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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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    <B><FONT style="font-size: 9pt">As filed with the Securities and
    Exchange Commission on August&#160;10, 2009</FONT></B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">File No.
    333-&#160;&#160;&#160;&#160;&#160;&#160;</FONT></B>
</DIV>

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<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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    <B><FONT style="font-size: 12pt">UNITED STATES<BR>
    SECURITIES AND EXCHANGE COMMISSION</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Washington,&#160;D.C. 20549</B>
</DIV>

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    <B><FONT style="font-size: 17pt"><FONT style="white-space: nowrap">Form&#160;S-1</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

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    <B><FONT style="font-size: 9pt">REGISTRATION STATEMENT</FONT></B>
</DIV>

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    <B><FONT style="font-size: 9pt">UNDER</FONT></B>
</DIV>

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    <B><FONT style="font-size: 9pt">THE SECURITIES ACT OF
    1933</FONT></B>
</DIV>

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    <B><U><FONT style="font-size: 20pt">UNITED WESTERN BANCORP,
    INC.</FONT></U></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Exact name of registrant as
    specified in its charter)</FONT></I>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">Colorado</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">6022</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-size: 9pt">84-1233716</FONT></B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(State or other jurisdiction
    of<BR>
    incorporation or organization)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(Primary Standard Industrial<BR>
    Classification Code Number)</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">(I.R.S. Employer<BR>
    Identification Number)</FONT></I><FONT style="font-size: 8pt">
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <B><FONT style="font-size: 9pt">700 17th Street,
    Suite&#160;2100</FONT></B>
</DIV>

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    <B><FONT style="font-size: 9pt">Denver, Colorado 80202</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">(303)&#160;595-9898</FONT></B>
</DIV>

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<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Address, including zip code,
    and telephone number, including area code, of registrant&#146;s
    principal executive offices)</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">Michael J.
    McCloskey,&#160;Esq.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">Executive Vice President and
    General Counsel</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">700 17th Street,
    Suite&#160;2100</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">Denver, Colorado 80202</FONT></B>
</DIV>

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    <B><FONT style="font-size: 9pt">(303)&#160;595-9898</FONT></B>
</DIV>

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<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service)</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <B><I><FONT style="font-size: 9pt">Copies to:</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
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<TD align="center" valign="top">
    <B>Brian H. Blaney,&#160;Esq.<BR>
    Marc J. Musyl,&#160;Esq.<BR>
    Greenberg Traurig, LLP<BR>
    The Tabor Center<BR>
    1200 17th Street, Suite&#160;2400<BR>
    Denver, Colorado 80202<BR>
    (602)&#160;445-8000 (phone)<BR>
    (602)&#160;445-8100 (facsimile)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>William T. Luedke IV,&#160;Esq.<BR>
    Charlotte M. Rasche,&#160;Esq.<BR>
    Bracewell &#038; Giuliani LLP<BR>
    711 Louisiana Street, Suite 2300<BR>
    Houston, Texas 77002<BR>
    (713) 223-2300 (phone)<BR>
    (713) 221-1212 (facsimile) </B>
</TD>
</TR>
</TABLE>

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</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Approximate date of commencement of proposed sale to the
    public:</B>&#160;&#160;As soon as practicable after the
    effective date of this registration statement.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the securities being registered on this Form are to be
    offered on a delayed or continuous basis pursuant to
    Rule&#160;415 under the Securities Act of 1933 check the
    following
    box.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is filed to register additional securities for an
    offering pursuant to Rule&#160;462(b) under the Securities Act,
    please check the following box and list the Securities Act
    registration statement number of the earlier effective
    registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(c) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(d) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    &#147;large accelerated filer,&#148; &#147;accelerated
    filer&#148; and &#147;smaller reporting company&#148; in
    Rule&#160;12b-2 of the Exchange Act.
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">Large
    accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">
    Accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">Non-accelerated
    filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>
    (Do not check if smaller reporting company)
    </FONT></TD>
    <TD nowrap align="right">    <FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">
    Smaller reporting
    company&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    </FONT></TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">CALCULATION OF REGISTRATION
    FEE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="70%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Amount of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Title of Each Class of Securities to be Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Offering Price(1)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registration Fee</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Common Stock, $0.0001&#160;par value per share
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $80,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $4,464
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 9pt">(1)&#160;
    </FONT></TD>
    <TD align="left">
    <FONT style="font-size: 9pt">Estimated solely for the purpose of
    calculating the registration fee pursuant to Rule&#160;457(o)
    under the Securities Act.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Registrant hereby amends this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until the Registrant shall file a further amendment which
    specifically states that this Registration Statement shall
    thereafter become effective in accordance with Section&#160;8(a)
    of the Securities Act of 1933 or until the Registration
    Statement shall become effective on such date as the Commission,
    acting pursuant to said Section&#160;8(a), may determine.</B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<FONT style="font-size: 8pt; color: #E8112D">The information in
this prospectus is not complete and may be changed. We may not
sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This
prospectus is not an offer to sell these securities and is not
soliciting an offer to buy these securities in any state where
the offer or sale is not permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="color: #E8112D">SUBJECT TO COMPLETION, DATED
    AUGUST 10, 2009</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PROSPECTUS</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="d68568ord6856804.gif" alt="UNITED WESTERN BANCORP LOGO"><B><FONT style="font-size: 14pt">
    </FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    United Western Bancorp, Inc. is
    selling&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock is traded on the NASDAQ Global Market under the
    symbol &#147;UWBK.&#148; The last reported sale price of our
    common stock on the NASDAQ Global Market on August&#160;7, 2009
    was $8.13&#160;per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in our common stock involves a high degree of risk.
    See &#147;Risk Factors&#148; beginning on page&#160;9 of this
    prospectus for a discussion of information that should be
    considered in connection with an investment in our common
    stock.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Per Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Public offering price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriting discounts and commissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to us
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Our shares of common stock are unsecured and are not deposits
    and are not insured or guaranteed by the Federal Deposit
    Insurance Corporation or any other governmental agency.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have granted the underwriters a
    <FONT style="white-space: nowrap">30-day</FONT>
    option to purchase up to an aggregate
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    additional shares of our common stock at the public offering
    price, less the underwriting discounts and commissions, solely
    to cover over-allotments, if any.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect that the shares of our common stock will be ready for
    delivery to purchasers on or
    about&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2009.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<TR>
<TD width="1%%" align="center" nowrap>
    <FONT style="font-size: 11pt; font-family: Arial, Helvetica; font-variant: SMALL-CAPS">Sandler
    O&#146;Neill + Partners, L.P.
    </FONT>
</TD>
<TD width="99%%">
&nbsp;
</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<TR>
<TD width="43%">
&nbsp;
</TD>
<TD width="28%" align="center" nowrap>
    <FONT style="font-size: 11pt; font-family: Arial, Helvetica; font-variant: SMALL-CAPS">FBR
    Capital Markets&#160;&#038; Co.
    </FONT>
</TD>
<TD width="29%">
&nbsp;
</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<TR>
<TD width="99%%">
&nbsp;
</TD>
<TD width="1%%" align="center" nowrap>
    <FONT style="font-size: 11pt; font-family: Arial, Helvetica; font-variant: SMALL-CAPS">Sterne
    Agee
    </FONT>
</TD>
</TR>
</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this prospectus
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2009
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>Prospectus Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>Cautionary Note Regarding Forward-Looking
    Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>Price Range of Common Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>Dividend Policy</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>Description of Capital Stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>Underwriting</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>Where You Can Find Additional Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>Incorporation of Certain Information by
    Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=84 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You should rely only on the information contained or
    incorporated by reference in this prospectus. We have not
    authorized anyone to provide you with information different from
    that contained in this prospectus. We are offering to sell, and
    seeking offers to buy, shares of common stock only in
    jurisdictions where offers and sales are permitted. The
    information contained in this prospectus is accurate only as of
    the date of this prospectus, regardless of the time of delivery
    of this prospectus or of any sale of our common stock.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    i
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUMMARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This summary highlights certain information appearing
    elsewhere or incorporated by reference in this prospectus. For a
    more complete understanding of this offering, you should
    carefully read the entire prospectus, the registration statement
    of which this prospectus is a part, and the information
    incorporated by reference in this prospectus, including the risk
    factors and the financial statements. Unless otherwise stated in
    this prospectus, references to &#147;we,&#148; &#147;us,&#148;
    &#147;our,&#148; or &#147;our company&#148; refer to United
    Western Bancorp, Inc. and its wholly owned subsidiaries.</I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">United
    Western Bancorp, Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a unitary thrift holding company headquartered in Denver,
    Colorado, and the fifth largest publicly traded thrift in the
    OTS western region of the United States, with $2.4&#160;billion
    in assets, $1.9&#160;billion in deposits, including custodial
    balances, and $129.7&#160;million in shareholders&#146; equity
    at June&#160;30, 2009. Our principal subsidiary, United Western
    Bank, or the Bank, is a leading community bank franchise in the
    State of Colorado. The Bank&#146;s market focus is
    Colorado&#146;s Front Range market area, which generally spans
    the eastern slope of Colorado&#146;s Rocky Mountains, from
    Pueblo to Fort&#160;Collins, and includes the metropolitan
    Denver marketplace and selected mountain communities. The Bank
    has eight full-service banking locations along the Colorado
    Front Range and a loan production office servicing the Aspen and
    Roaring Fork Valley market areas.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the community banking operations of the Bank, we
    provide, through other subsidiaries: escrow and paying agent and
    trust account management services on a national basis;
    residential mortgage servicing, through a third party
    subservicer of acquired mortgage servicing rights; and
    securities brokerage services.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Market</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We operate in what we believe to be one of the most attractive
    markets in the country, Colorado&#146;s Front Range. Our Front
    Range market area includes approximately 82% of the state&#146;s
    total population. The employment base in Colorado is the third
    most highly educated in the United States in terms of persons
    with college and post-graduate degrees. The metropolitan Denver
    area is appealing to technical and scientific workers who are
    interested in career opportunities in our market area&#146;s
    dynamic industries, as Colorado ranks in the top six states
    nationwide for industry employment concentrations in the
    aerospace, bioscience, software information technology,
    renewable energy and energy research industries. As of
    June&#160;30, 2009, Colorado&#146;s unemployment rate was 7.6%,
    which was below the national average of 9.5%. The current
    turmoil in the financial institutions industry has caused a
    number of larger non-Colorado-based banks in our market to be
    acquired or divest a number of branches, thereby creating
    opportunities for us to attract customers, personnel and bank
    locations.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Business
    Strategy</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our company&#146;s operations are conducted primarily through
    the Bank, UW Trust&#160;Company, or UW Trust (formerly known as
    Sterling Trust&#160;Company), Matrix Financial Services
    Corporation, or Matrix Financial, and UW Investment Services,
    Inc., or UW Investment, all of which are wholly owned
    subsidiaries of our company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Until December 2005, we operated the Bank as a specialized
    wholesale bank mainly engaged in acquiring assets (<I>e.g.</I>,
    residential loans, multifamily loans, and other loan assets)
    primarily on an indirect basis through relationships with large
    mortgage originators, loan brokers, and other market
    participants, with little emphasis on community banking
    operations. Believing that a wholesale bank focus was not an
    attractive longer term business model, our board of directors
    initiated a strategic transition in our business from a
    wholesale bank to a community banking operation, including the
    hiring of Scot Wetzel as our new Chief Executive Officer to lead
    the transition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Through the Bank, as we transition from a specialized wholesale
    bank, we are focused on expanding our community-based banking
    network across Colorado&#146;s Front Range market and selected
    mountain communities
</DIV>
</DIV><!-- End box 1 -->

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    <BR>
    1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    by strategically positioning banking offices in those locations.
    We plan to grow the Bank network to an estimated 10 to 12
    community bank locations over the next three to five years. We
    originate Small Business Administration, or SBA, loans on a
    national basis. In addition to the community-based banking
    operations of the Bank, we also offer deposit services to
    institutional customers, as well as escrow, paying agent and
    trust account management lines of business through UW Trust.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the process of transitioning to a community banking
    enterprise, we have capitalized on portions of our former
    wholesale infrastructure, including our institutional deposit
    base and runoff from existing wholesale assets, to support our
    expansion into community banking. This strategy has allowed us
    to change the mix of our earning assets while increasing our net
    margins. Our objective is to increase shareholder and franchise
    value by:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    expanding our community banking and lending activities though
    the recruitment of experienced community bankers who are
    knowledgeable about and well-known in the Colorado Front Range
    and selected mountain community markets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    developing a branch network within such markets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    building a balance sheet consisting of originated loan and
    deposit products;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    maintaining a strong credit oversight with respect to our
    lending products.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Since we changed our strategy in December 2005, we have:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Launched the United Western Brand.</I>&#160;&#160;Previously
    known under a different name, in September 2006 we launched the
    United Western brand name. As we increase our branch network and
    formally market our name in our marketplace through advertising
    and active participation by our officers and employees in
    community affairs in our local markets, the United Western
    franchise becomes more appealing to customers looking for new or
    additional banking relationships.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Recruited a Significant Number of Veteran
    Bankers.</I>&#160;&#160;As a result of the ongoing consolidation
    in the insured depository institutions industry in the United
    States in general and in the State of Colorado in particular,
    many experienced bankers have been disenfranchised. We have been
    able to recruit 10 veteran banking teams for our targeted
    geographic markets, plus all of our support and infrastructure
    staff (144 active personnel in the last three years) with
    business and personal relationships and name recognition in our
    various local markets, helping us to build exceptional
    &#147;local&#148; banking branches. The average tenure of our
    senior bankers in our markets is approximately 20&#160;years,
    and as a group, our bankers have experience servicing all of the
    leading industries in our market.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Developed a Service-Oriented Branch Network in our Focused
    Geographic Footprint</I>. We currently have eight full-service
    banking locations (Downtown Denver, Centennial, Cherry Creek,
    Hampden, Boulder, Loveland, Fort&#160;Collins and Longmont) and
    a private banking focused loan production office serving the
    Aspen and Roaring Fork Valley market area. We plan to add an
    additional two to four locations over the next few years in
    selected marketplaces to increase our coverage. Our branch
    network has facilitated our delivery of community banking
    products and services and helped us change our mix of assets and
    liabilities as described below.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Originated a Portfolio of Community
    Loans.</I>&#160;&#160;Since our change in strategy, we have
    grown community bank loans from $259&#160;million at the end of
    2005 to $1.17&#160;billion as of June&#160;30, 2009. This
    increased community bank loans as a percentage of total loans to
    75.6% at June&#160;30, 2009 from 19.1% as of December&#160;31,
    2005. This change in earning asset mix has allowed us to
    increase our net interest margin over time from 2.74% in 2006 to
    3.40% for the six months ended June&#160;30, 2009.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <I>Secured Stable Deposit Base While Growing Community Bank
    Deposits</I>. We are in the process of converting our liability
    base to a community banking deposit base. Historically, we have
    attracted non-brokered deposits from institutional market
    participants (<I>e.g.</I>, trust companies and securities
    clearing firms) with whom we have had long standing
    relationships. In addition to growing our community
</TD>
</TR>

</TABLE>
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    <BR>
    2
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    banking deposits to over $293&#160;million at June&#160;30,
    2009, we have secured through contracts, over $1.5&#160;billion
    of deposits with several institutional deposit relationships.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe the banking industry will continue to significantly
    consolidate in Colorado and in the United States over the next
    several years. While we have capitalized on an organic growth
    plan since starting our community banking business plan, we may
    consider the strategic acquisition of like minded banking
    organizations, or acquisitions of retail deposits and related
    branch facilities, including FDIC assisted transactions in our
    targeted markets or in similar demographic markets, as part of
    our business plan going forward.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When we employ the term &#147;community banking
    operations,&#148; we mean the implementation of a strategy that
    is designed to directly originate local loans and other assets,
    and obtain local deposits and other liabilities, principally
    from businesses and individuals within the areas where our
    branches are located. In addition, community banking operations
    includes our SBA lending activities, which are conducted on a
    national basis.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Recent
    Events</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Sale of Trust&#160;Company Assets.</I>&#160;&#160;On
    June&#160;27, 2009, our subsidiary UW Trust, formerly known as
    Sterling Trust&#160;Company, consummated the sale of certain of
    its assets to Equity Trust&#160;Company and Sterling
    Administrative Services, LLC, or the Buyers. These assets were
    associated with UW Trust&#146;s self-directed individual
    retirement account and qualified employee benefit plan
    administration business. In addition to the assumption of
    certain UW Trust liabilities, the purchase price for these
    assets was $61.4&#160;million, of which UW Trust received
    approximately $15.3&#160;million in cash from the Buyers at the
    closing of the transaction. The remaining portion of the
    purchase price was financed pursuant to a loan agreement. In
    connection with the sale, we have agreed not to engage in
    activities deemed competitive with the business associated with
    the assets purchased by the Buyers for a period of five years
    following the closing of the transaction. The Buyers and their
    affiliate, Equity Administrative Services, Inc., have also
    agreed to maintain all custodial deposits, totaling
    approximately $841.7&#160;million at June&#160;30, 2009, with
    the Bank for a period of three years after the closing of the
    transaction. As a result of this sale, we recorded a pretax gain
    on the sale of $56.0&#160;million, or approximately
    $36.1&#160;million, net of tax. UW Trust has retained and
    continues to operate its current escrow and paying agent and
    trust account management businesses under its charter granted by
    the State of Texas.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Sale of Mortgage-Backed Securities.</I>&#160;&#160;On
    June&#160;30, 2009, we sold mortgage-backed securities with an
    unpaid principal balance of $47.3&#160;million for a total
    consideration received of approximately $400,000. As a result of
    this disposition, we recorded a pretax loss on the sale of
    $47.0&#160;million, or approximately $29.2&#160;million, net of
    tax. These securities comprised 100% of our exposure to
    mortgage-backed securities collateralized by
    option-adjustable-rate mortgage loans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Internal Stress Test.</I>&#160;&#160;A third-party consultant
    recently conducted a stress test of our loan portfolios (both
    held for investment and held for sale). The stress test was
    based on the consultant&#146;s understanding of the tests that
    were recently administered to the nation&#146;s 19 largest banks
    by federal banking regulators in connection with the
    U.S.&#160;Treasury&#146;s Supervisory Capital Assessment
    Program. In conducting this stress test, the consultant applied
    its understanding of the U.S.&#160;Treasury&#146;s assumptions
    to estimate credit losses for our loan portfolios, assessed the
    resources available to absorb those losses and any necessary
    additions to capital that would be required under the &#147;more
    adverse&#148; stress test scenario. The consultant determined a
    &#147;baseline&#148; scenario, which assumed a path for the
    economy that followed a consensus forecast for certain economic
    variables, and a &#147;more adverse&#148; scenario, which
    utilized a more significant downturn. Based on the results of
    the consultant&#146;s stress test, and the assumptions and
    estimates utilized in the analysis, we believe that following
    the completion of this offering, our capital will be sufficient
    to withstand the economic challenges facing our company if the
    Colorado and national economy weakens further or is weaker than
    is currently expected. See &#147;Risk Factors-Risks Related To
    Our Business&#148; below.
</DIV>
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    <BR>
    3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Offices</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our executive offices are located at 700 17th&#160;Street,
    Suite&#160;2100, Denver, Colorado 80202 and our telephone number
    is
    <FONT style="white-space: nowrap">(303)&#160;595-9898.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our website is located at <I>www.uwbancorp.com</I>. The
    information contained on our website does not constitute part of
    this prospectus. Through our website, we make available free of
    charge our Annual Reports on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    our proxy statements, our Quarterly Reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q,</FONT>
    our current reports on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    and amendments to those reports filed or furnished pursuant to
    Section&#160;13(a) or 15(d) of the Securities Exchange Act of
    1934. These reports are available as soon as reasonably
    practicable after we electronically file those materials with
    the Securities and Exchange Commission, or SEC. We also post on
    our website investor presentations and webcast earnings calls
    and transcripts, in addition to the charters of our Audit,
    Compensation, and Nominations and Corporate Governance
    Committees; our Corporate Governance Guidelines, our Code of
    Conduct and Ethics, and any amendments or waivers thereto; and
    any other corporate governance materials contemplated by SEC or
    NASDAQ regulations. The documents are also available in print by
    contacting our corporate secretary at our executive offices.
</DIV>
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    <BR>
    4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Offering</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Common stock offered</TD>
    <TD></TD>
    <TD valign="bottom">
    &#160;&#160;&#160;&#160;&#160;shares</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Common stock to be outstanding after this offering</TD>
    <TD></TD>
    <TD valign="bottom">
    &#160;&#160;&#160;&#160;&#160;shares</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Use of proceeds</TD>
    <TD></TD>
    <TD valign="bottom">
    We estimate that we will receive net proceeds of
    $&#160;&#160;&#160;&#160;&#160;&#160;million based on an
    offering price of $&#160;&#160;&#160;&#160;&#160; per share,
    after deducting underwriting discounts and commissions and
    estimated offering expenses payable by us. We intend to use the
    net proceeds from this offering to provide
    $&#160;&#160;&#160;&#160;&#160;&#160;million to the Bank to
    support its growth and related regulatory capital needs and to
    pay down $&#160;&#160;&#160;&#160;&#160;&#160;million of our
    revolving indebtedness under our senior credit facility. We
    expect to use the remainder of the net proceeds for general
    working capital purposes. See &#147;Use of Proceeds.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Dividend policy</TD>
    <TD></TD>
    <TD valign="bottom">
    Our company&#146;s management and board of directors are
    currently committed to continuing to pay regular cash dividends;
    however, there can be no assurance as to future dividends
    because they are dependent on our company&#146;s future
    earnings, capital requirements and financial conditions. Also,
    we are prohibited from paying dividends on our common stock if
    the scheduled payments on our junior subordinated debentures
    have not been made. See &#147;Dividend Policy.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Risk factors</TD>
    <TD></TD>
    <TD valign="bottom">
    See &#147;Risk Factors&#148; and other information included in
    this prospectus for a discussion of factors that you should
    consider before deciding to invest in shares of our common stock.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    NASDAQ Global Market Symbol</TD>
    <TD></TD>
    <TD valign="bottom">
    UWBK</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The number of shares of common stock to be outstanding after
    this offering is based upon our outstanding shares as of
    August&#160;7, 2009. These shares exclude the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    465,068&#160;shares of common stock issuable upon the exercise
    of stock options outstanding at August&#160;7, 2009 with a
    weighted average exercise price of $19.01 per share;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    935,356&#160;shares of common stock reserved for issuance under
    equity incentive plans at August&#160;7, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    145,005&#160;shares of common stock reserved for issuance under
    our employee stock purchase plan at August&#160;7, 2009;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    up to&#160;&#160;&#160;&#160;&#160;&#160;shares of common stock
    that may be issued by us upon exercise of the underwriters&#146;
    over-allotment option.
</TD>
</TR>

