- -------------------------------------------------------------------------------
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) NOVEMBER 26, 1999
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of June 1, 1999, providing for the issuance of AFC Mortgage Loan Asset
Backed Notes, 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 November 26, 1999 (a "emittance Date" a scheduled remittance was made to
the Certificateholders with respect to AFC Mortgage Loan Asset Backed
Certificates, Series 1999-2, issued pursuant to a Pooling and Servicing
Agreement, dated as of June 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 November, 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: November 26, 1999
<PAGE>
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of November, 1999.
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK--FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-2 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF JUNE 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-2
GROUP 1 FOR NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- --------------------------------------------------------------------------------
1 Total Actual Principal Collections 2,852,594.76
2 Total Permanent Buydown Companion Principal 63,130.06
3 Total Actual Interest Collections 3,251,640.16
4 Less Service Fees Service Fees Previously Remitted 196,395.47
5 Additional Proceeds
----------------
6 Total Collections: 5,970,969.51
7 Pre-Funding Account Transfer 0.00
8 Interest Coverage Account Transfer 0.00
9 Deferred Interest Coverage Account Transfer 0.00
----------------
10 Aggregate Amount Received: 5,970,969.51
Monthly Advances
11 Interest Advance 101,459.55
12 Compensating Interest 9,026.88
13 Amounts Held for Future Distributions 0.00
14 Cross Collateral Deposit 0.00
15 Reserve Withdrawal per Sec. 6.14c 0.00
----------------
16 Available Remittance Amount: 6,081,455.94
17 Service Fees 0.00
18 Expense Account Deposit: 2,980.52
----------------
19 Adjusted Remittance Amount: 6,078,475.42
Remaining Amount Available:
20 Adjusted Remittance Amount 6,078,475.42
21 Insured Payments 0.00
22 Monthly Premium @ 20 bp
due Certificate Insurer 59,610.33
23 Cross Collateral Withdrawal 0.00
24 Class Remittance Amounts 6,018,865.09
25 Non-Recoverable Advances not
Previously Reimbursed 0.00
----------------
Total Remaining Amount Available: 0.00
================
Amount of Reimbursements Pursuant to Sec. 5.04
26 Servicing Fee 0.00
27 Monthly Advances and Servicer Advances 0.00
28 Other Mortgage Payments 0.00
29 Interest Earned on P&I Deposits 0.00
30 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
1999-2 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF JUNE 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-2
GROUP 1 FOR NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- --------------------------------------------------------------------------------
TOTAL CLASS 1A CLASS R
----- -------- -------
<S> <C> <C> <C> <C>
31 Loans Outstanding - BOM 6510
32 Original Loan Balance 373,229,938.83 373,229,938.83
33 Original Permanent Buydown Companion Loan Balance 2,225,593.93 2,225,593.93
34 Pre-Funding Account Balance 0.00 0.00
35 Additional Principal Reduction, LTD 14,877,809.13 14,877,809.13
36 Realized Losses, LTD 0.00 0.00
37 Permanent Buydown Companion Loan Losses, LTD 0.00 0.00
38 Carryforward Amount 0.00 0.00
39 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
---------------------------------------------------------------
40 Total Class Principal Balance 360,577,723.63 360,577,723.63
41 Pool Factor per Loan Balance 99.5279837% 99.5279837%
42 Pool Factor per Class Balance 96.1540596% 96.1540596%
43 Excess Spread 0.00 0.00
44 Cross Collateral Withdrawal 0.00 0.00
45 Cross Collateral Deposit 0.00 0.00
46 Additional Principal due Class A 1,238,152.15 1,238,152.15
47 Interest Remittance @ Pass-Through Rates 1,864,988.12 1,864,988.12
PRINCIPAL ADDITIONS:
48 Number of loans 0 0
49 Transfers from Pre-Funding Account 0.00 0.00
PRINCIPAL REDUCTIONS:
50 Prepayments - Number 45 45
51 Prepayments - Dollar 2,287,695.06 2,287,695.06
52 Delinquent Loans Repurchased - Number 0 0.00
53 Delinquent Loans Repurchased - Dollar 0.00 0.00
54 Net Liquidation Proceeds 0.00 0.00
55 Curtailments 173,600.89 173,600.89
56 Normal and Excess Payments 391,298.81 391,298.81
