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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
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SEC FILE NUMBER
333-16397
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CUSIP NUMBER
301936AM2
301936AN0
301936AP5
301936AQ3
301936AR1
301936AS9
301936AT7
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(CHECK ONE): /X/Form 10-K and Form 10-KSB / /Form 20-F / /Form 11-K
/ /Form 10-Q and Form 10-QSB / /Form N-SAR
For Period Ended: December 31, 1996
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/ / Transition Report on Form 10-K
/ / Transition Report on Form 20-F
/ / Transition Report on Form 11-K
/ / Transition Report on Form 10-Q
/ / Transition Report on Form N-SAR
For the Transition Period Ended:
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READ INSTRUCTION (ON BACK PAGE) BEFORE PREPARING FORM. PLEASE PRINT OR TYPE.
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY THAT THE COMMISSION HAS
VERIFIED ANY INFORMATION CONTAINED HEREIN.
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If the notification relates to a portion of the filing checked above, identify
the Item(s) to which the notification relates:
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PART I
FDIC REMIC Trust 1996-C1
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Full Name of Registrant
N/A
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Former Name if Applicable
c/o State Street Bank and Trust Company, Corporate Trust Department,
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Two International Place, 5th Floor
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Address of Principal Executive Office (Street and Number)
Boston, MA 02110
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City, State and Zip Code
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PART II
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
(b) The subject annual report, semi-annual report, transition report
on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof,
/X/ will be filed on or before the fifteenth calendar day following
the prescribed due date; or the subject quarterly report of
transition report on Form 10-Q, or portion thereof will be filed
on or before the fifth calendar day following the prescribed due
date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III
State below in reasonable detail the reasons why Forms 10-K and Form 10-KSB,
20-F, 11-K, 10-Q and Form 10-QSB, N-SAR, or the transition report or portion
thereof, could not be filed within the prescribed period.
The Registrant's Report on Form 10-k for fiscal year ended December 31,
1996 could not be filed within the prescribed time. The Registrant was
formed for the purpose of issuing the FDIC REMIC TRUST Series 1996-C1
Certificates and administering the trust created under the Pooling and
Servicing Agreement dated as of December 7, 1996 (the "Pooling Agreement")
among the Federal Deposit Insurance Corporation ("FDIC") in its corporate
capacity and in its capacities as administrator of the Bank Insurance
Fund and as receiver of certain state and federally chartered depository
institutions, Banc One Management and Consulting Corporation, as
Servicer, and State Street Bank and Trust Company, as Trustee. On
December 20, 1996, the Registrant issued its Certificates, which
Certificates evidence beneficial ownership interest in the Trust Fund
created under the Pooling Agreement. No distributions were made on
the Certificates during fiscal year ended December 31, 1996. The FDIC
pursuant to a limited guaranty delivered on December 20, 1996 guaranteed
certain distributions on the Certificates.
Following a series of no-action letters issued by the Commission's staff
with respect to reporting requirements for mortgage pass-through trusts,
the Registrant intends to file a modified Form 10-K. Since no
distributions were made with respect to the Certificates during the
period covered by the Registrant's Report on Form 10-K, the Registrant
believes that the only meaningful information to be disclosed to
investors in its Report on Form 10-K is the audited financial statements
(the "Financial Statements") of the Bank Insurance Fund of the FDIC. As
of March 30, 1997, the Registrant has not received the Financial
Statements, the accountant's letter and the consent of the accountants
to the filing of the accountant's letter with respect to such Financial
Statements. The Registrant believes that neither the Financial Statement
nor the accountant's letter could have been obtained earlier without
unreasonable effort or expense on the part of the Registrant. The
Registrant intends to file the Financial Statements on or before the
15th calendar day following the prescribed due date.
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PART IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Amelia M. Charamba, Esq. (617) 951-2062
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceding 12 months or for such shorter period
that the registrant was required to file such report(s) been filed? If
answer is no, identify report(s). /X/ Yes / / No
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(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected
by the earnings statements to be included in the subject report or
portion thereof? / / Yes /X/ No
If so, attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
FDIC REMIC Trust 1996-C1
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
By: State Street Bank and Trust Company,
solely in its capacity as trustee
of the FDIC REMIC Trust 1996-C1 and
not individually
Date: April 1, 1997 By:/s/David Duclos
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David Duclos, Assistant Vice President
