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
September 16, 1996
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(Date of earliest event reported)
SECURITY PACIFIC NATIONAL BANK,
(now Bank of America National Trust & Savings Association)
as Servicer of certain home equity loans
conveyed to a trust which trust issued
SPNB Home Equity Loan Asset Backed Certificates
(the "Certificates"), Series 1991-2,
Class B
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(Exact name of registrant as specified in charter)
U.S.A. 0-19413 95-2772475
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Bank of America NT&SA
As Successor by Merger to
Security Pacific National Bank
555 California Street
San Francisco, CA 94104
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(Address of principal executive offices) (Zip Code)
(415) 622-3530
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(Registrant's telephone number, including area code)
<PAGE>
ITEM 5. OTHER EVENTS
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(a) On September 16, 1996, Bank of America NT&SA,
successor by merger to Security Pacific National
Bank, as Paying Agent (the "Paying Agent"), made a
distribution to Holders of Certificates pursuant to
Article 5 of the Pooling and Servicing Agreement
dated as of July 1, 1991 between Security Pacific
National Bank, as Seller and Servicer, and The First
National Bank of Chicago, as Trustee (the "Pooling
and Servicing Agreement"). A copy of the Pooling and
Servicing Agreement was filed as Exhibit 4.1 on Form
8-A of the Registration Statement of Security Pacific
National Bank, as Servicer of certain home equity
loans conveyed to a trust which trust issued the
Certificates on July 31, 1991. Section 5.03 of the
Pooling and Servicing Agreement provides that with
each distribution of principal and interest to
Holders of Certificates, the Servicer will prepare
and include a statement setting forth information
with respect to the Certificates and the distribution
(the "Monthly Statement"). A copy of the Monthly
Statement for September 1996 is attached hereto as
Exhibit 21.62.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(c) Exhibits
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Exhibit
Number Description
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21.62 Monthly Statement for September 1996
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.
Security Pacific National Bank, as Servicer,
By Bank of America NT&SA, as Successor by Merger,
SPNB Home Equity Loan Asset Backed Certificates,
Series 1991-2, Class B.
(Registrant)
Date: September 16, 1996
By: /s/ JOSEPH COLLINS
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Name: Joseph Collins
Title: Vice President
EXHIBIT INDEX
Exhibit
Number Description
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21.62 Monthly Statement for September 1996
<PAGE>
STATEMENT TO CERTIFICATEHOLDERS
Security Pacific National Bank Current Collection Period:
01-August-96 to 31-August-96
SPNB Home Equity Loan Asset Backed Securities P & S Agreement Date:
8.10% Class A Certificates, Series 1991-2 Original Settlement Date:
8.15%Class B Certificates, Series 1991-2 Distribution Date: 16-Sep-96
Distribution to Holders of Class A Certificates (per Certificate with
a $1,000 denomination)
1.00i. Amount Allocable to Class A Monthly Principal 2.412869
ii. Amount of Class A Principal Shortfall 0.000000
iii. Carryover Class A Principal Shortfall After Such 0.000000
Distribution
2.00i. Amount Allocable to Class A Monthly Interest 0.158118
ii. Amount of Class A Interest Shortfall 0.000000
iii. Amount of Class A Carryover Interest Shortfall 0.000000
iv. Remaining Class A Carryover Interest Shortfall After 0.000000
Such Distribution
Distribution to Holders of Class B Certificates (per Certificate with
a $1,000 denomination)
3.00i. Amount Allocable to Principal from Draw Amounts and 5.139684
Remaining Funds, or Amount Allocable to Class B
Monthly Principal
4.00i. Amount Allocable to Class B Monthly Interest 3.079645
ii. Amount of Class B Interest Shortfall 0.000000
iii. Amount of Class B Carryover Interest Shortfall 0.000000
iv. Remaining Class B Carryover Interest Shortfall After 0.000000
Such Distribution
5.00i. Ending Class A Certificate Principal Balance 18,198,903.61
ii. Ending Class A Principal Factor 2.101204%
6.00i. Ending Class B Certificate Principal Balance 43,143,104.63
ii. Ending Class B Principal Factor 44.830494%
7.00i. Ending Pool Balance 114,434,970.62
ii. Ending Pool Factor 11.891151%
8.00i. Amount of Voluntary Advances 0.00
9.00i. Number of Mortgage Loans 30 to 59 Days Delinquent 86
ii. Percentage of Mortgage Loans 30 to 59 Days Delinquent 2.41%
iii. Aggregate Principal Balances of Mortgage Loans 30 to 3,810,997.69
59 Days Delinquent
iv. Percentage of Principal Balances 30 to 59 Days 3.33%
Delinquent
v. Number of Mortgage Loans 60 to 89 Days Delinquent 17
vi. Percentage of Mortgage Loans 60 to 89 Days Delinquent 0.48%
vii. Aggregate Principal Balances of Mortgage Loans 60 to 815,952.22
89 Days Delinquent
viii.Percentage of Principal Balances 60 to 89 Days 0.71%
Delinquent
ix. Number of Mortgage Loans 90 or More Days Delinquent 19
x. Percentage of Mortgage Loans 90 or More Days 0.53%
Delinquent
xi. Aggregate Principal Balances of Mortgage Loans 90 or 954,684.79
More Days Delinquent
xii.Percentage of Principal Balances 90 or More Days 0.83%
Delinquent
10.00i. Aggregate Principal Balance of Mortgage Loans in 0.00
Foreclosure
ii. Number of Mortgage Loans in Foreclosure 6.00
iii. Book Value of Real Estate Acquired Through 651,000.00
Foreclosure or Grant of a Deed
