ABSTRACT
La Vista Community Bank was one of the oldest community banks serving the Phoenix market, but had been late to the game in gaining market share and shareholder returns due to the fantastic housing boom in the Phoenix area. La Vista was known as a boutique financial institution for the area's wealthy clients, and had built up a solid portfolio of loans and other financial assets from serving this niche in the Phoenix financial market. The Phoenix market had been one of the strongest housing markets in the United States over this same period, with the Paradise Valley area leading the charge with a median house price of $1.6 million. The slowdown in global financial markets coupled with lower consumer spending both at home and abroad led the country to seize two of its largest commercial banks, and declare that the entire country was near bankruptcy.
