SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
(Mark One)
|X| Annual Report under Section 13 or 15(d) of the Securities Exchange Act
of 1934 For the fiscal year ended December 31, 1998
OR
|_| Transition Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 For the transition period from _______________
to _______________
Commission File No. 333-39199
---------
SUPERIOR BANK FSB (SERIES 1998-2)
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
UNITED STATES 36-1414142
------------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
ONE LINCOLN CENTRE
OAKBROOK TERRACE, ILLINOIS 60181
(Address of principal executive offices) (Zip Code)
---------------------------------------- ----------
Registrant's telephone number, including area code: 630 916-4000
------------
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
------------------- -------------------
NONE NOT APPLICABLE
Securities registered pursuant to Section 12(g) of the Act:
None
----
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No
--- ---
Documents Incorporated by Reference:
- ------------------------------------
The following documents filed pursuant to Rule 424(b) under the Securities Act
of 1933, as amended, are incorporated by reference into Part I of this Form
10-K: the Prospectus Supplement dated June 17, 1998 together with the Prospectus
dated December 12, 1997.
<PAGE>
SUPERIOR BANK FSB (SERIES 1998-2)
FORM 10-K
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
----
<S> <C> <C>
Part I
Item 1. Business............................................................................ 1
Item 2. Properties.......................................................................... 1
Item 3. Legal Proceedings................................................................... 1
Item 4. Submission of Matters to a Vote of Security Holders................................. 1
Part II
Item 5. Market for Registrant's Common Equity
and Related Shareholder Matters................................................. 1
Item 6. Selected Financial Data............................................................. 1
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations............................................. 2
Item 8. Financial Statements and Supplementary Data......................................... 2
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure................................................. 2
Part III
Item 10. Directors and Officers of the Registrant............................................ 2
Item 11. Executive Compensation.............................................................. 2
Item 12. Security Ownership of Certain Beneficial
Owners and Management........................................................... 2
Item 13. Certain Relationships and Related Transactions...................................... 4
Item 14. Exhibits, Financial Statement Schedules
and Reports on Form 8-K......................................................... 4
</TABLE>
<PAGE>
Part I
ITEM 1 BUSINESS.
--------
Not applicable.
ITEM 2 PROPERTIES.
----------
Not applicable.
ITEM 3 LEGAL PROCEEDINGS.
-----------------
There were no material legal proceedings involving either the
Mortgage Pool, the Trustee, the custodian, the Servicer or the Registrant with
respect to the Mortgage Pool, other than ordinary routine litigation incidental
to the duties of the Trustee, the custodian, the Servicer or the Registrant
under the Pooling and Servicing Agreement.
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
---------------------------------------------------
No matter was submitted to a vote of security holders during the fourth
quarter of the fiscal year ended December 31, 1998.
PART II
ITEM 5 MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
---------------------------------------------------------------------
(a) There is no established trading market for the Certificates.
(b) As of December 31, 1998, with respect to Series 1998-2
there were five (5) holders of record of the Registrant's Class 1A Certificates,
there were eleven (11) holders of record of the Registrant's Class 2A
Certificates and there was one (1) holder of record of the Registrant's Class R
Certificates.
This does not reflect the number of persons who hold their
certificates in nominee or "street" name through various brokerage firms.
ITEM 6 SELECTED FINANCIAL DATA.
-----------------------
Not applicable.
<PAGE>
-2-
ITEM 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
RESULTS OF OPERATIONS.
----------------------------------------------------------------
Not applicable.
ITEM 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
-------------------------------------------
Not applicable.
ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.
---------------------------------------------------------------
Not applicable since there was no change of accountants or
disagreements on any matter of accounting principles or practices of financial
disclosure.
Part III
ITEM 10 DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
--------------------------------------------------
Not applicable.
ITEM 11 EXECUTIVE COMPENSATION.
----------------------
Not applicable.
ITEM 12 SECURITY OWNERSHIP OF CERTAIN OWNERS AND MANAGEMENT.
