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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WASHINGTON,
      DC 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
      REPORT PURSUANT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>TO
      SECTION 13 OR 15(D) OF THE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      EXCHANGE ACT OF 1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
                of report (Date of earliest event reported)&#160; </font></div>
            </td>
            <td align="justify" valign="top" width="50%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                15, 2006</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 20pt; FONT-FAMILY: Times New Roman">Matrix
                Bancorp, Inc.</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="100%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
                Name of Registrant as Specified in Its Charter)</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="100%">&#160;</td>
          </tr>
          <tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Colorado</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="100%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                or Other Jurisdiction of
                Incorporation)</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0-21231</font></div>
            </td>
            <td align="justify" valign="top" width="50%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">84-1233716</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                File Number)</font></div>
            </td>
            <td align="justify" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                Employer Identification No.)</font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">700
                Seventeenth Street, Suite 2100</font></div>
            </td>
            <td align="justify" valign="top" width="50%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="50%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Denver,
                Colorado</font></div>
            </td>
            <td align="justify" valign="top" width="50%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">80202</font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                of Principal Executive Offices)</font></div>
            </td>
            <td align="justify" valign="top" width="50%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
                Code)</font></div>
            </td>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td valign="top" width="100%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(303)
                595-9898</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="100%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant&#8217;s
                Telephone Number, Including Area Code)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="100%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" colspan="2" valign="top" width="100%" style="border-bottom: black thin solid;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="justify" colspan="2" valign="top" width="100%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
                Name or Former Address, if Changed Since Last
                Report)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>see
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
      Instruction A.2. below):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
      1.01
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>ENTRY
      INTO A MATERIAL DEFINITIVE AGREEMENT</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      March
      15, 2006, the Company entered into an employment agreement with Scot T. Wetzel,
      its President and Chief Executive Officer</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      effective January 11, 2006 (the &#8220;Agreement&#8221;). </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Agreement provides that Mr.&#160;Wetzel will serve in that capacity, and as the
      President</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      Chief
      Executive Officer and Chairman of the Board of Matrix Capital Bank, for a three-year
      period beginning on the effective date of the Agreement (January&#160;11, 2006)
      or until the Company terminates his employment or he resigns, if earlier. The
      Agreement provides that Mr. Wetzel is eligible for the Company&#8217;s employee
      benefit plans and other benefits provided in the same manner and to the same
      extent as to the Company&#8217;s other executive officers. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Agreement provides that Mr. Wetzel will receive severance benefits if, prior
      to
      the Agreement&#8217;s expiration, the Company voluntarily terminates his employment
      for any reason other than &#8220;cause&#8221; (as defined in the Agreement) or he terminates
      his employment for &#8220;good reason&#8221; (as defined in the Agreement) (collectively,
&#8220;Early Termination&#8221;). In the event of Early Termination, Mr. Wetzel will be
      entitled to the greater of: (a) any unpaid base salary due Mr.&#160;Wetzel
      pursuant to the remaining term of his employment agreement and any vacation
      time
      and vested benefits as required by the terms of any employee benefit plan or
      program; or (b) one times his annual base salary. At the discretion of the
      Compensation Committee, Mr. Wetzel may also receive other benefits while he
      is
      employed by the Company and in the event of his termination, including, among
      others, the continuation of health care benefits following the termination
      of
      his employment. Payment of Mr. Wetzel&#8217;s severance and post-termination benefits
      will, to the extent required by Section 409A of the Internal Revenue Code,
      as
      amended, be deferred for a period of six (6) months after the termination of
      his
      employment by the Company. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      January 11, 2006, as required by the Agreement, the Compensation Committee
      granted Mr.&#160;Wetzel two options (the &#8220;Options&#8221;) to purchase an aggregate of
      200,000 shares of the Company&#8217;s Common Stock (the &#8220;Stock&#8221;) at an exercise price
      per share of $19.00 per share, vesting 20% per year on each anniversary of
      the
      grant date for five years. Of the 200,000 Options, the first 100,000 Options
      (the &#8220;Plan Options&#8221;) were granted under the Company&#8217;s 1996 Amended and Restated
      Employee Stock Option Plan (the &#8220;1996 Stock Option Plan&#8221;). Because Section 3(c)
      of the 1996 Stock Option Plan limits the amount of stock options that can be
      granted to any one person to 100,000 shares in any 365 day period, the second
      100,000 Options (the &#8220;Special Option&#8221;) were granted in accordance with the terms
      and conditions of the newly adopted 2006 Employee Stock Option Plan (the &#8220;2006
      Special Stock Option Plan&#8221;) that was adopted by the Board of Directors for the
      purpose of granting the Special Option and another similar stock option to
      Michael McCloskey, the Company&#8217;s Chief Operating Officer, which could not be
      granted under the 1996 Stock Option Plan. The terms and conditions governing
      options granted under the 2006 Special Stock Option Plan are substantially
      identical to those governing options granted under the 1996 Stock Option Plan.