</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY
    SELECTED CONSOLIDATED FINANCIAL DATA</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth our summary selected consolidated
    historical financial data. You should read the summary selected
    consolidated financial information presented below in
    conjunction with &#147;Management&#146;s Discussion and Analysis
    of Financial Condition and Results of Operations&#148; and our
    consolidated financial statements and the notes to those
    financial statements appearing in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K/A</FONT>
    for the fiscal year ended December&#160;31, 2008 and our
    Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009, which are incorporated
    by reference in this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following tables set forth selected consolidated financial
    data for us at and for each of the years in the five year period
    ended December&#160;31, 2008 and at and for the six-month
    periods ended June&#160;30, 2009 and 2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The selected statement of income data for the years ended
    December&#160;31, 2008, 2007 and 2006, and the selected balance
    sheet data as of December&#160;31, 2008 and 2007, have been
    derived from our audited financial statements included in our
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K/A</FONT>
    for the fiscal year ended December&#160;31, 2008 which is
    incorporated by reference in this prospectus. The selected
    statement of income data for the years ended December&#160;31,
    2005 and 2004 and selected balance sheet data as of
    December&#160;31, 2006, 2005 and 2004 have been derived from our
    audited financial statements that are not included in this
    prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The summary financial data at and for the six months ended
    June&#160;30, 2009 and June&#160;30, 2008 and the consolidated
    balance sheet data as of June&#160;30, 2009 and 2008 have been
    derived from our unaudited consolidated financial statements,
    which are included in our Quarterly Report of
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009 which is incorporated
    by reference in this prospectus. We believe these unaudited
    financial statements reflect all adjustments necessary for a
    fair presentation of our financial position and results of
    operations for the periods presented. Historical results are not
    necessarily indicative of future results, and the results for
    the six months ended June&#160;30, 2009 are not necessarily
    indicative of our expected results for the full year ending
    December&#160;31, 2009 or any other period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The summary consolidated financial information for each of the
    five years ended December&#160;31, 2008, and for the six months
    ended June&#160;30, 2008, has been retrospectively adjusted to
    reflect the sale of UW Trust&#160;Company assets as discontinued
    operations in accordance with Statement of Financial Accounting
    Standards No.&#160;144, &#147;Accounting for the Impairment or
    Disposal of Long-Lived Assets.&#148; In addition, income per
    share data for all periods presented has been retrospectively
    adjusted to reflect the adoption of FASB Staff Position
    <FONT style="white-space: nowrap">EITF&#160;03-06-1,</FONT>
    &#147;Determining Whether Instruments Granted in Share-Based
    Payment Transactions are Participating Securities.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Six Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>June&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Years Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="26" nowrap align="center" valign="bottom">
    <B>(In thousands, except per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Consolidated Statement of Income Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Interest and dividend income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    52,099
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    56,974
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    115,017
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    121,559
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    115,300
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    87,096
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    70,573
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Interest expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,043
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,878
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33,032
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52,717
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59,783
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42,466
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,771
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Net interest income before provision for credit losses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,056
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,096
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    81,985
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68,842
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55,517
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44,630
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39,802
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Provision for credit losses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,459
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,023
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,599
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,312
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,019
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    891
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,089
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Net interest income after provision for credit losses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,597
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36,073
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    73,386
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66,530
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53,498
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43,739
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,713
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Noninterest income:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    (Loss) Gain on sale of available for sale investment securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (46,980
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    274
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (122
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    372
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Other-than-temporary impairments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (603
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,110
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Gain on sale of assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,567
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    300
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,767
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 15pt">
    Other
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,314
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,759
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,614
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,925
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,277
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,513
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,914
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Total noninterest (loss) income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (39,702
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,759
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,504
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,023
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,651
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,691
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74,053
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Noninterest expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34,953
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,888
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66,130
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    66,085
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,885
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65,136
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79,953
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Six Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>June&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Years Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="26" nowrap align="center" valign="bottom">
    <B>(In thousands, except per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    (Loss) income from continuing operations before income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (48,058
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,944
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,760
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,468
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,264
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,294
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,813
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Income tax (benefit) expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (17,807
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,676
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,635
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,885
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (318
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,817
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    (Loss) income from continuing operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (30,251
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,268
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,125
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,153
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,379
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,612
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    20,996
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Discontinued Operations:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 14pt">
    Discontinued operations, net of tax
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37,525
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    160
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (173
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (12
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,277
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (54
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    901
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Net Income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7,274
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,428
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    9,952
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,141
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,656
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,558
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21,897
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    (Loss) income from continuing operations per common share basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (4.23
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.86
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.23
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    (Loss) income from continuing operations per common share
    assuming dilution(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4.23
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.86
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.23
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Income (loss) from discontinued operations per common share basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.23
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.02
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.02
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.01
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Income (loss) from discontinued operations per common share
    assuming dilution
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.23
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.02
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.02
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.01
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.14
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Net income per common share basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.88
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.37
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.36
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Net income per common share assuming dilution
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.88
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.37
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.22
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Weighted average common shares&#160;&#151; basic
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,169,446
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,207,878
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,164,250
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,247,636
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,791,516
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,943,480
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,520,239
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Weighted average common shares&#160;&#151; assuming dilution
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,169,446
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,207,878
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,164,598
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,256,484
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,791,516
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,035,948
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,630,006
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>June&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="26" align="center" valign="bottom">
    <B>(In thousands, except per share data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Consolidated Balance Sheet Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,421,865
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,173,926
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,259,429
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,096,559
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,156,548
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,079,388
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,888,860
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    481,578
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    608,393
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    558,037
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    661,781
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    838,979
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    540,194
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    316,367
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Loans held for investment, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,240,356
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,076,892
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,233,301
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    885,710
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    711,601
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    425,943
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    379,717
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Loans held for sale, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    279,878
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    309,228
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    291,620
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    369,071
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    444,120
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    927,442
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    989,822
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Mortgage servicing rights, net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,187
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,653
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,496
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,971
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,399
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,708
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26,574
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Deposits(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,860,090
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,433,033
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,724,672
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,385,481
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,345,681
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,124,044
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,119,159
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Custodial escrow balances
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41,722
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    46,777
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,697
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34,172
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,017
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    49,385
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    51,598
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    FHLBank borrowings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    216,665
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    431,376
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    226,721
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    406,129
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    519,431
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    615,028
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    506,118
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Junior subordinated debentures owed to unconsolidated subsidiary
    trusts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,442
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,442
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,442
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,442
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56,216
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,372
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,835
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    United Western Bank repurchase agreements
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    78,529
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80,538
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    81,265
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76,428
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Other borrowings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29,581
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31,573
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Total shareholders&#146; equity(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    129,668
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103,547
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    101,949
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113,421
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    107,753
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    180,728
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    92,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    <B>Operating Ratios and Other Selected Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Average equity to average total assets(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.67
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.39
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.01
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.42
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.12
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.30
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Yield on assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.77
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.64
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Cost of liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.93
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.56
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Net interest margin(4)(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.99
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.96
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.74
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.57
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Return from continuing operations on average total assets(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    NMF
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.18
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Return from continuing operations on average equity(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    NMF
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.91
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.92
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.34
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.61
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Operating efficiency ratio(4)(6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    NMF
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    68.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72.57
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    76.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    72.09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    86.97
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    56.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="51%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>As of and for the Six Months Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>June&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As of and for the Years Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="27" nowrap align="center" valign="bottom">
    <B>(Dollars in thousands, except per share data)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Ratios of Earnings to Fixed Charges(7):</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Including interest on deposits
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    NMF
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.52
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.38
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.25
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.24
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.03
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.01
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Excluding interest on deposits
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    NMF
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.80
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.60
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.51
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.38
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.05
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.52
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Total Loan Performance Ratios and Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Nonperforming loans
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38,786
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    13,005
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    21,899
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10,475
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,398
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16,894
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    31,345
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Nonperforming loans/total loans
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.51
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.93
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.42
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.83
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.72
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.24
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.27
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Nonperforming assets/total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.76
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.64
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.03
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Loans Held for Investment Performance<BR>
    Ratios and Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Allowance for credit losses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25,520
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    11,762
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    16,183
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    8,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6,231
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,808
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,974
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Nonperforming loans held for investment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,426
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,794
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,647
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,251
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,675
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,601
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,558
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Nonperforming loans held for investment /total loans held for
    investment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.25
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.62
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.69
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.48
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.51
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.23
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.30
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Allowance for credit losses/total loans held for investment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.02
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.87
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Allowance for credit losses/nonperforming loans held for
    investment
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    89.78
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    173.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    187.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    188.19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    169.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    50.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Net loan charge-offs/average loans(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.43
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>United Western Bancorp Ratio:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Leverage ratio(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.35
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.76
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.51
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.41
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.00
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.69
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.89
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Bank Regulatory Capital Ratios:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Leverage ratio
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.7
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.3
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Tier&#160;1 risk-based capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Total risk-based capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Income from continuing operations per common share assuming
    dilution is computed by dividing net earnings allocated to
    common stock by the weighted-average number of common shares
    outstanding during the period, and the dilutive effect, if any,
    of stock options. There are no other dilutive securities.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    At June&#160;30, 2009 and 2008, the total balance of brokered
    deposits was $79.5&#160;million and $1.8&#160;million,
    respectively. At December&#160;31, 2008, 2007, 2006, 2005 and
    2004, the total balance of brokered deposits was
    $35.0&#160;million, $13.0&#160;million, $25.7&#160;million,
    $42.5&#160;million, and $247.9&#160;million, respectively.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Total shareholders&#146; equity and the leverage ratio at
    December&#160;31, 2005 included approximately $87.0&#160;million
    in proceeds from a private offering. We used approximately
    $79.5&#160;million of the proceeds in January 2006 to complete
    an issuer tender offer and purchase shares of our company&#146;s
    common stock. This use of proceeds reduced total
    shareholders&#146; equity in January 2006.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Calculations are based on average daily balances where available
    and monthly averages otherwise. In some instances, the results
    are reported as &#147;NMF&#148; meaning &#147;not a meaningful
    figure&#148; since the reported results would otherwise have
    reflected a negative number due to the operating loss realized
    in the period resulting from the sale of mortgage-backed
    securities.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Net interest margin has been calculated by dividing net interest
    income from continuing operations before provision for credit
    losses by average interest-earning assets.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    The operating efficiency ratio has been calculated by dividing
    noninterest expense from continuing operations, excluding
    amortization of mortgage servicing rights, by operating income
    from continuing operations. Operating income from continuing
    operations is equal to net interest income before provision for
    credit losses plus noninterest income.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    For purposes of calculating the ratio of earnings to fixed
    charges, earnings consist of income from continuing operations
    before taxes plus interest and rent expense. Fixed charges
    consist of interest and rent expense.</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Before you invest in our common stock, you should be aware
    that there are risks, including those set forth below. You
    should carefully consider these risk factors, together with all
    the other information included or incorporated by reference in
    this prospectus, before you decide to purchase shares of our
    common stock.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to Our Business</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    business may be adversely affected by conditions in the
    financial markets and economic conditions
    generally.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The United States is currently in a recession. Business activity
    across a wide range of industries and regions is greatly reduced
    and local governments and many businesses are experiencing
    serious financial difficulty due to the lack of consumer
    spending and the lack of liquidity in the credit markets.
    Unemployment has increased significantly. Since mid-2007, the
    financial services industry and the securities markets generally
    have been materially and adversely affected by significant
    declines in the values of nearly all asset classes and by a
    serious lack of liquidity and a lack of financing for many
    investors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Market conditions have also led to the failure or merger of a
    number of prominent insured depository institutions. In
    addition, declining asset values, defaults on mortgages and
    consumer loans, and the lack of market and investor confidence,
    as well as other factors, have all combined to cause rating
    agencies to lower credit ratings for many debt instruments,
    including mortgage-backed securities, and to otherwise increase
    the cost and decrease the availability of liquidity, despite
    very significant declines in Federal Reserve borrowing rates and
    other U.S.&#160;government actions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Some banks and other lenders have suffered significant losses
    and have become reluctant to lend, even on a secured basis, due
    to the increased risk of default and the impact of declining
    asset values on the value of collateral. The foregoing has
    significantly weakened the strength and liquidity of some
    financial institutions. In 2008 and 2009, the
    U.S.&#160;government, the Board of Governors of the Federal
    Reserve System, or the Federal Reserve, the Federal Deposit
    Insurance Corporation, or the FDIC, and other regulators took
    numerous steps to increase liquidity and to restore investor
    confidence, including investing in the equity of other banking
    organizations, but asset values have continued to decline and
    access to liquidity continues to be very limited.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our financial performance generally, and in particular the
    ability of our borrowers to pay interest on and repay principal
    of outstanding loans and the value of collateral securing those
    loans, is highly dependent upon the business environment in the
    markets where we operate in the State of Colorado and in the
    United States as a whole.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The current financial market conditions were precipitated by
    falling housing prices and rising home loan delinquencies and
    foreclosures. This has negatively impacted mortgage-backed
    securities supported by real estate mortgage collateral and
    whole single-family mortgage loans, both of which are owned by
    our company. At June&#160;30, 2009, we owned $433&#160;million
    of mortgage-backed securities and $302&#160;million of
    single-family mortgage loans.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Overall, during 2008 and 2009, the economic environment has been
    adverse for many households and businesses in the United States.
    The economic environment in the State of Colorado and the
    markets in which we operate has been less adverse than in the
    United States generally, but may continue to deteriorate. The
    business environment in the State of Colorado and the United
    States may continue to deteriorate. Continued deterioration in
    the business environments could adversely affect the credit
    quality of the Bank&#146;s loans, the value of our
    company&#146;s investment securities, and our overall results of
    operations and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">United
    Western Bank relies on institutional deposits, which, if one or
    more institutional relationships was terminated, such
    termination could negatively impact our liquidity, profitability
    and results of operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A significant portion of the total deposits of our principal
    subsidiary, United Western Bank, are funds deposited as a result
    of unaffiliated institutional relationships maintained by the
    Bank. At June&#160;30, 2009, six unaffiliated institutional
    relationships accounted for $1.19&#160;billion, or 62.7%, of our
    total deposits, which
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    includes custodial escrow deposits. Included in these six
    unaffiliated institutional relationships is one institutional
    relationship with a balance of $841.7&#160;million at
    June&#160;30, 2009, which accounts for 44.3% of the Bank&#146;s
    total deposits at June&#160;30, 2009. At June&#160;30, 2009,
    other related institutional deposits accounted for
    $303.6&#160;million. Matrix Financial Solutions, Inc. accounted
    for $209.0&#160;million of the Bank&#146;s total deposits and
    Legent Clearing, a company in which certain directors and
    officers of our company own an indirect minority interest,
    accounted for $94.6&#160;million of the Bank&#146;s total
    deposits. Institutional depositors generally are more sensitive
    to interest rate levels than retail consumers who bank at a
    branch office due to the amount of money they maintain on
    deposit. The Bank&#146;s future success in retaining and
    attracting institutional depositors depends, in part, on its
    ability to offer competitive rates and services. With the
    unprecedented events in the financial markets in the United
    States over the past two years, deposit concentrations are an
    increasing risk to all depository institutions and to our
    company. Although our institutional deposit relationships are
    evidenced by an agreement between the Bank and the institution,
    some of the agreements may be terminated by the institution at
    any time, upon prior notice, for any reason. Further, an
    institution may elect not to renew the agreement or to terminate
    the deposit relationship for various reasons, including, but not
    limited to, if there is a serious impairment to the Bank&#146;s
    financial condition or if the Bank fails to be well-capitalized.
    If the Bank loses one or more of these institutional
    relationships, our liquidity, profitability and results of
    operations may be significantly and adversely affected.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to an asset purchase agreement dated April&#160;7,
    2009, Equity Trust&#160;Company and Sterling Administrative
    Services, LLC, or the Buyers, purchased from us the assets of UW
    Trust associated with its self-directed individual retirement
    account and qualified employee benefit plan administration
    business. The Buyers, and their affiliate, Equity Administrative
    Services, Inc., have agreed to maintain all of their custodial
    deposits with the Bank for a three-year period. These deposits
    are included in the amounts set forth in the paragraph above.
    Notwithstanding the terms of the asset purchase agreement, if
    the Buyers transfer these deposits to another depository
    institution, our liquidity, profitability, and results of
    operations may be significantly and adversely affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Future
    growth or operating results may require us to raise additional
    capital, but that capital may not be available or it may be
    dilutive.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are required by the Office of Thrift Supervision, or the OTS,
    to maintain adequate levels of capital to support our
    operations. To the extent our future operating results erode
    capital, subordinate-tranche mortgage-backed securities are
    downgraded as discussed below, or we elect to expand through
    loan growth or acquisitions, we may be required to raise
    additional capital. Our ability to raise capital will depend on
    conditions in the capital markets, which are outside our
    control, and on our financial performance. Accordingly, we
    cannot be assured of our ability to raise capital when needed,
    on favorable terms or at all. If we cannot raise additional
    capital when needed, we will be subject to increased regulatory
    supervision and the imposition of restrictions on our growth and
    business. These outcomes could negatively impact our ability to
    operate or further expand our operations through acquisitions or
    the establishment of additional branches and may result in
    increases in operating expenses and reductions in revenues that
    could have a material adverse effect on our financial condition
    and results of operations. In addition, in order to raise
    additional capital, we may need to issue shares of our common
    stock that would dilute the book value of our common stock and
    reduce our shareholders&#146; percentage ownership interest to
    the extent they do not participate in future offerings.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">In the
    event we fail to comply with our restrictive debt covenants
    under our senior credit facility, we may not be able to obtain
    the necessary amendments or waivers, and our lender could
    accelerate the payment of all outstanding amounts due under that
    arrangement.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our ability to meet the nonperforming assets plus real estate
    owned ratio, or NPA Plus REO Ratio, contained in our senior
    credit facility and otherwise comply with our covenants may be
    affected by various events, including those that may be beyond
    our control. In addition to the financial covenants pertaining
    to the Bank maintaining its categorization as
    &#147;well-capitalized&#148; as described in the OTS
    regulations, our financial covenants require that the Bank, at
    all times, maintain an NPA Plus REO Ratio of not greater than
    4.5%. The NPA Plus REO Ratio means the ratio of the sum of
    nonperforming assets (less nonperforming assets
</DIV>

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    <BR>
    10
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    guaranteed as to principal repayment by the U.S.&#160;government
    or one of its agencies) plus real estate owned, to the sum of
    total loans and repossessed assets plus real estate owned.
    Prospectively, we may not be able to continue to meet these and
    other ratios, tests and covenants. If we were to breach any of
    these covenants, ratios, tests or restrictions, as applicable,
    in the future, it could result in an event of default, which
    would allow our lender to declare all amounts outstanding to be
    immediately due and payable. If the lender accelerates the
    payment of our indebtedness, we may not be able to repay in full
    the amounts then outstanding. Further, as a result of any breach
    and during any cure period or negotiations to resolve a breach
    or expected breach, our lenders may refuse to make further loans
    to us, which could affect our liquidity and results of
    operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event we breach a covenant in the future or we expect
    that a breach may occur, we would seek to obtain a waiver from
    our lender or an amendment to our facility; however, we may not
    be successful in obtaining necessary waivers or amending our
    facility. Even if we are successful in obtaining waivers or
    entering into any such amendments, we could incur substantial
    costs in doing so, our borrowing costs could increase, and we
    may be subject to more restrictive covenants than the covenants
    under our existing facility. Any of the foregoing events could
    have a material adverse impact on our business and results of
    operations, and there can be no assurance that we would be able
    to obtain the necessary waivers or amendments on commercially
    reasonable terms, or at all.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    be required to pay significantly higher FDIC deposit insurance
    premiums and assessments in the future.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Recent insured depository institution failures, as well as
    deterioration in banking and economic conditions, have
    significantly increased the loss provisions of the FDIC,
    resulting in a decline in the designated reserve ratio of the
    FDIC to historical lows. The FDIC expects a higher rate of
    insured depository institution failures in the next few years
    compared to recent years; thus, the reserve ratio may continue
    to decline. In addition, the deposit insurance limit on FDIC
    deposit insurance coverage generally has increased to $250,000
    through December&#160;31, 2013. These developments will cause
    the premiums assessed on us by the FDIC to increase and
    materially increase our noninterest expense.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On December&#160;16, 2008, the FDIC Board of Directors
    determined deposit insurance assessment rates for the first
    quarter of 2009 at 12 to 14&#160;basis points per $100 of
    deposits. Beginning April&#160;1, 2009, the rates increased to
    12 to 16&#160;basis points per $100 of deposits. Additionally,
    on May&#160;22, 2009, the FDIC announced a final rule imposing a
    special emergency assessment as of June&#160;30, 2009, payable
    September&#160;30, 2009, based on $0.05 for each $100 of assets,
    less Tier&#160;1 capital, as of June&#160;30, 2009, but the
    amount of the assessment is capped at 10&#160;basis points of
    domestic deposits. The final rule also allows the FDIC to impose
    additional special emergency assessments on or after
    September&#160;30, 2009, of up to 5&#160;basis points per
    quarter, if necessary to maintain public confidence in FDIC
    insurance. The FDIC has indicated that a second assessment is
    probable. These higher FDIC assessment rates and special
    assessments will have an adverse impact on our results of
    operations. Our FDIC insurance related costs were
    $2.6&#160;million for the six months ended June&#160;30, 2009
    compared to $1.0&#160;million and $818,000 for the years ended
    December&#160;31, 2008 and 2007, respectively. We are unable to
    predict the impact in future periods; including whether and when
    additional special assessments will occur, in the event the
    economic crisis continues.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also participate in the FDIC&#146;s Temporary Liquidity
    Guarantee Program, or TLGP, for noninterest-bearing transaction
    deposit accounts. Banks that participate in the TLGP&#146;s
    noninterest-bearing transaction account guarantee will pay the
    FDIC an annual assessment of 10&#160;basis points on the amounts
    in such accounts above the amounts covered by FDIC deposit
    insurance. To the extent that these TLGP assessments are
    insufficient to cover any loss or expenses arising from the TLGP
    program, the FDIC is authorized to impose an emergency special
    assessment on all FDIC-insured depository institutions. The FDIC
    has authority to impose charges for the TLGP program upon
    depository institution holding companies as well. These changes,
    along with the full utilization of our FDIC deposit insurance
    assessment credit in early 2009, will cause the premiums and
    TLGP assessments charged by the FDIC to increase. These actions
    could significantly increase our noninterest expense in 2009 and
    for the foreseeable future.
</DIV>

