Sure, the financial crisis in late 2008 was rough. But in some ways it was merely a scene-setter for a tumultuous 2009, when local banks, investment firms and financial outfits of all stripes had to pick up the pieces.

“This is an economic cycle that we’ll tell our grandchildren about,” said one venture capital executive.

This Business Journal special report checks in with the region’s banks and thrifts, investment banks, private equity firms and venture capitalists to see just how they managed to survive the year.

Some successfully seized emerging opportunities, finding innovative ways to plumb the market’s bottom. Others were content to merely catch their breath. And with the challenges not yet over, we take a look at how 2010 is shaping up.