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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) May 27, 1997
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of March 1, 1997, providing for the issuance of AFC Mortgage Loan Asset
Backed Certificates, Series 1997-1)
Superior Bank FSB
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(Exact name of registrant as specified in its charter)
United States 333-24185 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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<PAGE>
Item 5. Other Events
On May 27, 1997 (a "Remittance Date") a scheduled remittance was made to
the Certificateholders with respect to AFC Mortgage Loan Asset Backed
Certificates, Series 1997-1, issued pursuant to a Pooling and Servicing
Agreement, dated as of March 1, 1996, among Superior Bank FSB., as Depositor,
Lee Servicing Company, a division of Superior Bank FSB., as Servicer and LaSalle
National Bank, as Trustee. The information contained in the Servicer's Monthly
Remittance Report to the Trustee, which shall be forwarded by the Trustee to the
Certificateholders, is attached hereto as Exhibit 21.1 and is incorporated
herein by reference.
Capitalized terms used herein and not defined shall have the same meanings
ascribed to them in the pooling and Servicing Agreement.
Items 2 through 4 and Items 6 and 8 are not included because they are not
applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Not applicable
(b) Not applicable
(c) Exhibits
21.1 Monthly Remittance Report for the month of May, 1997.
<PAGE>
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 F.S.B.
By: /s/ WILLIAM C. BRACKEN
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Name: William C. Bracken
Title: Executive Vice President
Dated: May __, 1997
<PAGE>
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of May, 1997.
REVISED
<TABLE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1997-1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of March 1, 1997
Lee Servicing Company reports the following
information pertaining to Series 1997-1 for May 27, 1997, the Remittance date.
Due period ended: May 1, 1997
<CAPTION>
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Total Pool Subpool 1 Subpool 2
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<S> <C> <C> <C>
COLLECTIONS
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1 Total Actual Principal Collections 3,637,359.01 1,002,946.01 2,634,413.00
2 Total Actual Interest Collections 1,166,388.51 409,901.50 756,487.01
3 Additional Proceeds 0.00 0.00 0.00
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4 TOTAL COLLECTIONS: 4,803,747.52 1,412,847.51 3,390,900.01
5 Pre-Funding Account Transfers 21,407.02 5,352.11 16,054.91
6 Interest Coverage Account Transfer 188,530.19 69,678.06 118,852.13
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7 AGGREGATE AMOUNT RECEIVED: 5,013,684.73 1,487,877.68 3,525,807.05
MONTHLY ADVANCES
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8 Delinquent Interest Advance 589,871.47 226,546.82 363,324.65
9 Compensating Interest 17,746.17 4,870.58 12,875.59
10 Amounts Held for Future Distributions 0.00 0.00 0.00
11 Reserve Withdrawal per Sec. 6.14 0.00 0.00 0.00
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12 AVAILABLE REMITTANCE AMOUNT: 5,621,302.37 1,719,295.08 3,902,007.29
FEES
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13 Service Fees 82,151.99 29,078.07 53,073.92
14 Expense Account Deposit: 5,360.34
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15 ADJUSTED REMITTANCE AMOUNT: 5,533,790.04
REMAINING AMOUNT AVAILABLE:
16 Adjusted Remittance Amount 5,533,790.04
17 Insured Payments due 0.00
Insurance Account Deposit @ 13 bp
18 the Ending Principal Balance 23,225.81
19 Class Remittance Amounts 5,510,564.23
Non-Recoverable Advances not
20 Previously Reimbursed 0.00
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21 Total Remaining Amount Available: 0.00
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REIMBURSEMENTS DUE PURSUANT TO SEC. 5.04
22 Servicing Fee 0.00
23 Monthly Advances and Servicer Advances 0.00
24 Preference Amount per Sec. 6.06(b) 0.00
25 Servicing compensation per Sec. 7.03 0.00
26 REO Mgmt. & Dispositions per Sec 5.10 0.00
27 Trustee Advances per Sec 11.01 0.00
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Page 1 of 4
</TABLE>
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1997-1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of March 1, 1997
Lee Servicing Company reports the following
information pertaining to Series 1997-1 for May 27, 1997, the Remittance date.