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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    allowance for credit losses may be insufficient.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We maintain an allowance for credit losses, which is a reserve
    established through a provision for credit losses charged to
    expense, that represents our management&#146;s best estimate of
    probable inherent losses within the existing portfolio of loans.
    The allowance, in the judgment of management, is necessary to
    reserve for estimated credit losses and risks inherent in our
    loan portfolio. The level of the allowance reflects
    management&#146;s continuing evaluation of industry
    concentrations, specific credit risks, loan loss experience,
    current loan portfolio quality, present economic, political and
    regulatory conditions and unidentified losses inherent in the
    current loan portfolio, and has been increasing as the economy
    worsens. The determination of the appropriate level of the
    allowance for credit losses inherently involves a high degree of
    subjectivity and requires management to make significant
    estimates of current credit risks and inherent and
    as-yet-unidentified losses in the portfolio, all of which may
    undergo material changes. In addition, the OTS periodically
    reviews our allowance for credit losses and may require an
    increase in the provision for credit losses or the recognition
    of further loan charge-offs, based on judgments different than
    those of management. In light of the current economic
    environment, significant additional provisions for credit losses
    may be necessary to supplement the allowance for credit losses
    in the future. If charge-offs in future periods exceed the
    allowance for credit losses, we will need additional provisions
    to increase the allowance for credit losses. We cannot assure
    you that we will not increase the allowance for credit losses
    further or that the OTS will not require the Bank to increase
    its allowance, either of which could adversely affect our
    company. Any increases in the allowance for credit losses will
    result in a decrease in net income and, possibly, capital, and
    may have a material adverse effect on our financial condition
    and results of operations and hinder our ability to make
    payments on the outstanding obligations of our company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    significant portion of our loan portfolio is secured by real
    estate, and a continued downturn in the economy within the
    markets we serve could significantly hurt our business and
    prospects for growth.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Real estate lending (including commercial, construction, land
    development, and residential) remains a large portion of the
    Bank&#146;s loan portfolio. These categories constitute
    $1.2&#160;billion, or approximately 78% of the Bank&#146;s total
    loan portfolio as of June&#160;30, 2009. Real estate values are
    generally affected by changes in economic conditions,
    fluctuations in interest rates and the availability of loans to
    potential purchasers, changes in tax and other laws and acts of
    nature. A downturn in the real estate markets in which the Bank
    originates, purchases and services mortgage and other loans
    could hurt our business because these loans are secured by real
    estate. In addition, even though the Bank&#146;s real property
    collateral is currently located throughout the United States, we
    believe that the amount of such collateral in Colorado, which at
    June&#160;30, 2009 was $758&#160;million, or 49% of our total
    loan portfolio, is likely to increase as a result of our
    community banking strategy. A continuation of the downturn in
    the real estate markets where the Bank has loans could have a
    material adverse effect on our business, financial condition and
    results of operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Current market conditions include an over-supply of land, lots,
    and finished homes in many markets including those where we do
    business. At June&#160;30, 2009, approximately 12.4% of our
    assets were single-family mortgage loans. We had approximately
    $3.9&#160;million of nonperforming, single-family mortgage loans
    in our held for investment portfolio and $8.8&#160;million of
    nonperforming single-family mortgage loans in our held for sale
    portfolio at June&#160;30, 2009. If housing markets in our
    market areas continue to deteriorate, we may experience a
    further increase in nonperforming loans, provisions for loan
    losses, charges to reduce the carrying value of loans held for
    sale to the lower of cost or fair value, and charge-offs. While
    it is difficult to predict how long these conditions will exist
    and which markets, products or other segments of our loan and
    securities portfolio might ultimately be affected, these factors
    could adversely affect our ability to grow our earning assets or
    affect our results of operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The residential and commercial real estate sectors of the
    U.S.&#160;economy experienced an economic slowdown that has
    continued in 2009. Specifically, the values of residential and
    commercial real estate located in our market areas have
    declined, and these declines may continue in the future. If the
    loans that are collateralized by real estate become troubled
    during a time when market conditions are declining or have
    declined, then we may not be able to realize the full value of
    the collateral that we anticipated at the time of
</DIV>

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    originating the loan, which could require us to increase our
    provision for credit losses and adversely affect our financial
    condition and results of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    subject to risk related to our concentration of construction and
    land development and commercial real estate loans.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of June&#160;30, 2009, we had $306.7&#160;million of
    construction loans and $101.7&#160;million of land development
    loans, of which $359.8&#160;million, or 88% of the aggregate of
    such loans, are for projects located in Colorado. Construction
    loans are subject to risks during the construction phase that
    are not present in standard residential real estate and
    commercial real estate loans. These risks include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the viability of the contractor;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the value of the project being subject to successful completion;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the contractor&#146;s ability to complete the project, to meet
    deadlines and time schedules and to stay within cost
    estimates;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    concentrations of such loans with a single contractor and its
    affiliates.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Real estate construction loans may involve the disbursement of
    substantial funds with repayment dependent, in part, on the
    success of the ultimate project rather than the ability of a
    borrower or guarantor to repay the loan and also present risks
    of default in the event of declines in property values or
    volatility in the real estate market during the construction
    phase. Our practice, in the majority of instances, is to secure
    the personal guaranty of individuals in support of our real
    estate construction loans which provides us with an additional
    source of repayment. At June&#160;30, 2009, we had five
    nonperforming construction and development loans that totaled
    $13.9&#160;million and another $2.3&#160;million of assets that
    have been foreclosed. If one or more of our larger borrowers
    were to default on their construction and development loans, and
    we did not have alternative sources of repayment through
    personal guarantees or other sources, or if any of the
    aforementioned risks were to occur, we could incur significant
    losses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At June&#160;30, 2009, we had $453.3&#160;million of commercial
    real estate loans. Bank regulatory authorities have issued
    guidance regarding high concentrations of commercial real estate
    loans within bank loan portfolios to remind banks that their
    risk management practices and capital levels should be
    commensurate with the level and nature of their commercial real
    estate concentration risk. Banks with higher levels of
    commercial real estate loans are expected to implement improved
    underwriting, internal controls, risk management policies and
    portfolio stress testing, as well as higher levels of allowances
    for credit losses and capital levels as a result of commercial
    real estate lending growth and exposures. If there is
    deterioration in our commercial real estate portfolio or if the
    OTS concludes that we have not implemented appropriate risk
    management policies and practices, it could adversely affect our
    business and result in a requirement of increased capital
    levels, and such capital may not be available at that time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    mortgage loans that the Bank holds are subject to risks of
    delinquency, foreclosure and loss, which could result in losses
    to us.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The residential and commercial mortgage loans held in the
    Bank&#146;s loan portfolio are secured by residential and
    commercial properties and are subject to risks of delinquency,
    foreclosure and loss of principal and interest. The ability of a
    borrower to repay a loan secured by residential property
    typically is dependent primarily upon the income or assets of
    the borrower. In addition, other factors that affect the risk of
    our mortgage loan portfolio include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    property location and condition;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    competition and demand for comparable properties;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in zoning laws for the property or its surrounding area;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    environmental contamination at the property;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the occurrence of any uninsured casualty at the property;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in national, regional or local economic conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    declines in regional or local real estate values;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increases in interest rates
    <FONT style="white-space: nowrap">and/or</FONT> real
    estate tax rates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in governmental rules, regulations and fiscal policies,
    including environmental legislation and tax laws;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other events such as acts of God, natural disasters, war,
    terrorism, social unrest and civil disturbances.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of the bankruptcy of a mortgage loan borrower, the
    mortgage loan to such borrower will be deemed to be secured only
    to the extent of the value of the underlying collateral at the
    time of bankruptcy, as determined by the bankruptcy court. The
    lien securing the mortgage loan will be subject to the avoidance
    powers of the bankruptcy trustee or
    <FONT style="white-space: nowrap">debtor-in-possession</FONT>
    to the extent the lien is unenforceable under state law.
    Foreclosure of a mortgage loan can be an expensive and lengthy
    process that can have a substantial negative effect on our
    originally anticipated return on the foreclosed mortgage loan.
    Prospectively, it is possible there will be changes in
    bankruptcy laws, as well as other rules and regulations that
    impact delinquent mortgage loan borrowers that could negatively
    impact the total recovery we realize on mortgage loans.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Bank has invested in loan portfolios, pooled securities and
    mortgage-backed obligations, which may lead to volatility in
    cash flow and market risk.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bank&#146;s asset portfolio contains large portfolios of
    single-family residential loans acquired through bulk purchases
    and purchased U.S.&#160;Small Business Administration, or SBA,
    loans and pools. Our investment portfolio largely consists of
    mortgage-backed securities primarily secured by pools of
    mortgages on single-family residences. When the Bank acquires
    such mortgage-backed securities and loans, we anticipate that
    the underlying notes will prepay at a projected rate, thereby
    generating an expected yield. Prepayment rates generally
    increase as interest rates fall and decrease when interest rates
    rise, but changes in prepayment rates are difficult to predict.
    Some of the Bank&#146;s mortgage-backed securities and many of
    our bulk single-family loan purchases and purchased SBA loans
    and pools were acquired at a premium purchase price. In
    accordance with applicable accounting rules, we will write-off
    such premiums when necessary due to loan prepayments with
    respect to our held for sale loan portfolio and amortize such
    premiums over the expected lives of our mortgage-backed
    securities and loans held for investment. If the underlying
    assets that the Bank acquired or that secures our
    mortgage-backed securities prepays more rapidly than
    anticipated, we would have to write-off or amortize the premium
    on an accelerated basis, which would adversely affect our
    profitability.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    business is subject to interest rate risk.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our company&#146;s earnings and cash flows are largely dependent
    upon our net interest income. Net interest income is the
    difference between interest income earned on interest-earning
    assets such as loans and securities and interest expense paid on
    interest-bearing liabilities such as deposits and borrowed
    funds. Interest rates are highly sensitive to many factors that
    are beyond our control, including general economic conditions
    and policies of various governmental and regulatory agencies
    and, in particular, the Board of Governors of the Federal
    Reserve System. Changes in monetary policy, including changes in
    interest rates, could influence not only the interest we receive
    on loans and securities and the amount of interest we pay on
    deposits and borrowings, but such changes could also affect:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our company&#146;s ability to originate loans and obtain
    deposits;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the fair value of our company&#146;s financial assets and
    liabilities; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the average duration of our company&#146;s mortgage-backed
    securities portfolio.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the interest rates paid on deposits and other borrowings
    increase at a faster rate than the interest rates received on
    loans and other investments, our net interest income, and
    therefore earnings, could be adversely
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    affected. Our earnings could also be adversely affected if the
    interest rates received on loans and other investments fall more
    quickly than the interest rates paid on deposits and other
    borrowings.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although our management believes it has implemented effective
    asset and liability management strategies to reduce the
    potential effects of changes in interest rates on our
    company&#146;s results of operations, any substantial,
    unexpected, prolonged change in market interest rates could have
    a material adverse effect on our company&#146;s financial
    condition and results of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Continued
    declines in interest rates would likely hurt our
    earnings.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The decline in market interest rates that occurred in 2008 and
    in particular in the fourth quarter of 2008 negatively impacted
    our net interest income. While we believe that the continued
    implementation of our community bank business plan, and its
    expected change in asset and liability mix, will partially
    mitigate the impact of lower market rates, any additional
    declines in interest rates are expected to have a negative
    impact on net interest income, net interest spread, net interest
    margin, and overall results of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    must effectively manage our credit risk.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There are risks inherent in making any loan, including risks
    inherent in dealing with individual borrowers, risks of
    nonpayment, risks resulting from uncertainties as to the future
    value of collateral and risks resulting from changes in economic
    and industry conditions. The Bank attempts to minimize its
    credit risk with prudent loan application approval procedures,
    including an analysis of the credit risk, a valuation of the
    underlying collateral, monitoring of loan concentration within
    specific industries and geographic locations and periodic
    independent reviews of outstanding loans by our loan review and
    audit departments. Nevertheless, we are exposed to significant
    credit risks, including possible errors in the Bank&#146;s
    credit analysis, the uncertainty of the borrower&#146;s ability
    to repay the loans, the uncertainty of future economic
    conditions and the possibility of loan defaults.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Additional
    market concern over investment securities backed by mortgage
    loans could create losses in our investment
    portfolio.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although we sold mortgage-backed securities on June&#160;30,
    2009 that represented 100% of our exposure to mortgage-backed
    securities collateralized by option-adjustable-rate mortgage
    loans, a majority of the Bank&#146;s investment portfolio is
    comprised of securities where mortgages are the underlying
    collateral. These securities include agency-guaranteed
    mortgage-backed securities and nonagency mortgage-backed
    securities and collateralized mortgage obligations. With the
    national downturn in real estate markets and the rising mortgage
    delinquency and foreclosure rates, investors are increasingly
    concerned about these types of securities, which have negatively
    impacted the prices of such securities in the marketplace.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Continued negative trends in the loans underlying the
    mortgage-backed securities could lead to material
    other-than-temporary impairment charges in the future. The
    determination of other-than-temporary impairment is a
    significant estimate and is susceptible to change prospectively.
    If credit losses on those loans were to exceed the subordinated
    tranches designed to credit-enhance our securities, we would not
    receive the full stated interest due on the securities or our
    full principal balance, or both. Our company and the Bank own
    both senior and subordinated tranches of these securities. If we
    were to conclude there were unrealized losses which were
    other-than-temporary&#160;&#151; which we evaluate, by among
    other factors, considering estimates of recoverability, as well
    as the duration and severity of the unrealized loss&#160;&#151;
    we would be required under GAAP to reduce the carrying amount of
    the securities to fair value and record a corresponding charge
    to earnings for the portion determined to be due solely to
    credit, and reduce the remainder of the securities to fair value
    via a corresponding charge to other comprehensive income. The
    portion of the charge due to credit would also reduce our
    regulatory capital and negatively impact the Bank&#146;s capital
    ratios. These negative impacts could significantly impair the
    Bank&#146;s ability to borrow funds under credit arrangements,
    as well as negatively impact our material institutional
    depository arrangements and relationships. In addition, if the
    Bank determined it was more likely than not that it would sell a
    security, or that it was more likely than not that it would be
    required to sell a security, such impairments would be realized
    through earnings as other-than-temporary impairments.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Temporary impairments on available for sale securities and the
    portion of impairments on held-to-maturity securities in which
    we have identified as other-than-temporary impairment that is
    not directly related to credit factors also reduce our book
    value per share as the changes in the value reduce
    shareholders&#146; equity. Although OTS regulations do not
    proscribe capital ratio levels for our company per se,
    additional impairments could reduce capital levels further and
    below levels our management deems prudent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Many of the loans underlying the non-agency mortgage-backed
    securities we own have one or more characteristics increasing
    the risk of default by the borrowers. These characteristics
    include, among others, declining real estate values that have
    reduced the prices of many one-to-four family residences below
    the amount of the outstanding mortgage debt, limited
    underwriting documentation at mortgage origination which may
    have permitted borrowers to become mortgagors of obligations
    beyond their economic means, declining employment in the United
    States, and other factors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Declines
    in the credit and residential housing markets could result in
    further losses on our mortgage-backed securities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Credit markets in many sectors have experienced dramatic
    reductions in liquidity and increases in required returns by
    investors in credit-sensitive assets. These conditions began in
    2007 in the sub-prime mortgage market, but expanded in 2008 to
    include virtually all non-agency mortgage-backed securities and
    many other asset-backed markets. At June&#160;30, 2009,
    approximately 18% of our assets were mortgage-backed securities
    and approximately 92.5% of those securities were non-agency
    securities. Recent transactions by distressed sellers, and
    expectations of further distressed sales, have exacerbated
    market discounts for mortgage-backed securities and generally
    removed the majority of typical participants from transactions
    in non-agency securities. As a result, it is difficult to
    determine fair values for those securities and would likely be
    difficult to sell securities in the current market at all. We
    estimate the fair value of the non-agency securities we own was
    below amortized cost by approximately $61.4&#160;million, or
    15.2%, at June&#160;30, 2009. Though we currently have the
    intent and ability to hold the securities until repayment, if it
    became necessary for us to sell non-agency securities, any sales
    would almost certainly be at a significant discount to par value
    which would have a negative effect on our operating results and
    capital position. Due to current market conditions, we may be
    unable to sell our non-agency mortgage-backed securities when or
    if required to meet capital demands.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">As a
    regulated entity, the Bank must maintain certain required levels
    of regulatory capital that may limit our operations and
    potential growth.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bank is subject to various regulatory capital requirements
    administered by the OTS. Failure to meet minimum capital
    requirements can initiate certain mandatory, and possibly
    additional discretionary actions by regulators that, if
    undertaken, could have a direct material effect on the
    Bank&#146;s and our company&#146;s consolidated financial
    statements. Under capital adequacy guidelines and the regulatory
    framework for prompt corrective action, the Bank must meet
    specific capital guidelines that involve quantitative measures
    of the Bank&#146;s assets, liabilities and certain off-balance
    sheet commitments as calculated under these regulations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Quantitative measures established by regulation to ensure
    capital adequacy require the Bank to maintain minimum amounts
    and defined ratios of total and Tier&#160;1 capital to
    risk-weighted assets and of Tier&#160;1 capital to total assets.
    For the Bank, Tier&#160;1 capital consists of shareholder&#146;s
    equity excluding unrealized gains and losses on certain
    securities, less a portion of the Bank&#146;s mortgage servicing
    asset that is disallowed for capital. For the Bank, total
    capital consists of Tier&#160;1 capital plus the allowance for
    loan and lease loss less a deduction for low level recourse
    obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Many factors may affect the Bank&#146;s capital and its ability
    to maintain required capital ratios. For example, loan grading
    decisions, loan impairments, recognized loan losses, increased
    operating expenses and other factors may combine to decrease the
    Bank&#146;s capital and require us to contribute additional
    capital to the Bank. Conversely, positive operational results,
    such as the sale of assets at value in excess of our amortized
    cost, expense savings programs and other factors may increase
    the Bank&#146;s capital, thereby improving its regulatory
    capital ratios under OTS guidelines.
</DIV>

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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If any
    of the Bank&#146;s subordinate-tranche, non-agency,
    mortgage-backed securities were to be downgraded below
    investment grade by one or more of the nationally recognized
    securities rating organizations, or NRSROs, which rate the
    securities, we could be required to maintain additional
    capital.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We hold a number of subordinate-tranche, non-agency,
    mortgage-backed securities which were rated AAA by one or more
    NRSROs when the Bank acquired them. If any of these securities
    were to be downgraded two or more grades below investment grade
    by any one NRSRO, as described below, we will be required to
    maintain additional risk-based capital in support of such
    securities if the Bank elects to continue to hold such
    securities. The additional amount of risk-based capital required
    may be as great as the outstanding principal amount of the
    security. If this were to occur, and the Bank did not have
    enough risk-based capital to meet its required risk-based
    capital ratios, the Bank may have to raise additional capital or
    sell assets in order to maintain its required risk-based capital
    ratios. If additional capital was not available to the Bank when
    needed, the Bank would have to consider other alternatives for
    downgraded subordinate-tranche securities or implement other
    capital planning strategies to maintain its required capital
    ratios. These alternatives or other strategies could negatively
    affect our results of operations, cash flows and financial
    position. With the distress in the United States mortgage market
    ensuing since Spring 2008, many of our subordinate-tranche,
    non-agency, mortgage-backed securities, formerly rated
    investment grade, have been downgraded to two or more grades
    below investment grade by one or more NRSROs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of June&#160;30, 2009, we held subordinate-tranche,
    non-agency, mortgage-backed securities with an amortized cost of
    $138.8&#160;million, of which $90.4&#160;million in amortized
    cost to us were rated investment grade or one grade below
    investment grade. With regard to the $90.4&#160;million in
    amortized cost of subordinate-tranche, non-agency,
    mortgage-backed securities, we were required to maintain
    regulatory risk-based capital of $6.2&#160;million to hold such
    securities at June&#160;30, 2009. The remainder of our
    subordinate-tranche, non-agency, mortgage-backed securities,
    $48.4&#160;million in amortized cost, were rated two or more
    grades below investment grade at June&#160;30, 2009, and the
    Bank was required to maintain $24.8&#160;million of regulatory
    risk-based capital in order to hold such securities and maintain
    a total risk-based capital ratio of at least 10%.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subsequent to June&#160;30, 2009, approximately
    $39.3&#160;million of the $90.4&#160;million of
    subordinate-tranche, non-agency mortgage-backed securities were
    downgraded to two or more grades below investment grade by at
    least one NRSRO. Assuming no changes prior to September&#160;30,
    2009, these downgrades would require the Bank to allocate an
    estimated $35.4&#160;million of additional capital to these
    securities in order to maintain a total risk-based capital ratio
    of 10% at September&#160;30, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are exploring various alternatives to manage the potential
    impact of these ratings downgrades, including, without
    limitation, incurring additional debt at our company to purchase
    certain securities from the Bank, including the newly downgraded
    subordinate-tranche, non-agency, mortgage-backed securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are unable to predict with any degree of accuracy when or if
    any of our remaining subordinate-tranche, non-agency,
    mortgage-backed securities with an amortized cost of
    $51.1&#160;million may be downgraded to two or more grades below
    investment grade by any NRSRO. Any additional downgrades by the
    NRSROs to two or more grades below investment grade could have a
    material adverse effect on our financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">As a
    savings bank, pursuant to the Home Owners&#146; Loan Act, or
    HOLA, the Bank is required to maintain a certain percentage of
    its total assets in HOLA-qualifying loans and investments, which
    limits our asset mix and could significantly restrict our
    ability to sell certain assets to obtain
    liquidity.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A savings bank or thrift differs from a commercial bank in that
    it is required to maintain at least 65% of its total assets in
    HOLA-qualifying loans and investments, such as loans for the
    purchase, refinance, construction, improvement, or repair of
    residential real estate, home equity loans, educational loans
    and small business loans. To maintain our thrift charter we have
    to pass the Qualified Thrift Lender test, or QTL test, in 9 out
    of 12 of the immediately preceding months. The QTL test limits
    the extent to which we can grow our commercial loan portfolio.
    However, a loan that does not exceed $2&#160;million (including
    a group of loans to one borrower) and is for commercial,
    corporate, business, or agricultural purposes is not so limited.
    We may be limited in our ability to change our asset mix and
    increase the yield on our earning assets by growing our
    commercial loan portfolio.
</DIV>

