Superior Bank FSB Afc Mort LN Asset Backed Notes Ser 2000 2 – ‘10-K’ for 12/31/00

On:  Thursday, 1/18/01, at 10:50am ET   ·   For:  12/31/00   ·   Accession #:  882377-1-25   ·   File #:  333-83597-03

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Superior Bank Fsb 2000-1                               8     34K 

Document Table of Contents

10-K
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 FORM 10-K
(MARK ONE)                                                                      

|X|      Annual Report under Section 13 or 15(d) of the Securities Exchange Act 
of 1934                                                       

For the fiscal year ended December 31, 2000                   

OR

|_|      Transition Report pursuant to Section 13 or 15(d) of the Securities    
Exchange Act of 1934                                          

   For the transition period from _______________ to _______________

 Commission File No. 333-83597
                     ---------

 SUPERIOR BANK FSB (SERIES 2000-2)
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)

UNITED STATES                                       36-1414142
-------------                                       ----------
(State or other jurisdiction of                          (I.R.S. Employer       
incorporation or organization)                          Identification No.)   

ONE LINCOLN CENTRE
OAKBROOK TERRACE, ILLINOIS 60181
--------------------------------
 (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:  630 916-4000               
                                      --- --------

Securities registered pursuant to Section 12(b) of the Act:                     

                                                   Name of each exchange
   Title of each class                               on which registered
   -------------------                             ---------------------

        NONE                                          NOT APPLICABLE

Securities registered pursuant to Section 12(g) of the Act:                     

NONE
----
(Title of Class)

  Indicate by check mark whether the registrant: (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange  
Act of 1934 during the preceding 12 months (or for such shorter period that the 
registrant was required to file such reports), and (2) has been subject to such 
filing requirements for the past 90 days.                                       
Yes   X             No            
-----               ----  

Documents Incorporated by Reference:                                            
-----------------------------------                                             

The following documents filed pursuant to Rule 424(b) under the Securities Act  
of 1933, as amended, are incorporated by reference into Part I of this Form     
10-K: the Prospectus Supplement dated June 23, 2000 together with the Prospectus
dated August 9, 1999.                                                           

10-K
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 SUPERIOR BANK FSB (SERIES 2000-2)

 FORM 10-K

 TABLE OF CONTENTS

                                                        [Enlarge/Download Table]

                                                                                                         Page
                                                                                                         ----
                                                                                                             
Part I                                                                                                       

         Item   1.  Business............................................................................    1

         Item   2.  Properties..........................................................................    1

         Item   3.  Legal Proceedings...................................................................    1

         Item   4.  Submission of Matters to a Vote of Security Holders.................................    1

Part II                                                                                                      

         Item   5.  Market for Registrant's Common Equity                                                    
                        and Related Stockholder Matters.................................................    1

         Item   6.  Selected Financial Data.............................................................    1

         Item   7.  Management's Discussion and Analysis of Financial                                        
                        Condition and Results of Operations.............................................    2

         Item  7A. Quantitative  and Qualitative Disclosures About                                           
                        Market Risk.....................................................................    2

         Item   8.  Financial Statements and Supplementary Data.........................................    2

         Item   9.  Changes in and Disagreements with Accountants on                                         
                    Accounting and Financial Disclosure.................................................    2

Part III                                                                                                     

         Item  10.  Directors and Executive Officers of the Registrant..................................    2

         Item  11.  Executive Compensation..............................................................    2

         Item  12.  Security Ownership of Certain Beneficial                                                 
                        Owners and Management...........................................................    2

         Item  13.  Certain Relationships and Related Transactions......................................    4

Part IV                                                                                                      

         Item  14.  Exhibits, Financial Statement Schedules                                                  
                        and Reports on Form 8-K.........................................................    4

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PART I

ITEM 1            BUSINESS.                                                     
--------                                    

Not applicable.                             

ITEM 2            PROPERTIES.                                                   
----------                                  

Not applicable.                             

ITEM 3            LEGAL PROCEEDINGS.                                            
-----------------                           

                 There were no material legal proceedings involving either the
Mortgage Pool, the Indenture Trustee, the custodian, the Servicer or the        
Registrant with respect to the Mortgage Pool, other than ordinary routine       
litigation incidental to the duties of the Indenture Trustee, the custodian, the
Servicer or the Registrant under the Sale and Servicing Agreement.              

ITEM 4            SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.          
       ---------------------------------------------------

                No matter was submitted to a vote of security holders during
the fourth quarter of the fiscal year ended December 31, 2000.                  

 PART II

ITEM 5            MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER 
MATTERS.                                    
                 -------------------------------------------------------------

                  (a)      There is no established trading market for the Notes.

            (b)      As of December 31, 2000, with respect to Series
2000-2 there were four (4) holders of record of the Registrant's Class 1A Notes 
and there were ten (10) holders of record of the Registrant's Class 2A Notes.   

                          This does not reflect the number of persons who hold
their notes in nominee or "street" name through various brokerage firms.        

ITEM 6            SELECTED FINANCIAL DATA.                                      
-----------------------                     

Not applicable.                             

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ITEM 7            MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS  
AND RESULTS OF OPERATIONS.                  
               -----------------------------------------------------------

Not applicable.                             

ITEM 7A           QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.   
              ----------------------------------------------------------

Not applicable.                             