Permanent Buydown Companion Principal 63,130.06 63,130.06
57 Pre-Funding Account Transfer 0.00 0.00
---------------------------------------------------------------
58 Total Principal Remittance 2,915,724.82 2,915,724.82
59 Additional Principal Reduction 1,238,152.15 1,238,152.15
---------------------------------------------------------------
60 Total Remittance 6,018,865.09 6,018,865.09 0.00
===============================================================
61 Current Month Realized Loss - Number 0 0
62 Current Month Realized Loss - Dollar 0.00 0.00
63 Current Month Permanent Buydown Companion Loan
Realized Loss - Dollar 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
64 Loans Outstanding - EOM 6465
65 Closing Loan Balance 370,377,344.07 370,377,344.07
66 Closing Permanent Buydown Companion Loan Balance 2,162,463.87 2,162,463.87
67 Pre-Funding Account Balance 0.00 0.00
68 Additional Principal Reduction, LTD 16,115,961.28 16,115,961.28
69 Realized losses, LTD 0.00 0.00
70 Permanent Buydown Companion Loan Losses, LTD 0.00
71 Aggregate Unpaid Principal Balance of Delinquent
72 Loans Repurchased per Sec. 5.11 0.00 0.00
---------------------------------------------------------------
73 Total Class Principal Balance 356,423,846.66 356,423,846.66
74 Pool Factor per Loan Balance 98.7672918% 98.7672918%
75 Pool Factor per Class Balance 95.0463591% 95.0463591%
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</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK--FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERYTIFICATE
1999-2 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF JUNE 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-2
GROUP 1 FOR NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- --------------------------------------------------------------------------------
TOTAL CLASS A-1
----- ---------
<S> <C> <C> <C>
76 Weighted Note Rate - THIS Remittance 10.82980%
77 Weighted Note Rate - NEXT Remittance 10.83125%
78 Related Remittance Period for Libor Rate 25-Oct-99 thru 25-Nov-99
79 Days in Related Period 32
80 Pass-Through Rates 5.81875%
81 Weighted Average Remaining Term 250.38
82 Original Pool - Principal Balance 248,139,272.81 248,139,272.81
83 Original Pool - Permanent Buydown Companion Balance 2,377,695.39 2,377,695.39
84 Original Pool - Pre-Funding Account 133,928,990.05 133,928,990.05
85 Original Pool - Additional Principal Reduction 9,445,958.25 9,445,958.25
---------------------------------------------------------------
86 Original Pool Total 375,000,000.00 375,000,000.00
87 Original Pool - Number of Loans 4310
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<CAPTION>
CLASS A OVERCOLLATERALIZATION RECONCILIATION
Beg.of Month Current Month End of Month
--------------------------------------------------
<S> <C> <C> <C> <C>
88 Additional Principal Reduction, LTD 14,877,809.13 1,238,152.15 16,115,961.28
89 Cross Collateral Deposits 0.00 0.00 0.00
90 Realized Losses, LTD 0.00 0.00 0.00
91 Permanent Buydown Companion Loan Losses, LTD 0.00 0.00 0.00
--------------------------------------------------
92 Overcollateralization of Principal 14,877,809.13 1,238,152.15 16,115,961.28
==================================================
93 Base Overcollateralization Required * 26,362,710.14
94 Required Overcollateralization Amount 26,362,710.14
CURRENT MONTH SUBORDINATED AMOUNT Beg.of Month Current Month End of Month
--------------------------------------------------
95 Original Subordinated Amount * 46,612,328.07 N/A 46,612,328.07
96 Less: Cumulative Realized Losses (excluding
Permanent Buydown Companion Loans) 0.00 0.00 0.00
97 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
--------------------------------------------------
98 Current Subordinated Amount 46,612,328.07 46,612,328.07
==================================================
* Per Insurnace Agreement Supplement Dated 9/27/99
NONRECOVERABLE ADVANCE RECONCILIATION
99 Beginning of Month 0.00
100 Current Month Unpaid Nonrecoverable Advance 0.00
101 Less: Current Month Reimbursement 0.00
----------------
102 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
1999-2 GROUP 1
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF JUNE 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-2
GROUP 1 FOR NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- ------------------------------------------------------------------------------------------
