C
Pursuant to the Pooling and Servicing Agreement dated as of
June 1, 1995, (hereinafter as such agreement may have been or may
be from time to time, supplemented, amended, or otherwise
modified, the Pooling and Servicing Agreement"), among
Chevy Chase Bank, F.S.B., as Transferor and Servicer("Chevy
Chase"), CCB Holding Corporation, as Transferor, and Bankers
Trust Company, as trustee (the "Trustee"), Chevy Chase, as
Servicer, is required to prepare certain information each month
regarding current distributions to Certificateholders and the
performance of the Chevy Chase Master Credit Card Trust II (the
"Trust") during the previous month. The information that is
required to be prepared with respect to the Distribution Date of
May 15, 1997, and with respect to the performance of the Trust
during the April, 1997 Monthly Period (referred to herein
as the "Monthly Period") is set forth below. Certain of
the information is presented on the basis of an original
principal amount of $1,000 per Series 1995-C Certificate (a
"Certificate"). Certain other information is presented based on
the aggregate amounts for the Trust as a whole. Capitalized
terms used in this Monthly Statement have their respective
meanings set forth in the Pooling and Servicing Agreement.
(A) Information Regarding Distributions to
the Class A Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class A
Certificateholders, per $1,000
original certificate principal amount $ 4.8562500
(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class A
Certificates, per $1,000 original
certificate principal amount $ 4.8562500
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(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal of the Class A
Certificates, per $1,000 original
certificate principal amount $ 0.0000000
(B) Class A Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class A Investor
Charge Offs $ 0.0000000
(2) The amount of Class A Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class A Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class A Certificates exceeds the Class
A Invested Amount after giving effect
to all transactions on such Distribution Date$ 0.00
(C) Information Regarding Distributions to
the Class B Certificateholders, per
$1,000 original certificate principal amount.
(1) The total amount of the
distribution to Class B
Certificatedholders, per $1,000
original certificate principal amount $ 5.0520835
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(2) The amount of the distribution
set forth in paragraph 1 above in
respect of interest on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 5.0520835
(3) The amount of the distribution
set forth in paragraph 1 above in
respect of principal on the Class B
Certificates, per $1,000 original
cerificate principal amount $ 0.0000000
(D) Class B Investor Charge Offs and
Reimbursement of Charge Offs
(1) The amount of Class B Investor
Charge Offs $ 0.0000000
(2) The amount of Class B Investor
Charge Offs set forth in paragraph 1
above, per $1,000 original certificate
principal amount $ 0.0000000
(3) The total amount reimbursed in
respect of Class B Investor Charge Offs $ 0.0000000
(4) The amount set forth in paragraph
3 above, per $1,000 original
certificate principal amount $ 0.0000000
(5) The amount, if any, by which the
outstanding principal balance of the
Class B Certificates exceeds the Class
B Invested Amount after giving effect
to all transactions on such
Distribution Date $ 0.0000000
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CHEVY CHASE BANK, F.S.B.,
Servicer
Mark A. Holles
By ________________________
Mark A. Holles
Vice President
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MONTHLY STATEMENT TO CERTIFICATEHOLDERS
CHEVY CHASE MASTER CREDIT CARD TRUST
Series 1996-C
RECEIVABLES
Beginning of the Month Principal Receivables:$ 1,975,828,272.18
Beginning of the Month Finance Charg Receivables:$48,457,602.39
Beginning of the Month Discounted Receivables: $ 0.00
Beginning of the Month Total Receivables: $ 2,024,285,874.57
Removed Principal Receivables: $ 0.00
Removed Finance Charge Receivables: $ 0.00
Removed Total Receivables: $ 0.00
Additional Principal Receivables: $ 0.00
Additional Finance Charge Receivables: $ 0.00
Additional Total Receivables: $ 0.00
Discounted Receivables Generated this Period:$ 0.00
End of the Month Principal Receivables: $ 1,971,882,004.69
End of the Month Finance Charge Receivables:$ 50,218,286.84
End of the Month Discounted Receivables: $ 0.00
End of the Month Total Receivables: $2,022,100,291.53
Special Funding Account Balance $ 0.00
Aggregate Invested Amount (all Master Trusts$ 1,824,000,000.00
End of the Month Seller Amount $ 147,882,004.69
End of the Month Seller Percentage 7.50%
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DELINQUENCIES AND LOSSES
End of the Month Delinquencies:
RECEIVABLES
30-59 Days Delinquent $ 40,658,189.15
60-89 Days Delinquent $ 27,762,585.66
90+ Days Delinquent $ 47,432,024.99
Total 30+ Days Delinquent $ 115,852,799.80
Delinquent Percentage 5.73%
