Bank consolidation in 2016 continues to lag behind last year's pace, although the average deal value is considerably larger.

The banking industry announced 117 whole-bank transactions through June 30, according to data from Keefe, Bruyette & Woods and S&P Global Market Intelligence. Banks had announced 136 mergers through mid-2015.

The average deal through the first half of this year was valued at $184 million, representing a 47% increase from mid-2015. The biggest ones announced this year include Canadian Imperial Bank of Commerce's $3.8 billion agreement to buy PrivateBancorp, Huntington Bancshares' $3.3 billion deal for FirstMerit and Chemical Financial's $1.1 billion agreement to purchase Talmer Bancorp. None of those deals have closed.

Only two deals announced in the first half of 2015 topped $800 million: Royal Bank of Canada's $5.3 billion acquisition of City National and PacWest Bancorp's $847 million purchase of Square 1 Financial.

Premiums are down slightly this year, with sellers getting an average price to tangible equity of 127.8%. That ratio was 137.4% by mid-2015.

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