If you had asked Matthew Iommi a few weeks ago, he would have said, “First Citizens who?”
Iommi, the Austin-based co-founder and CEO of Fetii, an on-demand rideshare app, still doesn’t know much about the Raleigh bank that just acquired the assets of his longtime partner, Silicon Valley Bank. As of late Monday, he had received zero communication from the new parent company, he said.
Triangle Business Journal spoke with several founders, many of whom declined to be quoted. Multiple entrepreneurs said that until recently they had never heard of First Citizens Bank (Nasdaq: FCNCA). Others said they’re still shocked from the $42 billion bank run that pushed SVB into the hands of regulators less than three weeks ago and are unlikely to return, regardless of who the new parent company is.