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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, if we continue to grow our commercial loan
    portfolio and our single-family loan portfolio declines, it is
    possible that in order to maintain our QTL status, we could be
    forced to buy mortgage-backed securities or other
    HOLA-qualifying assets at times when the terms might not be
    attractive. Alternatively, we could find it necessary to pursue
    different structures, including converting the Bank&#146;s
    thrift charter to a commercial bank charter.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    quarterly results may fluctuate.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our financial results are subject to significant quarterly
    fluctuations as a result of, among other things, our loan
    production, opening of new branch locations, development of new
    products and services, premium amortization caused by
    prepayments of certain wholesale assets, such as our
    single-family mortgage loans, guaranteed SBA loans and pooled
    securities and changes in interest rates. Our operating results
    will fluctuate significantly in the future as a result of a
    variety of factors, some of which are outside of our control,
    including general economic conditions, economic conditions in
    the financial industry, the effects of governmental regulations
    and regulatory changes, capital expenditures and other costs
    relating to the expansion of operations, the introduction of new
    services by us or our competitors and the mix of services sold.
    In response to a changing competitive environment, we may elect
    from time-to-time to make certain pricing, service, or marketing
    decisions or enter into strategic alliances or make investments
    that could have a material adverse effect on our business,
    results of operations, financial condition and cash flow.
    Accordingly, our results of operations for any particular
    quarter are not necessarily indicative of the results that may
    be achieved for any succeeding quarter or for the full fiscal
    year.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If we
    sell mortgage loans or mortgage servicing rights and the
    underlying loan defaults, we may be liable to the purchaser for
    unpaid principal and interest on the loan.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the ordinary course of selling mortgage loans or mortgage
    servicing rights and in accordance with industry standards, we
    make certain representations and warranties to purchasers. If a
    loan defaults and there has been a breach of representations or
    warranties and we have no recourse against a third party, we may
    become liable for the unpaid principal and interest on the
    defaulted loan. In such a case, we may be required to repurchase
    the mortgage loan and bear any subsequent loss on the loan. When
    we purchased mortgage servicing rights or mortgage loans, we
    also may have been exposed to liability to the extent that an
    originator or other seller of the servicing rights is unable to
    honor its representations and warranties to us. Our company has
    established a reserve for repurchases that may be required in
    connection with loans we originated and sold in connection with
    the sale of our wholesale production platform in 2003.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">United
    Western Bank relies on wholesale funding sources for secondary
    and contingent liquidity sources.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bank utilizes borrowings from the Federal Home Loan Bank, or
    FHLBank, system, brokered certificates of deposits and
    repurchase agreements for secondary and contingent sources of
    liquidity. Also, from time to time, the Bank utilizes these
    sources to capitalize on market opportunities to fund investment
    and loan initiatives. To the extent such wholesale sources
    depend upon collateralized borrowings, declines in asset quality
    or the fair value of the underlying instruments could reduce our
    wholesale borrowing capacity. If the Bank were unable to obtain
    or maintain our access to funding or if adequate funding is not
    available to accommodate future growth at acceptable interest
    rates, it would have to find alternative sources of liquidity,
    which, if available, would probably be at a higher cost and on
    terms that do not match the structure of our liabilities as well
    as the existing wholesale funding sources. In addition, our
    company relies on wholesale bank funding for parent company
    funds. If such funds were not available from the banking sector,
    securing alternative funding could cause disruption to our
    business. Factors that could detrimentally impact our access to
    liquidity sources include a decrease in the level of our
    business activity as a result of a downturn in the markets in
    which our loans are concentrated or adverse regulatory action
    against us. Our ability to borrow could also be impaired by
    factors that are not specific to us, such as a disruption in the
    financial markets or negative views and expectations about the
    prospects for the financial services industry in light of the
    recent turmoil faced by banking organizations and the continued
    deterioration in credit markets.
</DIV>

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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At June&#160;30, 2009, we had outstanding indebtedness to
    FHLBank Topeka in the amount of $190&#160;million. FHLBank
    Topeka currently limits our ability to pledge non-agency
    mortgage-backed securities as collateral against our borrowings
    from them to securities rated AA by at least one NRSRO. If the
    rating agencies were to downgrade any of the eligible securities
    that we have pledged to FHLBank Topeka to an unacceptable
    rating, our borrowing capacity would be reduced by
    $54.9&#160;million as of June&#160;30, 2009. If FHLBank Topeka
    reduced our borrowing capacity, and we were not able to replace
    the financing on similar terms, our liquidity could be
    materially and adversely affected. It may be difficult to secure
    replacement financing in the current credit markets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Curtailment
    of government guaranteed loan programs could affect our SBA
    business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Bank&#146;s small business department relies on originating,
    purchasing, pooling and selling government guaranteed loans, in
    particular those guaranteed by the SBA. From time to time, the
    government agencies that guarantee these loans reach their
    internal limits and cease to guarantee loans for a period of
    time. In addition, these agencies may change their rules for
    loans or legislation may discontinue or change the programs. If
    changes occur, the volumes of loans that qualify for government
    guarantees could decline, which could in turn reduce the
    profitability of the Bank&#146;s small business department.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    exposed to risk of environmental liabilities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we foreclose and take title to real estate, we could be
    subject to environmental liabilities with respect to these
    properties. We may be held liable to a governmental entity or to
    third parties for property damage, personal injury,
    investigation and
    <FONT style="white-space: nowrap">clean-up</FONT>
    costs incurred by these parties in connection with environmental
    contamination, or we may be required to investigate or clean up
    hazardous or toxic substances. In addition, if we are the owner
    or former owner of a contaminated site, we may be subject to
    common law claims by third parties based on damages and costs
    resulting from environmental contamination emanating from the
    property.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Failure
    in our automated systems and controls could subject us to
    increased operating or other liabilities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We depend heavily upon our automated systems and controls for
    our business and operations. These systems and controls support
    the evaluation, acquisition, monitoring, collection and
    administration of our loan and servicing portfolios, depository,
    general accounting and other management functions, as well as
    the brokerage functions we perform. The failure of the automated
    systems, including a failure of data integrity or accuracy,
    could have a material adverse effect on our business and
    financial condition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, our operations are dependent upon our ability to
    protect the computer systems and network infrastructure utilized
    by us against damage from physical break-ins, security breaches
    and other disruptive problems caused by the Internet or other
    users. Such computer break-ins and other disruptions would
    jeopardize the security of information stored in and transmitted
    through our computer systems and network infrastructure, which
    may result in significant liability to us and deter potential
    customers. Although we, with the help of third-party service
    providers, intend to continue to implement security technology
    and establish operational procedures to prevent such damage,
    there can be no assurance that these security measures will be
    successful. A failure of such security measures could have an
    adverse effect on our financial condition and results of
    operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Breaches
    of our computer and network security systems may result in
    customer information being compromised and/or identity
    theft.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We maintain personal and financial information about our
    current, past and potential customers on our computer systems
    and network infrastructure, such as customer names, addresses,
    social security numbers, tax identification numbers, bank
    account numbers, information on loan applications and other
    sensitive personal and financial information. In addition, our
    customers may use the Internet to connect to the Bank&#146;s
    website to retrieve information about their accounts and to
    conduct online transactions, such as online bill payments. If
    the security of our encrypted computer systems and network
    infrastructure responsible for storing our customers&#146;
    personal and financial data and information or the security of
    our online banking Internet services
</DIV>

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    <BR>
    19
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    is breached, then customer information could be stolen and
    misused. Such misuse could include the loss of privacy resulting
    from the sale or disclosure of the information to third parties,
    credit fraud or other consequences of identity theft to the
    customer. While we believe that our current encrypted systems
    meet or exceed all commercial standards for network security,
    new criminal schemes or capabilities could compromise or breach
    our systems and network infrastructure. If our security measures
    fail to protect our customer&#146;s information, our existing
    and future customer base may be adversely affected, we may
    become subject to customer claims or lawsuits, our public image
    may be diminished, and our results of operations and financial
    condition could be adversely affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    be adversely affected by changes in laws and regulations and the
    regulatory environment.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June 2009, the U.S.&#160;Department of the Treasury, or
    Treasury, issued a &#147;white paper&#148; containing federal
    legislative proposals that, if enacted into law, would make
    substantial changes to the present U.S.&#160;financial services
    regulatory framework. One legislative proposal would be to
    eliminate the OTS and the federal savings bank or
    &#147;thrift&#148; charter, subject to &#147;reasonable
    transition arrangements.&#148; One of these transition
    arrangements might involve, on a going-forward basis, converting
    the federal thrift charter into a national bank charter, which
    would result in the Office of the Comptroller of the Currency
    (or successor thereto) having principal regulatory and
    supervisory authority over former thrift institutions. The Bank
    conducts its business pursuant to a federal thrift charter. As
    of the date of this prospectus, the legislative proposals
    contained in the Treasury white paper, including its proposal to
    eliminate the federal thrift charter are being considered by the
    U.S.&#160;House of Representatives and the U.S.&#160;Senate.
    However, it is not clear whether the proposal to eliminate the
    federal thrift charter will become law, and if such proposal
    does become law, how the Bank would be regulated and supervised.
    If Congress eliminates the OTS and the Bank is required to
    convert its charter to a national bank charter, our company
    would no longer be regulated by the OTS, and it is possible we
    would be regulated by the Federal Reserve as a bank holding
    company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any change in the laws or regulations applicable to us, or in
    supervisory policies or examination procedures of banking
    regulators, whether by the OTS, the FDIC, the Treasury, the
    FHLBank System, the United States Congress, the Texas Department
    of Banking, or other federal or state regulators, could have a
    material adverse effect on our business, financial condition,
    results of operations and cash flows. In addition, bank
    regulatory authorities have extensive discretion in the exercise
    of their supervisory and enforcement powers. They may, among
    other things, impose restrictions on the operation of a banking
    institution, the classification of assets by such institution
    and such institution&#146;s allowance for credit losses.
    Additionally, bank regulatory authorities have the authority to
    bring enforcement actions against banks and their holding
    companies for unsafe or unsound practices in the conduct of
    their businesses or for violations of any law, rule or
    regulation, any condition imposed in writing by the appropriate
    bank regulatory agency or any written agreement with the agency.
    Possible enforcement actions against us could include the
    issuance of a
    <FONT style="white-space: nowrap">cease-and-desist</FONT>
    order that could be judicially enforced, the imposition of civil
    monetary penalties, the issuance of directives to increase
    capital or enter into a strategic transaction, whether by merger
    or otherwise, with a third party, the appointment of a
    conservator or receiver, the termination of insurance of
    deposits, the issuance of removal and prohibition orders against
    institution-affiliated parties, and the enforcement of such
    actions through injunctions or restraining orders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Regulatory and law enforcement authorities also have wide
    discretion and extensive enforcement powers under various
    consumer protection and civil rights laws, including the
    <FONT style="white-space: nowrap">Truth-in-Lending</FONT>
    Act, the Equal Credit Opportunity Act, the Fair Housing Act, the
    Real Estate Settlement Procedures Act, the Home Mortgage
    Disclosure Act, the
    <FONT style="white-space: nowrap">Truth-in-Saving</FONT>
    Act, the Federal Trade Commission Act and Colorado&#146;s
    deceptive trade practices act. These laws also permit private
    individual and class action lawsuits and provide for the
    recovery of attorneys fees in certain instances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If our application for proceeds under the Treasury&#146;s
    Capital Purchase Program, or CPP, is accepted and we elect to
    participate, we will be required to enter into agreements with
    the Treasury that the Treasury may amend for any reason at any
    time. We are unable to predict the scope or extent of any future
    amendments that Treasury may mandate under its CPP documents,
    all or some of which may impose additional regulatory burdens on
    us. Further, in order to accept CPP proceeds, we will be
    required to enter into a &#147;source of
</DIV>

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    <BR>
    20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    strength&#148; agreement with the OTS that will require us, as
    and when requested by the OTS, to provide financial and
    managerial support to the Bank. There can be no assurance that
    we will be able to supply the support requested by the OTS due
    to limitations on our own financial and managerial resources at
    the time of such request and our failure to provide the
    requested support may lead to regulatory enforcement action or
    actions against us and the Bank by the OTS. No assurance can be
    given that the foregoing regulations and supervision will not
    change so as to affect us adversely.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If our
    company were to suffer loan losses similar in amounts to those
    that may be predicted by a SCAP test, they could have a material
    adverse effect on our results of operation or financial
    condition, and the price, and market for, our common stock, and
    could require the need for additional capital.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Bank regulatory authorities, in connection with the Supervisory
    Capital Assessment Program, or SCAP, recently administered a
    stress or SCAP test to the nation&#146;s 19 largest banks. The
    SCAP test is based on a
    <FONT style="white-space: nowrap">2-year</FONT>
    cumulative loan loss assumption that represents two scenarios, a
    &#147;baseline&#148; scenario that assumed a consensus forecast
    for certain economic variables and a &#147;more adverse&#148;
    than expected scenario to project a more significant downturn.
    These scenarios are not forecasts or projections of expected
    loan losses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    While bank regulatory authorities have not administered a SCAP
    test to our loan portfolio (both loans held for investment and
    loans held for sale), we, in conjunction with a third-party
    consultant, performed a stress test of our loan portfolio to
    determine the potential effects on our capital as a result of
    the persistence of the economic factors identified in the SCAP
    test and to assess the potential exposure for increased
    nonperforming assets. The analysis was designed to approximate
    the SCAP test, with specific adjustments based on more current
    economic data reflective of the market areas in which our loans
    are located.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the results of the SCAP test were to be applied to our loan
    portfolio, the estimated cumulative loan losses over the next
    six quarters ending December&#160;31, 2010 under the
    &#147;baseline&#148; scenario may be $13.5&#160;million, and
    under the &#147;more adverse&#148; scenario may be
    $19.1&#160;million. These scenarios do not take into account our
    existing allowance for loan losses or existing lower of cost or
    fair value write downs which exceed these amounts. Nevertheless,
    if we were to suffer aggregate loan losses similar in amounts to
    those that may be predicted by a SCAP test, they could have an
    adverse effect on our results of operation or financial
    condition, and the price, and market for, our common stock, and
    could require the need for additional capital.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">UW
    Trust&#160;Company is subject to regulation as a trust company
    and could be the subject of third party actions.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a Texas chartered trust company, UW Trust is subject to
    supervision, regulation and examination by the Texas Department
    of Banking. UW Trust&#146;s activities are limited by applicable
    law generally to acting as a trustee, executor, administrator,
    guardian or agent for the performance of any lawful act, and to
    accumulate money when authorized under applicable law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    UW Trust has been in the past, and may be in the future, subject
    to claims by third parties regarding breach of contract, breach
    of fiduciary duty, or similar claims alleging violation of duty
    or law. While we believe applicable law supports our view of UW
    Trust&#146;s duties, or lack thereof, in that regard, there can
    be no assurances that we will prevail in any litigation or other
    proceeding challenging the matter.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    ability to service our debt and pay dividends is subject to our
    ability to receive dividends from our
    subsidiaries.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a separate legal entity from our subsidiaries and do not
    have significant operations of our own. We currently depend on
    our cash, mortgage-backed securities, credit facilities and
    liquidity as well as dividends from our subsidiaries to pay our
    operating expenses and service our debt. There is no assurance
    that our subsidiaries will continue to have the capacity to pay
    us the necessary dividends to satisfy our obligations. In
    particular, the availability of dividends from the Bank is
    limited by various statutes and regulations. Depending upon the
    financial condition of the Bank and other factors, it is
    possible that the OTS could assert that the payment of dividends
    or other payments by the Bank are an unsafe or unsound practice.
    If the Bank
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    or our other subsidiaries are unable to pay dividends sufficient
    to satisfy our obligations, we may not be able to service our
    debt, pay our obligations as they become due or pay dividends on
    our common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Significant
    legal actions could subject our company to substantial
    liabilities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are from time to time subject to various legal claims related
    to our operations. These claims and legal actions, including
    potential supervisory actions by our company&#146;s regulators,
    could involve large monetary claims and significant defense
    costs. As a result, we may be exposed to substantial
    liabilities, which could adversely affect our results of
    operations and financial condition.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to our Business Strategy</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    be unable to fully implement our community banking business
    strategy.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are 42&#160;months into our community bank transition, and in
    order to complete the execution of this strategy we must, among
    other things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    attract sufficient commercial business and retail deposits;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    attract and maintain business banking relationships with
    businesses in the markets in which we serve;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    attract and retain experienced and successful commercial and
    community bankers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    identify and pursue suitable opportunities for opening new
    branches in the Colorado Front Range and selected mountain
    community markets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    maintain adequate regulatory capital and comply with applicable
    federal and state regulations;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    originate community bank loans and maintain adequate asset
    quality.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Failure to achieve these strategic goals could adversely affect
    our ability to fully implement our community banking business
    strategies as well as our overall financial condition and
    results of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    not be able to effectively manage our proposed
    growth.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our business strategy contemplates, in part, an increase in our
    franchise value by expanding into additional communities in the
    Colorado Front Range and selected mountain communities through a
    branch network for the Bank. To the extent that we undertake
    additional branch openings, we are likely to experience the
    effects of higher operating expenses relative to operating
    income from our expansion efforts for a period of time. We
    intend to make our loan production office in Aspen, Colorado a
    full-service branch, and we may acquire or lease other sites for
    future expansion. While we are committed to this strategy, our
    expansion could significantly burden our infrastructure or we
    may be unable to manage this growth. In addition, we may enter
    new lines of business or pursue other strategies intended to
    complement our community banking business plan implementation.
    To the extent we undertake such actions, we may experience
    higher operating costs and these new activities may not be
    successful.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    not be able to attract and retain key personnel.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our business strategy requires us to attract and to retain
    management experienced in community banking and financial
    services who live in the communities we serve. Our ability to
    retain our existing executive officers, regional presidents, and
    community banking staff is important to the successful
    implementation of our strategy. The unexpected loss of key
    personnel or the inability to recruit and retain qualified
    personnel in the future could have an adverse effect on our
    business.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    22
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Adverse
    economic conditions in the Colorado Front Range and our mountain
    community markets could impair the execution of our business
    strategy.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The success of our business strategy depends primarily on the
    general economic conditions in our markets because local
    economic conditions will materially affect commercial real
    estate, including construction and land development, and
    residential loans originated, the ability of the borrowers to
    repay these loans and the value of the collateral securing these
    loans.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    possible participation in the TARP CPP may place significant
    restrictions on our operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the Troubled Asset Relief Program&#146;s, or TARP, CPP, in
    the event that the Treasury approves our pending CPP application
    and we elect to participate in CPP, our ability to declare or
    pay dividends on any of our shares is limited. Specifically, we
    would not be permitted to pay dividends on our common stock
    without the Treasury&#146;s approval unless all of the preferred
    stock issued under CPP has been redeemed or transferred by the
    Treasury to unaffiliated third parties. In addition, our ability
    to repurchase shares of our common stock and other securities
    would be restricted. The consent of the Treasury generally is
    required for us to make any stock repurchases (other than in
    connection with the administration of any employee benefit plan
    in the ordinary course of business and consistent with past
    practice), unless all of the outstanding shares of preferred
    stock have been redeemed or transferred by the Treasury to
    unaffiliated third parties. Further, we may not repurchase
    shares of our common stock if we are in arrears on the payment
    of preferred stock dividends.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event our application is accepted and we elect to
    participate in the TARP CPP, we would also be subject to the
    Treasury&#146;s current standards for executive compensation and
    corporate governance for the period during which we have any
    outstanding obligation to Treasury, or the TARP Period. On
    June&#160;10, 2009, Treasury, under the Emergency Economic
    Stabilization Act of 2008, or EESA, as amended by the American
    Recovery and Reinvestment Act of 2009, or ARRA, issued an
    interim final rule establishing these current standards.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These current standards generally would apply to our named
    executive officers (<I>i.e.</I>, our Chief Executive Officer,
    Chief Financial Officer and our three next most highly
    compensated senior executive officers). In addition, under
    certain circumstances, these standards would apply to our most
    highly compensated employees, even if they are not our named
    executive officers. Under the current standards:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we would be required to ensure that any bonus payment made to
    our named executive officers or our next 20 most highly
    compensated employees is subject to a contractual provision for
    recovery or &#147;clawback&#148; by us if the bonus payment was
    based on materially inaccurate financial statements (which
    includes, but is not limited to, statements of earnings,
    revenues, or gains) or any other materially inaccurate
    performance metric criteria;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we would be prohibited from making any &#147;golden parachute
    payment&#148; (<I>i.e.</I>, any payment for the departure from
    our company for any reason, or any payment due to a change in
    control of our company, except for payments for services
    performed or benefits accrued) to a named executive officer and
    any of our next five most highly compensated employees;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we would be prohibited from paying or accruing any bonus,
    retention award or incentive compensation to at least five of
    our most highly compensated employees (other than long-term
    restricted stock or stock units, as long as the value of the
    restricted stock or units is no greater than one-third of the
    affected employee&#146;s annual compensation and the award does
    not fully vest until the end of the TARP Period);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we would be required to establish a company-wide policy
    regarding &#147;excessive or luxury&#148; expenditures;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we would be prohibited from providing tax
    <FONT style="white-space: nowrap">gross-ups</FONT> to
    any of our named executive officers and our next 20 most highly
    compensated employees;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we would be required to include in any proxy statement for any
    annual or other meeting of our shareholders a separate
    non-binding shareholder vote to approve the compensation of our
    named executive officers;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    23
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we would be required to maintain compensation plans that do not
    contain features that (i)&#160;unnecessarily expose our company
    to risks, (ii)&#160;encourage our named executive officers to
    take unnecessary and excessive risks that threaten the value of
    our company or (iii)&#160;encourage the manipulation of our
    reported earnings;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we would not be able to claim a deduction, for federal income
    tax purposes, for compensation paid to any of the named
    executive officers in excess of $500,000 per year. The change to
    the deductibility limit on executive compensation may increase
    the overall cost of our compensation programs in future periods.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our compensation committee would be responsible for monitoring
    and evaluating our compliance with these standards. Our
    compensation committee would be required to provide
    certifications as to our compliance with these standards in our
    annual proxy statement within 120&#160;days of the end of each
    fiscal year during the TARP Period, while our Chief Executive
    Officer and Chief Financial Officer would have to do so in our
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    within 90&#160;days of the end of each fiscal year during the
    TARP Period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The restrictions on bonuses and incentive compensation cited
    above (as well as any future ones) may result in us issuing
    additional shares of our common stock to compensate our
    executive officers that likely would result in dilution to our
    common shareholders and could have an adverse impact on the
    market value of our common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The TARP CPP and ARRA may cause uncertainty among affected
    executives and thus result in such executives seeking employment
    elsewhere. If we are not able to manage effectively any such
    uncertainty, it could adversely affect our ability to execute
    our business plan. Such recent regulations are having, and
    future legislation and regulations will also have, a significant
    impact on the financial services industry, which changes could
    cause us to modify the way we operate our business and could
    adversely affect our profitability.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Relating to this Offering and Ownership of Our Common
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    trading volume of our stock is low.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The low trading volume in our common shares on the NASDAQ Global
    Market means that our shares may have less liquidity than other
    publicly traded companies. We cannot ensure that the volume of
    trading in our common shares will increase in the future.
    Furthermore, to the extent shares are concentrated in a
    relatively small group of holders, a seller could be subject to
    significant adverse price volatility and price fluctuation. At
    June&#160;30, 2009, based on filings made by third parties with
    the Securities and Exchange Commission, we believe that six
    holders owned 52.9% of our outstanding common stock. This
    includes shares held by our Chairman of the Board, Guy A.
    Gibson, who owns 1,325,985&#160;shares, or 18.1% of our
    outstanding common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    issue additional shares of common or preferred stock, which may
    cause dilution and other risks.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors may authorize the issuance of additional
    common or preferred stock in connection with future equity
    offerings, acquisitions of securities or assets of other
    companies or to be used as compensation for our executive
    officers. Furthermore, there are significant implementation
    risks associated with the acquisition and integration of another
    entity into our company that could adversely impact our
    financial condition and results of operations. Our board may
    also classify or reclassify any unissued preferred stock and set
    the preferences, rights and other terms of the classified or
    reclassified shares, including the issuance of preferred stock
    with preference rights over the common stock with respect to
    dividends, liquidation, voting and other matters. In any event,
    the issuance of additional shares of our common stock could be
    dilutive to shareholders who do not invest in future offerings.
    Moreover, to the extent that we issue options, warrants or
    similar instruments to purchase our common stock in the future
    and those options, warrants or similar instruments are exercised
    or we issue restricted stock which subsequently vests, our
    shareholders may experience future dilution.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    24
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Preferred
    shares that we would issue if we participated in the CPP will
    impact net income available to holders of our common shares and
    earnings per common share, and the related warrant to be issued
    to the U.S. Treasury may be dilutive to holders of our common
    shares.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As disclosed above, we have applied for an investment by the
    Treasury under the TARP CPP pursuant to the EESA, as amended. If
    the Treasury agrees to make such investment in us and we elect
    to participate in the CPP, the terms of such investment will
    include the issuance of senior preferred stock coupled with 15%
    warrant coverage. While the additional capital we may raise
    through our possible participation in the CPP will provide
    further funding to our business, and we believe will improve
    investor perceptions with regard to our financial position, it
    will increase our equity and the number of actual and diluted
    outstanding common shares as well as our preferred stock
    dividend requirements. The dividends declared and the accretion
    of discount on the preferred stock issued to Treasury will
    reduce the net income available to holders of our common shares
    and our earnings per common share. The preferred shares will
    also receive preferential treatment in the event of our
    liquidation, dissolution or winding up. Additionally, the
    ownership interest of the existing holders of our common shares
    will be diluted to the extent the warrant we will be required to
    issue to the Treasury in conjunction with the sale of the
    preferred shares is exercised. Because the number of common
    shares available to the Treasury under the warrant is not
    determined until the final closing, we are unable to currently
    determine the number of common shares we will have to make
    available to the Treasury under the warrant. Although the
    Treasury has agreed not to vote any of the common shares it
    receives upon exercise of the warrant, a transferee of any
    portion of the warrant or of any common shares acquired upon
    exercise of the warrant is not bound by this restriction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    market price of our common stock may fluctuate
    significantly.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The price of our common stock that will prevail in the market
    after this offering may be higher or lower than the price you
    pay. The market price and liquidity of the market for shares of
    our common stock may be significantly affected by numerous
    factors, including some that are beyond our control and that may
    not be directly related to our operating performance. These
    factors include the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in earnings estimates or recommendations by analysts who
    cover our common stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    variations in our quarterly operating results or the quarterly
    financial results of companies perceived to be competitors or
    similar to us;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in our capital structure, such as future issuances of
    securities, sales of large blocks of common stock by our
    shareholders or the incurrence of additional debt;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in general economic and market conditions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    will have broad discretion in the use of the net proceeds from
    this offering, and we may not use these proceeds
    effectively.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    While we have specified the application of a significant portion
    of the net proceeds from this offering, our management will have
    broad discretion in the application of the net proceeds from
    this offering and could spend the proceeds in ways that do not
    necessarily improve our results of operations or enhance the
    value of our common stock. Although we intend to use the net
    proceeds from this offering to support the growth and related
    regulatory capital needs of the Bank, and apply toward general
    working capital purposes, we cannot specify with certainty the
    uses to which we will apply these net proceeds. The failure by
    our management to apply these funds effectively could result in
    financial losses that could have a material adverse effect on
    our business or financial condition and could cause the price of
    our common stock to decline.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    25
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='103'>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAUTIONARY
    NOTE&#160;REGARDING FORWARD-LOOKING STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The statements contained in this prospectus that are not purely
    historical are forward-looking statements within the meaning of
    applicable securities laws. Our forward-looking statements
    include, but are not limited to, statements regarding our
    &#147;expectations,&#148; &#147;hopes,&#148;
    &#147;beliefs,&#148; &#147;intentions,&#148; or
    &#147;strategies&#148; regarding the future. In addition, any
    statements that refer to projections, forecasts, or other
    characterizations of future events or circumstances, including
    any underlying assumptions, are forward-looking statements. The
    words &#147;anticipate,&#148; &#147;believe,&#148;
    &#147;continue,&#148; &#147;could,&#148; &#147;estimate,&#148;
    &#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148;
    &#147;might,&#148; &#147;plan,&#148; &#147;possible,&#148;
    &#147;potential,&#148; &#147;predict,&#148; &#147;project,&#148;
    &#147;should&#148; and &#147;would,&#148; as well as similar
    expressions, may identify forward-looking statements, but the
    absence of these words does not mean that a statement is not
    forward looking. Forward-looking statements in this prospectus
    may include, for example, statements about:
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the effect of conditions in the financial markets and economic
    conditions generally;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our reliance on institutional deposits;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to raise additional capital;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to comply with our debt covenants;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increased FDIC deposit insurance premiums and assessments;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the adequacy of our allowance for credit losses;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the concentration of our loan portfolio in real estate and
    construction and land development;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks related to mortgage loans held by the Bank;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our exposure to interest rate risk;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to manage credit risk;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    market concerns and risks related to our investment securities
    backed by mortgage loans;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Bank&#146;s ability to maintain required levels of
    regulatory capital;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the results of the regulatory examination and supervision
    process;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    governmental regulations;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    fluctuations in our quarterly results;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to achieve adequate liquidity;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    environmental laws and regulations;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the adequacy of our automated systems and computer and network
    security;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to pay dividends;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the lawsuits we are defending;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to implement our business strategy;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to manage our growth;
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to retain our management and key employees; and
</TD>
</TR>


