Fourteen U.S. bank M&A deals were announced in August, down from 17 in July.

However, aggregate deal value nearly doubled to $891.4 million last month, up from July's $457.5 million, according to S&P Global Market Intelligence data.

Over the first eight months of 2022, the median deal value-to-tangible common equity ratio for announced deals was 153.9%, which is higher than 2020's 135.3% and 2021's 152.8% but just below 2019's 155.6%.

* Access a list of pending and completed M&A deals announced since Jan. 1, 2012. * Access the S&P Capital IQ Pro M&A summary page for U.S. financial institutions. * Read more M&A news.

Midwest, Southeast most targeted areas in 2022

Among the 114 deals announced year-to-date through August, the Midwest accounted for 53 targets, more than double the Southeast's 25 targets.

On Aug. 23, Bloomington, Ill.-based HBT Financial Inc. announced its acquisition of Springfield, Ill.-based Town and Country Financial Corp. for $101.4 million, making it the 14th Illinois-based bank target this year, the most of any state.

On Aug. 8, Stuart, Fla.-based Seacoast Banking Corp. of Florida announced it would acquire Coral Gables, Fla.-based Professional Holding Corp. for $468.0 million at a deal value-to-tangible common equity ratio of 216.4%, making it the seventh-most expensive deal announced since 2021.

This was Seacoast Banking Corp.'s third deal announcement this year following its announced acquisitions of Miami-based Apollo Bancshares Inc. in March, and Chiefland, Fla.-based Drummond Banking Co. in May, which were also among the 20 most expensive deals announced since 2021.

Large deals still scarce in 2022

Amid a dearth of large deal announcements, Toronto-Dominion Bank's planned $13.67 billion acquisition of Memphis-based First Horizon Corp. is the only deal announced this year to crack the top 20 largest deals announced since the beginning of 2021.

Some superregional banks like Citizens Financial Group Inc. are looking to nonbank M&A amid tightening monetary policy and increased regulatory scrutiny for large deals.