Defaulted Accounts During the Month $ 15,247,506.18
Annualized Default Percentage 9.26%
Principal Collections $ 176,723,474.43
Principal Payment Rate 8.94%
Total Payment Rate 10.30%
INVESTED AMOUNTS
Class A Initial Invested Amount $ 246,000,000.00
Class B Initial Invested Amount $ 25,500,000.00
Class C Initial Invested Amount $ 28,500,000.00
INITIAL INVESTED AMOUNT $ 300,000,000.00
Class A Invested Amount $ 246,000,000.00
Class B Invested Amount $ 25,500,000.00
Class C Invested Amount $ 28,500,000.00
INVESTED AMOUNT $ 300,000,000.00
FLOATING ALLOCATION PERCENTAGE 15.20%
PRINCIPAL ALLOCATION PERCENTAGE 15.20%
MONTHLY SERVICING FEE $ 500,000.00
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INVESTOR DEFAULT AMOUNT $ 2,317,620.92
CLASS A AVAILABLE FUNDS--
CLASS A FLOATING PERCENTAGE 82.00%
Class A Finance Charge Collec$ 4,278,198.35
Other Amounts $ 0.00
TOTAL CLASS A AVAILABLE FUNDS $ 4,278,198.35
Class A Monthly Interest $1,194,637.50
Class A Servicing Fee $ 410,000.00
Class A Investor Default$1,900,449.15
TOTAL CLASS A EXCESS SPREAD $773,111.70
REQUIRED AMOUNT $ 0.00
CLASS B AVAILABLE FUNDS
CLASS B FLOATING PERCENTAGE 8.50%
Class B Finance Charge Collections $ 443,471.79
Other Amounts $ 0.00
TOTAL CLASS B AVAILABLE FUNDS $ 443,471.79
Class B Monthly Interest $128,828.13
Class B Servicing Fee $ 42,500.00
TOTAL CLASS B EXCESS SPREAD $ 272,143.66
CLASS B INVESTOR DEFAULT AMOUNT 196,997.80
CLASS B REQUIRED AMOUNT 196,997.80
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EXCESS SPREAD --
TOTAL EXCESS SPREAD $ 1,493,400.30
Excess Spread Applied to Class A Required Amount$ 0.00
Excess Spread Applied to Class A Investor$ 0.00
Charge Offs
Excess Spread Applied to Class B Required Amount $ 196,997.80
Excess Spread Applied to Reductions of Class B
Invested Amount $ 0.00
Excess Spread Applied to Class C Required Amount $ 377,814.60
Excess Spread Applied to Reductions of Class C
Invested Amount $ 0.00
Excess Spread Applied to Monthly Cash
Collateral Fee $ 0.00
Excess Spread Applied to Cash Collateral Account$ 0.00
Excess Spread Applied to Spread Account $ 0.00
Excess Spread Applied to Reserve Account $ 0.00
Excess Spread Applied to other amounts owed
Cash Collateral Depositor $ 0.00
Excess Spread Applied to other amounts owed to
Spread Account Residual Interest Holders $ 918,587.90
TOTAL EXCESS FINANCE CHARGE COLLECTIONS ELIGIBLE FOR
GROUP I $ 0.00
EXCESS FINANCE CHARGES COLLECTIONS -- GROUP I --
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TOTAL EXCESS FINANCE CHARGE COLLECTIONS FOR ALL
SERIES IN GROUP I $ 3,057,898.66
SERIES 1996-C EXCESS FINANCE CHARGE COLLECTIONS --
EXCESS FINANCE CHARGE COLLECTIONS ALLOCATED TO
SERIES 1996-C $ 0.00
Excess Finance Charge Collections Applied to
Class A Required Amount $ 0.00
Excess Finance Charge Collections Applied to
Class A Investor Charge Offs $ 0.00
Excess Finance Charge Collections Applied to
Class B Required Amount $ 0.00
Excess Finance Charge Collections Applied to
Class B Invested Amount $ 0.00
Excess Finance Charge Collections Applied to
Class C Required Amount $ 0.00
Excess Finance Charge Collections Applied to
Reductions of Class C Invested Amount $ 0.00
Excess Finance Charge Collections Applied to
Monthly Cash Collateral Fee $ 0.00
Excess Finance Charge Collections Applied to
other amounts owed Cash Collateral Depositor$ 0.00
Excess Finance Charge Collections Applied to
other amounts owed to Spread Account Residual Interest $ 0.00
YIELD AND BASE RATE --
Base Rate (Current Month) 7.92%
Base Rate (Prior Month) 7.67%
Base Rate (Two Months Ago) 7.66%
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THREE MONTH AVERAGE BASE RATE 7.75%
Portfolio Yield (Current Month) 11.60%
Portfolio Yield (Prior Month) 12.94%
Portfolio Yield (Two Months Ago) 11.87%
THREE MONTH AVERAGE PORTFOLIO YIELD 12.14%
PRINCIPAL COLLECTIONS --
TOTAL PRINCIPAL COLLECTIONS $ 0.00
REALLOCATED PRINCIPAL COLLECTIONS
Allocable to Class C Interests $ 0.00
Allocable to Class B Certificates $ 0.00
SHARED PRINCIPAL COLLECTIONS ALLOCABLE FROM OTHER
SERIES $ 0.00
CLASS A SCHEDULED AMORTIZATION --
Controlled Amortization Amount $ 0.00
Deficit Controlled Amortization Amount $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
CLASS B SCHEDULED AMORTIZATION --
Controlled Accumulation Amount $ 0.00
Deficit Controlled Amortization Amt $ 0.00
CONTROLLED DEPOSIT AMOUNT $ 0.00
EXCESS PRINCIPAL COLLECTIONS ELIGIBLE FOR PRINCIPAL
SHARING $ 0.00
INVESTOR CHARGE OFFS -
CLASS A INVESTOR CHARGE OFFS $ 0.00
CLASS B INVESTOR CHARGE OFFS $ 0.00
CLASS C INVESTOR CHARGE OFFS $ 0.00
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PREVIOUS CLASS A CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS B CHARGE OFFS REIMBURSED $ 0.00
PREVIOUS CLASS C CHARGE OFFS REIMBURSED $ 0.00
CASH COLLATERAL ACCOUNT --
Required Cash Collateral Amount $ 9,000,000.00
Available Cash Collateral Amount $ 9,000,000.00
TOTAL DRAW AMOUNT $ 0.00
CASH COLLATERAL ACCOUNT SURPLUS $ 0.00
CHEVY CHASE BANK, F.S.B.,
as Servicer
Mark A. Holles
By: _______________________
Mark A. Holles
Vice President