<TR style="line-height: 2pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our possible participation in the Treasury&#146;s Troubled Asset
    Relief Program.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The forward-looking statements contained in this prospectus are
    based on our current expectations and beliefs concerning future
    developments and their potential effects on us. There can be no
    assurance that future developments affecting us will be those
    that we have anticipated. These forward-looking statements
    involve a number of risks, uncertainties, or assumptions, many
    of which are beyond our control, which may cause actual results
    or performance to be materially different from those expressed
    or implied by these forward-looking statements. These risks and
    uncertainties include, but are not limited to, those factors
    described under the heading &#147;Risk Factors&#148; in this
    prospectus. Should one or more of these risks or uncertainties
    materialize, or should any of our assumptions prove incorrect,
    actual results may vary in material respects from those
    projected in these forward-looking statements. We undertake no
    obligation to update or revise any forward-looking statements,
    whether as a result of new information, future events, or
    otherwise, except as may be required under applicable securities
    laws.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    26
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assuming a public offering price of
    $&#160;&#160;&#160;&#160;&#160; per share, we estimate that we
    will receive net proceeds of
    $&#160;&#160;&#160;&#160;&#160;&#160;million after deducting
    underwriting discounts and commissions and estimated offering
    expenses payable by us. We intend to use the net proceeds from
    this offering to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    contribute $&#160;&#160;&#160;&#160;&#160; to the Bank to
    support its growth and related regulatory capital needs; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    pay down $&#160;&#160;&#160;&#160;&#160;&#160;million of our
    revolving indebtedness to a third-party financial institution
    under our senior credit facility, which bears interest at
    <FONT style="white-space: nowrap">30-day</FONT> LIBOR
    plus 3.0% and matures on September&#160;30, 2009.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect to use the remainder of the net proceeds for general
    working capital purposes. The amounts and purposes for which we
    allocate the net proceeds of this offering may vary depending
    upon a number of factors, including future revenue and the
    amount of cash generated by our operations.
</DIV>
<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PRICE
    RANGE OF COMMON STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock is traded on the NASDAQ Global Market under the
    symbol &#147;UWBK.&#148; The following table sets forth the
    quarterly market price for our common stock and cash dividends
    paid per share of our common stock for the quarters indicated:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Sales Price Per Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Dividends <BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Paid</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Quarter Ended:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    September&#160;30, 2009 (through August&#160;7, 2009)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    10.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    7.66
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    June&#160;30, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    March&#160;31, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    December&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    12.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    6.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    September&#160;30, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.68
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.92
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    June&#160;30, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    March&#160;31, 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.09
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    December&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    22.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    19.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    September&#160;30, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.49
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    June&#160;30, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.32
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    March&#160;31, 2007
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At August&#160;7, 2009, there were 7,345,874&#160;shares of our
    company&#146;s common stock outstanding held by 153 holders of
    record, which excludes beneficial owners who hold their shares
    through nominees or in &#147;street&#148; name. The closing
    price per share of our common stock on August&#160;7, 2009, was
    $8.13.
</DIV>
<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DIVIDEND
    POLICY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our company&#146;s management and board of directors are
    currently committed to continuing to pay regular cash dividends;
    however, there can be no assurance as to future dividends
    because they are dependent on our company&#146;s future
    earnings, capital requirements, and financial conditions. Also,
    we are prohibited from paying dividends on our common stock if
    the scheduled payments on our junior subordinated debentures
    have not been made. In addition to adhering to our internal
    target payout ratio, there are regulatory restrictions on our
    ability to pay dividends, as well as the ability of UW Trust, UW
    Investment and the Bank to pay dividends to our company. If our
    pending application is approved by the Treasury and we elect to
    participate in the CPP, our ability to pay dividends will be
    further restricted as the Treasury has indicated that bank
    holding companies should not pay dividends using funds from the
    CPP.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth our capitalization at
    June&#160;30, 2009 and as adjusted to reflect the sale of
    the&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of common stock offered by us in this offering at an assumed
    public offering price of $&#160;&#160;&#160;&#160;&#160; per
    share, after deducting estimated underwriting discounts and
    commissions and estimated offering expenses and giving effect to
    our receipt of the estimated net proceeds of approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160; .
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="78%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>June&#160;30, 2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Actual</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As Adjusted</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom">
    <B>(Dollars in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Shareholders&#146; equity:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Preferred stock, $0.0001&#160;par value, 5,000,000&#160;shares
    authorized; no shares issued and outstanding, actual and as
    adjusted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Common stock, $0.0001&#160;par value, 50,000,000&#160;shares
    authorized; 7,341,827&#160;shares issued and outstanding,
    actual;&#160;&#160;&#160;&#160;&#160;&#160;&#160;issued and
    outstanding, as adjusted(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Additional paid-in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,593
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Retained earnings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    107,139
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Accumulated other comprehensive loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,065
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Total shareholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    129,668
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total capitalization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    129,668
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>United Western Bancorp Ratio:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Leverage ratio
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.35
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Bank Regulatory Capital Ratios:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Leverage ratio
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.2
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Tier&#160;1 risk-based capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total risk-based capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Excludes the following:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    465,068&#160;shares of common stock issuable upon the exercise
    of stock options outstanding at August&#160;7, 2009, 2009 with a
    weighted average exercise price of $19.01 per share;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    935,356&#160;shares of common stock reserved for issuance under
    equity incentive plans at August&#160;7, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    145,005&#160;shares of common stock reserved for issuance under
    our employee stock purchase plan at August&#160;7, 2009;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    up
    to&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;shares
    of common stock that may be issued by us upon exercise of the
    underwriters&#146; over-allotment option.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Please read the capitalization table together with the section
    entitled &#147;Summary Selected Consolidated Financial
    Data&#148; and our financial statements and related notes
    incorporated by reference in this prospectus.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF CAPITAL STOCK</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our authorized capital stock consists of 5,000,000&#160;shares
    of preferred stock, par value $0.0001 per share, and
    50,000,000&#160;shares of common stock, par value $0.0001 per
    share. The following description of our capital stock is
    intended to be a summary and does not describe all provisions
    under our articles of incorporation or bylaws or Colorado law
    applicable to us. For a more thorough understanding of the terms
    of our capital stock, you should refer to our articles of
    incorporation and bylaws, which are included as exhibits to the
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    registration statement of which this prospectus is a part.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of August&#160;7, 2009, there were 7,345,874&#160;shares of
    common stock outstanding, which were held of record by
    153&#160;shareholders. Holders of common stock are entitled to
    receive dividends when, as and if declared by our board of
    directors from funds legally available therefor. Each share of
    common stock entitles the holder thereof to one vote. Cumulative
    voting for the election of directors is not permitted, which
    means that the holders of the majority of shares voting for the
    election of directors can elect all members of the board of
    directors. Except as otherwise required by law, a majority vote
    is sufficient for any act of the shareholders. The holders of
    common stock are entitled to receive the assets of our company
    remaining after payment of liabilities proportionate to their
    pro rata ownership of the outstanding shares of common stock.
    All shares of common stock now outstanding are fully paid and
    non-assessable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Preferred
    Stock</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of August&#160;7, 2009, there were no shares of preferred
    stock outstanding. Our board of directors is authorized, without
    further action of the shareholders, to issue from time to time
    shares of preferred stock in one or more series and with such
    relative rights, powers, preferences, limitations as the board
    of directors may determine at the time of issuance. Such shares
    may be convertible into common stock and may be senior to the
    common stock in the payment of dividends, liquidation, voting
    and other rights, preferences and privileges. The issuance of
    shares of preferred stock could adversely affect the holders of
    common stock. For example, the issuance of preferred stock could
    be used in certain circumstances to render more difficult or
    discourage a merger, tender offer, proxy contest or removal of
    incumbent management. Preferred stock may be issued with voting
    and conversion rights that could adversely affect the voting
    power and other rights of the holders of common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Anti-Takeover
    Effects of the Rights Agreement and Certain Provisions in Our
    Articles of Incorporation and Bylaws and Colorado Law</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our Rights Agreement, as described below, articles of
    incorporation and bylaws contain a number of provisions that are
    intended to enhance the likelihood of continuity and stability
    in the composition of the board and in the policies formulated
    by the board and to discourage some types of transactions that
    may involve an actual or threatened change of control of us.
    These provisions are designed to reduce our vulnerability to an
    unsolicited proposal for a takeover that does not contemplate
    the acquisition of all of our outstanding shares or an
    unsolicited proposal for the potential restructuring or sale of
    all or a part of us. However, these provisions could discourage
    potential acquisition proposals and could delay or prevent a
    change in control of our company. They may also have the effect
    of preventing changes in our management. These provisions are
    summarized below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Rights
    Agreement</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors has adopted a Rights Agreement, which
    became effective in November 2002. Generally, shareholder rights
    plans, such as the Rights Agreement, are designed to encourage
    potential acquirers to negotiate directly with our
    shareholders&#146; elected board, which is in the best position
    to negotiate on behalf of all shareholders, evaluate the
    adequacy of any potential offer and protect shareholders against
    unfair and abusive takeover tactics. Shareholder rights plans
    may prevent abusive takeovers that include hostile tender offers
    made at less than fair price and partial and two-tiered offers
    that discriminate among our
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    29
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    shareholders. Because a shareholder rights plan can be an
    effective tool in a hostile takeover attempt, the board believes
    the adoption of such a plan is appropriately within the scope of
    its responsibilities. The Rights Agreement is designed to
    prevent any potential acquirer from obtaining control of us
    without negotiating the terms of the transaction with the board
    of directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the Rights Agreement, among other things, in the event of
    an acquisition of, or an announced tender offer for, 20% or more
    of our outstanding common stock, holders of the common stock
    will have been granted the right to purchase one one-thousandth
    of a share of Series&#160;A Junior Participating Preferred
    Stock, par value $0.01 per share, or the preferred shares, of
    our company, for each share of common stock then held, at an
    expected price of $40 per one one-thousandth of a preferred
    share, subject to adjustment. The rights will cause substantial
    dilution to a person or group that attempts to acquire us on
    terms not approved by a majority of the board of directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Authorized
    but Unissued Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our articles of incorporation provide that the authorized but
    unissued shares of common stock and preferred stock are
    available for future issuance without shareholder approval;
    however, such issuances are subject to various limitations
    imposed by the NASDAQ Global Market. These additional shares may
    be utilized for a variety of corporate purposes, including
    future public offerings to raise additional capital, corporate
    acquisitions and employee benefit plans. The existence of
    authorized but unissued shares of common stock and preferred
    stock could make it more difficult or discourage an attempt to
    obtain control of us by means of a proxy contest, tender offer,
    merger or otherwise.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Removal
    of Directors</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Colorado law provides that shareholders may remove directors
    with or without cause if the number of votes cast in favor of
    removal exceeds the number of votes cast against removal at a
    meeting called for the purpose of removing the director. Our
    bylaws provide that such a special meeting may only be called by
    shareholders upon a request in writing of shareholders owning a
    majority of our entire capital stock then issued, outstanding
    and entitled to vote.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Business
    at Shareholder Meetings</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although our articles of incorporation do not give the board of
    directors the power to approve or disapprove shareholder
    nominations for the election of directors or of any other
    business shareholders desire to conduct at an annual or any
    other meeting, the articles of incorporation may have the effect
    of precluding a nomination for the election of directors or
    precluding the conduct of business at a particular annual
    meeting if the proper procedures are not followed, or
    discouraging or deterring a third party from conducting a
    solicitation of proxies to elect its own slate of directors or
    otherwise attempting to obtain control, even if the conduct of
    that solicitation or attempt might be beneficial to shareholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Staggered
    Board; Cumulative Voting</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our board of directors is divided into three classes as nearly
    equal in number as possible with the term of office of one class
    expiring each year. Staggered terms tend to protect against
    sudden changes in board composition and may have the effect of
    delaying, deferring or preventing a change in control of us
    without further action by shareholders, such as removing
    directors from the board as provided under Colorado law. Our
    articles of incorporation also prohibit cumulative voting in the
    election of directors or for any other matters.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">No
    Shareholder Action by Written Consent: Special
    Meeting</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our bylaws provide that no shareholder action can be taken by
    written consent in lieu of a meeting unless such written action
    is signed by all shareholders. Our bylaws provide that special
    meetings of shareholders may be called by the president, by a
    majority of the board of directors, or by the request in writing
    of shareholders owning a majority of our entire capital stock
    then issued, outstanding and entitled to vote.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    30
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The above discussion of the Rights Agreement, our articles of
    incorporation, bylaws, and Colorado law is not intended to be
    exhaustive and is respectively qualified in its entirety by the
    Rights Agreement and such articles, bylaws and applicable
    Colorado statutes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    Agent and Registrar</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The transfer agent and registrar for our common stock is
    Computershare Trust&#160;Co., Inc. Its address is 350 Indiana
    Street, Golden, Colorado 80401, and its telephone number is
    <FONT style="white-space: nowrap">(303)&#160;262-0600.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Listing</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock is listed on the NASDAQ Global Market under the
    symbol &#147;UWBK.&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    31
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">UNDERWRITING</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are offering the shares of our common stock described in this
    prospectus in an underwritten offering in which Sandler
    O&#146;Neill&#160;&#038; Partners, L.P. is acting as
    representative of the underwriters. We have entered into an
    underwriting agreement with Sandler O&#146;Neill&#160;&#038;
    Partners, L.P., acting as representative of the underwriters
    named below, with respect to the common stock being offered.
    Subject to the terms and conditions contained in the
    underwriting agreement, each underwriter has severally agreed to
    purchase the respective number of shares of our common stock set
    forth opposite its name below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="83%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Number of Shares</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sandler O&#146;Neill&#160;&#038; Partners, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    FBR Capital Markets&#160;&#038; Co.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Sterne, Agee&#160;&#038; Leach, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>Total</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriting agreement provides that the underwriters&#146;
    obligation to purchase shares of our common stock depends on the
    satisfaction of the conditions contained in the underwriting
    agreement, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the representations and warranties made by us are true and
    covenants have been performed;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    there is no material adverse change in the financial markets or
    in our business;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we deliver customary closing documents.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to these conditions, the underwriters are committed to
    purchase and pay for all shares of our common stock offered by
    this prospectus, if any such shares are taken. However, the
    underwriters are not obligated to take or pay for the shares of
    our common stock covered by the underwriters&#146;
    over-allotment option described below, unless and until such
    option is exercised.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Over-Allotment
    Option</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have granted the underwriters an option, exercisable no later
    than 30&#160;days after the date of the underwriting agreement,
    to purchase up to an aggregate
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    additional shares of common stock at the public offering price,
    less the underwriting discounts and commissions set forth on the
    cover page of this prospectus. We will be obligated to sell
    these shares of common stock to the underwriters to the extent
    the over-allotment option is exercised. The underwriters may
    exercise this option only to cover over-allotments, if any, made
    in connection with the sale of our common stock offered by this
    prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Commissions
    and Expenses</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The underwriters propose to offer our common stock directly to
    the public at the offering price set forth on the cover page of
    this prospectus and to dealers at the public offering price less
    a concession not in excess of $&#160;&#160;&#160;&#160;&#160;
    per share. The underwriters may allow, and the dealers may
    re-allow, a concession not in excess of
    $&#160;&#160;&#160;&#160;&#160; per share on sales to other
    brokers and dealers. After the public offering of our common
    stock, the underwriters may change the offering price,
    concessions and other selling terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows the per share and total underwriting
    discounts and commissions that we will pay to the underwriters
    and the proceeds we will receive before expenses. These amounts
    are shown assuming both no exercise and full exercise of the
    underwriters&#146; option to purchase additional shares of our
    common stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="58%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total Without<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Total With<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Over-Allotment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Over-Allotment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Per Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Exercise</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Exercise</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Public offering price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriting discount and commissions payable by us
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds to us (before expenses)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    32
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the underwriting discount, we will reimburse the
    underwriters for their reasonable out-of-pocket expenses
    incurred in connection with their engagement as underwriters,
    regardless of whether this offering is consummated, including,
    without limitation, legal fees and expenses and marketing,
    syndication and travel expenses, up to $225,000. We estimate
    that the total expenses of this offering, exclusive of
    underwriting discounts and commissions, will be approximately
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160; , and are payable by
    us.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnity</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have agreed to indemnify the underwriters, and persons who
    control the underwriters, against certain liabilities, including
    liabilities under the Securities Act, and to contribute to
    payments that the underwriters may be required to make in
    respect of these liabilities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Lock-Up</FONT>
    Agreement</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We and each of our directors and executive officers, have
    agreed, for a period of 90&#160;days after the date of this
    prospectus, not to sell, offer, agree to sell, contract to sell,
    hypothecate, pledge, grant any option to sell, make any short
    sale or otherwise dispose of or hedge, directly or indirectly,
    any common shares or securities convertible into, exchangeable
    or exercisable for any common shares or warrants or other rights
    to purchase our common shares or other similar securities
    without, in each case, the prior written consent of Sandler
    O&#146;Neill&#160;&#038; Partners, L.P. These restrictions are
    expressly agreed to preclude us, and our executive officers and
    directors, from engaging in any hedging or other transactions or
    arrangement that is designed to, or which reasonably could be
    expected to, lead to or result in a sale, disposition or
    transfer, in whole or in part, of any of the economic
    consequences of ownership of our common shares, whether such
    transaction would be settled by delivery of common shares or
    other securities, in cash or otherwise. The
    <FONT style="white-space: nowrap">90-day</FONT>
    restricted period described above will be automatically extended
    if (1)&#160;during the last 17&#160;days of the
    <FONT style="white-space: nowrap">90-day</FONT>
    restricted period, we issue an earnings release or material news
    or a material event relating to us occurs or (2)&#160;prior to
    the expiration of the
    <FONT style="white-space: nowrap">90-day</FONT>
    restricted period, we announce we will release earnings results
    or become aware that material news or a material event will
    occur during the
    <FONT style="white-space: nowrap">16-day</FONT>
    period beginning on the last day of the
    <FONT style="white-space: nowrap">90-day</FONT>
    restricted period, in which case the restricted period will
    continue to apply until the expiration of the
    <FONT style="white-space: nowrap">17-day</FONT>
    period beginning on the date on which the earnings release is
    issued or the material news or material event related to us
    occurs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Stabilization</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with this offering, the underwriters may engage in
    stabilizing transactions, over-allotment transactions, syndicate
    covering transactions and penalty bids.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Stabilizing transactions permit bids to purchase shares of
    common stock so long as the stabilizing bids do not exceed a
    specified maximum, and are engaged in for the purpose of
    preventing or retarding a decline in the market price of the
    common stock while the offering is in progress.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Over-allotment transactions involve sales by the underwriters of
    shares of common stock in excess of the number of shares the
    underwriters are obligated to purchase. This creates a syndicate
    short position which may be either a covered short position or a
    naked short position. In a covered short position, the number of
    shares of common stock over-allotted by the underwriters is not
    greater than the number of shares that they may purchase in the
    over-allotment option. In a naked short position, the number of
    shares involved is greater than the number of shares in the
    over-allotment option. The underwriters may close out any short
    position by exercising their over-allotment option
    <FONT style="white-space: nowrap">and/or</FONT>
    purchasing shares in the open market.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Syndicate covering transactions involve purchases of common
    stock in the open market after the distribution has been
    completed in order to cover syndicate short positions. In
    determining the source of shares to close out the short
    position, the underwriters will consider, among other things,
    the price of shares available for purchase in the open market as
    compared with the price at which they may purchase shares
    through exercise of the over-allotment option. If the
    underwriters sell more shares than could be covered by exercise
    of the over-allotment option and, therefore, have a naked short
    position, the position can be closed out only by buying shares
    in the open market. A naked short position is
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    33
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    more likely to be created if the underwriters are concerned that
    after pricing there could be downward pressure on the price of
    the shares in the open market that could adversely affect
    investors who purchase in the offering.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Penalty bids permit the underwriters to reclaim a selling
    concession from a syndicate member when the common stock
    originally sold by that syndicate member is purchased in
    stabilizing or syndicate covering transactions to cover
    syndicate short positions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These stabilizing transactions, syndicate covering transactions
    and penalty bids may have the effect of raising or maintaining
    the market price of our common stock or preventing or retarding
    a decline in the market price of our common stock. As a result,
    the price of our common stock in the open market may be higher
    than it would otherwise be in the absence of these transactions.
    Neither we nor the underwriters make any representation or
    prediction as to the effect that the transactions described
    above may have on the price of our common stock. These
    transactions may be effected on The NASDAQ Global Market, in the
    over-the-counter market or otherwise and, if commenced, may be
    discontinued at any time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Passive
    Market Making</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with this offering, the underwriters and selected
    dealers, if any, who are qualified market makers on The NASDAQ
    Global Market, may engage in passive market making transactions
    in our common stock on The NASDAQ Global Market in accordance
    with Rule&#160;103 of Regulation&#160;M under the Securities
    Act. Rule&#160;103 permits passive market making activity by the
    participants in our common stock offering. Passive market making
    may occur before the pricing of our offering, or before the
    commencement of offers or sales of our common stock. Each
    passive market maker must comply with applicable volume and
    price limitations and must be identified as a passive market
    maker. In general, a passive market maker must display its bid
    at a price not in excess of the highest independent bid for the
    security. If all independent bids are lowered below the bid of
    the passive market maker, however, the bid must then be lowered
    when purchase limits are exceeded. Net purchases by a passive
    market maker on each day are limited to a specified percentage
    of the passive market maker&#146;s average daily trading volume
    in the common stock during a specified period and must be
    discontinued when that limit is reached. The underwriters and
    other dealers are not required to engage in passive market
    making and may end passive market making activities at any time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Relationship with the Underwriters</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sandler O&#146;Neill&#160;&#038; Partners, L.P. and some of
    their respective affiliates have performed and expect to
    continue to perform financial advisory and investment banking
    services for us in the ordinary course of their respective
    businesses, and may have received, and may continue to receive,
    compensation for such services.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sterne, Agee&#160;&#038; Leach, Inc. acted as a financial
    advisor to, and rendered a fairness opinion to, us in connection
    with our sale of certain assets of UW Trust. Sterne
    Agree&#160;&#038; Leach received a fee for such services.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common stock is being offered by the underwriters, subject
    to prior sale, when, as and if issued to and accepted by them,
    subject to approval of certain legal matters by counsel for the
    underwriters and other conditions.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    34
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The validity of the securities in this offering will be passed
    upon for us by Greenberg Traurig, LLP, Denver, Colorado.
    Bracewell&#160;&#038; Giuliani LLP, Houston, Texas, is acting as
    counsel for the underwriters in this offering.
</DIV>
<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial statements as of and for the year ended
    December&#160;31, 2008 and management&#146;s assessment of the
    effectiveness of our internal control over financial reporting
    as of December&#160;31, 2008 included in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K/A</FONT>
    for the year ended December&#160;31, 2008 are incorporated by
    reference in this prospectus and in the registration statement.
    Our financial statements and the effectiveness of our internal
    controls have been audited by Crowe Horwath LLP, an independent
    registered public accounting firm, to the extent set forth in
    their report appearing in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K/A</FONT>
    for the year ended December&#160;31, 2008. The financial
    statements as of December&#160;31, 2007 and for the years ended
    December&#160;31, 2007 and December&#160;31, 2006 included in
    our Annual Report on Form&#160;10 K/A for the year ended