      As required by the employment agreement, the Company is submitting the 2006
      Special Stock Option Plan and the Special Option to the shareholders for
      approval at the Company&#8217;s next annual or special meeting. The Company also
      agreed to register the shares of Common Stock underlying the 2006 Plan with
      the
      Securities and Exchange Commission on Form S-8. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      <div id="HDR">
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      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Agreement provides that, if for any reason the Special Plan or the Special
      Option is disapproved by the shareholders or is not approved within thirty
      (30)
      days of the date of the next annual or special meeting of the Company&#8217;s
      shareholders, then the grant of the Special Option shall be cancelled and of
      no
      further effect. Under the Agreement, if the Special Option is so cancelled,
      Mr.
      Wetzel will have the right to receive from the Company payment in cash of
      $950,000 (the &#8220;Cash Option Payment&#8221;) as liquidated damages on account of the
      Company&#8217;s failure to provide the Special Option to him as promised by the
      Agreement. The Cash Option Payment will be paid by the Company on the first
      business day after the thirty (30) day period following the shareholders meeting
      if the Special Option has not been approved by the Company&#8217;s shareholders by
      that time. The Agreement provides, however, that if there are circumstances
      outside of the Company&#8217;s control that cause a delay in obtaining the required
      shareholder approval, Mr.&#160;Wetzel may, in his discretion, consent to a
      reasonable extension of time to obtain the approval, which consent shall not
      be
      unreasonably denied. The Cash Option Payment is an agreement for liquidated
      damages between the parties on account of the breach of the Agreement by the
      Company resulting from the Company&#8217;s failure to deliver the Special Option.
      Accordingly, if the shareholders do not approve the 2006 Special Stock Option
      Plan and the Special Option, Mr. Wetzel&#8217;s receipt of the Cash Option Payment
      shall be a complete waiver of any claims or rights he may have resulting from
      the Company&#8217;s breach of the Agreement. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Wetzel&#8217;s employment agreement also contains confidentiality provisions and a
      covenant not to solicit employees or clients during his employment term and
      for
      the first year of any period following the termination of his employment that
      Mr.&#160;Wetzel is receiving any salary continuation payments from the Company.
      In the event of Mr. Wetzel&#8217;s voluntary resignation that is not for &#8220;good
      reason&#8221;, as defined in the Agreement, the Company has the right to purchase, for
      a monthly payment of $31,500 per month, a non-compete agreement from Mr. Wetzel
      for a period of between one and twelve months, in the Company&#8217;s discretion,
      during which period Mr. Wetzel would be prohibited from</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      directly or indirectly, (i) engaging in any business engaged in by the Company
      or Matrix Bank (collectively, the &#8220;Business&#8221;) in the state of Colorado or any
      other state where, as of the date of termination, the Company has existing
      banking operations or other sales offices or has invested a substantial amount
      of effort or money with the intent of establishing banking operations or sales
      offices (the &#8220;Territory&#8221;), (ii) interfere with the Business, or (iii) own,
      manage, control, participate in, consult with, render services for or in any
      manner engage in or represent any business within the Territory that is
      competitive with the Business as such business is conducted or proposed to
      be
      conducted from and after the date of this Agreement, except that he could be
      a
      passive owner of not more than five percent (5%) of the outstanding stock of
      any
      class of a corporation which is publicly traded that competes with the Business,
      so long as he has no active participation in the business of such corporation.
      A
      resignation by Mr. Wetzel less than sixty (60) days after </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      appointment of a Chairman of the Board of the Company replacing Guy A. Gibson
      in
      that position would also be treated as a resignation for &#8220;good reason&#8221; for
      purposes of entitling Mr.&#160;Wetzel to severance benefits except that the
      Company could nevertheless elect to purchase a non-compete agreement for one
      to
      twelve months and </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Wetzel would not have any post-employment non-solicitation obligations other
      than those imposed by the non-compete agreement purchased, if any</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      </font></div>
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      9.01
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>FINANCIAL
      STATEMENTS AND EXHIBITS</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
      Financial Statements of businesses acquired. Not applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
      Pro
      Forma Financial Information. Not applicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
      Exhibits.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
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            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Employment
                Agreement, dated March 15, 2006, with Scot T. Wetzel, effective January
                11, 2006.</font></div>
            </td>
          </tr>

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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned, thereunto
      duly authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:
      March 17, 2006</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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            <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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            <td colspan="2"><font size="2">MATRIX BANCORP, INC.</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
          </tr>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/Theodore
              J.