Due period ended: May 1, 1997
<CAPTION>
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Total Class A Lass R
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<S> <C> <C> <C>
28 Loans Outstanding -- BOM 2144
29 Original Loan Balance 180,945,969.80 180,945,969.80
30 Pre-Funding Account Balance 42,186,843.93 42,186,843.93
31 Initial Overcollateralization 5,081,917.48 5,081,917.48
32 Realized Losses, LTD 0.00 0.00
33 Carryforward Amount 0.00 0.00
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34 Total Class Principal Balance 218,050,896.25 218,050,896.25
35 Pool Factor per Loan Balance 82.2481681% 82.2481681%
36 Pool Factor per Class Balance 99.1140438% 99.1140438%
37 Excess Spread 0.00 0.00
38 Additional Principal due Class A 706,788.72 706,788.72
39 Interest Remittance @ Pass-Through Rate 1,145,009.48 1,145,009.48
PRINCIPAL ADDITIONS:
40 Number (Subpool 1) 268 268
41 Loan transfers from Pre-Funding 15,588,861.57 15,588,861.57
42 Number (Subpool 2) 212 212
43 Loan transfers from Pre-Funding 26,576,575.34 26,576,575.34
44 Total Number of loans 480 480
45 Total Loan Transfers from Pre-Funding 42,165,436.91 42,165,436.91
46 Pre-Funding Account Excess 21,407.02 21,407.02
PRINCIPAL REDUCTIONS:
47 Prepayments - Number 26 26
48 Prepayments - Dollar 3,491,412.66 3,491,412.66
49 Net Liquidation Proceeds 0.00 0.00
50 Curtailments 15,000.00 15,000.00
51 Normal and Excess Payments 130,946.35 130,946.35
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52 Total Principal Remittance 3,637,359.01 3,637,359.01
53 Additional Principal Reduction 706,788.72 706,788.72
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54 TOTAL REMITTANCE 5,510,564.23 5,510,564.23 0.00
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55 Current Month Realized Loss -- Number 0 0.00
56 Current Month Realized Loss -- Dollar 0.00 0.00
CLASS PRINCIPAL BALANCE -- EOM
57 Loans Outstanding -- EOM 2598
58 Closing Loan Balance 219,474,047.70 219,474,047.70
59 Pre-Funding Account Balance 0.00 0.00
60 Additional Principal Reduction, LTD 5,788,706.20 5,788,706.20
61 Realized Losses, LTD 0.00 0.00
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62 Total Class Principal Balance 213,685,341.50 213,685,341.50
63 Pool Factor per Loan Balance 99.7609308% 99.7609308%
64 Pool Factor per Class Balance 97.1297007% 97.1297007%
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</TABLE>
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1997-1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of March 1, 1997
Lee Servicing Company reports the following
information pertaining to Series 1997-1 for May 27, 1997, the Remittance date.
Due period ended: May 1, 1997
<CAPTION>
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<S> <C> <C> <C>
65 Weighted Note Rate -- THIS Remittance 10.72034 %
66 Weighted Note Rate -- NEXT Remittance 10.78250 %
67 Weighted Average Remaining Term 308.27
68 Accrual Period for Libor Rate 25-Apr-97 thru 26-May-97
69 Days in Related Period 32
70 Pass-Through Rate 5.90750%
TOTAL POOL SUBPOOL 1 SUBPOOL 2
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71 Original Pool -- Principal Balance 140,827,927.17 41,875,267.67 98,952,659.50
72 Original Pool -- Pre-Funding Account 83,661,868.75 33,147,497.60 50,514,371.15
73 Original Pool -- Initial Overcollateralization 4,489,795.92 1,500,455.31 2,989,340.61
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74 Original Pool Total 220,000,000.00 73,522,309.96 146,477,690.04
75 Original Pool -- Number of Loans 1646 816 830
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CLASS A OVERCOLLATERALIZATION RECONCILIATION
Beg.of Month Current Month End of Month
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76 Additional Principal Reduction, LTD 5,081,917.48 706,788.72 5,788,706.20
77 Less: Realized Losses, LTD 0.00 0.00 0.00
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78 Overcollateralization of Principal 5,081,917.48 706,788.72 5,788,706.20
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79 Base Overcollateralization Required 12,571,428.57
80 Required Overcollateralization Amount 12,571,428.57
CURRENT MONTH SUBORDINATED AMOUNT Beg.of Month Current Month End of Month
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81 Original Subordinated Amount 27,724,489.79 N/A 27,724,489.79
82 Less: Cumulative Realized Losses 0.00 0.00 0.00
83 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
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84 Current Subordinated Amount 27,724,489.79 0.00 27,724,489.79
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NONRECOVERABLE ADVANCE RECONCILIATION
85 Beginning of Month 0.00
86 Current Month Unpaid Nonrecoverable Advance 0.00
87 Less: Current Month Reimbursement 0.00
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88 End of Month 0.00
RESERVE ACCOUNT RECONCILIATION
89 Initial Reserve Deposit 4,200,432.77
90 Reserve Withdrawal per Sec. 6.14 0.00
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91 End of Month 4,200,432.77
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</TABLE>
<PAGE>
<TABLE>
ALLIANCE FUNDING COMPANY
by LEE SERVICING COMPANY, a division of SUPERIOR BANK, FSB
Designated Servicer
SERVICER'S CERTIFICATE
1997-1
In accordance with section 6.08 of the Pooling and Servicing Agreement dated as of March 1, 1997
Lee Servicing Company reports the following
information pertaining to Series 1997-1 for May 27, 1997, the Remittance date.
Due period ended: May 1, 1997
<CAPTION>
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CLASS FACTORS TOTAL POOL
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<S> <C>
92 Total Class Principal -- Original Pool 220,000,000.00
93 Interest Remittance Amount 1,145,009.48
94 Interest Rate Factor / 1000 5.204589
95 Total Principal Collections 3,637,359.01
96 Prefunding Account Excess 21,407.02
97 Additional Principal Reduction 706,788.72
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98 Principal Remittance Amount 4,365,554.75
99 Principal Payment Factor/1000 19.843431
100 Current Month Ending Principal Factor 971.297007
101 Prior Month Principal Factor 991.140438
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