- --------------------------------------------------------------------------------
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) March 25, 1999
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of February 1, 1999, providing for the issuance of AFC Mortgage Loan Asset
Backed Certificates, Series 1999-1)
Superior Bank FSB
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
United States 333-61691 36-1414142
- ---------------------------- ------------ ---------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
One Lincoln Centre
Oakbrook Terrace, Illinois 60181
- ---------------------------- ---------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (630) 916-4000
--------------
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<PAGE>
Item 5. Other Events
On March 25, 1999 (a "Remittance Date") a scheduled remittance was made to
the Certificateholders with respect to AFC Mortgage Loan Asset Backed
Certificates, Series 1999-1, issued pursuant to a Pooling and Servicing
Agreement, dated as of February 1, 1999, among Superior Bank FSB., as Depositor
and Servicer and LaSalle National Bank, as Trustee. The information contained in
the Servicer's Monthly Remittance Report to the Trustee, which shall be
forwarded by the Trustee to the Certificateholders, is attached hereto as
Exhibit 21.1 and is incorporated herein by reference.
Capitalized terms used herein and not defined shall have the same meanings
ascribed to them in the Pooling and Servicing Agreement.
Items 2 through 4 and Items 6 and 8 are not included because they are not
applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
21.1 Monthly Remittance Report for the month of March, 1999.
<PAGE>
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 thereunto duly authorized.
SUPERIOR BANK F.S.B.
By: /s/ WILLIAM C. BRACKEN
---------------------------
Name: William C. Bracken
Title: Senior Vice President
Dated: March 25, 1999
<PAGE>
EXHIBITS INDEX
Exhibit No. Description
- ----------- -----------
21.1 Monthly Remittance Report for the month of March, 1999.
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-1 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF FEBRUARY 1, 1999 SUPERIOR BANK - FSB SERVICING DIVISION REPORTS
THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-1 GROUP 1
FOR MARCH 25, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: MARCH 1, 1999
- --------------------------------------------------------------------------------
Total Actual Principal Collections 748,818.54
Total Permanent Buydown Companion Principal 8,421.50
Total Actual Interest Collections 458,208.95
Less Service Fees Service Fees Previously Remitted 72,798.60
Additional Proceeds 0.00
--------------------
Total Collections: 1,142,650.39
Pre-Funding Account Transfer 0.00
Interest Coverage Account Transfer 955,531.41
Deferred Interest Coverage Account Transfer 53,177.32
--------------------
Aggregate Amount Received: 2,151,359.12
Monthly Advances
Interest Advance 911,521.81
Compensating Interest 1,785.74
Amounts Held for Future Distributions 0.00
Cross Collateral Deposit 0.00
Reserve Withdrawal per Sec. 6.14c 0.00
--------------------
Available Remittance Amount: 3,064,666.67
Service Fees 17,328.79
Expense Account Deposit: 2,285.36
--------------------
Adjusted Remittance Amount: 3,045,052.52
Remaining Amount Available:
Adjusted Remittance Amount 3,045,052.52
Insured Payments 0.00
Monthly Premium @ 20 bp
due Certificate Insurer 45,707.13
Cross Collateral Withdrawal 0.00
Class Remittance Amounts 2,999,345.39
Non-Recoverable Advances not
--------------------
Previously Reimbursed 0.00
====================
Total Remaining Amount Available: 0.00
====================
Amount of Reimbursements Pursuant to Sec. 5.04
Servicing Fee 0.00
Monthly Advances and Servicer Advances 0.00
Other Mortgage Payments 0.00
Interest Earned on P&I Deposits 0.00
Additional Servicing Compensation 0.00
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Page 1 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-1 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS OF FEBRUARY 1, 1999
SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1999-1 GROUP 1 FOR MARCH 25, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: MARCH 1, 1999
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS 1A CLASS R
----- -------- -------
<S> <C> <C> <C>
Loans Outstanding - BOM 2782
Original Loan Balance 168,415,194.04 168,415,194.04
Original Permanent Buydown Companion Loan Balance 907,775.49 907,775.49
Pre-Funding Account Balance 108,384,000.73 108,384,000.73
Initial Overcollateralization 2,706,970.26 2,706,970.26
Realized Losses, LTD 0.00 0.00
Permanent Buydown Companion Loan Losses, LTD 0.00 0.00
Carryforward Amount 0.00 0.00
Aggregate Unpaid Principal Balance of Delinquent 0.00 0.00
Loans Repurchased per Sec. 5.11 0.00 0.00
-------------------------------------------------------------------------------
Total Class Principal Balance 275,000,000.00 275,000,000.00
Pool Factor per Loan Balance 61.2418887% 61.2418887%
Pool Factor per Class Balance 100.0000000% 100.0000000%
Excess Spread 0.00 0.00
Cross Collateral Withdrawal 0.00 0.00
Cross Collateral Deposit 0.00 0.00
Additional Principal due Class A 1,042,115.96 1,042,115.96
Interest Remittance @ Pass-Through Rates 1,199,989.39 1,199,989.39
PRINCIPAL ADDITIONS:
Number of loans 0 0
Transfers from Pre-Funding Account 0.00 0.00
PRINCIPAL REDUCTIONS:
