- --------------------------------------------------------------------------------
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) December 27, 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
Certificates, Series 1999-2)
Superior Bank FSB
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(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
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(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 December 27, 1999 (a "Remittance 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 December, 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: December 27, 1999
<PAGE>
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of December, 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 December 27, 1999,
the Remittance date.
Due period ended: December 1, 1999
--------------------------------------------------------------------------
1 Total Actual Principal Collections 4,219,028.87
2 Total Permanent Buydown Companion Principal 41,843.43
3 Total Actual Interest Collections 3,087,679.81
4 Less Service Fees Service Fees Previously Remitted 186,285.60
5 Additional Proceeds 0.00
-------------------
6 Total Collections: 7,162,266.51
Monthly Advances
7 Interest Advance 227,735.23
8 Compensating Interest 13,047.62
9 Amounts Held for Future Distributions 0.00
10 Cross Collateral Deposit 0.00
11 Reserve Withdrawal per Sec. 6.14c 0.00
-------------------
12 Available Remittance Amount: 7,403,049.36
13 Service Fees 0.00
14 Expense Account Deposit: 2,934.69
-------------------
15 Adjusted Remittance Amount: 7,400,114.67
Remaining Amount Available:
16 Adjusted Remittance Amount 7,400,114.67
17 Insured Payments 0.00
18 Monthly Premium @ 20 bp
due Certificate Insurer 58,693.83
19 Cross Collateral Withdrawal 0.00
20 Class Remittance Amounts 7,341,420.84
21 Non-Recoverable Advances not
Previously Reimbursed 0.00
-------------------
22 Total Remaining Amount Available: 0.00
===================
Amount of Reimbursements Pursuant to Sec. 5.04
23 Servicing Fee 0.00
24 Monthly Advances and Servicer Advances 0.00
25 Other Mortgage Payments 0.00
26 Interest Earned on P&I Deposits 0.00
27 Additional Servicing Compensation 0.00
--------------------------------------------------------------------------
Page 1 of 4
<PAGE>
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 December 27, 1999,
the Remittance date.
Due period ended: December 1, 1999
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
TOTAL CLASS 1A CLASS R
<S> <C> <C> <C>
28 Loans Outstanding - BOM 6465
29 Original Loan Balance 370,377,344.07 370,377,344.07
30 Original Permanent Buydown Companion Loan Balance 2,162,463.87 2,162,463.87
31 Additional Principal Reduction, LTD 16,115,961.28 16,115,961.28
32 Realized Losses, LTD 0.00 0.00
33 Permanent Buydown Companion Loan Losses, LTD 0.00 0.00
34 Carryforward Amount 0.00 0.00
35 Aggregate Unpaid Principal Balance of Delinquent
36 Loans Repurchased per Sec. 5.11 0.00 0.00
---------------------------------------------------------------------
37 Total Class Principal Balance 356,423,846.66 356,423,846.66
38 Pool Factor per Loan Balance 98.7672918% 98.7672918%
39 Pool Factor per Class Balance 95.0463591% 95.0463591%
40 Excess Spread 0.00 0.00
41 Cross Collateral Withdrawal 0.00 0.00
42 Cross Collateral Deposit 0.00 0.00
43 Additional Principal due Class A 1,239,408.98 1,239,408.98
44 Interest Remittance @ Pass-Through Rates 1,841,139.56 1,841,139.56
PRINCIPAL REDUCTIONS:
45 Prepayments - Number 64 64
46 Prepayments - Dollar 3,678,897.98 3,678,897.98
47 Delinquent Loans Repurchased - Number 0 0.00
48 Delinquent Loans Repurchased - Dollar 0.00 0.00
49 Net Liquidation Proceeds 0.00 0.00
50 Curtailments 151,354.27 151,354.27
51 Normal and Excess Payments 388,776.62 388,776.62
52 Permanent Buydown Companion Principal 41,843.43 41,843.43
---------------------------------------------------------------------
53 Total Principal Remittance 4,260,872.30 4,260,872.30
54 Additional Principal Reduction 1,239,408.98 1,239,408.98
---------------------------------------------------------------------
55 Total Remittance 7,341,420.84 7,341,420.84 0.00
=====================================================================
56 Current Month Realized Loss - Number 0 0
57 Current Month Realized Loss - Dollar 0.00 0.00
58 Current Month Permanent Buydown Companion Loan
Realized Loss - Dollar 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
59 Loans Outstanding - EOM 6401
60 Closing Loan Balance 366,158,315.20 366,158,315.20
61 Closing Permanent Buydown Companion Loan Balance 2,120,620.44 2,120,620.44
62 Additional Principal Reduction, LTD 17,355,370.26 17,355,370.26
63 Realized losses, LTD 0.00 0.00
64 Permanent Buydown Companion Loan Losses, LTD 0.00
65 Aggregate Unpaid Principal Balance of Delinquent
66 Loans Repurchased per Sec. 5.11 0.00 0.00
---------------------------------------------------------------------
67 Total Class Principal Balance 350,923,565.38 350,923,565.38
68 Pool Factor per Loan Balance 97.6422174% 97.6422174%
69 Pool Factor per Class Balance 93.5796174% 93.5796174%
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 4
<PAGE>
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 December 27, 1999,
the Remittance date.
