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 their portfolio companies abandoned it en masse, Mac Mahon believed it was time to be supportive. “Who you choose to support is up to you, but Expert Dojo will be depositing money in First Republic Bank next week, and we are asking our entire community to follow suit with their regional bank,” Mac Mahon posted to LinkedIn.
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