Bank consolidation bounced back in August.
Eighteen banks agreed to sell last month, representing the busiest month since July 2022, according to data compiled by S&P Global Market Intelligence. They accounted for most of the 26 deals announced so far in the third quarter.
There were 20 deals announced in the first quarter and 25 transactions in the second quarter.
Total volume in the third quarter is $2.1 billion, a notable increase from $197 million in the second quarter and $433 million in the first quarter.
Despite the bounceback, overall activity lags historic norms.
Overall, 72 mergers have been announced through Aug. 31, with credit unions accounting for 14% of the activity. There were 164 mergers announced last year.