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Huntington Bancshares agreed to buy smaller rival Cadence Bank in an all-stock deal valued at $7.4 billion on Monday, underscoring a broader push by regional lenders to grow their footprint and compete with larger banks.

Dealmaking has gathered pace under the Trump administration, which has pledged to simplify and speed up merger approvals, while analysts say the highly fragmented U.S. banking system leaves ample room for consolidation.

Regional lenders are also pursuing mergers to diversify revenue, strengthen balance sheets and expand in faster-growing markets as they strive to compete with larger rivals.

The Cadence deal, valued at $39.77 per share, will create a top-ten bank with assets

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