Superior Bank FSB Afc Mortgage LN Asset BK Notes Ser 1999-3 – ‘8-K’ for 3/17/00

On:  Monday, 3/20/00   ·   For:  3/17/00   ·   Accession #:  882377-0-210   ·   File #:  333-61691-05

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Superior Bank Fsb                                      5     14K 
 2: EX-99.1     Computational Materials                               30    123K 

8-K   —   Superior Bank Fsb
Document Table of Contents

8-K
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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 17, 2000                 

SUPERIOR BANK FSB (as seller and servicer under the Sale and Servicing          
Agreement, dated as of March 1, 2000, providing for the issuance of AFC Mortgage
Loan Asset Backed Notes, Series 2000-1)                                         

 Superior Bank FSB
--------------------------------------------------------------------------------

(Exact name of registrant as specified in its charter)

  United States                   333-83597               36-1414142
-----------------------------       --------------       -----------------------
(State or Other Jurisdiction         (Commission            (I.R.S. Employer    
of Incorporation)                    File Number)         Identification Number)

One Lincoln Centre                                                              
Oakbrook Terrace, Illinois                           60181                      
--------------------------                  ---------------------               
(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 March 28, 2000, the Registrant will cause the
   issuance and sale of approximately $239,000,000 initial principal
         amount of AFC Mortgage Loan Asset Backed Notes, Series 2000-1, Class 1A
 and Class 2A (collectively, the "Notes") pursuant to a Sale and
         Servicing Agreement to be dated as of March 1, 2000, by and between the
         Registrant, as seller and servicer, AFC Trust Series 2000-1, as issuer,
and LaSalle Bank National Association, as indenture trustee.  

                 In connection with the sale of AFC Mortgage Loan Asset Backed
Notes, Series 2000-1, Class 1A and Class 2A (collectively, the
   "Underwritten Notes"), 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
  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.    
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(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                
-----------                -----------               -----------                

     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
                            ----------------------
                         Name:  William C. Bracken
                               Title:    Senior Vice President
                                               and Chief Financial Officer

Dated: March 17, 2000                                                           

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 EXHIBIT INDEX

Exhibit                     Description                                         
-------                     -----------                                         

99.1                        Computational Materials                             

Dates Referenced Herein

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
		3/28/00		2					None on these Dates
Filed on:		3/20/00
For Period End:		3/17/00		1		4
		3/1/00		1		2
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