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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 14, 1996
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of June 1, 1996, providing for the issuance of AFC Mortgage Loan Asset Backed
Certificates, Series 1996-2)
SUPERIOR BANK FSB
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(Exact name of registrant as specified in its charter)
United States 333-4492 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 (708) 916-4000
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Financial Statements.
The financial statements of Financial Guaranty
Insurance Corporation ("FGIC") incorporated by reference in a
Prospectus Supplement dated June 14, 1996, relating to AFC
Mortgage Loan Asset Backed Certificates, Series 1996-2, were
included in reliance upon the report of KPMG Peat Marwick LLP,
given upon the authority of such firm as an expert in
accounting and auditing. The consent of the use of such report
is attached hereto as Exhibit 1.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
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1 23 Accountant's Consent
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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 C. BRACKEN
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Name: William C. Bracken
Title: Senior Vice President
and Chief Financial Officer
Dated: June 14, 1996
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EXHIBIT INDEX
Exhibit No. Description Page
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1 Consent of KPMG Peat Marwick LLP
CONSENT OF INDEPENDENT AUDITORS
The Board of Directors
Financial Guaranty Insurance Company:
We consent to the use of our report dated January 19, 1996 on the financial
statements of Financial Guaranty Insurance Company as of December 31, 1995 and
1994, and for each of the years in the three-year period ended December 31, 1995
included in the Prospectus Supplement to the Form S-3 Registration Statement
(No. 333-4492) of Superior Bank FSB, issuing AFC Mortgage Loan Asset Backed
Certificates, Series 1996-3. Our report refers to changes, in 1993, in
accounting methods for multiple-year retrospectively rated reinsurance contracts
and for the adoption of the provisions of the Financial Accounting Standards
Board's Statement of Financial Accounting Standards No. 115, Accounting for
Certain Investments in Debt and Equity Securities.
We also consent to the reference to our firm under the caption "Experts" in the
Prospectus Supplement.
New York, New York
June 14, 1996