Due period ended: December 1, 1999
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
TOTAL CLASS A-1
<S> <C> <C> <C>
70 Weighted Note Rate - THIS Remittance 10.83125 %
71 Weighted Note Rate - NEXT Remittance 10.82643%
72 Related Remittance Period for Libor Rate 26-Nov-99 thru 26-Dec-99
73 Days in Related Period 31
74 Pass-Through Rates 5.99875%
75 Weighted Average Remaining Term 249.42
76 Original Pool - Principal Balance 248,139,272.81 248,139,272.81
77 Original Pool - Permanent Buydown Companion Balance 2,377,695.39 2,377,695.39
78 Original Pool - Pre-Funding Account 133,928,990.05 133,928,990.05
79 Original Pool - Additional Principal Reduction 9,445,958.25 9,445,958.25
-----------------------------------------------------
80 Original Pool Total 375,000,000.00 375,000,000.00
81 Original Pool - Number of Loans 4310
-------------------------------------------------------------------------------------------------------
CLASS A OVERCOLLATERALIZATION RECONCILIATION
Beg.of Month Current Month End of Month
-----------------------------------------------------
82 Additional Principal Reduction, LTD 16,115,961.28 1,239,408.98 17,355,370.26
83 Cross Collateral Deposits 0.00 0.00 0.00
84 Realized Losses, LTD 0.00 0.00 0.00
85 Permanent Buydown Companion Loan Losses, LTD 0.00 0.00 0.00
-----------------------------------------------------
86 Overcollateralization of Principal 16,115,961.28 1,239,408.98 17,355,370.26
=====================================================
87 Base Overcollateralization Required * 26,362,710.14
88 Required Overcollateralization Amount 26,362,710.14
CURRENT MONTH SUBORDINATED AMOUNT Beg.of Month Current Month End of Month
-----------------------------------------------------
89 Original Subordinated Amount * 46,612,328.07 N/A 46,612,328.07
90 Less: Cumulative Realized Losses (excluding
91 Permanent Buydown Companion Loans) 0.00 0.00 0.00
92 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
-----------------------------------------------------
93 Current Subordinated Amount 46,612,328.07 46,612,328.07
=====================================================
* Per Insurnace Agreement Supplement Dated 9/27/99
NONRECOVERABLE ADVANCE RECONCILIATION
94 Beginning of Month 0.00
95 Current Month Unpaid Nonrecoverable Advance 0.00
96 Less: Current Month Reimbursement 0.00
------------------
97 End of Month 0.00
-------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 4
<PAGE>
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 December 27, 1999,
the Remittance date.
Due period ended: December 1, 1999
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
CLASS
TOTAL A1
------------------------------------
<S> <C> <C>
98 Total Class Principal - Original Pool $375,000,000.00 $375,000,000.00
99 Interest Remittance Amount 1,841,139.56 1,841,139.56
100 Interest Rate Factor / 1000 4.909705 4.909705
101 Total Principal Collections 4,260,872.30 4,260,872.30
102 Prefunding Account Transfer 0.00 0.00
103 Additional Principal Reduction 1,239,408.98 1,239,408.98
------------------------------------
104 Principal Remittance Amount 5,500,281.28 5,500,281.28
105 Principal Payment Factor/1000 14.667417 14.667417
106 Principal Factor 935.796175 935.796175
107 Prior Month Principal Factor 950.463592 950.463592
--------------------------------------------------------------------------------------
</TABLE>
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 December 27, 1999,
the Remittance date.
