Good morning, Bay Area. Top of the political news this morning is that President Joe Biden has formally announced his bid for reelection. “When I ran for president four years ago, I said we are in a battle for the soul of America — and we still are," Biden says in a video announcement Tuesday morning. Closer to home in state politics, Lt. Gov. Eleni Kounalakis also just said that she plans to run for governor in the 2026 election. Turning to banking, here's the latest on First Republic, which…