Prepayments - Number 12 12
Prepayments - Dollar 415,250.15 415,250.15
Delinquent Loans Repurchased - Number 0 0.00
Delinquent Loans Repurchased - Dollar 0.00 0.00
Net Liquidation Proceeds 0.00 0.00
Curtailments 159,840.70 159,840.70
Normal and Excess Payments 173,727.69 173,727.69
Permanent Buydown Companion Principal 8,421.50 8,421.50
Pre-Funding Account Transfer 0.00 0.00
--------------------------------------------------------------------------------
Total Principal Remittance 757,240.04 757,240.04
Additional Principal Reduction 1,042,115.96 1,042,115.96
================================================================================
Total Remittance 2,999,345.39 2,999,345.39 0.00
================================================================================
Current Month Realized Loss - Number 0 0
Current Month Realized Loss - Dollar 0.00 0.00
Current Month Permanent Buydown Companion Loan
Realized Loss - Dollar 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
Loans Outstanding - EOM 2770
Closing Loan Balance 167,666,375.50 167,666,375.50
Closing Permanent Buydown Companion Loan Balance 899,353.99 899,353.99
Pre-Funding Account Balance 108,384,000.73 108,384,000.73
Additional Principal Reduction, LTD 3,749,086.22 3,749,086.22
Realized losses, LTD 0.00 0.00
Permanent Buydown Companion Loan Losses, LTD 0.00
Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
--------------------------------------------------------------------------------
Total Class Principal Balance 273,200,644.00 273,200,644.00
Pool Factor per Loan Balance 60.9695911% 60.9695911%
Pool Factor per Class Balance 99.3456887% 99.3456887%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-1 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS OF FEBRUARY 1, 1999
SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1999-1 GROUP 1 FOR MARCH 25, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: MARCH 1, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS A-1
----- ---------
<S> <C> <C>
Weighted Note Rate - THIS Remittance 10.57943 %
Weighted Note Rate - NEXT Remittance 10.57943 %
Related Remittance Period for Libor Rate 24-Feb-99 thru 24-Mar-99
Days in Related Period 29
Pass-Through Rates 5.41688%
Weighted Average Remaining Term 251.44
Original Pool - Principal Balance 168,415,194.04 168,415,194.04
Original Pool - Permanent Buydown Companion Balance 907,775.49 907,775.49
Original Pool - Pre-Funding Account 108,384,000.73 108,384,000.73
Original Pool - Additional Principal Reduction 2,706,970.26 2,706,970.26
---------------------------------
Original Pool Total 275,000,000.00 275,000,000.00
Original Pool - Number of Loans 2782
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<CAPTION>
CLASS A OVERCOLLATERALIZATION RECONCILIATION
Beg.of Month Current Month End of Month
-------------------------------------------------------
<S> <C> <C> <C>
Additional Principal Reduction, LTD 2,706,970.26 1,042,115.96 3,749,086.22
Cross Collateral Deposits 0.00 0.00 0.00
Realized Losses, LTD 0.00 0.00 0.00
Permanent Buydown Companion Loan Losses, LTD 0.00 0.00 0.00
-------------------------------------------------------
Overcollateralization of Principal 2,706,970.26 1,042,115.96 3,749,086.22
=======================================================
Base Overcollateralization Required 16,331,152.49
Required Overcollateralization Amount 16,331,152.49
<CAPTION>
CURRENT MONTH SUBORDINATED AMOUNT Beg.of Month Current Month End of Month
-------------------------------------------------------
<S> <C> <C> <C>
Original Subordinated Amount 33,741,821.84 N/A 33,741,821.84
Less: Cumulative Realized Losses (excluding
Permanent Buydown Companion Loans) 0.00 0.00 0.00
Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
=======================================================
Current Subordinated Amount 33,741,821.84 33,741,821.84
=======================================================
NONRECOVERABLE ADVANCE RECONCILIATION
Beginning of Month 0.00
Current Month Unpaid Nonrecoverable Advance 0.00
Less: Current Month Reimbursement 0.00
-------------------
End of Month 0.00
</TABLE>
Page 3 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-1 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF FEBRUARY 1, 1999 SUPERIOR BANK - FSB SERVICING DIVISION REPORTS
THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-1 GROUP 1
FOR MARCH 25, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: MARCH 1, 1999
- -----------------------------------------------------------------------------------------
CLASS
TOTAL A1
--------------------------------------
<S> <C> <C>
Total Class Principal - Original Pool $275,000,000.00 $275,000,000.00
Interest Remittance Amount 1,199,989.39 1,199,989.39
Interest Rate Factor / 1000 4.363598 4.363598
Total Principal Collections 757,240.04 757,240.04
Prefunding Account Transfer 0.00 0.00
Additional Principal Reduction 1,042,115.96 1,042,115.96
--------------------------------------
Principal Remittance Amount 1,799,356.00 1,799,356.00
Principal Payment Factor/1000 6.543113 6.543113
Principal Factor 993.456887 993.456887
</TABLE>
Page 4 of 4
<PAGE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICERS CERTIFICATE
1999-1 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF FEBRUARY 1, 1999 AND THE INSURANCE AGREEMENT
DATED AS OF FEBRUARY 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-1 GROUP 2
FOR MARCH 25, 1999 THE REMITTANCE DATE.