CLASS
TOTAL A1
---------------------------------
<S> <C> <C> <C>
103 Total Class Principal - Original Pool $375,000,000.00 $375,000,000.00
104 Interest Remittance Amount 1,864,988.12 1,864,988.12
105 Interest Rate Factor / 1000 4.973302 4.973302
106 Total Principal Collections 2,915,724.82 2,915,724.82
107 Prefunding Account Transfer 0.00 0.00
108 Additional Principal Reduction 1,238,152.15 1,238,152.15
---------------------------------
109 Principal Remittance Amount 4,153,876.97 4,153,876.97
110 Principal Payment Factor/1000 11.077005 11.077005
111 Principal Factor 950.463592 950.463592
112 Prior Month Principal Factor 961.540597 961.540597
</TABLE>
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Page 4 of 4
<PAGE>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-2 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF JUNE 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-2
GROUP 2 FOR NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- --------------------------------------------------------------------------------
1 Total Actual Principal Collections 4,482,046.04
2 Total Actual Interest Collections 2,661,746.46
3 Less Service Fees Service Fees Previously Remitted 161,996.00
4 Additional Proceeds
-----------------
5 Total Collections: 6,981,796.50
Monthly Advances
6 Interest Advance 187,705.66
7 Compensating Interest 14,866.96
8 Amounts Held for Future Distributions 0.00
9 Cross Collateral Deposit 0.00
10 Reserve Withdrawal per Sec. 6.14c 0.00
-----------------
11 Available Remittance Amount: 7,184,369.12
12 Expense Account Deposit: 2,537.21
-----------------
13 Adjusted Remittance Amount: 7,181,831.91
Remaining Amount Available:
14 Adjusted Remittance Amount 7,181,831.91
15 Insured Payments 0.00
16 Monthly Premium @ 20 bp
due Certificate Insurer 50,744.15
17 Cross Collateral Withdrawal 0.00
18 Class Remittance Amounts 7,131,087.76
19 Non-Recoverable Advances not
Previously Reimbursed 0.00
-----------------
20 Total Remaining Amount Available: 0.00
=================
Amount of Reimbursements Pursuant to Sec. 5.04
21 Servicing Fee 0.00
22 Monthly Advances and Servicer Advances 0.00
23 Other Mortgage Payments 0.00
24 Interest Earned on P&I Deposits 0.00
25 Additional Servicing Compensation 0.00
-------------------------------------------------------------------------------
Page 1 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-2 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF JUNE 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-2
GROUP 2 FOR NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- -----------------------------------------------------------------------------------------------------------------------
TOTAL CLASS 1A CLASS R
----- -------- -------
<S> <C> <C> <C> <C>
26 Loans Outstanding - BOM 3589
27 Original Loan Balance 320,747,080.14 320,747,080.14
28 Initial Overcollateralization 11,800,132.66 11,800,132.66
29 Realized Losses, LTD 0.00 0.00
30 Carryforward Amount 0.00 0.00
31 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
--------------------------------------------------------------------
32 Total Class Principal Balance 308,946,947.48 308,946,947.48
33 Pool Factor per Loan Balance 98.6914093% 98.6914093%
34 Pool Factor per Class Balance 95.0605992% 95.0605992%
35 Excess Spread 0.00 0.00
36 Cross Collateral Withdrawal 0.00 0.00
37 Cross Collateral Deposit 0.00 0.00
38 Additional Principal due Class A 1,095,038.57 1,095,038.57
39 Interest Remittance @ Pass-Through Rates 1,554,003.15 1,554,003.15
PRINCIPAL REDUCTIONS:
40 Prepayments - Number 38 38
41 Prepayments - Dollar 4,238,403.83 4,238,403.83
42 Delinquent Loans Repurchased - Number 0 0.00
43 Delinquent Loans Repurchased - Dollar 0.00 0.00
44 Net Liquidation Proceeds 0.00 0.00
45 Curtailments 114,322.76 114,322.76
46 Normal and Excess Payments 129,319.45 129,319.45
---------------------------------------------------------------------
47 Total Principal Remittance 4,482,046.04 4,482,046.04
48 Additional Principal Reduction 1,095,038.57 1,095,038.57
---------------------------------------------------------------------
49 Total Remittance 7,131,087.76 7,131,087.76 0.00
=====================================================================
50 Current Month Realized Loss - Number 0 0
51 Current Month Realized Loss - Dollar 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
