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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) November 10, 1998
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of November 1, 1998, providing for the issuance of AFC Mortgage Loan Asset
Backed Certificates, Series 1998-4)
Superior Bank FSB
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(Exact name of registrant as specified in its charter)
United States 333-61691 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 (630) 916-4000
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Item 5. Other Events.
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On or about November 24, 1998, the Registrant will cause the issuance
and sale of approximately $300,000,000 initial principal amount of AFC Mortgage
Loan Asset Backed Certificates, Series 1998-4, Class 1A-1, Class 1A-2
(together,"Class 1A"), Class 2A-1, Class 2A-2 (together,"Class 2A") and Class R
(together with Class 1A and Class 2A, the "Certificates") pursuant to a Pooling
and Servicing Agreement to be dated as of November 1, 1998, by and between the
Registrant, as depositor and servicer, and LaSalle National Bank as trustee.
In connection with the sale of AFC Mortgage Loan Asset Backed
Certificates, Series 1998-4, Class 1A and Class 2A (collectively, the
"Underwritten Certificates"), the Registrant has been advised by Merrill Lynch,
Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities Inc. (together,
the "Underwriters") that the Underwriters have furnished to prospective
investors certain yield tables and other computational materials, collateral
term sheets and structural term sheets (the "Computational Materials") with
respect to the Underwritten Certificates following the effective date of
Registration Statement No. 333-61691, which Computational Materials are being
filed as exhibits to this report.
The information in the Computational Materials will be superseded by
the Prospectus Supplement relating to the Certificates and by any other
information subsequently filed with the Securities and Exchange Commission.
The Computational Materials were prepared by the Underwriters at the
request of certain prospective investors, based on collateral information
provided by the Registrant and assumptions provided by, and satisfying the
special requirements of, such prospective investors. The Computational Materials
may be based on assumptions that differ from the assumptions set forth in the
Prospectus Supplement. The Computational Materials may not include, and do not
purport to include, information based on assumptions representing a complete set
of possible scenarios. Accordingly, the Computational Materials may not be
relevant to or appropriate for investors other than those specifically
requesting them.
In addition, the actual characteristics and performance of the mortgage
loans underlying the Underwritten Certificates (the "Mortgage Loans") may differ
from the assumptions used in the Computational Materials, which are hypothetical
in nature and which were provided to certain investors only to give a general
sense of how the yield, average life, duration, expected maturity, interest rate
sensitivity and cash flow characteristics of a particular class of Underwritten
Certificates might vary under varying prepayment and other scenarios. Any
difference between such assumptions and the actual characteristics and
performance of the Mortgage Loans will affect the actual yield, average life,
duration, expected maturity, interest rate sensitivity and cash flow
characteristics of the Underwritten Certificates.
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(a) Financial Statements.
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Not Applicable.
(b) Pro Forma Financial Information.
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Not Applicable.
(c) Exhibits
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Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
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99.1 99 Computational Materials
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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: November 10, 1998
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EXHIBIT INDEX
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Exhibit No. Description Page
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99.1 Computational Materials P*
*The Computational Materials have been filed on paper format pursuant to a
continuing hardship exemption from certain electronic filing requirements.
