Arizona’s economy has been built on population growth that, in turn, has fueled
dynamic market growth. Although there have been efforts to diversify the state’s
economy, there remains a heavy reliance on residential real estate. As a result,
Arizona was hit hard as the nation’s housing crisis became evident in 2008. The
housing market will begin its correction, but in the meantime other industries have
slowed, creating challenges for bankers in the Arizona Region.
Strong client relationships can sustain banks in challenging times like this. Our
affiliate banks in the Phoenix metropolitan area, Tucson, Yuma and Albuquerque,
New Mexico, have worked hard to build deep and lasting relationships with their
clients. These meaningful relationships will help our banks remain strong as they
contend with lingering challenges.