---------------------------------------------------
The following table provides information, as of December 31, 1998 with
respect to the ownership by each person or group of persons, known by the
Registrant to be a record owner of 5% or more of each class of the 1998-2 Series
of Certificates. This does not reflect the persons who hold their certificates
in nominee or "street" name.
Except as set forth below, the Registrant is not aware of any record
owner of more than 5% of the Certificates as of the close of business on
December 31, 1998.
<PAGE>
-3-
<TABLE>
<CAPTION>
Percent of Class of
Principal Amount of Certificates Outstanding (by
Series and Class Certificates Owned aggregate principal balance
of Certificates Name and Address of Record or Percentage Interest)
--------------- ---------------- --------- -----------------------
<S> <C> <C> <C>
1998-2
Class 1A The Bank of New York $82,000,000 30.82%
925 Patterson Plank Road
Secaucus, New Jersey 07094
Bankers Trust Company $50,000,000 18.79%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, Tennessee 37211
Chase Manhattan Bank $51,000,000 19.17%
4 New York Plaza, 13th Floor
New York, New York 10004
Merrill Lynch, Pierce, Fenner $30,000,000 11.27%
& Smith Safekeeping
4 Corporate Place
Corporate Park 287
Piscataway, New Jersey 08855
Swiss American Securities Inc. $53,000,000 19.92%
100 Wall Street
New York, New York 10005
Class 2A Boston Safe Deposit and $24,700,000 12.41%
Trust Company
c/o Mellon Bank N.A.
Three Mellon Bank Center
Room 153-3015
Pittsburgh, Pennsylvania 15259
Chase Bank of Texas, N.A. $40,000,000 20.10%
P.O. Box 2558
Houston, Texas 77252-2558
Chase Manhattan Bank $69,000,000 34.67%
<PAGE>
-4-
(See Above)
Citibank, N.A. $23,750,000 11.93%
P.O. Box 30576
Tampa, Florida 33630-3576
State Street Bank and $19,150,000 9.62%
Trust Company
Global Corp. Action Dept.
P.O. Box 1631
Boston, Massachusetts 02105-1631
Class R Superior Bank FSB N/A 100%
135 Chestnut Ridge Road
Montvale, New Jersey 07645
</TABLE>
ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
----------------------------------------------
Not applicable.
ITEM 14 EXHIBITS, FINANCIAL STATEMENTS SCHEDULES AND REPORTS ON FORM 8-K.
----------------------------------------------------------------
Not applicable.
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
SECTION 15(D) BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES
PURSUANT TO SECTION 12 OF THE ACT.
-----------------------------------------------------------------------
No annual report, proxy statement, form of proxy or other soliciting
material has been sent to Certificateholders, and the Registrant does not
contemplate sending any such materials subsequent to the filing of this report.
<PAGE>
SIGNATURES
Subject to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
SUPERIOR BANK FSB
(Registrant and as Depositor)
By: /s/ William C. Bracken
-------------------------
William C. Bracken
Senior Vice President and
Chief Financial Officer
Date: January 14, 1999
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons and in the capacities
and on the date indicated.
<TABLE>
<CAPTION>
Name Title Date
---- ----- ----
<S> <C> <C>
*
------------------------ Chairman, President and January 14, 1999
(Neal T. Halleran) Chief Executive Officer)
/s/ William C. Bracken
------------------------ Senior Vice President, Chief January 14, 1999
(William C. Bracken) Financial Officer, Secretary
and Treasurer
*
------------------------ Director and Executive Vice January 14, 1999
(Monte Kurs) President
*
------------------------ Director January 14, 1999
(Nelson L. Stephenson)
*
------------------------ Director January 14, 1999
(Glen Miller)
*
------------------------ Director January 14, 1999
(Marc A. Weisman)
*By: /s/ William C. Bracken
------------------------
William C. Bracken
Attorney-in-fact
</TABLE>