              Abariotes</font></td>
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              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Name:
<u>Theodore
              J. Abariotes</u></font></td>
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                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Senior
                Vice President and General</u></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Counsel</u></font></div>
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{"company-data": {"conformed-name": "MATRIX BANCORP INC", "cik": "0000944725", "assigned-sic": "6162", "irs-number": "841233716", "state-of-incorporation": "CO", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-21231", "film-number": "06697018"}, "mail-address": {"street1": "700 17TH STREET", "street2": "SUITE 2100", "city": "DENVER", "state": "CO", "zip": "80202"}, "former-company": {"former-conformed-name": "MATRIX CAPITAL CORP /CO/", "date-changed": "19960711"}}
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
WASHINGTON,
      DC 20549
FORM
      8-K
CURRENT
      REPORT PURSUANT
TO
      SECTION 13 OR 15(D) OF THE
SECURITIES
      EXCHANGE ACT OF 1934
Date
                of report (Date of earliest event reported)
March
                15, 2006
Matrix
                Bancorp, Inc.
(Exact
                Name of Registrant as Specified in Its Charter)
Colorado
(State
                or Other Jurisdiction of
                Incorporation)
0-21231
84-1233716
(Commission
                File Number)
(IRS
                Employer Identification No.)
700
                Seventeenth Street, Suite 2100
Denver,
                Colorado
80202
(Address
                of Principal Executive Offices)
(Zip
                Code)
(303)
                595-9898
(Registrant's
                Telephone Number, Including Area Code)
(Former
                Name or Former Address, if Changed Since Last
                Report)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (
see
General
      Instruction A.2. below):
o
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
o
Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
o
Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))
o
Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))
ITEM
      1.01
ENTRY
      INTO A MATERIAL DEFINITIVE AGREEMENT
On
      March
      15, 2006, the Company entered into an employment agreement with Scot T. Wetzel,
      its President and Chief Executive Officer
,
      effective January 11, 2006 (the "Agreement").
The
      Agreement provides that Mr. Wetzel will serve in that capacity, and as the
      President
,
      Chief
      Executive Officer and Chairman of the Board of Matrix Capital Bank, for a three-year
      period beginning on the effective date of the Agreement (January 11, 2006)
      or until the Company terminates his employment or he resigns, if earlier. The
      Agreement provides that Mr. Wetzel is eligible for the Company's employee
      benefit plans and other benefits provided in the same manner and to the same
      extent as to the Company's other executive officers.
The
      Agreement provides that Mr. Wetzel will receive severance benefits if, prior
      to
      the Agreement's expiration, the Company voluntarily terminates his employment
      for any reason other than "cause" (as defined in the Agreement) or he terminates
      his employment for "good reason" (as defined in the Agreement) (collectively,
"Early Termination"). In the event of Early Termination, Mr. Wetzel will be
      entitled to the greater of: (a) any unpaid base salary due Mr. Wetzel
      pursuant to the remaining term of his employment agreement and any vacation
      time
      and vested benefits as required by the terms of any employee benefit plan or
      program; or (b) one times his annual base salary. At the discretion of the
      Compensation Committee, Mr. Wetzel may also receive other benefits while he
      is
      employed by the Company and in the event of his termination, including, among
      others, the continuation of health care benefits following the termination
      of
      his employment. Payment of Mr. Wetzel's severance and post-termination benefits
      will, to the extent required by Section 409A of the Internal Revenue Code,
      as
      amended, be deferred for a period of six (6) months after the termination of
      his
      employment by the Company.
On
      January 11, 2006, as required by the Agreement, the Compensation Committee
      granted Mr. Wetzel two options (the "Options") to purchase an aggregate of
      200,000 shares of the Company's Common Stock (the "Stock") at an exercise price
      per share of $19.00 per share, vesting 20% per year on each anniversary of
      the
      grant date for five years. Of the 200,000 Options, the first 100,000 Options
      (the "Plan Options") were granted under the Company's 1996 Amended and Restated
      Employee Stock Option Plan (the "1996 Stock Option Plan"). Because Section 3(c)
      of the 1996 Stock Option Plan limits the amount of stock options that can be
      granted to any one person to 100,000 shares in any 365 day period, the second
      100,000 Options (the "Special Option") were granted in accordance with the terms
      and conditions of the newly adopted 2006 Employee Stock Option Plan (the "2006
      Special Stock Option Plan") that was adopted by the Board of Directors for the
      purpose of granting the Special Option and another similar stock option to
      Michael McCloskey, the Company's Chief Operating Officer, which could not be
      granted under the 1996 Stock Option Plan. The terms and conditions governing
      options granted under the 2006 Special Stock Option Plan are substantially
      identical to those governing options granted under the 1996 Stock Option Plan.
