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, 1999
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. 333-83597
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SUPERIOR BANK FSB (SERIES 1999-3)
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(Exact name of registrant as specified in its charter)
UNITED STATES 36-1414142
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
ONE LINCOLN CENTRE
OAKBROOK TERRACE, ILLINOIS 60181
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 630 916-4000
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Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
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NONE NOT APPLICABLE
Securities registered pursuant to Section 12(g) of the Act:
NONE
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(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
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Documents Incorporated by Reference:
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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 September 20, 1999 together with the
Prospectus dated August 9, 1999.
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SUPERIOR BANK FSB (SERIES 1999-3)
FORM 10-K
TABLE OF CONTENTS
Page
<S> <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
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PART I
ITEM 1 BUSINESS.
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Not applicable.
ITEM 2 PROPERTIES.
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Not applicable.
ITEM 3 LEGAL PROCEEDINGS.
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There were no material legal proceedings involving either the Mortgage
Pool, the Indenture 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 Indenture Trustee, the custodian, the Servicer or the
Registrant under the Sale and Servicing Agreement.
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
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No matter was submitted to a vote of security holders during the fourth
quarter of the fiscal year ended December 31, 1999.
PART II
ITEM 5 MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
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(a) There is no established trading market for the Notes.
(b) As of December 31, 1999, with respect to Series 1999-3 there were
five (5) holders of record of the Registrant's Class 1A Notes and there were
four (4) holders of record of the Registrant's Class 2A Notes.
This does not reflect the number of persons who hold their notes in
nominee or "street" name through various brokerage firms.
ITEM 6 SELECTED FINANCIAL DATA.
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Not applicable.
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ITEM 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND
RESULTS OF OPERATIONS.
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Not applicable.
ITEM 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
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Not applicable.
ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.
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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.
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Not applicable.
ITEM 11 EXECUTIVE COMPENSATION.
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Not applicable.
ITEM 12 SECURITY OWNERSHIP OF CERTAIN OWNERS AND MANAGEMENT.
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The following table provides information, as of December 31, 1999 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 1999-3 Series
of Notes. This does not reflect the persons who hold their notes 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 Notes as of the close of business on December 31,
1999.
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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)
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<S> <C> <C> <C>
1999-3
Class 1A Bankers Trust Company $45,000,000 14.28%
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, Tennessee 37211
Chase Bank of Texas, N.A. $140,000,000 44.44%
P.O. Box 2558
Houston, Texas 77252-8009
Chase Manhattan Bank $30,000,000 9.52%
4 New York Plaza, 13th Floor
New York, New York 10004
LBI-Lehman Government $50,000,000 15.87%
Securities Inc.
101 Hudson Street, 31st Floor
Jersey City, New Jersey 07302
Norwest Bank Minnesota, $50,000,000 15.87%
National Association
733 Marquette Avenue
Minneapolis, Minnesota 55479-0056
Class 2A The Bank of New York $70,000,000 35%
925 Patterson Plank Road
Secaucus, New Jersey 07094
Bankers Trust Company $35,000,000 17.5%
(See Above)
Chase Manhattan Bank $85,000,000 42.5%
(See Above)
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Northern Trust Company $10,000,000 5%
50 South LaSalle Street, Level A
Chicago, Illinois 60675
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ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
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Not applicable.
ITEM 14 EXHIBITS, FINANCIAL STATEMENTS SCHEDULES AND REPORTS ON FORM 8-K.
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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 Notesholders, and the Registrant does not contemplate
sending any such materials subsequent to the filing of this report.
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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
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William C. Bracken
Senior Vice President and
Chief Financial Officer
Date: January 27, 2000
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.
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Name Title Date
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<S> <C> <C>
* President, Director January 27, 2000
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(Neal T. Halleran)
/s/ William C. Bracken Senior Vice President and January 27, 2000
- -------------------------------- Chief Financial Officer
(William C. Bracken) (Principal Financial and
Accounting Officer)
* Director January 27, 2000
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(Monte Kurs)
* Director January 27, 2000
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(Nelson L. Stephenson)
* Director January 27, 2000
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(Glen Miller)
* Director January 27, 2000
- --------------------------------
(Marc A. Weisman)
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*By: /s/ William C. Bracken
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William C. Bracken
Attorney-in-fact
