M&A in the banking industry continues to happen at a slower pace than last year, with 53 deals announced during the third quarter of 2013, according to new data from SNL Financial.
Additionally, 26 bank deals were announced in the fourth quarter through Nov. 19, which has brought the year-to-date total 189 deal announcements, compared to the 212 deals announced between Jan. 1 and Nov. 19, 2012, according to SNL.
According to the firm, even though the pace of deals is slowing the pricing is improving. Deals announced during the third quarter commanded a median price-to-tangible book value ratio of 143.81 percent, up from a median of 118.14 percent in the second quarter and 117.36 percent in the first quarter.
Also, total deal value jumped in the third quarter, the firm said, with the aggregate value of deals announced in this period at $6.65 billion, the highest quarterly value since the second quarter of 2011, which saw $13.71 billion in deal value.