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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) October 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
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
United States 333-24185 36-1414142
- ---------------------------- ------------ ----------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
One Lincoln Centre
Oakbrook Terrace, Illinois 60181
- -------------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (708) 916-4000
--------------
===============================================================================
<PAGE>
Item 5. Other Events
------------
On October 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, 1997, 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 October, 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
----------------------
Name: William C. Bracken
Title: Executive Vice President
Dated: October, 1997
<PAGE>
EXHIBITS TABLE
21.1 Monthly Remittance Report for the month of October, 1997.
EXHIBIT 21.1
<TABLE>
<CAPTION>
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 October 27, 1997, the Remittance date.
Due period ended: October 1, 1997
===================================================================================================================================
<CAPTION>
TOTAL POOL SUBPOOL 1 SUBPOOL 2
---------- --------- ---------
COLLECTIONS
-----------
<S> <C> <C> <C>
1 Total Actual Principal Collections 6,441,453.14 1,160,297.37 5,281,155.77
2 Total Actual Interest Collections 1,899,117.76 691,033.69 1,208,084.07
3 Less: Service Fees Previously Remitted 113,720.61 38,321.55 75,399.06
4 Less: Excess Service Fees 0.00 0.00 0.00
5 Additional Proceeds 0.00 0.00 0.00
------------ ------------ ------------
6 TOTAL COLLECTIONS: 8,226,850.29 1,813,009.51 6,413,840.78
MONTHLY ADVANCES
----------------
7 Delinquent Interest Advance (29,504.02) (7,477.78) (22,026.24)
8 Compensating Interest 26,711.09 5,088.23 21,622.86
9 Amounts Held for Future Distributions 0.00 0.00 0.00
10 Reserve Withdrawal per Sec. 6.14 0.00 0.00 0.00
------------ ------------ ------------
11 AVAILABLE REMITTANCE AMOUNT: 8,224,057.36 1,810,619.96 6,413,437.40
FEES
----
12 Expense Account Deposit: 4,810.39
------------
13 Adjusted Remittance Amount: 8,219,246.97
REMAINING AMOUNT AVAILABLE:
---------------------------
14 Adjusted Remittance Amount 8,219,246.97
15 Insured Payments due 0.00
16 Insurance Account Deposit @ 13 bp
the Ending Principal Balance 20,845.04
17 Class Remittance Amounts 8,198,401.93
18 Non-Recoverable Advances not
Previously Reimbursed 0.00
------------
19 Total Remaining Amount Available: 0.00
============
REIMBURSEMENTS DUE PURSUANT TO SEC. 5.04
----------------------------------------
20 Servicing Fee 0.00
21 Monthly Advances and Servicer Advances 0.00
22 Preference Amount per Sec. 6.06(b) 0.00
23 Servicing compensation per Sec. 7.03 0.00
24 REO Mgmt. & Dispositions per Sec 5.10 0.00
25 Trustee Advances per Sec 11.01 0.00
===================================================================================================================================
</TABLE>
Page 1 of 4
<PAGE>
<TABLE>
<CAPTION>
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 October 27, 1997, the Remittance date.
Due period ended: October 1, 1997
===================================================================================================================================
TOTAL CLASS A CLASS R
----- --------- -------
<S> <C> <C> <C>
26 Loans Outstanding - BOM 2,474
27 Original Loan Balance 207,715,257.49 207,715,257.49
28 Pre-Funding Account Balance 0.00 0.00
29 Initial Overcollateralization 8,858,054.05 8,858,054.05
30 Realized Losses, LTD 0.00 0.00
31 Carryforward Amount 0.00 0.00
-------------- -------------- ----
32 Total Class Principal Balance 198,857,203.44 198,857,203.44
33 Pool Factor per Loan Balance 94.4160261% 94.4160261%
34 Pool Factor per Class Balance 90.3896379% 90.3896379%
35 Excess Spread 0.00 0.00
36 Additional Principal due Class A 718,251.33 718,251.33
37 Interest Remittance @ Pass-Through Rate 1,038,697.46 1,038,697.46
PRINCIPAL REDUCTIONS:
----------------------
38 Prepayments - Number 52 52
39 Prepayments - Dollar 6,273,287.14 6,273,287.14
40 Net Liquidation Proceeds 0.00 0.00
41 Curtailments 36,967.07 36,967.07
42 Normal and Excess Payments 131,198.93 131,198.93
-------------- -------------- ----
43 Total Principal Remittance 6,441,453.14 6,441,453.14
44 Additional Principal Reduction 718,251.33 718,251.33
-------------- -------------- ----
45 TOTAL REMITTANCE 8,198,401.93 8,198,401.93 0.00
============== ============== ====
46 Current Month Realized Loss - Number 0 0
47 Current Month Realized Loss - Dollar 0.00 0.00
CLASS PRINCIPAL BALANCE - EOM
-----------------------------
48 Loans Outstanding - EOM 2,422
49 Closing Loan Balance 201,273,804.35 201,273,804.35
50 Pre-Funding Account Balance 0.00 0.00
51 Additional Principal Reduction, LTD 9,576,305.38 9,576,305.38
52 Realized Losses, LTD 0.00 0.00
-------------- -------------- ----
53 Total Class Principal Balance 191,697,498.97 191,697,498.97
54 Pool Factor per Loan Balance 91.4880929% 91.4880929%
55 Pool Factor per Class Balance 87.1352268% 87.1352268%
====================================================================================================================================
</TABLE>
Page 2 of 4
<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 October 27, 1997, the Remittance date.
