Superior Bank FSB Afc Mortgage LN Asset BK Notes Ser 1999-3 – ‘10-K’ for 12/31/99

On:  Thursday, 1/27/00   ·   For:  12/31/99   ·   Accession #:  882377-0-68   ·   File #:  333-61691-05

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Superior Bank Fsb 1999-3                               7     31K 

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, 1999                   

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 1999-3)
 ---------------------------------
(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 September 20, 1999 together with the      
Prospectus dated August 9, 1999.                                                

10-K
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                                      SUPERIOR BANK FSB (SERIES 1999-3)                                     

                                                  FORM 10-K                                                 

                                              TABLE OF CONTENTS                                             
                                                                                                        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 Shareholder Matters.................................................    1

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

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

         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, 1999.                             

 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, 1999, with respect to Series 1999-3 there were
five (5) holders of record of the Registrant's Class 1A Notes and there were    
four (4) 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 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 OWNERS AND MANAGEMENT.                   
---------------------------------------------------           

        The following table provides information, as of December 31, 1999 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 1999-3 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,  
1999.                                                                           

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                                                                                Percent of Class of    
                                                      Principal Amount of  Certificates Outstanding (by
Series and Class                                      Certificates Owned    aggregate principal balance
 of Certificates  Name and Address                        of Record            or Percentage Interest) 
 ---------------  ----------------                        ---------            ----------------------- 
                                                                                                       
1999-3                                                                                                 

Class 1A          Bankers Trust Company                  $45,000,000               14.28%              
                  c/o BT Services Tennessee Inc.                                                       
                  648 Grassmere Park Drive                                                             
                  Nashville, Tennessee  37211                                                          

                  Chase Bank of Texas, N.A.              $140,000,000              44.44%              
                  P.O. Box 2558                                                                        
                  Houston, Texas  77252-8009                                                           

                  Chase Manhattan Bank                   $30,000,000                9.52%              
                  4 New York Plaza, 13th Floor                                                         
                  New York, New York  10004                                                            

                  LBI-Lehman Government                  $50,000,000               15.87%              
                  Securities Inc.                                                                      
                  101 Hudson Street, 31st Floor                                                        
                  Jersey City, New Jersey  07302                                                       

                  Norwest Bank Minnesota,                $50,000,000               15.87%              
                  National Association                                                                 
                  733 Marquette Avenue                                                                 
                  Minneapolis, Minnesota  55479-0056                                                   

Class 2A          The Bank of New York                   $70,000,000                  35%              
                  925 Patterson Plank Road                                                             
                  Secaucus, New Jersey  07094                                                          

                  Bankers Trust Company                  $35,000,000                17.5%              
                  (See Above)                                                                          

                  Chase Manhattan Bank                   $85,000,000                42.5%              
                  (See Above)                                                                          

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                                   -4-                                                                 

                  Northern Trust Company                 $10,000,000                   5%              
                  50 South LaSalle Street, Level A                                                     
                  Chicago, Illinois  60675                                                             

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

Not applicable.                                               

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

Not applicable.                                               

         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 Notesholders, and the Registrant does not contemplate 
sending any such materials subsequent to the filing of this report.             

10-K
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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 27, 2000

                  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 27, 2000
--------------------------------                                             
(Neal T. Halleran)                                                           

/s/ William C. Bracken            Senior Vice President and  January 27, 2000
--------------------------------  Chief Financial Officer                    
(William C. Bracken)              (Principal Financial and                   
                                  Accounting Officer)                        

                *                 Director                   January 27, 2000
--------------------------------                                             
(Monte Kurs)                                                                 

                *                 Director                   January 27, 2000
--------------------------------                                             
(Nelson L. Stephenson)                                                       

                *                 Director                   January 27, 2000
--------------------------------                                             
(Glen Miller)                                                                

                *                 Director                   January 27, 2000
--------------------------------                                             
(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:		1/27/00		7					None on these Dates
For Period End:		12/31/99		1		4
		9/20/99		1
		8/9/99		1
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