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436 First Republic Panic Ensnares SVB Refugees

The Information
Michael Roddan @ The Information · 04/26/2023 16:48 EDT

First Republic Panic Ensnares SVB Refugees

A little over two weeks ago, before First Republic Bank revealed on Monday that depositors had yanked more than $100 billion from the bank, Brian Mac Mahon, the founder of Santa Monica, Calif., early-stage startup accelerator Expert Dojo, made an unusual call—to deposit his company’s funds into the stressed Californian lender.

Having thought “long and hard” about the collapse in March of the startup sector’s favored lender, Silicon Valley Bank, which the government seized after venture capitalists and thei

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