PERIOD ENDED: MARCH 1, 1999
- ------------------------------------------------------------------------------
Total Actual Principal Collections 470,323.63
Total Actual Interest Collections 328,647.36
Less: Service Fees Previously Remitted 61,901.38
Additional Proceeds 0.00
--------------
Total Collections: 737,069.61
Pre-Funding Account Transfer 0.00
Interest Coverage Account Transfer 833,915.39
Deferred Interest Coverage Account Transfer 70,666.65
--------------
Aggregate Amount Received: 1,641,651.65
Monthly Advance
Interest Advance 877,957.98
Compensating Interest 2,048.96
Amounts Held for Future Distributions 0.00
Reserve Withdrawal Per Sec. 6.08 VII 0.00
--------------
Available Remittance Amount: 2,521,658.59
Less: Service Fees 16,182.29
Less: Expense Account Deposit 2,079.41
Cross Collateral Deposit 0.00
--------------
Adjusted Remittance Amount: 2,503,396.89
Remaining Amount Available:
Adjusted Remittance Amount 2,503,396.89
Insured Payments 0.00
Monthly Premium @ 20 bp
due Certificate Insurer 41,588.28
Class Remittance Amounts 2,461,808.61
Cross Collateral Withdrawal 0.00
Non-Recoverable Advances not
Previously Reimbursed 0.00
==============
Total Remaining Amount Available: 0.00
==============
Amount of Reimbursements Pursuant to Sec. 5.04
Servicing Fee 0.00
Monthly Advances and Servicer Advances 0.00
Other Mortgage Payments 0.00
Interest Earned on P&I Deposits 0.00
Additional Servicing Compensation 0.00
- ------------------------------------------------------------------------------
Page 1 of 4
<PAGE>
<TABLE>
<CAPTION>
REVISED ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICERS CERTIFICATE
1999-1 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS OF FEBRUARY 1, 1999
AND THE INSURANCE AGREEMENT DATED AS OF FEBRUARY 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1999-1 GROUP 2 FOR MARCH 25, 1999 THE REMITTANCE DATE.
PERIOD ENDED: MARCH 1, 1999
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS 2-A CLASS R
----- --------- -------
<S> <C> <C> <C>
Number of Loans 1490
Original Principal Balance 156,587,131.22 156,587,131.22
Original Pre-Funding Account Balance 97,477,909.43 97,477,909.43
Initial Overcollateralization 4,065,040.65 4,065,040.65
Realized Losses, LTD 0.00 0.00
Carryforward Amount 0.00 0.00
Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
----------------------------------------------------------------
Opening Class Principal Balance 250,000,000.00 250,000,000.00
Pool Factor per Loan Balance 62.6348525% 62.6348525%
Pool Factor per Class Balance 100.0000000% 100.0000000%
Excess Spread 0.00 0.00
Additional Principal due Class A 920,724.42 920,724.42
Cross Collateral Deposit 0.00 0.00
Cross Collateral Withdrawal 0.00 0.00
Interest Remittance 1,070,760.56 1,070,760.56
Available Funds Cap Carry Forward 0.00 0.00
Distribution (see schedule C)
PRINCIPAL ADDITIONS:
Number of Loans 0
Transfers from Pre-Funding Account 0.00 0.00
PRINCIPAL REDUCTIONS:
Prepayments - Number 3 3
Prepayments - Dollar 265,450.33 265,450.33
Delinquent Loans Repurchased - Number 0 0
Delinquent Loans Repurchased - Dollar 0.00 0.00
Net Liquidation Proceeds 0.00 0.00
Curtailments 156,391.62 156,391.62
Normal and Excess Payments 48,481.68 48,481.68
Pre-Funding Account Transfer 0.00 0.00
----------------------------------------------------------------
Total Principal Remittance 470,323.63 470,323.63
Additional Principal Reduction 920,724.42 920,724.42
----------------------------------------------------------------
Total Remittance 2,461,808.61 2,461,808.61 0.00
================================================================
Carryforward Amount 0.00
Current Month Realized Loss - Number 0 0
Current Month Realized Loss - Dollar 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
Number of Loans # 1487
Closing Loan Balance 156,116,807.59 156,116,807.59
Pre-Funding Account Balance 97,477,909.43 97,477,909.43
Additional Principal Reduction, LTD 4,985,765.07 4,985,765.07
