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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 25, 1997
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SOUTHPOINT STRUCTURED ASSETS, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
333-09883 51-6503749
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(Commission File Number) (I.R.S. Employer Identification No.)
50 North Front Street, Memphis, Tennessee 38103
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(Address of Principal Executive Offices) (Zip Code)
(901) 524-4100
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
None.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
EXHIBIT
NO. DOCUMENT DESCRIPTION
99.1 Report to Certificateholders dated as of October 25, 1997.
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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.
SOUTHPOINT STRUCTURED ASSETS, INC.
Dated: December 16, 1997 By: /s/ C. David Ramsey
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C. David Ramsey
President
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Bank One, West Virginia, NA Tel 304 348-5640
Investment Management Services Fax 304 346-7978
707 Virginia Street
Post Office Box 1113
Charleston, WV 25324 1113
[LOGO OF BANK ONE]
Southpoint Structured Assets, Inc. FHLB Security-Backed Trust, Series 1996-1
$7,000,000 7.10% Certificates due April 25, 2007
Report to Certificateholders
This report is being provided pursuant to Section 4.03 of the Standard Terms for
Trust Agreements dated November 1, 1996 between Southpoint Structured Assets,
Inc., as Depositor and Bank One, West Virginia, N.A., as Trustee:
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(i) Amounts Received by Trustee as of the last statement: $250,250.00 Earned Interest
-0- Principal
(ii) Distribution Amounts
Certificates $202,941.67
Retained Interest 1,429.17
(iii) Principal Distribution -0-
Premium Distribution -0-
Certificate Interest Distribution $202,941.67
($202.94167 per $1,000 minimum denomination)
Unpaid Accrued Interest -0-
(iv) Floating Pass-Through Rate N/A
(v) Advances None
(vi) Principal Amount of Underlying Security $7,000,000.00
Notional Amount N/A
Current Rating of Security N/A
Currrent Interest Rate of Security 7.15%
(vii) Aggregate Certificate Principal Balance $7,000,000.00
Principal Reductions since last reporting -0-
(viii) Credit Support N/A
Submitted as of Distribution Date: October 25, 1997
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