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):
October 26, 1998
THE PROVIDENT BANK
(as depositor under the Pooling and Servicing Agreement, dated as
of June 1, 1997, which forms Provident Bank Home Equity Loan Trust
1997-2, which will issue the Provident Bank Home Equity Loan Trust
1997-2, Home Equity Loan Asset-Backed Certificates, Series 1997-2)
THE PROVIDENT BANK
(Exact name of Registrant as specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
333-18897 31-0412725
(Commission File Number) (I.R.S. Employer
Identification No.)
ONE EAST FOURTH STREET
CINCINNATI, OHIO 45202
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code:
(513) 579-2000
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance
Statements to the Certificateholders which were derived from
the monthly information submitted by the Master Servicer of the
Trust to the Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated
as of October 26, 1998.
Monthly Remittance Statement to the Certificateholders dated
as of November 25, 1998.
SIGNATURE
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.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the
Registrant pursuant to the Pooling and
Servicing Agreement, dated as of June 1,
1997.
Date: January 19, 1999 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Document
Monthly Remittance Statement to the Certificateholders dated
as of October 26, 1998.
Monthly Remittance Statement to the Certificateholders dated
as of November 25, 1998.
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1997-2
Statement To Certificateholders
DISTRIBUTIONS IN DOLLARS
PRIOR
> CURRENT
ORIGINAL PRINCIPAL
> REALIZED DEFERRED PRINCIPAL
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
> TOTAL LOSSES INTEREST BALANCE
A1 27,881,000.00 4,007,022.84 22,205.58 1,528,275.30 1,
>550,480.88 0.00 0.00 2,478,747.54
A2 19,753,000.00 19,753,000.00 110,781.41 0.00
>110,781.41 0.00 0.00 19,753,000.00
A3 10,296,000.00 10,296,000.00 60,317.40 0.00
> 60,317.40 0.00 0.00 10,296,000.00
A4 12,070,000.00 12,070,000.00 74,129.92 0.00
> 74,129.92 0.00 0.00 12,070,000.00
A5 159,000,000.00 102,982,652.14 516,447.27 5,245,690.79 5,
>762,138.06 0.00 0.00 97,736,961.35
R 0.00 0.00 0.00 0.00
> 0.00 0.00 0.00 0.00
TOTALS 229,000,000.00 149,108,674.98 783,881.58 6,773,966.09 7,
>557,847.67 0.00 0.00 142,334,708.89
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
> PASS-THROUGH
PRIOR
> CURRENT RATES
PRINCIPAL
> PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL
> TOTAL BALANCE CURRENT NEXT
A1 743844AG7 143.718763 0.796441 54.814221
> 55.610662 88.904542 6.650000% 6.650000%
A2 743844AH5 1,000.000000 5.608333 0.000000
> 5.608333 1,000.000000 6.730000% 6.730000%
A3 743844AJ1 1,000.000000 5.858333 0.000000
> 5.858333 1,000.000000 7.030000% 7.030000%
A4 743844AK8 1,000.000000 6.141667 0.000000
> 6.141667 1,000.000000 7.370000% 7.370000%
A5 743844AL6 647.689636 3.248096 32.991766
> 36.239862 614.697870 5.823750% 5.449380%
R 0.000000 0.000000 0.000000
> 0.000000 0.000000 0.000000% 0.000000%