    December&#160;31, 2008 are incorporated by reference in this
    prospectus and in the registration statement. Our financial
    statements have been audited by McGladrey&#160;&#038; Pullen,
    LLP, an independent registered public accounting firm, to the
    extent set forth in their report appearing in our Annual Report
    on Form&#160;10 K/A for the year ended December&#160;31, 2008.
    The financial statements are incorporated by reference in
    reliance upon their reports given upon the authority of Crowe
    Horwath LLP and McGladrey&#160;&#038; Pullen, LLP as experts in
    auditing and accounting.
</DIV>
<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND ADDITIONAL INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have filed a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    with the Securities and Exchange Commission relating to the
    common stock offered by this prospectus. This prospectus does
    not contain all of the information set forth in the registration
    statement and the exhibits and schedules to the registration
    statement. Statements contained in this prospectus as to the
    contents of any contract or other document referred to are not
    necessarily complete and in each instance we refer you to the
    copy of the contract or other document filed as an exhibit to
    the registration statement, each such statement being qualified
    in all respects by such reference. For further information with
    respect to our company and the common stock offered by this
    prospectus, we refer you to the registration statement,
    exhibits, and schedules.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We file annual, quarterly, and current reports, proxy statements
    and other information with the SEC. We amended our Annual Report
    on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008 and our Quarterly
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the three months ended March&#160;31, 2009 on August&#160;7,
    2009. Anyone may read and copy these materials, including the
    registration statement, without charge at the SEC&#146;s Public
    Reference Room at 100&#160;F&#160;Street, NE,
    Washington,&#160;D.C. 20549. The public may obtain information
    on the operation of the Public Reference Room by calling the SEC
    at
    <FONT style="white-space: nowrap">1-800-SEC-0330.</FONT>
    The SEC maintains a website at
    <I><FONT style="white-space: nowrap">http://www.sec.gov</FONT>
    </I>that contains reports, proxy and information statements, and
    other information regarding registrants that file electronically
    with the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our website is located at <I>www.uwbancorp.com</I>. The
    information contained on our website does not constitute part of
    this prospectus. Through our website, we make available free of
    charge our Annual Reports on
    <FONT style="white-space: nowrap">Form&#160;10-K,</FONT>
    our proxy statements, our Quarterly Reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q,</FONT>
    our current reports on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    and amendments to those reports filed or furnished pursuant to
    Section&#160;13(a) or 15(d) of the Securities Exchange Act of
    1934, or the Exchange Act. These reports are available as soon
    as reasonably practicable after we electronically file those
    materials with the Securities and Exchange Commission.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    35
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF CERTAIN INFORMATION BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The SEC allows us to &#147;incorporate by reference&#148;
    documents we have filed with the SEC into this prospectus, which
    means that we can disclose important information to you by
    referring you to those documents. The information incorporated
    by reference is considered part of this prospectus. Any
    statement incorporated by reference into this prospectus shall
    be automatically modified or superseded for purposes of this
    prospectus to the extent that a statement contained herein or in
    a subsequently filed document that is incorporated by reference
    into this prospectus modifies or supersedes such prior
    statement. Any statement so modified or superseded shall not be
    deemed, except as so modified or superseded, to constitute a
    part of this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We incorporate by reference into this prospectus the following
    documents filed by us with the SEC, other than any portion of
    any such documents that are not deemed &#147;filed&#148; under
    the Exchange Act in accordance with the Exchange Act and
    applicable SEC rules:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarterly period ended June&#160;30, 2009, filed with
    the SEC on August&#160;10, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K/A</FONT>
    for the fiscal year ended December&#160;31, 2008, filed with the
    SEC on August&#160;10, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Definitive Proxy Statement on Schedule&#160;14A, filed with the
    SEC on March&#160;23, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q/A</FONT>
    for the quarterly period ended March&#160;31, 2009, filed with
    the SEC on August&#160;10, 2009;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K,</FONT>
    filed with the SEC on January&#160;7, 2009, March&#160;27, 2009,
    April&#160;8, 2009, June&#160;26, 2009, and June&#160;29, 2009.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon request, we will provide to each person, including any
    beneficial owner, to whom a prospectus is delivered, a copy of
    any or all of the reports or documents that have been
    incorporated by reference in the prospectus contained in the
    registration statement, but not delivered with the prospectus.
    You may access these filings via our website,
    <I>www.uwbancorp.com</I>, or you may request a copy of these
    filings at no cost, by writing or telephoning us as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    United Western Bancorp, Inc.<BR>
    Attn: Corporate Secretary<BR>
    700 17th Street, Suite&#160;2100<BR>
    Denver, Colorado 80202<BR>
    <FONT style="white-space: nowrap">(303)&#160;595-9898</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There have been no material changes in our business or affairs
    that have occurred since December&#160;31, 2008, the last fiscal
    year for which audited financial statements were included in our
    most recent Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K/A,</FONT>
    and that have not been described in a subsequent Quarterly
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    or Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K.</FONT>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    36
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=0 -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=0 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shares</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Common Stock</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="d68568ord6856804.gif" alt="(UNITED WESTERN BANCORP)"><FONT style="font-size: 14pt">
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 14%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=68 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 14%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=68 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 18pt; font-family: Arial, Helvetica; font-variant: SMALL-CAPS">Sandler
    O&#146;Neill + Partners, L.P.
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 18pt; font-family: Arial, Helvetica; font-variant: SMALL-CAPS">FBR
    Capital Markets&#160;&#038; Co.
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 18pt; font-family: Arial, Helvetica; font-variant: SMALL-CAPS">Sterne
    Agee
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2009
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=0 -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER><!-- callerid=999 iwidth=456 length=0 -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INFORMATION
    NOT REQUIRED IN PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;13.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Expenses of Issuance and Distribution.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth the expenses payable by us in
    connection with the offering. All such expenses are estimates
    except for the SEC registration fee and the FINRA filing fee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="92%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    SEC registration fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    4,464
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    FINRA filing fee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accounting fees and expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Printing and engraving expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Legal fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Miscellaneous expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    *
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;14.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Directors and Officers.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Colorado law generally permits a corporation to provide
    indemnification if the individual: (i)&#160;acted in good faith;
    and (ii)&#160;reasonably believed that, in the case of conduct
    in an official capacity, such conduct was in the
    corporation&#146;s best interests and, in all other cases, that
    such conduct was at least not opposed to the corporation&#146;s
    best interests. In the event a director, officer or employee is
    made a party or threatened to be made a party by reason of
    service as a director, officer or employee of a corporation, or
    by reason of service as a director, officer, employee or agent
    of another entity at such corporation&#146;s request, Colorado
    law permits a corporation to indemnify that individual against
    expenses, including attorneys&#146; fees, actually and
    reasonably incurred by the person in connection with the defense
    or settlement of the action. In a criminal proceeding, the
    person must have had no reasonable cause to believe the
    person&#146;s conduct was unlawful. Under Colorado law, a
    corporation may not provide indemnification in connection with a
    proceeding by or in the right of the corporation if the
    individual is adjudged to be liable to the corporation, or, in
    connection with any other proceeding, if the individual is
    adjudged liable on the basis that he or she derived an improper
    personal benefit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our articles of incorporation and bylaws provide that we are
    required to indemnify our directors, officers and employees to
    the fullest extent permitted by Colorado law, including those
    circumstances in which indemnification would otherwise be
    discretionary. We also adopted, in our articles of
    incorporation, a provision under Colorado law that limits
    liability of directors for damages arising from a breach of
    their fiduciary duty as directors, except to the extent that
    such liability arises from a breach of duty of loyalty, acts or
    omissions not in good faith or which invoke intentional
    misconduct or a knowing violation of law, or any transaction
    from which the director derived an improper personal benefit.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;15.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Recent
    Sales of Unregistered Securities.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;During the past three years, we have not sold any
    shares of our common stock without registration under the
    Securities Act.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;16.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Exhibits
    and Financial Statement Schedules.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;<I>Exhibits</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="89%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Amendment to the Articles of Incorporation
    (incorporated by reference to Exhibit&#160;3.2 to
    Registrant&#146;s annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2006, filed by the
    Registrant with the Commission on March&#160;16, 2007).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws, as amended, of the Registrant (incorporated by reference
    to Exhibit&#160;3.2 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated December&#160;19, 2007, as filed by the Registrant with
    the Commission on December&#160;27, 2007).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Specimen Certificate for Common Stock of the Registrant
    (incorporated by reference to Exhibit&#160;4.1 to
    Registrant&#146;s registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-10223),</FONT>
    filed by the Registrant with the Commission on August&#160;15,
    1996, as amended by
    <FONT style="white-space: nowrap">Form&#160;S-1/A,</FONT>
    filed by the Registrant with the Commission on
    September&#160;27, 1996).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    1996 Amended and Restated Employee Stock Option Plan
    (incorporated by reference to Appendix&#160;III of the Proxy
    Statement filed by the Registrant with the Commission on
    April&#160;28, 2006 for the annual meeting of shareholders held
    on June&#160;15, 2006 and Exhibit&#160;4.1 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    registration statement filed with the Commission on
    June&#160;30, 2006).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Non-Qualified Stock Option Agreement (incorporated by
    reference to Exhibit&#160;99.1 to Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated February&#160;11, 2005, as filed by the Registrant with
    the Commission on February&#160;16, 2005).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Director Non-Qualified Stock Option Agreement
    (incorporated by reference to Exhibit&#160;99.2 to
    Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated February&#160;11, 2005, as filed by the Registrant with
    the Commission on February&#160;16, 2005).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    1996 Employee Stock Purchase Plan (incorporated by reference to
    Appendix&#160;II of the Proxy Statement filed by the Registrant
    with the Commission on April&#160;28, 2006 for the annual
    meeting of shareholders held on June&#160;15, 2006 and
    Exhibit&#160;4.2 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    registration statement filed with the Commission on
    June&#160;30, 2006).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2006 Employee Stock Option Plan (incorporated by reference to
    Appendix&#160;IV of the Proxy Statement filed by the Registrant
    with the Commission on April&#160;28, 2006 for the annual
    meeting of shareholders held on June&#160;15, 2006 and
    Exhibit&#160;4.1 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    registration statement filed with the Commission on
    June&#160;30, 2006).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2007 Equity Incentive Plan (incorporated by reference to
    Exhibit&#160;1 of the Proxy Statement filed by the Registrant
    with the Commission on March&#160;27, 2007 for the annual
    meeting of shareholders held on May&#160;17, 2007 and
    Exhibit&#160;4.1 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    registration statement filed with the Commission on May&#160;18,
    2007).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Restricted Stock Agreement (incorporated by Reference to
    Exhibit&#160;99.3 to Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated May&#160;17, 2007, as filed by the Registrant with the
    Commission on May&#160;21, 2007).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture between the Registrant and Wilmington
    Trust&#160;Company, as debenture trustee, dated as of
    March&#160;28, 2001, relating to the 10.18% junior subordinated
    deferrable interest debentures due June&#160;8, 2031
    (incorporated by reference to Exhibit&#160;10.5 to
    Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2001, filed by the
    Registrant with the Commission on May&#160;15, 2001).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Declaration of Trust of Matrix Bancorp
    Capital Trust&#160;II, dated as of March&#160;28, 2001
    (incorporated by reference to Exhibit&#160;10.6 to
    Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2001, filed by the
    Registrant with the Commission on May&#160;15, 2001).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Common Securities Guarantee Agreement of the Registrant, dated
    as of March&#160;28, 2001 (incorporated by reference to
    Exhibit&#160;10.7 to Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2001, filed by the
    Registrant with the Commission on May&#160;15, 2001).
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="89%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Capital Securities Guarantee Agreement of the Registrant, dated
    as of March&#160;28, 2001 (incorporated by reference to
    Exhibit&#160;10.8 to Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2001, filed by the
    Registrant with the Commission on May&#160;15, 2001).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .13
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Trust&#160;Agreement of Matrix Bancorp
    Capital Trust&#160;VI, dated as of August&#160;30, 2004
    (incorporated by reference to Exhibit&#160;10.1 to
    Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 2004, filed by the
    Registrant with the Commission on November&#160;4, 2004).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .14
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Guarantee Agreement of Matrix Bancorp Capital Trust&#160;VI,
    dated as of August&#160;30, 2004 (incorporated by reference to
    Exhibit&#160;10.2 to Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 2004, filed by the
    Registrant with the Commission on November&#160;4, 2004).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .15
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Junior Indenture between the Registrant and Deutsche Bank
    Trust&#160;Company Americas, dated as of August&#160;30, 2004,
    relating to Junior Subordinated Debt Securities, due
    October&#160;18, 2034 (incorporated by reference to
    Exhibit&#160;10.3 to Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 2004, filed by the
    Registrant with the Commission on November&#160;4, 2004).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .16
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture between the Registrant and Wells Fargo Bank, National
    Association, as debenture trustee, dated as of June&#160;30,
    2005 (incorporated by reference to Exhibit&#160;10.1 to
    Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2005, filed by the
    Registrant with the Commission on August&#160;3, 2005).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Declaration of Trust&#160;Agreement of
    Matrix Bancorp Capital Trust&#160;VIII, dated as of
    June&#160;30, 2005 (incorporated by reference to
    Exhibit&#160;10.2 to Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2005, filed by the
    Registrant with the Commission on August&#160;3, 2005).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .18
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Guarantee Agreement of Matrix Bancorp Capital Trust&#160;VIII,
    dated as of June&#160;30, 2005 (incorporated by reference to
    Exhibit&#160;10.3 to Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2005, filed by the
    Registrant with the Commission on August&#160;3, 2005).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .19
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Rights Agreement, dated as of November&#160;4, 2002, between
    Matrix Bancorp, Inc. and Computershare Trust&#160;Company, which
    includes the form of Articles of Amendment to State Terms of
    Series&#160;A Junior Participating Preferred Stock,
    $0.01&#160;par value, the form of Right Certificate and the
    Summary of Rights (incorporated by reference to Exhibit&#160;4.1
    to Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated November&#160;4, 2002, as filed by the Registrant with the
    Commission on November&#160;6, 2002).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .20
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture, dated February&#160;13, 2004, between Registrant and
    Wells Fargo Bank, as Trustee, relating to Floating Rate
    Subordinated Debt Security due 2014 (incorporated by reference
    to Exhibit&#160;4.32 to Registrant&#146;s annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2003, filed by the
    Registrant with the Commission on March&#160;12, 2004).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Greenberg Traurig, LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Assignment and Assumption Agreement, dated as of June&#160;28,
    1996, by and among Mariano C. DeCola, William M. Howdon, R.
    James Nicholson and Matrix Funding Corp. (incorporated by
    reference to Exhibit&#160;10.30 to Registrant&#146;s
    registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-10223),</FONT>
    filed by the Registrant with the Commission on August&#160;15,
    1996).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amendment to Assignment and Assumption Agreement, dated as of
    August&#160;13, 2002, by and among Mariano C. DeCola, William M.
    Howdon, R. James Nicholson and Matrix Funding Corp.
    (incorporated by reference to Exhibit&#160;10.2 to
    Registrant&#146;s annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2002, filed by the
    Registrant with the Commission on March&#160;14, 2003).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Development Management Agreement, dated as of June&#160;28,
    1996, by and among Matrix Funding Corp. and Nicholson
    Enterprises, Inc. (incorporated by reference to
    Exhibit&#160;10.31 to Registrant&#146;s registration statement
    on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-10223),</FONT>
    filed by the Registrant with the Commission on August&#160;15,
    1996).
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="89%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Coyote Creek Planned Unit Development Agreement, dated as of
    July&#160;1, 1998, by and among Fort&#160;Lupton, L.L.C. and
    Matrix Funding Corp. (incorporated by reference to
    Exhibit&#160;10.12 to Registrant&#146;s annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 1998, filed by the
    Registrant with the Commission on March&#160;26, 1999).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Fort&#160;Lupton Golf Course Residential and Planned Unit
    Development Agreement, dated as of November&#160;28, 1995
    (incorporated by reference to Exhibit&#160;10.36 to
    Registrant&#146;s registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-10223),</FONT>
    filed by the Registrant with the Commission on August&#160;15,
    1996).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Contribution Agreement, dated as of December&#160;1, 2004 by and
    among Bluff Point Associates Corp., McInerney/Gabriele Family
    Limited Partnership, R. Clifton D&#146;Amato, John H. Moody,
    MSCS Ventures, Inc., Matrix Bancorp, Inc., Matrix Capital Bank,
    Optech Systems, Inc., Let Lee and MG Colorado Holdings, Inc.
    (incorporated by reference to Exhibit&#160;10.1 to
    Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated December&#160;1, 2004, as filed by the Registrant with the
    Commission on December&#160;6, 2004).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amendment No.&#160;1 to Contribution and Sale Agreement, dated
    as of March&#160;23, 2005 by and among Bluff Point Associates
    Corp., McInerney/Gabriele Family Limited Partnership, R. Clifton
    D&#146;Amato, John H. Moody, MSCS Ventures, Inc., Matrix
    Bancorp, Inc., Matrix Capital Bank, Optech Systems, Inc., Let
    Lee and MG Colorado Holdings, Inc. (incorporated by reference to
    Exhibit&#160;10.1 to Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated March&#160;23, 2005, as filed by the Registrant with the
    Commission on March&#160;28, 2005).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registration Rights Agreement, dated as of December&#160;9,
    2005, by and between Matrix Bancorp, Inc., Friedman, Billings,
    Ramsey&#160;&#038; Co., Inc. and the other parties thereto
    (incorporated by reference to Exhibit&#160;4.1 to
    Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated December&#160;9, 2005, as filed by the Registrant with the
    Commission on December&#160;13, 2005).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated March&#160;15, 2006, and effective
    as of January&#160;11, 2006, by and between Matrix Bancorp, Inc.
    and Scot T. Wetzel (incorporated by reference to
    Exhibit&#160;10.1 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated March&#160;15, 2006, as filed with the Commission on
    March&#160;20, 2006).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Asset Purchase Agreement, dated as of March&#160;31, 2006,
    between Matrix Bancorp Trading, Inc., SN Capital Markets, LLC,
    Security National Holding Company, LLC, and Security National
    Master Holding Company, LLC (incorporated by reference to
    Exhibit&#160;2.1 to Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated March&#160;31, 2006, as filed by the Registrant with the
    Commission on April&#160;6, 2006).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Purchase Agreement, dated as of May&#160;5, 2006, between SKS
    Ventures, LLC and Equi-Mor Holdings, Inc. (incorporated by
    reference to Exhibit&#160;10.1 to Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated May&#160;5, 2006, as filed by the Registrant with the
    Commission on May&#160;10, 2006).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Agreement for Purchase and Sale, dated as of August&#160;11,
    2006 between Matrix Tower Holdings, LLC and Grant Management,
    A.S. (incorporated by reference to Exhibit&#160;10.1 to
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated August&#160;21, 2006, as filed with the Commission on
    August&#160;25, 2006).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .13
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    License Agreement, dated as of September&#160;29, 2006, between
    Legent Clearing, LLC and United Western Bancorp, Inc.
    (incorporated by reference to Exhibit&#160;10.1 to
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated September&#160;29, 2006, as filed with the Commission on
    October&#160;5, 2006).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .14
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to License Agreement, dated as of June&#160;6,
    2007, between Legent Clearing, LLC and United Western Bancorp,
    Inc. (incorporated by reference to Exhibit&#160;10.14 to
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2008, filed by the
    Registrant with the Commission on March&#160;3, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .15
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Revolving Loan Agreement, dated as of September&#160;29, 2006,
    between Legent Group, LLC and United Western Bank, in the amount
    of $5,000,000 (incorporated by reference to Exhibit&#160;10.2 to
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated September&#160;29, 2006, as filed with the Commission on
    October&#160;5, 2006).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .16
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Modification of Loan Agreement, effective as of
    October&#160;1, 2008, by and between Legent Group, LLC and
    United Western Bank, in the amount of $5,000,000 (incorporated
    by reference to Exhibit&#160;10.16 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2008, filed by the
    Registrant with the Commission on March&#160;3, 2009).
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="89%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Office Lease, dated as of October&#160;1, 2006, between
    700 17th&#160;Street Operating, LLC and United Western Bank
    (incorporated by reference to Exhibit&#160;10.3 to
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated September&#160;29, 2006, as filed with the Commission on
    October&#160;5, 2006).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .18
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Credit Agreement, dated as of June&#160;29, 2007 between United
    Western Bancorp, Inc. and JPMorgan Chase Bank, N.A.
    (incorporated by reference to Exhibit&#160;10.1 to
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated June&#160;29, 2007, as filed with the Commission on
    July&#160;2, 2007).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .19
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated December&#160;31, 2008, and
    effective as of October&#160;15, 2008, by and between United
    Western Bancorp, Inc. and Scot T. Wetzel (incorporated by
    reference to Exhibit&#160;10.1 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated December&#160;31, 2008, as filed with the Commission on
    January&#160;7, 2009).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .20
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2007 Equity Incentive Plan, as amended by the Board of Directors
    on December&#160;17, 2008 (incorporated by reference to
    Exhibit&#160;10.20 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2008, filed by the
    Registrant with the Commission on March&#160;3, 2009).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .21
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Stock Purchase Agreement, dated March&#160;23, 2009, between
    MSCS Ventures, Inc. and Bluff Point Associates, Corp.
    (incorporated by reference to Exhibit&#160;10.1 to the
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated March&#160;20, 2007, as filed with the Commission on
    March&#160;27, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .22
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Asset Purchase Agreement, dated as of April&#160;7, 2009, by and
    among the Registrant, Sterling Trust&#160;Company, Equity
    Trust&#160;Company, and Sterling Administrative Services, LLC
    (incorporated by reference to Exhibit&#160;10.1 to the
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated April&#160;7, 2009, as filed with the Commission on
    April&#160;8, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .23
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Line of Credit Note, dated as of June&#160;29, 2009, in the
    amount of $30&#160;million between United Western Bancorp, Inc.
    and JPMorgan Chase Bank, N.A. (incorporated by reference to
    Exhibit&#160;10.1 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated June&#160;26, 2009, as filed with the Commission
    June&#160;26, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .24
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amendment to Credit Agreement, dated as of June&#160;29, 2009,
    between United Western Bancorp, Inc. and JPMorgan Chase Bank,
    N.A. (incorporated by reference to Exhibit&#160;10.2 to
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated June&#160;26, 2009, as filed with the Commission on
    June&#160;26, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .25
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Loan and Security Agreement, dated June&#160;27, 2009, by and
    among Sterling Trust&#160;Company, Equity Trust&#160;Company,
    Equity Administrative Services, Inc., and Sterling
    Administrative Services, LLC (incorporated by reference to
    Exhibit&#160;10.1 to the Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated June&#160;27, 2009, as filed with the Commission on
    June&#160;29, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .26
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Subaccounting Agreement, dated
    June&#160;27, 2009, by and among United Western Bank, Equity
    Trust&#160;Company, Equity Administrative Services, Inc., and
    Sterling Administrative Services, LLC (incorporated by reference
    to Exhibit&#160;10.2 to the Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated June&#160;27, 2009, as filed with the Commission on
    June&#160;29, 2009).&#134;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    14
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Code of Business Conduct and Ethics, as approved by the Board of
    Directors on August&#160;4, 2008 (incorporated by reference to
    Exhibit&#160;14 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2008, filed with the
    Commission on March&#160;3, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    16
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Letter regarding change in certifying accountant (incorporated
    by reference to Exhibit&#160;16 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated December&#160;10, 2008, as filed with the Commission on
    December&#160;16, 2008).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Subsidiaries of the Registrant (incorporated by reference to
    Exhibit&#160;21 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2008, filed with the
    Commission on March&#160;3, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of McGladrey&#160;&#038; Pullen, LLP.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Crowe Horwath LLP.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Greenberg Traurig, LLP (included in Exhibit&#160;5.1).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Power of Attorney (included on the Signature Page of the
    Registration Statement).
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    &#149; </TD>
    <TD></TD>
    <TD valign="bottom">
    Compensation Agreement</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    &#134;&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Portions of this exhibit have been omitted pursuant to a request
    for confidential treatment and have been filed separately with
    the Commission.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;<I>Financial Statement Schedules</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No financial statement schedules are required to be filed with
    this registration statement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;17.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Undertakings.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Insofar as indemnification for liabilities arising under the
    Securities Act of 1933&#160;may be permitted to directors,
    officers and controlling persons of the registrant pursuant to
    the foregoing provisions, or otherwise, the registrant has been
    advised that in the opinion of the Securities and Exchange
    Commission such indemnification is against public policy as
    expressed in the Act and is, therefore, unenforceable. In the
    event that a claim for indemnification against such liabilities
    (other than the payment by the registrant of expenses incurred
    or paid by a director, officer or controlling person of the
    registrant in the successful defense of any action, suit or
    proceeding) is asserted by such director, officer or controlling
    person in connection with the securities being registered, the
    registrant will, unless in the opinion of its counsel the matter
    has been settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question whether such
    indemnification by it is against public policy as expressed in
    the Act and will be governed by the final adjudication of such
    issue.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;For purposes of determining any liability under the
    Securities Act of 1933, the information omitted from the form of
    prospectus filed as part of this registration statement in
    reliance upon Rule&#160;430A and contained in a form of
    prospectus filed by the registrant pursuant to Rule&#160;424(b)
    (1)&#160;or (4)&#160;or 497(h) under the Securities Act shall be
    deemed to be part of this registration statement as of the time
    it was declared effective.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;For the purpose of determining any liability under the
    Securities Act of 1933, each post-effective amendment that
    contains a form of prospectus shall be deemed to be a new
    registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Denver, State of Colorado, on
    August&#160;10, 2009.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>UNITED WESTERN BANCORP, INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:left;"><I>/s/&#160;&#160;Scot
    T. Wetzel</I></DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=0 -->