ITEM 8            FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.                  
------------------------------------------- 

Not applicable.                             

ITEM 9            CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING   
AND FINANCIAL DISCLOSURE.                   
               -----------------------------------------------------------

              Not applicable since there was no change of accountants or
disagreements on any matter of accounting principles or practices of financial  
disclosure.                                                                     

PART III

ITEM 10           DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.           
      --------------------------------------------------

Not applicable.                             

ITEM 11           EXECUTIVE COMPENSATION.                                       
----------------------                      

Not applicable.                             

ITEM 12           SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND           
MANAGEMENT.                                 
       ---------------------------------------------------

                The following table provides information, as of December 31,
2000 with respect to the ownership by each person or group of persons, known by 
the Registrant to be a record owner of 5% or more of each class of the 2000-2   
Series of Notes. This does not reflect the persons who hold their notes in      
nominee or "street" name.                                                       

                 Except as set forth below, the Registrant is not aware of any
record owner of more than 5% of the Notes as of the close of business on        
December 31, 2000.                                                              

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                                                        [Enlarge/Download Table]

                                                                                     Percent of Class of    
                                                        Principal Amount of         Notes Outstanding (by   
Series and Class                                            Notes Owned          aggregate principal balance
    of Notes          Name and Address                      of Record            or Percentage Interest)    
    --------          ----------------                  -------------------   --------------------------    
                                                                                                            
2000-2                                                                                                      

Class 1A          Bankers Trust Company                         $30,000,000              11.28%             
                  648 Grassmere Park Drive                                                                  
                  Nashville, Tennessee  37211                                                               

                  Firstar Bank, N.A                             $83,000,000              31.20%             
                  425 Walnut Street                                                                         
                  Cincinnati, Ohio  45202                                                                   

                  Merrill Lynch, Pierce Fenner                  $143,000,000             53.76%             
                  & Smith Safekeeping                                                                       
                  4 Corporate Place                                                                         
                  Corporate Park 287                                                                        
                  Piscataway, New Jersey  08855                                                             

Class 2A          Bankers Trust Company                         $93,300,000              33.32%             
                  (See Above)                                                                               

                  Chase Manhattan Bank                          $14,400,000                  5%             
                  4 New York Plaza                                                                          
                  New York, New York 10004                                                                  

                  Citibank, N.A.                                $20,000,000               7.14%             
                  3800 Citicorp Center Tampa                                                                
                  Tampa, Florida  33610-9122                                                                

                  Merrill Lynch, Pierce Fenner                  $31,895,000              11.39%             
                  & Smith, Inc.                                                                             
                  4 Corporate Place                                                                         
                  Corporate Park 287                                                                        
                  Piscataway, New Jersey  08855                                                             

                  Northern Trust Company                        $57,775,000              20.63%             
                  801 S. Canal                                                                              
                  Chicago, Illinois  60607                                                                  

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                                       -4-                                                                  

                  State Street Bank and Trust Company           $44,040,000              15.73%             
                  1776 Heritage Drive                                                                       
                  Global Corporate Action Unit JAB 5NW                                                      
                  No. Quincy, Massachusetts 02171                                                           

ITEM 13           CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.               
  ----------------------------------------------

Not applicable.                             

 PART IV

ITEM 14           EXHIBITS, FINANCIAL STATEMENTS SCHEDULES AND REPORTS ON FORM  
8-K.                                        
                ------------------------------------------------------------

Not applicable.                             

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               SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED
           PURSUANT TO SECTION 15(D) BY REGISTRANTS WHICH HAVE NOT
            REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
               -----------------------------------------------------------

             No annual report, proxy statement, form of proxy or other
soliciting material has been sent to Noteholders, and the Registrant does not   
contemplate sending any such materials subsequent to the filing of this report. 

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SIGNATURES

             Subject to the requirements of Section 13 or 15(d) 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
                                     (Registrant and as Depositor)

                                    By:   /s/ William C. Bracken
                                             -------------------------
                                      William C. Bracken
                                             Senior Vice President and
                                             Chief Financial Officer

                              Date: January 17, 2001

                  Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons and in the     
capacities and on the date indicated.                                           

                                                                [Download Table]

                 Name                             Title                  Date
                 ----                             -----                  ----

                                                                             
                *                 President, Director        January 17, 2001
--------------------------------                                             
   (Neal T. Halleran)                                                        

/s/ William C. Bracken            Senior Vice President and  January 17, 2001
----------------------            Chief Financial Officer                    
   (William C. Bracken)           (Principal Financial and                   
                                  Accounting Officer)                        

                *                 Director                   January 17, 2001
--------------------------------                                             
   (Monte Kurs)                                                              

                *                 Director                   January 17, 2001
--------------------------------                                             
   (Nelson L. Stephenson)                                                    

                *                 Director                   January 17, 2001
--------------------------------                                             
   (Glen Miller)                                                             

                *                 Director                   January 17, 2001
--------------------------------                                             
   (Marc A. Weisman)                                                         

*By: /s/ William C. Bracken                                                     
----------------------                                                
William C. Bracken                                            
Attorney-in-fact                                              

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10-K’ Filing		Date		First		Last			Other Filings
Filed on:		1/18/01
		1/17/01		8					15-15D
For Period End:		12/31/00		1		4
		6/23/00		1
		8/9/99		1
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