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
February 17, 1998
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Date of Report(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)
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ITEM 5. OTHER EVENTS
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(a) On February 17, 1998, 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
February 1998 is attached hereto as Exhibit 21.79.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(c) Exhibits
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Exhibit
Number Description
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21.79 Monthly Statement for February 1998
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: February 17, 1998
By: /s/ JOSEPH COLLINS
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Name: Joseph Collins
Title: Vice President
EXHIBIT INDEX
Exhibit
Number Description
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21.79 Monthly Statement for February 1998
<PAGE>
STATEMENT TO CERTIFICATEHOLDERS
Security Pacific National Bank Current Collection Period:
01-Jan-98 to 31-Jan-98
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: 17-Feb-98
Distribution to Holders of Class A Certificates (per Certificate
with a $1,000 denomination)
1.00 i. Amount Allocable to Class A Monthly Principal 0.000000
ii. Amount of Class A Principal Shortfall 0.000000
iii. Carryover Class A Principal Shortfall After Such
Distribution 0.000000
2.00 i. Amount Allocable to Class A Monthly Interest 0.000000
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)
3.00 i. Amount Allocable to Principal from Draw 29.964522
Amounts and Remaining Funds, or Amount
Allocable to Class B Monthly Principal
4.00 i. Amount Allocable to Class B Monthly Interest 1.462814
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
5.00 i. Ending Class A Certificate Principal Balance 0.00
ii. Ending Class A Principal Factor 0.000000%
6.00 i. Ending Class B Certificate Principal Balance 17,844,014.22
ii. Ending Class B Principal Factor 18.541920%
7.00 i. Ending Pool Balance 79,884,226.13
ii. Ending Pool Factor 8.300918%
8.00 i. Amount of Voluntary Advances 0.00
9.00 i. Number of Mortgage Loans 30 to 59 Days Delinquent 75
ii. Percentage of Mortgage Loans 30 to 59 Days Delinquent 2.84%
iii. Aggregate Principal Balances of Mortgage Loans 30 to 59
Days Delinquent 3,125,469.67
iv. Percentage of Principal Balances 30 to 59 Days
Delinquent 3.91%
v. Number of Mortgage Loans 60 to 89 Days Delinquent 11
vi. Percentage of Mortgage Loans 60 to 89 Days Delinquent 0.42%
vii. Aggregate Principal Balances of Mortgage Loans 60 to
89 Days Delinquent 342,066.60
viii. Percentage of Principal Balances 60 to 89 Days
Delinquent 0.43%
ix. Number of Mortgage Loans 90 or More Days Delinquent 15
x. Percentage of Mortgage Loans 90 or More Days Delinquent 0.57%
xi. Aggregate Principal Balances of Mortgage Loans 90 or
More Days Delinquent 851,967.17
xii. Percentage of Principal Balances 90 or More Days
Delinquent 1.07%
10.00 i. Aggregate Principal Balance of Mortgage Loans in
Foreclosure 0.00
ii. Number of Mortgage Loans in Foreclosure 4.00
iii. Book Value of Real Estate Acquired Through Foreclosure
or Grant of a Deed 172,000.00
11.00 Class B Reserve Fund Amount 4,811,770.00
(after giving effect to all distributions for such
distribution date)
