After 16 deals involving credit unions buying banks were announced last year, just 11 such agreements were reached by mid-December in 2023.

Blame the dip on economic uncertainty, said attorney Michael Bell of the law firm Honigman in Michigan.

Bell, who has advised the vast majority of credit unions on bank purchases in recent years, said the total number of deals announced this year is far lower than the market would have demanded in normal conditions.  

"The general economic tumult had a material effect on deals," Bell said in an interview. "But I do expect more announcements before year end and into January."

If general economic conditions begin to improve, Bell expects an "absolute torrent" of deals to come together next year. "There is more pent-up demand now than I have ever experienced in my career," he said.

Below is a compilation of American Banker's coverage of the 2023 deals.