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Name:&#160;&#160;&#160;&#160;&#160;Scot T. Wetzel
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="53%"></TD>
    <TD width="8%"></TD>
    <TD width="39%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Title:&#160;
</TD>
    <TD align="left">
    President and Chief Executive Officer
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>KNOW ALL PERSONS BY THESE PRESENTS</B>, that the persons
    whose signature appears below constitute and appoint jointly and
    severally, Scot T. Wetzel, William D. Snider, and Michael J.
    McCloskey, and each one of them, as his true and lawful
    attorneys-in-fact and agents, with full power of substitution
    and resubstitution, for him and in his name, place, and stead,
    in any and all capacities, to sign any and all amendments
    (including pre-effective and post-effective amendments) to this
    registration statement and to sign any registration statement
    and amendments thereto for the same offering filed pursuant to
    Rule&#160;462(b) under the Securities Act of 1933, and to file
    the same, with all exhibits thereto, and other documents in
    connection therewith, with the Securities and Exchange
    Commission, granting unto said attorneys-in-fact and agents, and
    each of them, full power and authority to do and perform each
    and every act and thing requisite and necessary to be done in
    connection therewith, as fully to all intents and purposes as he
    might or could do in person, hereby ratifying and confirming all
    which said attorneys-in-fact and agents, or any of them, or
    their or his substitute or substitutes, may lawfully do, or
    cause to be done by virtue hereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Capacity</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<I>Scot
    T. Wetzel</I></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=187 length=0 -->Scot
    T. Wetzel
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    President, Chief Executive Officer and Director (Principal
    Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    August&#160;10, 2009
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<I>Guy
    A. Gibson</I></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=187 length=0 -->Guy
    A. Gibson
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Chairman of the Board
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    August&#160;10, 2009
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<I>William
    D. Snider</I></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=187 length=0 -->William
    D. Snider
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Vice Chairman, Chief Financial Officer and Director (Principal
    Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    August&#160;10, 2009
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<I>Michael
    J. McCloskey</I></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=187 length=0 -->Michael
    J. McCloskey
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Chief Operating Officer, General Counsel and Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    August&#160;10, 2009
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<I>Robert
    T. Slezak</I></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=187 length=0 -->Robert
    T. Slezak
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    August&#160;10, 2009
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<I>Lester
    Ravitz</I></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=187 length=0 -->Lester
    Ravitz
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    August&#160;10, 2009
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Capacity</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<I>Dr.&#160;James
    H. Bullock</I></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=187 length=0 -->Dr.&#160;James
    H. Bullock
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    August&#160;10, 2009
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<I>Jeffrey
    R. Leeds</I></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=187 length=0 -->Jeffrey
    R. Leeds
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    August&#160;10, 2009
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;<I>Bernard
    C. Darr&#233;</I></DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=187 length=0 -->Bernard
    C. Darr&#233;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    August&#160;10, 2009
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;Index</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="89%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    1
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Underwriting Agreement
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Amendment to the Articles of Incorporation
    (incorporated by reference to Exhibit&#160;3.2 to
    Registrant&#146;s annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2006, filed by the
    Registrant with the Commission on March&#160;16, 2007).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bylaws, as amended, of the Registrant (incorporated by reference
    to Exhibit&#160;3.2 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated December&#160;19, 2007, as filed by the Registrant with
    the Commission on December&#160;27, 2007).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Specimen Certificate for Common Stock of the Registrant
    (incorporated by reference to Exhibit&#160;4.1 to
    Registrant&#146;s registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-10223),</FONT>
    filed by the Registrant with the Commission on August&#160;15,
    1996, as amended by
    <FONT style="white-space: nowrap">Form&#160;S-1/A,</FONT>
    filed by the Registrant with the Commission on
    September&#160;27, 1996).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    1996 Amended and Restated Employee Stock Option Plan
    (incorporated by reference to Appendix&#160;III of the Proxy
    Statement filed by the Registrant with the Commission on
    April&#160;28, 2006 for the annual meeting of shareholders held
    on June&#160;15, 2006 and Exhibit&#160;4.1 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    registration statement filed with the Commission on
    June&#160;30, 2006).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Non-Qualified Stock Option Agreement (incorporated by
    reference to Exhibit&#160;99.1 to Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated February&#160;11, 2005, as filed by the Registrant with
    the Commission on February&#160;16, 2005).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Director Non-Qualified Stock Option Agreement
    (incorporated by reference to Exhibit&#160;99.2 to
    Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated February&#160;11, 2005, as filed by the Registrant with
    the Commission on February&#160;16, 2005).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    1996 Employee Stock Purchase Plan (incorporated by reference to
    Appendix&#160;II of the Proxy Statement filed by the Registrant
    with the Commission on April&#160;28, 2006 for the annual
    meeting of shareholders held on June&#160;15, 2006 and
    Exhibit&#160;4.2 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    registration statement filed with the Commission on
    June&#160;30, 2006).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2006 Employee Stock Option Plan (incorporated by reference to
    Appendix&#160;IV of the Proxy Statement filed by the Registrant
    with the Commission on April&#160;28, 2006 for the annual
    meeting of shareholders held on June&#160;15, 2006 and
    Exhibit&#160;4.1 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    registration statement filed with the Commission on
    June&#160;30, 2006).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2007 Equity Incentive Plan (incorporated by reference to
    Exhibit&#160;1 of the Proxy Statement filed by the Registrant
    with the Commission on March&#160;27, 2007 for the annual
    meeting of shareholders held on May&#160;17, 2007 and
    Exhibit&#160;4.1 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;S-8</FONT>
    registration statement filed with the Commission on May&#160;18,
    2007).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Restricted Stock Agreement (incorporated by Reference to
    Exhibit&#160;99.3 to Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated May&#160;17, 2007, as filed by the Registrant with the
    Commission on May&#160;21, 2007).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture between the Registrant and Wilmington
    Trust&#160;Company, as debenture trustee, dated as of
    March&#160;28, 2001, relating to the 10.18% junior subordinated
    deferrable interest debentures due June&#160;8, 2031
    (incorporated by reference to Exhibit&#160;10.5 to
    Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2001, filed by the
    Registrant with the Commission on May&#160;15, 2001).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Declaration of Trust of Matrix Bancorp
    Capital Trust&#160;II, dated as of March&#160;28, 2001
    (incorporated by reference to Exhibit&#160;10.6 to
    Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2001, filed by the
    Registrant with the Commission on May&#160;15, 2001).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Common Securities Guarantee Agreement of the Registrant, dated
    as of March&#160;28, 2001 (incorporated by reference to
    Exhibit&#160;10.7 to Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2001, filed by the
    Registrant with the Commission on May&#160;15, 2001).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Capital Securities Guarantee Agreement of the Registrant, dated
    as of March&#160;28, 2001 (incorporated by reference to
    Exhibit&#160;10.8 to Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2001, filed by the
    Registrant with the Commission on May&#160;15, 2001).
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="89%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .13
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Trust&#160;Agreement of Matrix Bancorp
    Capital Trust&#160;VI, dated as of August&#160;30, 2004
    (incorporated by reference to Exhibit&#160;10.1 to
    Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 2004, filed by the
    Registrant with the Commission on November&#160;4, 2004).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .14
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Guarantee Agreement of Matrix Bancorp Capital Trust&#160;VI,
    dated as of August&#160;30, 2004 (incorporated by reference to
    Exhibit&#160;10.2 to Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 2004, filed by the
    Registrant with the Commission on November&#160;4, 2004).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .15
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Junior Indenture between the Registrant and Deutsche Bank
    Trust&#160;Company Americas, dated as of August&#160;30, 2004,
    relating to Junior Subordinated Debt Securities, due
    October&#160;18, 2034 (incorporated by reference to
    Exhibit&#160;10.3 to Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended September&#160;30, 2004, filed by the
    Registrant with the Commission on November&#160;4, 2004).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .16
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture between the Registrant and Wells Fargo Bank, National
    Association, as debenture trustee, dated as of June&#160;30,
    2005 (incorporated by reference to Exhibit&#160;10.1 to
    Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2005, filed by the
    Registrant with the Commission on August&#160;3, 2005).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Declaration of Trust&#160;Agreement of
    Matrix Bancorp Capital Trust&#160;VIII, dated as of
    June&#160;30, 2005 (incorporated by reference to
    Exhibit&#160;10.2 to Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2005, filed by the
    Registrant with the Commission on August&#160;3, 2005).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .18
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Guarantee Agreement of Matrix Bancorp Capital Trust&#160;VIII,
    dated as of June&#160;30, 2005 (incorporated by reference to
    Exhibit&#160;10.3 to Registrant&#146;s quarterly report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2005, filed by the
    Registrant with the Commission on August&#160;3, 2005).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .19
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Rights Agreement, dated as of November&#160;4, 2002, between
    Matrix Bancorp, Inc. and Computershare Trust&#160;Company, which
    includes the form of Articles of Amendment to State Terms of
    Series&#160;A Junior Participating Preferred Stock,
    $0.01&#160;par value, the form of Right Certificate and the
    Summary of Rights (incorporated by reference to Exhibit&#160;4.1
    to Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated November&#160;4, 2002, as filed by the Registrant with the
    Commission on November&#160;6, 2002).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .20
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture, dated February&#160;13, 2004, between Registrant and
    Wells Fargo Bank, as Trustee, relating to Floating Rate
    Subordinated Debt Security due 2014 (incorporated by reference
    to Exhibit&#160;4.32 to Registrant&#146;s annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2003, filed by the
    Registrant with the Commission on March&#160;12, 2004).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Greenberg Traurig, LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Assignment and Assumption Agreement, dated as of June&#160;28,
    1996, by and among Mariano C. DeCola, William M. Howdon, R.
    James Nicholson and Matrix Funding Corp. (incorporated by
    reference to Exhibit&#160;10.30 to Registrant&#146;s
    registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-10223),</FONT>
    filed by the Registrant with the Commission on August&#160;15,
    1996).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amendment to Assignment and Assumption Agreement, dated as of
    August&#160;13, 2002, by and among Mariano C. DeCola, William M.
    Howdon, R. James Nicholson and Matrix Funding Corp.
    (incorporated by reference to Exhibit&#160;10.2 to
    Registrant&#146;s annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2002, filed by the
    Registrant with the Commission on March&#160;14, 2003).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Development Management Agreement, dated as of June&#160;28,
    1996, by and among Matrix Funding Corp. and Nicholson
    Enterprises, Inc. (incorporated by reference to
    Exhibit&#160;10.31 to Registrant&#146;s registration statement
    on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-10223),</FONT>
    filed by the Registrant with the Commission on August&#160;15,
    1996).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Coyote Creek Planned Unit Development Agreement, dated as of
    July&#160;1, 1998, by and among Fort&#160;Lupton, L.L.C. and
    Matrix Funding Corp. (incorporated by reference to
    Exhibit&#160;10.12 to Registrant&#146;s annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 1998, filed by the
    Registrant with the Commission on March&#160;26, 1999).
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="89%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Fort&#160;Lupton Golf Course Residential and Planned Unit
    Development Agreement, dated as of November&#160;28, 1995
    (incorporated by reference to Exhibit&#160;10.36 to
    Registrant&#146;s registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-1</FONT>
    <FONT style="white-space: nowrap">(No.&#160;333-10223),</FONT>
    filed by the Registrant with the Commission on August&#160;15,
    1996).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Contribution Agreement, dated as of December&#160;1, 2004 by and
    among Bluff Point Associates Corp., McInerney/Gabriele Family
    Limited Partnership, R. Clifton D&#146;Amato, John H. Moody,
    MSCS Ventures, Inc., Matrix Bancorp, Inc., Matrix Capital Bank,
    Optech Systems, Inc., Let Lee and MG Colorado Holdings, Inc.
    (incorporated by reference to Exhibit&#160;10.1 to
    Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated December&#160;1, 2004, as filed by the Registrant with the
    Commission on December&#160;6, 2004).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amendment No.&#160;1 to Contribution and Sale Agreement, dated
    as of March&#160;23, 2005 by and among Bluff Point Associates
    Corp., McInerney/Gabriele Family Limited Partnership, R. Clifton
    D&#146;Amato, John H. Moody, MSCS Ventures, Inc., Matrix
    Bancorp, Inc., Matrix Capital Bank, Optech Systems, Inc., Let
    Lee and MG Colorado Holdings, Inc. (incorporated by reference to
    Exhibit&#160;10.1 to Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated March&#160;23, 2005, as filed by the Registrant with the
    Commission on March&#160;28, 2005).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registration Rights Agreement, dated as of December&#160;9,
    2005, by and between Matrix Bancorp, Inc., Friedman, Billings,
    Ramsey&#160;&#038; Co., Inc. and the other parties thereto
    (incorporated by reference to Exhibit&#160;4.1 to
    Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated December&#160;9, 2005, as filed by the Registrant with the
    Commission on December&#160;13, 2005).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated March&#160;15, 2006, and effective
    as of January&#160;11, 2006, by and between Matrix Bancorp, Inc.
    and Scot T. Wetzel (incorporated by reference to
    Exhibit&#160;10.1 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated March&#160;15, 2006, as filed with the Commission on
    March&#160;20, 2006).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Asset Purchase Agreement, dated as of March&#160;31, 2006,
    between Matrix Bancorp Trading, Inc., SN Capital Markets, LLC,
    Security National Holding Company, LLC, and Security National
    Master Holding Company, LLC (incorporated by reference to
    Exhibit&#160;2.1 to Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated March&#160;31, 2006, as filed by the Registrant with the
    Commission on April&#160;6, 2006).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Purchase Agreement, dated as of May&#160;5, 2006, between SKS
    Ventures, LLC and Equi-Mor Holdings, Inc. (incorporated by
    reference to Exhibit&#160;10.1 to Registrant&#146;s report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated May&#160;5, 2006, as filed by the Registrant with the
    Commission on May&#160;10, 2006).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Agreement for Purchase and Sale, dated as of August&#160;11,
    2006 between Matrix Tower Holdings, LLC and Grant Management,
    A.S. (incorporated by reference to Exhibit&#160;10.1 to
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated August&#160;21, 2006, as filed with the Commission on
    August&#160;25, 2006).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .13
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    License Agreement, dated as of September&#160;29, 2006, between
    Legent Clearing, LLC and United Western Bancorp, Inc.
    (incorporated by reference to Exhibit&#160;10.1 to
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated September&#160;29, 2006, as filed with the Commission on
    October&#160;5, 2006).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .14
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to License Agreement, dated as of June&#160;6,
    2007, between Legent Clearing, LLC and United Western Bancorp,
    Inc. (incorporated by reference to Exhibit&#160;10.14 to
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2008, filed by the
    Registrant with the Commission on March&#160;3, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .15
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Revolving Loan Agreement, dated as of September&#160;29, 2006,
    between Legent Group, LLC and United Western Bank, in the amount
    of $5,000,000 (incorporated by reference to Exhibit&#160;10.2 to
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated September&#160;29, 2006, as filed with the Commission on
    October&#160;5, 2006).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .16
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Modification of Loan Agreement, effective as of
    October&#160;1, 2008, by and between Legent Group, LLC and
    United Western Bank, in the amount of $5,000,000 (incorporated
    by reference to Exhibit&#160;10.16 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2008, filed by the
    Registrant with the Commission on March&#160;3, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Office Lease, dated as of October&#160;1, 2006, between
    700 17th&#160;Street Operating, LLC and United Western Bank
    (incorporated by reference to Exhibit&#160;10.3 to
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated September&#160;29, 2006, as filed with the Commission on
    October&#160;5, 2006).
</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="89%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Exhibit No.</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .18
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Credit Agreement, dated as of June&#160;29, 2007 between United
    Western Bancorp, Inc. and JPMorgan Chase Bank, N.A.
    (incorporated by reference to Exhibit&#160;10.1 to
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated June&#160;29, 2007, as filed with the Commission on
    July&#160;2, 2007).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .19
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement, dated December&#160;31, 2008, and
    effective as of October&#160;15, 2008, by and between United
    Western Bancorp, Inc. and Scot T. Wetzel (incorporated by
    reference to Exhibit&#160;10.1 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated December&#160;31, 2008, as filed with the Commission on
    January&#160;7, 2009).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .20
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2007 Equity Incentive Plan, as amended by the Board of Directors
    on December&#160;17, 2008 (incorporated by reference to
    Exhibit&#160;10.20 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2008, filed by the
    Registrant with the Commission on March&#160;3, 2009).&#149;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .21
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Stock Purchase Agreement, dated March&#160;23, 2009, between
    MSCS Ventures, Inc. and Bluff Point Associates, Corp.
    (incorporated by reference to Exhibit&#160;10.1 to the
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated March&#160;20, 2007, as filed with the Commission on
    March&#160;27, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .22
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Asset Purchase Agreement, dated as of April&#160;7, 2009, by and
    among the Registrant, Sterling Trust&#160;Company, Equity
    Trust&#160;Company, and Sterling Administrative Services, LLC
    (incorporated by reference to Exhibit&#160;10.1 to the
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated April&#160;7, 2009, as filed with the Commission on
    April&#160;8, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .23
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Line of Credit Note, dated as of June&#160;29, 2009, in the
    amount of $30&#160;million between United Western Bancorp, Inc.
    and JPMorgan Chase Bank, N.A. (incorporated by reference to
    Exhibit&#160;10.1 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated June&#160;26, 2009, as filed with the Commission
    June&#160;26, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .24
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amendment to Credit Agreement, dated as of June&#160;29, 2009,
    between United Western Bancorp, Inc. and JPMorgan Chase Bank,
    N.A. (incorporated by reference to Exhibit&#160;10.2 to
    Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated June&#160;26, 2009, as filed with the Commission on
    June&#160;26, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .25
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Loan and Security Agreement, dated June&#160;27, 2009, by and
    among Sterling Trust&#160;Company, Equity Trust&#160;Company,
    Equity Administrative Services, Inc., and Sterling
    Administrative Services, LLC (incorporated by reference to