SELLER: Provident Bank ADMI
>NISTRATOR: Alan Sueda
SERVICER: Provident Bank
> Bankers Trust Company
LEAD UNDERWRITER: Lehman Brothers
> 3 Park Plaza
RECORD DATE: September 30, 1998
> Irvine, CA 92714
DISTRIBUTION DATE: October 26, 1998
> FACTOR INFORMATION(800) 735-7777
Page 1 of 3
> (c) COPYRIGHT 1998 Bankers Trust Company
> PROVIDENT BANK
> HOME EQUITY LOAN TRUST
>
> SERIES 1997-2
> Statement To Certific
>ateholders
> Distribution Date:
> October 26, 1998
> DELINQUENT AND
> LOANS LOANS LOANS
>
> FORECLOSURE LOAN
> 30 TO 59 60 TO 89 90 PLUS IN IN IN
> INFORMATION
> DAYS DAYS DAYS FORECLOSURE REO BANKRUPTCY
>
> GROUP 1 PRINCIPA
>L BALANCE2,890,322.00821,966.004,402,472.001,771,932.00 719,893.00
2,017,276.00
>
> PERCENTAGE OF POOL BALA
>NCE 6.2362% 1.7735% 9.4988% 3.8231% 1.5532% 4.3525%
>
> NUMBER OF LOANS
> 63 14 62 25 13 25
>
> PERCENTAGE OF LOANS
> 6.8330% 1.5184% 6.7245% 2.7115% 1.4100% 2.7115%
>
> GROUP 2 PRINCIPA
>
BALANCE6,445,171.003,289,712.0012,712,312.006,931,855.001,713,964.004
275,071.00
>
> PERCENTAGE OF POOL BALA
>NCE 6.0323% 3.0790% 11.8980% 6.4878% 1.6042% 4.0012%
>
> NUMBER OF LOANS
> 70 32 128 66 19 44
>
> PERCENTAGE OF LOANS
> 6.1242% 2.7997% 11.1986% 5.7743% 1.6623% 3.8495%
>
> Note: Quantity and Pri
>ncipal Balance of Foreclosures, Bankruptcies, & REOs are Included in the
Delinq
>
>
> GROUP 1 GROUP 2
>
> BOOK VALUE OF LOANS IN
>REO: 823,530.00 1,938,773.00
>
> NUMBER OF LOANS IN BANK
>RUPTCY PROCEEDINGS LESS THAN 30 DAYS DELINQUENT 8 7
>
> PRINCIPAL BALANCE OF LO
>ANS IN BANKRUPTCY PROCEEDINGS LESS THAN 30 DAYS DELINQUE 446,867.00 685,940.00
>
> WEIGHTED AVERAGE MORTGA
>GE INTEREST RATE: 11.410413% 10.818988%
>
> WEIGHTED AVERAGE REMAIN
>ING TERM TO MATURITY 196 343
>
> PRIOR NUMBER OF MORTGAG
>E LOANS INCLUDED IN THE POOL 949 1,192
>
> CURRENT NUMBER OF MORTG
>AGE LOANS INCLUDED IN THE POOL 922 1,143
>
> PRIOR AGGREGATE PRINCIP
>AL BALANCE OF THE MORTGAGE LOANS 47,876,022.84 111,563,816.05
>
> CURRENT AGGREGATE PRINC
>IPAL BALANCE OF THE MORTGAGE LOANS 46,347,747.54 106,844,289.82
>
> POOL FACTOR OF LOAN GRO
>UPS 66.174184% 67.175682%
>
> NUMBER OF LOANS SUBJECT
> TO PRINCIPAL PREPAYMENTS 27 49
>
> SCHEDULE
>D PRINCIPAL RECEIVED 63,906.58 47,478.77
>
> CURTAILM
>ENTS (397.41) 45,477.15
>
> PREPAYME
>NTS IN FULL 1,464,766.134,248,672.4
>
> LIQUIDAT
>IONS 0.00 377,897.84
>
> INSURANC
>E PRINCIPAL PROCEEDS 0.00 0.00
>
> REPURCHA
>SED PRINCIPAL AMOUNTS 0.00 0.00
>
> TOTAL PRINCIPAL:
> 1,528,275.30 4,719,526.23
>
> TOTAL PRINCIPAL RECEIVE
>D NET OF REALIZED LOSSES: 1,528,275.30 4,657,721.91
>
> SERVICER ADVANCES:
> 77,051.03 201,139.70
>
> CUM NET FUNDS CAP CARRY
>OVER AMOUNT WITH RESPECT TO A-5 CERTIFICATES 0.00
>
>
> Page 2 of 3 (c) COPYRIGHT 1998 B
>
> PROVIDENT BANK
> HOME EQUITY LOAN TRUST
>
> SERIES 1997-2
> Statement To Certific
>ateholders
> Distribution Date:
> October 26, 1998
>
> GROUP 1 GROUP 2
>
> SCHEDULED INTEREST
> 455,237.67 1,002,714.66
>
> LIQUIDATION INTEREST
> 0.00 3,125.02
>
> REPURCHASE INTEREST
> 0.00 0.00
>
> STOP ADVANCE INTEREST
> (341.24) 0.00