Realized Losses, LTD 0.00 0.00
Carryforward Amount 0.00 0.00
Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
----------------------------------------
Closing Class Principal Balance 248,608,951.95 248,608,951.95
Pool Factor per Loan Balance 62.4467230% 62.4467230%
Pool Factor per Class Balance 99.4435808% 99.4435808%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
<CAPTION>
REVISED ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICERS CERTIFICATE
1999-1 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT DATED AS OF FEBRUARY 1, 1999
AND THE INSURANCE AGREEMENT DATED AS OF FEBRUARY 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION REPORTS THE FOLLOWING
INFORMATION PERTAINING TO SERIES 1999-1 GROUP 2 FOR MARCH 25, 1999 THE REMITTANCE DATE.
PERIOD ENDED: MARCH 1, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS A1
----- --------
<S> <C> <C>
Weighted Note Rate - This Remittance: 10.26590%
Weighted Note Rate - Next Remittance: 10.26590%
Available Cap Carry Foward Amount - This Remittance: 0.00
(see schedule C)
Pass-Through Rate: 5.31688% 5.31688%
Related Remittance Period: 24-Feb-99 thru 24-Mar-99
Days in Related Period: 29
Weighted Average Remaining Term 356.88
Original Pool - Principal Balance 156,587,131.22 156,587,131.22
Original Pool - Pre-Funding Account Balance 97,477,909.43 97,477,909.43
Original Pool - Initial Overcollateralization 4,065,040.65 4,065,040.65
---------------------------------------
Original Pool - Class Principal Balance 250,000,000.00 250,000,000.00
Original Pool - Number of Loans 1490
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS A OVERCOLLATERALIZATION RECONCILIATION
Beginning of Month Current Month End of Month
------------------------------------------------------------
<S> <C> <C> <C>
Initial Overcollateralization 4,065,040.65 920,724.42 4,985,765.07
Cross Collateral Deposits, LTD 0.00 0.00 0.00
Less: Realized Losses, LTD 0.00 0.00 0.00
------------------------------------------------------------
Overcollateralization of Principal 4,065,040.65 920,724.42 4,985,765.07
============================================================
Base Overcollateralization Requirement 13,846,544.72
Required Overcollateralization 13,846,544.72
CURRENT MONTH SUBORDINATED AMOUNT Beginning of Month Current Month End of Month
------------------------------------------------------------
Original Subordinated Amount 30,360,772.36 N/A 30,360,772.36
Less: Cumulative Realized Losses 0.00 0.00 0.00
Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
------------------------------------------------------------
Current Subordinated Amount 30,360,772.36 30,360,772.36
============================================================
NONRECOVERABLE ADVANCE RECONCILIATION
Beginning of Month 0.00
Current Month Nonrecoverable Advance 0.00
Less: Current Month Reimbursment 0.00
-------------------
End of Month 0.00
===================
</TABLE>
Page 3 of 4
<PAGE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICERS CERTIFICATE
1999-1 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF FEBRUARY 1, 1999 AND THE INSURANCE AGREEMENT
DATED AS OF FEBRUARY 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-1 GROUP 2
FOR MARCH 25, 1999 THE REMITTANCE DATE.
PERIOD ENDED: MARCH 1, 1999
- ------------------------------------------------------------------------------
CLASS
A1
-----------------------------------
Total Class Principal - Original Pool $250,000,000.00 $250,000,000.00
Interest Remittance Amount 1,070,760.56 1,070,760.56
Interest Rate Factor / 1000 4.283042 4.283042
Total Principal Collections 470,323.63 470,323.63
Prefunding Account Transfer 0.00 0.00
Additional Principal Reduction 920,724.42 920,724.42
-----------------------------------
Principal Remittance Amount 1,391,048.05 1,391,048.05
Principal Payment Factor/1000 5.564192 5.564192
Principal Factor 994.435808 994.435808
Page 4 of 4
