Good morning, readers.
In the third bank failure since March, the FDIC has seized First Republic Bank and entered into an agreement to sell it to JPMorgan Chase & Co. The deal came after the bank's stock began collapsing after executives revealed in its latest earnings report that $100 billion in deposits had been withdrawn from its vaults in March.
Meanwhile, a trend of consolidation in the private-practice health care sector has accelerated as private equity buyers enter the fray.
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