      As required by the employment agreement, the Company is submitting the 2006
      Special Stock Option Plan and the Special Option to the shareholders for
      approval at the Company's next annual or special meeting. The Company also
      agreed to register the shares of Common Stock underlying the 2006 Plan with
      the
      Securities and Exchange Commission on Form S-8.
2
The
      Agreement provides that, if for any reason the Special Plan or the Special
      Option is disapproved by the shareholders or is not approved within thirty
      (30)
      days of the date of the next annual or special meeting of the Company's
      shareholders, then the grant of the Special Option shall be cancelled and of
      no
      further effect. Under the Agreement, if the Special Option is so cancelled,
      Mr.
      Wetzel will have the right to receive from the Company payment in cash of
      $950,000 (the "Cash Option Payment") as liquidated damages on account of the
      Company's failure to provide the Special Option to him as promised by the
      Agreement. The Cash Option Payment will be paid by the Company on the first
      business day after the thirty (30) day period following the shareholders meeting
      if the Special Option has not been approved by the Company's shareholders by
      that time. The Agreement provides, however, that if there are circumstances
      outside of the Company's control that cause a delay in obtaining the required
      shareholder approval, Mr. Wetzel may, in his discretion, consent to a
      reasonable extension of time to obtain the approval, which consent shall not
      be
      unreasonably denied. The Cash Option Payment is an agreement for liquidated
      damages between the parties on account of the breach of the Agreement by the
      Company resulting from the Company's failure to deliver the Special Option.
      Accordingly, if the shareholders do not approve the 2006 Special Stock Option
      Plan and the Special Option, Mr. Wetzel's receipt of the Cash Option Payment
      shall be a complete waiver of any claims or rights he may have resulting from
      the Company's breach of the Agreement.
Mr.
      Wetzel's employment agreement also contains confidentiality provisions and a
      covenant not to solicit employees or clients during his employment term and
      for
      the first year of any period following the termination of his employment that
      Mr. Wetzel is receiving any salary continuation payments from the Company.
      In the event of Mr. Wetzel's voluntary resignation that is not for "good
      reason", as defined in the Agreement, the Company has the right to purchase, for
      a monthly payment of $31,500 per month, a non-compete agreement from Mr. Wetzel
      for a period of between one and twelve months, in the Company's discretion,
      during which period Mr. Wetzel would be prohibited from
,
      directly or indirectly, (i) engaging in any business engaged in by the Company
      or Matrix Bank (collectively, the "Business") in the state of Colorado or any
      other state where, as of the date of termination, the Company has existing
      banking operations or other sales offices or has invested a substantial amount
      of effort or money with the intent of establishing banking operations or sales
      offices (the "Territory"), (ii) interfere with the Business, or (iii) own,
      manage, control, participate in, consult with, render services for or in any
      manner engage in or represent any business within the Territory that is
      competitive with the Business as such business is conducted or proposed to
      be
      conducted from and after the date of this Agreement, except that he could be
      a
      passive owner of not more than five percent (5%) of the outstanding stock of
      any
      class of a corporation which is publicly traded that competes with the Business,
      so long as he has no active participation in the business of such corporation.
      A
      resignation by Mr. Wetzel less than sixty (60) days after
the
      appointment of a Chairman of the Board of the Company replacing Guy A. Gibson
      in
      that position would also be treated as a resignation for "good reason" for
      purposes of entitling Mr. Wetzel to severance benefits except that the
      Company could nevertheless elect to purchase a non-compete agreement for one
      to
      twelve months and
Mr.
      Wetzel would not have any post-employment non-solicitation obligations other
      than those imposed by the non-compete agreement purchased, if any
.
3
ITEM
      9.01
FINANCIAL
      STATEMENTS AND EXHIBITS
(a)
      Financial Statements of businesses acquired. Not applicable.
(b)
      Pro
      Forma Financial Information. Not applicable.
(c)
      Exhibits.
10.1
Employment
                Agreement, dated March 15, 2006, with Scot T. Wetzel, effective January
                11, 2006.
4
SIGNATURE
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned, thereunto
      duly authorized.
Dated:
      March 17, 2006
MATRIX BANCORP, INC.
By:
/s/Theodore
              J.
              Abariotes
Name:
Theodore
              J. Abariotes
Title:
Senior
                Vice President and General
Counsel
5