52 Loans Outstanding - EOM 3551
53 Closing Loan Balance 316,265,034.10 316,265,034.10
54 Additional Principal Reduction, LTD 12,895,171.23 12,895,171.23
55 Realized losses, LTD 0.00 0.00
56 Permanent Buydown Companion Loan Losses, LTD 0.00 0.00
57 Aggregate Unpaid Principal Balance of Delinquent
Loans Repurchased per Sec. 5.11 0.00 0.00
---------------------------------------------------------------------
58 Total Class Principal Balance 303,369,862.87 303,369,862.87
59 Pool Factor per Loan Balance 97.3123182% 97.3123182%
60 Pool Factor per Class Balance 93.3445732% 93.3445732%
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 4
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE FUNDING COMPANY
BY SUPERIOR BANK - FSB SERVICING DIVISION
DESIGNATED SERVICER
SERVICER'S CERTIFICATE
1999-2 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF JUNE 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-2
GROUP 2 FOR NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- -------------------------------------------------------------------------------------------------------------------------
TOTAL CLASS A-1
----- ---------
<S> <C> <C> <C>
61 Weighted Note Rate - THIS Remittance 10.75753 %
62 Weighted Note Rate - NEXT Remittance 10.76850%
63 Related Remittance Period for Libor Rate 25-Oct-99 thru 25-Nov-99
64 Days in Related Period 32
65 Pass-Through Rates 5.65875%
66 Weighted Average Remaining Term 353.22
67 Original Pool - Principal Balance 213,783,852.37 213,783,852.37
68 Original Pool - Pre-Funding Account 118,187,547.02 118,187,547.02
69 Original Pool - Additional Principal Reduction 6,971,399.39 6,971,399.39
---------------------------------------------------------------------
70 Original Pool Total 325,000,000.00 325,000,000.00
71 Original Pool - Number of Loans 2363
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS A OVERCOLLATERALIZATION RECONCILIATION
Beg.of Month Current Month End of Month
----------------------------------------------------
<S> <C> <C> <C> <C>
72 Additional Principal Reduction, LTD 11,800,132.67 1,095,038.57 12,895,171.24
73 Cross Collateral Deposits 0.00 0.00 0.00
74 Realized Losses, LTD 0.00 0.00 0.00
75 Overcollateralization of Principal 11,800,132.67 1,095,038.57 12,895,171.24
====================================================
76 Base Overcollateralization Required * 21,246,169.56
77 Required Overcollateralization Amount 21,246,169.56
* PER INSURANCE AGREEMENT SUPPLEMENT DATED SEPTEMBER 27, 1999.
<CAPTION>
CURRENT MONTH SUBORDINATED AMOUNT Beg.of Month Current Month End of Month
----------------------------------------------------
<S> <C> <C> <C> <C>
78 Original Subordinated Amount 41,496,424.92 N/A 41,496,424.92
79 Less: Cumulative Realized Losses (excluding
Permanent Buydown Companion Loans) 0.00 0.00 0.00
80 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
----------------------------------------------------
81 Current Subordinated Amount 41,496,424.92 41,496,424.92
====================================================
NONRECOVERABLE ADVANCE RECONCILIATION
82 Beginning of Month 0.00
83 Current Month Unpaid Nonrecoverable Advance 0.00
84 Less: Current Month Reimbursement 0.00
-----------------
85 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
1999-2 GROUP 2
IN ACCORDANCE WITH SECTION 6.08 OF THE POOLING AND SERVICING AGREEMENT
DATED AS OF JUNE 1, 1999, SUPERIOR BANK - FSB SERVICING DIVISION
REPORTS THE FOLLOWING INFORMATION PERTAINING TO SERIES 1999-2
GROUP 2 FOR NOVEMBER 26, 1999, THE REMITTANCE DATE.
DUE PERIOD ENDED: NOVEMBER 1, 1999
- --------------------------------------------------------------------------------------
CLASS
TOTAL A1
----------------------------------
<S> <C> <C> <C>
86 Total Class Principal - Original Pool $325,000,000.00 $325,000,000.00
87 Interest Remittance Amount 1,554,003.15 1,554,003.15
88 Interest Rate Factor / 1000 4.781548 4.781548
89 Total Principal Collections 4,482,046.04 4,482,046.04
90 Prefunding Account Transfer 0.00 0.00
91 Additional Principal Reduction 1,095,038.57 1,095,038.57
----------------------------------
92 Principal Remittance Amount 5,577,084.61 5,577,084.61
93 Principal Payment Factor/1000 17.160260 17.160260
94 Principal Factor 933.445732 933.445732
95 Prior Month Principal Factor 950.605992 950.605992
- --------------------------------------------------------------------------------------
Page 4 of 4
</TABLE>
