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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) March 20, 1998
SUPERIOR BANK FSB (as depositor under the Pooling and Servicing Agreement, dated
as of March 1, 1998, providing for the issuance of AFC Mortgage Loan Asset
Backed Certificates, Series 1998-1)
Superior Bank FSB
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(Exact name of registrant as specified in its charter)
United States 333-39199 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 5. Other Events.
On or about March 26, 1998, the Registrant will cause the
issuance and sale of approximately $450,000,000 initial principal
amount of AFC Mortgage Loan Asset Backed Certificates, Series 1998-1,
Class 1A-1, Class 1A-2, Class 2A-1, Class 2A-2 and Class R
(collectively, the "Certificates") pursuant to a Pooling and Servicing
Agreement to be dated as of March 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 1998-1, Class 1A-1, Class 1A-2, Class 2A-1, and
Class 2A-2 (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. 333-39199, 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superseded by the Prospectus Supplement relating to the Certificates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.
(a) Financial Statements.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits
Item 601(a) of
Regulation S-K
Exhibit No. Exhibit No. Description
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: March 20, 1998
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EXHIBIT INDEX
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Exhibit No. Description Page
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1 Computational Materials P*
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*The Computational Materials have been filed on paper format pursuant to a
continuing hardship exemption from certain electronic filing requirements.
