MORTGAGE LOAN COMPLIANCE®

With now 81 closures nationwide so far this year, the pace of bank failures is more than double that of 2009, which was already a horrible year for bank shutdowns. The number of banks on the FDIC's confidential "problem" list jumped to 775 in the first quarter from 702 three months earlier, even as the industry as a whole had its best quarter in two years.

This past Friday the Federal Deposit Insurance Corp. took over TierOne Bank, based in Lincoln, Neb., with about $2.8 billion in assets. Great Western Bank, based in Sioux Falls, S.D., agreed to acquire the assets and deposits of the failed bank. In addition, the FDIC and Great Western Bank agreed to share losses on $1.9 billion of TierOne Bank's loans and other assets.

The FDIC also seized First National Bank, based in Rosedale, Miss., with $60.4 million in assets, and Arcola Homestead Savings Bank in Arcola, Ill., with about $17 million in assets.

Depositors' money are insured up to $250,000 per account is not at risk because the FDIC backed by the government. The agency mandated last year that banks prepay about $45 billion in premiums, for 2010 through 2012, to replenish the insurance fund. The FDIC expects the cost of resolving failed banks to grow to about $100 billion over the next four years.

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