Welcome back, readers. I'm Phil Rosen. I hope you enjoyed this weekend's NBA playoffs and new episode(!) of Succession as much as I did.
We have a lot of ground to cover today — starting with First Republic. The FDIC announced early this morning that the firm will be taken over by JPMorgan after being seized by regulators.
It's the second-largest bank failure in US history, and marks the third regional bank that's been taken over by federal regulators since March.
Shares of First Republic dropped more than 40% in pre-market trading today, while JPMorgan stock ticked 2.9% higher. Stay tuned for further developments — more on that here.