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
August 15, 1996
--------------------------------
(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
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
U.S.A. 0-19413 95-2772475
- -------------------------------------------------------------------------------
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
Bank of America NT&SA
As Successor by Merger to
Security Pacific National Bank
555 California Street
San Francisco, California 94104
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(415) 622-3530
(Registrant's telephone number, including area code)
<PAGE>
ITEM 5. OTHER EVENTS
------------
(a) On August 15, 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 August 1996 is attached hereto as Exhibit
21.61.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
---------------------------------
(c) Exhibits
--------
Exhibit
Number Description
------- -----------
21.61 Monthly Statement for August 1996
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.
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: August 15, 1996
By /s/ JOSEPH COLLINS
------------------
Joseph Collins
Vice President
EXHIBIT INDEX
Exhibit
Number Description
- ------- -----------
21.61 Monthly Statement for August 1996
<PAGE>
STATEMENT TO CERTIFICATEHOLDERS
Security Pacific National Bank Current Collection Period:
01-July-96 to 31-July-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 15-Aug-96
Distribution to Holders of Class A Certificates (per Certificate with a
$1,000 denomination)
1.00i. Amount Allocable to Class A Monthly Principal 3.113071
ii. Amount of Class A Principal Shortfall 0.000000
iii. Carryover Class A Principal Shortfall After Such Distribution 0.000000
2.00i. Amount Allocable to Class A Monthly Interest 0.179131
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 Such
Distribution 0.000000
Distribution to Holders of Class B Certificates (per Certificate with a
$1,000 denomination)
3.00i. Amount Allocable to Principal from Draw 6.230095
Amounts and Remaining Funds, or Amount
Allocable to Class B Monthly Principal
4.00i. Amount Allocable to Class B Monthly Interest 3.121957
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 Such
Distribution 0.000000
5.00i. Ending Class A Certificate Principal Balance 20,288,732.95
ii. Ending Class A Principal Factor 2.342491%
6.00i. Ending Class B Certificate Principal Balance 43,637,727.56
ii. Ending Class B Principal Factor 45.344463%
7.00i. Ending Pool Balance 116,524,799.96
ii. Ending Pool Factor 12.108309%
8.00i. Amount of Voluntary Advances 0.00
9.00i. Number of Mortgage Loans 30 to 59 Days Delinquent 100
ii. Percentage of Mortgage Loans 30 to 59 Days Delinquent 2.76%
iii. Aggregate Principal Balances of Mortgage Loans 30 to 4,551,650.59
59 Days Delinquent
iv. Percentage of Principal Balances 30 to 59 Days Delinquent 3.91%
v. Number of Mortgage Loans 60 to 89 Days Delinquent 12
vi. Percentage of Mortgage Loans 60 to 89 Days Delinquent 0.33%
vii. Aggregate Principal Balances of Mortgage Loans 60 to 89 388,922.13
Days Delinquent
viii. Percentage of Principal Balances 60 to 89 Days Delinquent 0.33%
ix. Number of Mortgage Loans 90 or More Days Delinquent 21
x. Percentage of Mortgage Loans 90 or More Days Delinquent 0.58%
xi. Aggregate Principal Balances of Mortgage Loans 90 or 1,162,810.88
More Days Delinquent
xii. Percentage of Principal Balances 90 or More Days 1.00%
Delinquent
10.00i. Aggregate Principal Balance of Mortgage Loans in 0.00
Foreclosure
ii. Number of Mortgage Loans in Foreclosure 7.00
iii. Book Value of Real Estate Acquired Through
701,000.00
Foreclosure or Grant of a Deed
