The bank crisis is not over

The U.S. bank turmoil is not over. First Republic just became the third major bank to fail this year, requiring a government takeover. Its stock was trading at less than $4 a share on Friday, a cliff-dive from nearly $150 in February, as depositors and investors fled the bank. This is a slow-moving crisis. There will almost certainly be more fallout to come.

At least stronger banks swooped in over the weekend to buy First Republic. JPMorgan Chase emerged as the winner in a bidding war that reportedly had multiple...