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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 21, 2000
SUPERIOR BANK FSB (as seller and servicer under the Sale and Servicing
Agreement, dated as of June 1, 2000, providing for the issuance of AFC Mortgage
Loan Asset Backed Notes, Series 2000-2)
Superior Bank FSB
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(Exact name of registrant as specified in its charter)
UNITED STATES 333-83597 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.
On or about June 28, 2000, the Registrant will cause the
issuance and sale of approximately $546,000,000 initial principal
amount of AFC Mortgage Loan Asset Backed Notes, Series 2000-2, Class 1A
and Class 2A (collectively, the "Notes") pursuant to a Sale and
Servicing Agreement to be dated as of June 1, 2000, by and between the
Registrant, as seller and servicer, AFC Trust Series 2000-2, as issuer,
and LaSalle Bank National Association, as indenture trustee.
In connection with the sale of AFC Mortgage Loan Asset Backed
Notes, Series 2000-2, Class 1A and Class 2A (collectively, the
"Underwritten Notes"), the Registrant has been advised by Merrill
Lynch, Pierce, Fenner & Smith Incorporated and Prudential Securities
Incorporated (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
Notes following the effective date of Registration Statement No.
333-83597, 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superseded by the Prospectus Supplement relating to the Notes and by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 Notes (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 Notes 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 Notes.
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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
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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: June 27, 2000
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EXHIBIT INDEX
Exhibit Description
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99.1 Computational Materials