Due period ended: October 1, 1997
===================================================================================================================================
<CAPTION>
<S> <C> <C> <C>
56 Weighted Note Rate - THIS Remittance 10.89020%
57 Weighted Note Rate - NEXT Remittance 10.96898%
58 Weighted Average Remaining Term 301.84
59 Accrual Period for Libor Rate 25-Sep-97 thru 26-Oct-97
60 Days in Related Period 32
61 Pass-Through Rate 5.87625%
TOTAL POOL SUBPOOL 1 SUBPOOL 2
-------------- ------------- --------------
62 Original Pool - Principal Balance 140,827,927.17 41,875,267.67 98,952,659.50
63 Original Pool - Pre-Funding Account 83,661,868.75 33,147,497.60 50,514,371.15
64 Original Pool - Initial Overcollateralization 4,489,795.92 1,500,455.31 2,989,340.61
-------------- ------------- --------------
65 Original Pool Total 220,000,000.00 73,522,309.96 146,477,690.04
66 Original Pool - Number of Loans 1,646 816 830
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS A OVERCOLLATERALIZATION RECONCILIATION
--------------------------------------------
Beg. of Month Current Month End of Month
------------- ------------- ------------
<S> <C> <C> <C>
67 Additional Principal Reduction, LTD 8,858,054.05 718,251.33 9,576,305.38
68 Less: Realized Losses, LTD 0.00 0.00 0.00
------------- ---------- ------------
69 Overcollateralization of Principal 8,858,054.05 718,251.33 9,576,305.38
============= ========== ============
70 Base Overcollateralization Required
71 Required Overcollateralization Amount
CURRENT MONTH SUBORDINATED AMOUNT Beg. of Month Current Mont End of Month
--------------------------------- ------------- ------------ ------------
72 Original Subordinated Amount 27,724,489.79 N/A 27,724,489.79
73 Less: Cumulative Realized Losses 0.00 0.00 0.00
74 Plus: Cumulative Additional Proceeds 0.00 0.00 0.00
------------- ---------- -------------
75 Current Subordinated Amount 27,724,489.79 0.00 27,724,489.79
============= ========== =============
NONRECOVERABLE ADVANCE RECONCILIATION
-------------------------------------
76 Beginning of Month 0.00
77 Current Month Unpaid Nonrecoverable Advance 0.00
78 Less: Current Month Reimbursement 0.00
-------------
78 End of Month 0.00
RESERVE ACCOUNT RECONCILIATION
------------------------------
80 Initial Reserve Deposit 4,200,432.77
81 Reserve Withdrawal per Sec. 6.14 0.00
-------------
82 End of Month 4,200,432.77
====================================================================================================================================
</TABLE>
Page 3 of 4
<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 October 27, 1997, the Remittance date.
Due period ended: October 1, 1997
===================================================================================================================================
<CAPTION>
<S> <C>
CLASS FACTORS TOTAL POOL
------------- --------------
83 Total Class Principal - Original Pool 220,000,000.00
84 Interest Remittance Amount 1,038,697.46
85 Interest Rate Factor/1000 4.721352
86 Total Principal Collections 6,441,453.14
87 Additional Principal Reduction 718,251.33
--------------
88 Principal Remittance Amount 7,159,704.47
89 Principal Payment Factor/1000 32.544111
90 Current Month Ending Principal Factor 871.352268
91 Prior Month Principal Factor 903.896379
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 4 of 4
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