>
> ACCRUED SERVICING FEE F
>OR THE CURRENT PERIOD: 19,948.34 46,484.92
>
> TOTAL SERVICING FEES DU
>E MASTER SERVICER: 19,948.34 46,484.92
>
> LESS: COMPENSATING IN
>TEREST 0.00 0.00
>
> LESS: DELINQUENT SER
>VICE FEES: (3,381.74) (9,353.67)
>
> COLLECTED SERVICING FEE
>S FOR CURRENT PERIOD: 16,566.60 37,131.25
>
> AMOUNTS PAID TO CERTIFI
>CATE INSURER PURSUANT SECT 5.01 (a)(i)(4) AND 5.01 (a)(i 0.00 0.00
>
> REIMBURSEMENT AMOUNT
> 0.00 0.00
>
> PREMIUM AMOUNT PAID
> 6,534.52 14,589.21
>
> PER $1,000 OF ORIGINAL
>AMOUNT 0.09329828 0.09172602
>
> REIMBURSEMENTS TO MASTE
>R SERVICER PURSUANT TO SECT 3.03 0.00 0.00
>
> INSURED PAYMENTS
> 0.00 0.00
>
> PER $1,000 OF ORIGINAL
>AMOUNT 0.00000000 0.00000000
>
> TOTAL PRINCIPAL COLLECT
>ED 1,528,275.304,657,721.91
>
> TOTAL INTEREST COLLECTE
>D 434,948.10 959,354.76
>
> TOTAL AVAILABLE FUNDS F
>OR DISTRIBUTION 1,963,223.405,617,076.67
>
> O/C AMOUNT BEGINNING
> 1,750,000.008,581,163.91
>
> O/C AMOUNT ENDING
> 1,750,000.009,107,328.47
>
> O/C REDUCTION AMOUNT
> 0.00 0.00
>
> EXCESS O/C AMOUNT
> 0.00 0.00
>
> SPECIFIED O/C AMOUNT
> 1,750,000.00 10,153,244.44
>
> EXCESS SPREAD
> 160,580.30 427,388.58
>
> EXCESS SPREAD DISTRIBUT
>ABLE 160,580.30 365,584.26
>
> NET LIQUIDATION PROCEED
>S 0.00 316,093.52
>
> OUTSTANDING CLASS INTER
>EST CARRYOVER SHORTFALL 0.00 0.00
>
> OUTSTANDING CLASS A PRI
>NCIPAL SHORTFALL AMOUNT 0.00 0.00
>
> CURRENT NET LOSSES
> 0.00 61,804.32
>
> CUMULATIVE NET LOSSES
> 15,589.61 245,358.65
>
> DELINQUENCY LOSS FACTOR
> 2,380,495.276,866,438.12
>
> TOTAL EXPECTED LOSSES
> 2,396,084.887,111,796.77
>
>
> Page 3 of 3 (c) COPYRIGHT 1998 B
>
> PROVIDENT BANK
> HOME EQUITY LOAN TRUST
>
> SERIES 1997-2
> Statement To Certific
>ateholders
> Distribution Date:
> October 26, 1998
>
> GROUP 1 GROUP 2
>
> SCHEDULED INTEREST
> 455,237.67 1,002,714.66
>
> LIQUIDATION INTEREST
> 0.00 3,125.02
>
> STOP ADVANCE INTEREST
> (341.24) 0.00
>
> COMPENSATING INTEREST
> 0.00 0.00
>
> REIMBURSEMENTS TO MASTE
>R SERVICER PURSUANT TO SECT 3.03 0.00 0.00
>
> INSURED PAYMENTS
> 0.00 0.00
>
> PER $1,000 OF ORIGINAL
>AMOUNT 0.00000000 0.00000000
>
> TOTAL PRINCIPAL COLLECT
>ED 1,528,275.304,657,721.91
>
> TOTAL INTEREST COLLECTE
>D 434,948.10 959,354.76
>
> TOTAL AVAILABLE FUNDS F
>OR DISTRIBUTION 1,963,223.405,617,076.67
>
> O/C AMOUNT
> 1,750,000.008,519,359.59
>
> O/C REDUCTION AMOUNT
> 0.00 0.00
>
> EXCESS O/C AMOUNT
> 0.00 0.00
>
> SPECIFIED O/C AMOUNT
> 1,750,000.0010,153,244.44
>
> EXCESS SPREAD
> 160,580.30 427,388.58
>
> DISTRIBUTABLE EXCESS SP
>READ DISTRIBUTED TO CLASS A 160,580.30 365,584.26
>
> NET LIQUIDATION PROCEED
>S 0.00 316,093.52
>
> OUTSTANDING CLASS INTER
>EST CARRYOVER SHORTFALL 0.00 0.00
>
> OUTSTANDING CLASS A PRI
>NCIPAL SHORTFALL AMOUNT 0.00 0.00
>
> CUMULATIVE NET LOSSES
> 15,589.61 245,358.65
>
> DELINQUENCY LOSS FACTOR
> 2,380,495.276,866,438.12
>
> TOTAL EXPECTED LOSSES
> 2,396,084.887,111,796.77
>
>
> Page 3 of 3 (c) COPYRIGHT 1998 B
>
uency Figures.
ankers Trust Company
ankers Trust Company
ankers Trust Company