Due period ended: December 1, 1999
--------------------------------------------------------------------
1 Total Actual Principal Collections 3,778,267.04
2 Total Actual Interest Collections 2,458,028.96
3 Less Service Fees Service Fees Previously Remitted 148,984.89
4 Additional Proceeds 0.00
------------------
5 Total Collections: 6,087,311.11
Monthly Advances
6 Interest Advance 340,530.48
7 Compensating Interest 14,487.13
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: 6,442,328.72
12 Expense Account Deposit: 2,496.60
------------------
13 Adjusted Remittance Amount: 6,439,832.12
Remaining Amount Available:
14 Adjusted Remittance Amount 6,439,832.12
15 Insured Payments 0.00
16 Monthly Premium @ 20 bp
due Certificate Insurer 49,931.93
17 Cross Collateral Withdrawal 0.00
18 Class Remittance Amounts 6,389,900.19
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>
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 December 27, 1999,
the Remittance date.
Due period ended: December 1, 1999
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
TOTAL CLASS 1A CLASS R
<S> <C> <C> <C>
26 Loans Outstanding - BOM 3551
27 Original Loan Balance 316,265,034.10 316,265,034.10
28 Initial Overcollateralization 12,895,171.23 12,895,171.23
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 303,369,862.87 303,369,862.87
33 Pool Factor per Loan Balance 97.3123182% 97.3123182%
34 Pool Factor per Class Balance 93.3445732% 93.3445732%
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 1,086,346.36 1,086,346.36
39 Interest Remittance @ Pass-Through Rates 1,525,286.79 1,525,286.79
PRINCIPAL REDUCTIONS:
40 Prepayments - Number 41 41
41 Prepayments - Dollar 3,233,863.47 3,233,863.47
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 418,785.63 418,785.63
46 Normal and Excess Payments 125,617.94 125,617.94
---------------------------------------------------------------------
47 Total Principal Remittance 3,778,267.04 3,778,267.04
48 Additional Principal Reduction 1,086,346.36 1,086,346.36
---------------------------------------------------------------------
49 Total Remittance 6,389,900.19 6,389,900.19 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 3510
53 Closing Loan Balance 312,486,767.06 312,486,767.06
54 Additional Principal Reduction, LTD 13,981,517.59 13,981,517.59
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 298,505,249.47 298,505,249.47
59 Pool Factor per Loan Balance 96.1497745% 96.1497745%
60 Pool Factor per Class Balance 91.8477691% 91.8477691%
-----------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 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 December 27, 1999,
the Remittance date.
Due period ended: December 1, 1999
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
Total Class A-1
<S> <C> <C> <C>
61 Weighted Note Rate - THIS Remittance 10.76850 %
62 Weighted Note Rate - NEXT Remittance 10.76826%
63 Related Remittance Period for Libor Rate 26-Nov-99 thru 26-Dec-99
64 Days in Related Period 31
65 Pass-Through Rates 5.83875%
66 Weighted Average Remaining Term 352.22
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
-------------------------------------------------------------------------------------------------------
CLASS A OVERCOLLATERALIZATION RECONCILIATION
Beg.of Month Current Month End of Month
-----------------------------------------------------
72 Additional Principal Reduction, LTD 12,895,171.24 1,086,346.36 13,981,517.60
73 Cross Collateral Deposits 0.00 0.00 0.00
74 Realized Losses, LTD 0.00 0.00 0.00
-----------------------------------------------------
75 Overcollateralization of Principal 12,895,171.24 1,086,346.36 13,981,517.60
=====================================================
76 Base Overcollateralization Required * 21,246,169.56
77 Required Overcollateralization Amount 21,246,169.56
* PER INSURANCE AGREEMENT SUPPLEMENT DATED SEPTEMBER 27, 1999.
CURRENT MONTH SUBORDINATED AMOUNT Beg.of Month Current Month End of Month
-----------------------------------------------------
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>
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 December 27, 1999,
the Remittance date.
Due period ended: December 1, 1999
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
CLASS
TOTAL A1
-------------------------------------
<S> <C> <C>
86 Total Class Principal - Original Pool $325,000,000.00 $325,000,000.00
87 Interest Remittance Amount 1,525,286.79 1,525,286.79
88 Interest Rate Factor / 1000 4.693190 4.693190
89 Total Principal Collections 3,778,267.04 3,778,267.04
90 Prefunding Account Transfer 0.00 0.00
91 Additional Principal Reduction 1,086,346.36 1,086,346.36
-------------------------------------
92 Principal Remittance Amount 4,864,613.40 4,864,613.40
93 Principal Payment Factor/1000 14.968041 14.968041
94 Principal Factor 918.477691 918.477691
95 Prior Month Principal Factor 933.445732 933.445732
---------------------------------------------------------------------------------------
</TABLE>
Page 4 of 4
