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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) June 29, 2000
SUPERIOR BANK FSB (as seller and servicer under the Sale and Servicing
Agreement, dated as of June 1, 2000, providing for the issuance of AFC Mortgage
Loan Asset Backed Notes, Series 2000-2)
Superior Bank FSB
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(Exact name of registrant as specified in its charter)
United States 333-83597 36-1414142
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(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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Item 2. Acquisition or Disposition of Assets
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Description of the Notes, Group 1 and Group 2
On June 29, 2000 a single series of notes, entitled AFC Mortgage Loan
Asset Backed Notes, Series 2000-2 (the "Notes") were issued pursuant to a sale
and servicing agreement (the "Agreement"), dated as of June 1, 2000, among
Superior Bank FSB as seller (the "Seller") and servicer (the "Servicer"), AFC
Trust Series 2000-2 (the "Issuer") as issuer and LaSalle Bank National
Association as indenture trustee (the "Indenture Trustee").
On June 29, 2000, following the closing of the initial issuance of the
Notes, pursuant to the Agreement, the Issuer purchased from the Seller and
pledged to the Indenture Trustee Subsequent Mortgage Loans, as defined in the
Agreement, with an aggregate principal balance equal to $70,250,586.88 with
respect to Group 1 with funds on deposit in the Group 1 Pre-Funding Account, and
$57,784,243.47 with respect to Group 2 with funds on deposit in the Group 2
Pre-Funding Account, each established pursuant to the Agreement at a purchase
price equal to the principal balance thereof, which Subsequent Mortgage Loans
were conveyed to the Issuer and pledged to the Indenture Trustee pursuant to a
Subsequent Transfer Instrument, dated as of June 29, 2000, among the Seller, the
Indenture Trustee and the Issuer.
On July 20, 2000, following the closing of the initial issuance of the
Notes, pursuant to the Agreement, the Issuer purchased from the Seller and
pledged to the Indenture Trustee Subsequent Mortgage Loans, as defined in the
Agreement, with an aggregate principal balance equal to $35,552,574.97 with
respect to Group 1 with funds on deposit in the Group 1 Pre-Funding Account and
$36,013,317.11 with respect to Group 2 with funds on deposit in the Group 2
Pre-Funding Account, each established pursuant to the Agreement at a purchase
price equal to the principal balance thereof, which Subsequent Mortgage Loans
were conveyed to the Issuer and pledged to the Indenture Trustee pursuant to a
Subsequent Transfer Instrument, dated as of July 20, 2000, among the Seller, the
Indenture Trustee and the Issuer.
Items 3 through 6 and Item 8 are not included because they are not
applicable.
Item 7. Financial Statements and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
2
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4.1 Subsequent Transfer Instrument, dated as of July 20, 2000,
among Superior Bank FSB, as Seller, LaSalle Bank National Association, as
Indenture Trustee and AFC Trust Series 2000-2, as Issuer.
3
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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 FSB
By:/s/ William Bracken
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Name: William Bracken
Title: Chief Financial Officer
Senior Vice President
Dated: July 20, 2000
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EXHIBIT INDEX
4.1 Subsequent Transfer Instrument, dated as of June 29, 2000,
among Superior Bank FSB, as Seller, LaSalle Bank National Association, as
Indenture Trustee and AFC Trust Series 2000-2, as Issuer.
