NEW YORK ( TheStreet) -- The banking industry's consolidation is continuing this year, but the pace hasn't picked up yet, and the premiums being paid for non-failing institutions have actually declined from last year. According to SNL Financial, there were 47 bank and thrift deals announced this year through last Friday for a total value of $2.9 billion, following 207 in 2010, for a total value of $12.1 billion. Among deals for which the underlying detail is available, the average purchase price this year has been 109% of the targets' tangible book value, declining slightly from 111% last year. "Right now there are a lot of sellers that are selling out of weakness. There are 7500 banks out there today and a lot of them are too small to compete. These will be the banks that sell," said KBW Analyst Chris McGratty in an interview with TheStreet. The analyst added that merger activity would pick up in 2012 and 2013, with "Regulatory pressure and capital pressure building, and many boards facing fatigue." The largest deal announced so during 2011 is Comerica's ( CMA) acquisition of Sterling Bancshares ( SBIB), valued at $1 billion, or 230% of tangible book value. The deal was approved Thursday by Sterling's shareholders, and is expected to close this quarter. The next largest 2011 deal is People's United Financial's ( PBCT) agreement to acquire Danvers Bancorp for $489 million in cash and stock. SNL values the deal at 184% of Danvers Bancorp's tangible book value. The deal was announced in January and is expected to be completed during the second quarter.