    Exhibit&#160;10.1 to the Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated June&#160;27, 2009, as filed with the Commission on
    June&#160;29, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .26
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Subaccounting Agreement, dated
    June&#160;27, 2009, by and among United Western Bank, Equity
    Trust&#160;Company, Equity Administrative Services, Inc., and
    Sterling Administrative Services, LLC (incorporated by reference
    to Exhibit&#160;10.2 to the Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated June&#160;27, 2009, as filed with the Commission on
    June&#160;29, 2009).&#134;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    14
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Code of Business Conduct and Ethics, as approved by the Board of
    Directors on August&#160;4, 2008 (incorporated by reference to
    Exhibit&#160;14 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2008, filed with the
    Commission on March&#160;3, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    16
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Letter regarding change in certifying accountant (incorporated
    by reference to Exhibit&#160;16 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    dated December&#160;10, 2008, as filed with the Commission on
    December&#160;16, 2008).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Subsidiaries of the Registrant (incorporated by reference to
    Exhibit&#160;21 to Registrant&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2008, filed with the
    Commission on March&#160;3, 2009).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of McGladrey&#160;&#038; Pullen, LLP.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Crowe Horwath LLP.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Greenberg Traurig, LLP (included in Exhibit&#160;5.1).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1*
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Power of Attorney (included on the Signature Page of the
    Registration Statement).
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=456 length=60 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    &#149; </TD>
    <TD></TD>
    <TD valign="bottom">
    Compensation Agreement</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    &#134;&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Portions of this exhibit have been omitted pursuant to a request
    for confidential treatment and have been filed separately with
    the Commission.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-12
</DIV><!-- END PAGE WIDTH -->
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{"company-data": {"conformed-name": "UNITED WESTERN BANCORP INC", "cik": "0000944725", "assigned-sic": "6022", "irs-number": "841233716", "state-of-incorporation": "CO", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-161189", "film-number": "09997463"}, "business-address": {"street1": "700 17TH STREET", "street2": "SUITE 2100", "city": "DENVER", "state": "CO", "zip": "80202", "phone": "3035959898"}, "mail-address": {"street1": "700 17TH STREET", "street2": "SUITE 2100", "city": "DENVER", "state": "CO", "zip": "80202"}, "former-company": [{"former-conformed-name": "MATRIX BANCORP INC", "date-changed": "19990105"}, {"former-conformed-name": "MATRIX CAPITAL CORP /CO/", "date-changed": "19960711"}]}
sv1
Table of Contents
As filed with the Securities and
    Exchange Commission on August 10, 2009
File No.
    333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF
    1933
UNITED WESTERN BANCORP,
    INC.
(Exact name of registrant as
    specified in its charter)
Colorado
6022
84-1233716
(State or other jurisdiction
    of
incorporation or organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)
700 17th Street,
    Suite 2100
Denver, Colorado 80202
(303) 595-9898
(Address, including zip code,
    and telephone number, including area code, of registrant's
    principal executive offices)
Michael J.
    McCloskey, Esq.
Executive Vice President and
    General Counsel
700 17th Street,
    Suite 2100
Denver, Colorado 80202
(303) 595-9898
(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service)
Copies to:
Brian H. Blaney, Esq.
Marc J. Musyl, Esq.
Greenberg Traurig, LLP
The Tabor Center
1200 17th Street, Suite 2400
Denver, Colorado 80202
(602) 445-8000 (phone)
(602) 445-8100 (facsimile)
William T. Luedke IV, Esq.
Charlotte M. Rasche, Esq.
Bracewell & Giuliani LLP
711 Louisiana Street, Suite 2300
Houston, Texas 77002
(713) 223-2300 (phone)
(713) 221-1212 (facsimile)
Approximate date of commencement of proposed sale to the
    public:
As soon as practicable after the
    effective date of this registration statement.
If any of the securities being registered on this Form are to be
    offered on a delayed or continuous basis pursuant to
    Rule 415 under the Securities Act of 1933 check the
    following
    box.
o
If this Form is filed to register additional securities for an
    offering pursuant to Rule 462(b) under the Securities Act,
    please check the following box and list the Securities Act
    registration statement number of the earlier effective
    registration statement for the same
    offering.
o
If this Form is a post-effective amendment filed pursuant to
    Rule 462(c) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.
o
If this Form is a post-effective amendment filed pursuant to
    Rule 462(d) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.
o
Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    "large accelerated filer," "accelerated
    filer" and "smaller reporting company" in
    Rule 12b-2 of the Exchange Act.
Large
    accelerated
    filer
o
Accelerated
    filer
þ
Non-accelerated
    filer
o
(Do not check if smaller reporting company)
Smaller reporting
    company
o
CALCULATION OF REGISTRATION
    FEE
Proposed Maximum
Amount of
Title of Each Class of Securities to be Registered
Aggregate Offering Price(1)
Registration Fee
Common Stock, $0.0001 par value per share
$80,000,000
$4,464
(1)
Estimated solely for the purpose of
    calculating the registration fee pursuant to Rule 457(o)
    under the Securities Act.
The Registrant hereby amends this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until the Registrant shall file a further amendment which
    specifically states that this Registration Statement shall
    thereafter become effective in accordance with Section 8(a)
    of the Securities Act of 1933 or until the Registration
    Statement shall become effective on such date as the Commission,
    acting pursuant to said Section 8(a), may determine.
Table of Contents
The information in
this prospectus is not complete and may be changed. We may not
sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This
prospectus is not an offer to sell these securities and is not
soliciting an offer to buy these securities in any state where
the offer or sale is not permitted.
SUBJECT TO COMPLETION, DATED
    AUGUST 10, 2009
PROSPECTUS
Shares
Common Stock
United Western Bancorp, Inc. is
    selling           shares
    of common stock.
Our common stock is traded on the NASDAQ Global Market under the
    symbol "UWBK." The last reported sale price of our
    common stock on the NASDAQ Global Market on August 7, 2009
    was $8.13 per share.
Investing in our common stock involves a high degree of risk.
    See "Risk Factors" beginning on page 9 of this
    prospectus for a discussion of information that should be
    considered in connection with an investment in our common
    stock.
Per Share
Total
Public offering price
$
$
Underwriting discounts and commissions
$
$
Proceeds, before expenses, to us
$
$
Our shares of common stock are unsecured and are not deposits
    and are not insured or guaranteed by the Federal Deposit
    Insurance Corporation or any other governmental agency.
Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.
We have granted the underwriters a
30-day
option to purchase up to an aggregate
    of          
    additional shares of our common stock at the public offering
    price, less the underwriting discounts and commissions, solely
    to cover over-allotments, if any.
We expect that the shares of our common stock will be ready for
    delivery to purchasers on or
    about          ,
    2009.
Sandler
    O'Neill + Partners, L.P.
FBR
    Capital Markets & Co.
Sterne
    Agee
The date of this prospectus
    is          ,
    2009
TABLE OF
    CONTENTS
Page
Prospectus Summary
1
Risk Factors
9
Cautionary Note Regarding Forward-Looking
    Statements
26
Use of Proceeds
27
Price Range of Common Stock
27
Dividend Policy
27
Capitalization
28
Description of Capital Stock
29
Underwriting
32
Legal Matters
35
Experts
35
Where You Can Find Additional Information
35
Incorporation of Certain Information by
    Reference
36
You should rely only on the information contained or
    incorporated by reference in this prospectus. We have not
    authorized anyone to provide you with information different from
    that contained in this prospectus. We are offering to sell, and
    seeking offers to buy, shares of common stock only in
    jurisdictions where offers and sales are permitted. The
    information contained in this prospectus is accurate only as of
    the date of this prospectus, regardless of the time of delivery
    of this prospectus or of any sale of our common stock.
i
Table of Contents
PROSPECTUS
    SUMMARY
This summary highlights certain information appearing
    elsewhere or incorporated by reference in this prospectus. For a
    more complete understanding of this offering, you should
    carefully read the entire prospectus, the registration statement
    of which this prospectus is a part, and the information
    incorporated by reference in this prospectus, including the risk
    factors and the financial statements. Unless otherwise stated in
    this prospectus, references to "we," "us,"
    "our," or "our company" refer to United
    Western Bancorp, Inc. and its wholly owned subsidiaries.
United
    Western Bancorp, Inc.
We are a unitary thrift holding company headquartered in Denver,
    Colorado, and the fifth largest publicly traded thrift in the
    OTS western region of the United States, with $2.4 billion
    in assets, $1.9 billion in deposits, including custodial
    balances, and $129.7 million in shareholders' equity
    at June 30, 2009. Our principal subsidiary, United Western
    Bank, or the Bank, is a leading community bank franchise in the
    State of Colorado. The Bank's market focus is
    Colorado's Front Range market area, which generally spans
    the eastern slope of Colorado's Rocky Mountains, from
    Pueblo to Fort Collins, and includes the metropolitan
    Denver marketplace and selected mountain communities. The Bank
    has eight full-service banking locations along the Colorado
    Front Range and a loan production office servicing the Aspen and
    Roaring Fork Valley market areas.
In addition to the community banking operations of the Bank, we
    provide, through other subsidiaries: escrow and paying agent and
    trust account management services on a national basis;
    residential mortgage servicing, through a third party
    subservicer of acquired mortgage servicing rights; and
    securities brokerage services.
Our
    Market
We operate in what we believe to be one of the most attractive
    markets in the country, Colorado's Front Range. Our Front
    Range market area includes approximately 82% of the state's
    total population. The employment base in Colorado is the third
    most highly educated in the United States in terms of persons
    with college and post-graduate degrees. The metropolitan Denver
    area is appealing to technical and scientific workers who are
    interested in career opportunities in our market area's
    dynamic industries, as Colorado ranks in the top six states
    nationwide for industry employment concentrations in the
    aerospace, bioscience, software information technology,
    renewable energy and energy research industries. As of
    June 30, 2009, Colorado's unemployment rate was 7.6%,
    which was below the national average of 9.5%. The current
    turmoil in the financial institutions industry has caused a
    number of larger non-Colorado-based banks in our market to be
    acquired or divest a number of branches, thereby creating
    opportunities for us to attract customers, personnel and bank
    locations.
Business
    Strategy
Our company's operations are conducted primarily through
    the Bank, UW Trust Company, or UW Trust (formerly known as
    Sterling Trust Company), Matrix Financial Services
    Corporation, or Matrix Financial, and UW Investment Services,
    Inc., or UW Investment, all of which are wholly owned
    subsidiaries of our company.
Until December 2005, we operated the Bank as a specialized
    wholesale bank mainly engaged in acquiring assets (
e.g.
,
    residential loans, multifamily loans, and other loan assets)
    primarily on an indirect basis through relationships with large
    mortgage originators, loan brokers, and other market
    participants, with little emphasis on community banking
    operations. Believing that a wholesale bank focus was not an
    attractive longer term business model, our board of directors
    initiated a strategic transition in our business from a
    wholesale bank to a community banking operation, including the
    hiring of Scot Wetzel as our new Chief Executive Officer to lead
    the transition.
Through the Bank, as we transition from a specialized wholesale
    bank, we are focused on expanding our community-based banking
    network across Colorado's Front Range market and selected
    mountain communities
1
Table of Contents
by strategically positioning banking offices in those locations.
    We plan to grow the Bank network to an estimated 10 to 12
    community bank locations over the next three to five years. We
    originate Small Business Administration, or SBA, loans on a
    national basis. In addition to the community-based banking
    operations of the Bank, we also offer deposit services to
    institutional customers, as well as escrow, paying agent and
    trust account management lines of business through UW Trust.
In the process of transitioning to a community banking
    enterprise, we have capitalized on portions of our former
    wholesale infrastructure, including our institutional deposit
    base and runoff from existing wholesale assets, to support our
    expansion into community banking. This strategy has allowed us
    to change the mix of our earning assets while increasing our net
    margins. Our objective is to increase shareholder and franchise
    value by:
•
expanding our community banking and lending activities though
    the recruitment of experienced community bankers who are
    knowledgeable about and well-known in the Colorado Front Range
    and selected mountain community markets;
•
developing a branch network within such markets;
•
building a balance sheet consisting of originated loan and
    deposit products; and
•
maintaining a strong credit oversight with respect to our
    lending products.
Since we changed our strategy in December 2005, we have:
•
Launched the United Western Brand.
Previously
    known under a different name, in September 2006 we launched the
    United Western brand name. As we increase our branch network and
    formally market our name in our marketplace through advertising
    and active participation by our officers and employees in
    community affairs in our local markets, the United Western
    franchise becomes more appealing to customers looking for new or
    additional banking relationships.
•
Recruited a Significant Number of Veteran
    Bankers.
As a result of the ongoing consolidation
    in the insured depository institutions industry in the United
    States in general and in the State of Colorado in particular,
    many experienced bankers have been disenfranchised. We have been
    able to recruit 10 veteran banking teams for our targeted
    geographic markets, plus all of our support and infrastructure
    staff (144 active personnel in the last three years) with
    business and personal relationships and name recognition in our
    various local markets, helping us to build exceptional
    "local" banking branches. The average tenure of our
    senior bankers in our markets is approximately 20 years,
    and as a group, our bankers have experience servicing all of the
    leading industries in our market.
•
Developed a Service-Oriented Branch Network in our Focused
    Geographic Footprint
. We currently have eight full-service
    banking locations (Downtown Denver, Centennial, Cherry Creek,
    Hampden, Boulder, Loveland, Fort Collins and Longmont) and
    a private banking focused loan production office serving the
    Aspen and Roaring Fork Valley market area. We plan to add an
    additional two to four locations over the next few years in
    selected marketplaces to increase our coverage. Our branch
    network has facilitated our delivery of community banking
    products and services and helped us change our mix of assets and
    liabilities as described below.
•
Originated a Portfolio of Community
    Loans.
Since our change in strategy, we have
    grown community bank loans from $259 million at the end of
    2005 to $1.17 billion as of June 30, 2009. This
    increased community bank loans as a percentage of total loans to
    75.6% at June 30, 2009 from 19.1% as of December 31,
    2005. This change in earning asset mix has allowed us to
    increase our net interest margin over time from 2.74% in 2006 to
    3.40% for the six months ended June 30, 2009.
•
Secured Stable Deposit Base While Growing Community Bank
    Deposits
. We are in the process of converting our liability
    base to a community banking deposit base. Historically, we have
    attracted non-brokered deposits from institutional market
    participants (
e.g.
, trust companies and securities
    clearing firms) with whom we have had long standing
    relationships. In addition to growing our community
2
Table of Contents
banking deposits to over $293 million at June 30,
    2009, we have secured through contracts, over $1.5 billion
    of deposits with several institutional deposit relationships.
We believe the banking industry will continue to significantly
    consolidate in Colorado and in the United States over the next
    several years. While we have capitalized on an organic growth
    plan since starting our community banking business plan, we may
    consider the strategic acquisition of like minded banking
    organizations, or acquisitions of retail deposits and related
    branch facilities, including FDIC assisted transactions in our
    targeted markets or in similar demographic markets, as part of
    our business plan going forward.
When we employ the term "community banking
    operations," we mean the implementation of a strategy that
    is designed to directly originate local loans and other assets,
    and obtain local deposits and other liabilities, principally
    from businesses and individuals within the areas where our
    branches are located. In addition, community banking operations
    includes our SBA lending activities, which are conducted on a
    national basis.
Recent
    Events
Sale of Trust Company Assets.
On
    June 27, 2009, our subsidiary UW Trust, formerly known as
    Sterling Trust Company, consummated the sale of certain of
    its assets to Equity Trust Company and Sterling
    Administrative Services, LLC, or the Buyers. These assets were
    associated with UW Trust's self-directed individual
    retirement account and qualified employee benefit plan
    administration business. In addition to the assumption of
    certain UW Trust liabilities, the purchase price for these
    assets was $61.4 million, of which UW Trust received
    approximately $15.3 million in cash from the Buyers at the
    closing of the transaction. The remaining portion of the
    purchase price was financed pursuant to a loan agreement. In
    connection with the sale, we have agreed not to engage in
    activities deemed competitive with the business associated with
    the assets purchased by the Buyers for a period of five years
    following the closing of the transaction. The Buyers and their
    affiliate, Equity Administrative Services, Inc., have also
    agreed to maintain all custodial deposits, totaling
    approximately $841.7 million at June 30, 2009, with
    the Bank for a period of three years after the closing of the
    transaction. As a result of this sale, we recorded a pretax gain
    on the sale of $56.0 million, or approximately
    $36.1 million, net of tax. UW Trust has retained and
    continues to operate its current escrow and paying agent and
    trust account management businesses under its charter granted by
    the State of Texas.
Sale of Mortgage-Backed Securities.
On
    June 30, 2009, we sold mortgage-backed securities with an
    unpaid principal balance of $47.3 million for a total
    consideration received of approximately $400,000. As a result of
    this disposition, we recorded a pretax loss on the sale of
    $47.0 million, or approximately $29.2 million, net of
    tax. These securities comprised 100% of our exposure to
    mortgage-backed securities collateralized by
    option-adjustable-rate mortgage loans.
Internal Stress Test.
A third-party consultant
    recently conducted a stress test of our loan portfolios (both
    held for investment and held for sale). The stress test was
    based on the consultant's understanding of the tests that
    were recently administered to the nation's 19 largest banks
    by federal banking regulators in connection with the
    U.S. Treasury's Supervisory Capital Assessment
    Program. In conducting this stress test, the consultant applied
    its understanding of the U.S. Treasury's assumptions
    to estimate credit losses for our loan portfolios, assessed the
    resources available to absorb those losses and any necessary
    additions to capital that would be required under the "more
    adverse" stress test scenario. The consultant determined a
    "baseline" scenario, which assumed a path for the
    economy that followed a consensus forecast for certain economic
    variables, and a "more adverse" scenario, which
    utilized a more significant downturn. Based on the results of
    the consultant's stress test, and the assumptions and
    estimates utilized in the analysis, we believe that following
    the completion of this offering, our capital will be sufficient
    to withstand the economic challenges facing our company if the
    Colorado and national economy weakens further or is weaker than
    is currently expected. See "Risk Factors-Risks Related To
    Our Business" below.
3
Table of Contents
Our
    Offices
Our executive offices are located at 700 17th Street,
    Suite 2100, Denver, Colorado 80202 and our telephone number
    is
(303) 595-9898.
Our website is located at
www.uwbancorp.com
. The
    information contained on our website does not constitute part of
    this prospectus. Through our website, we make available free of
    charge our Annual Reports on
Form 10-K,
our proxy statements, our Quarterly Reports on
Form 10-Q,
our current reports on
Form 8-K,
and amendments to those reports filed or furnished pursuant to
    Section 13(a) or 15(d) of the Securities Exchange Act of
    1934. These reports are available as soon as reasonably
    practicable after we electronically file those materials with
    the Securities and Exchange Commission, or SEC. We also post on
    our website investor presentations and webcast earnings calls
    and transcripts, in addition to the charters of our Audit,
    Compensation, and Nominations and Corporate Governance
    Committees; our Corporate Governance Guidelines, our Code of
    Conduct and Ethics, and any amendments or waivers thereto; and
    any other corporate governance materials contemplated by SEC or
    NASDAQ regulations. The documents are also available in print by
    contacting our corporate secretary at our executive offices.
4
Table of Contents
The
    Offering
Common stock offered
shares
Common stock to be outstanding after this offering
shares
Use of proceeds
We estimate that we will receive net proceeds of
    $      million based on an
    offering price of $      per share,
    after deducting underwriting discounts and commissions and
    estimated offering expenses payable by us. We intend to use the
    net proceeds from this offering to provide
    $      million to the Bank to
    support its growth and related regulatory capital needs and to
    pay down $      million of our
    revolving indebtedness under our senior credit facility. We
    expect to use the remainder of the net proceeds for general
    working capital purposes. See "Use of Proceeds."
Dividend policy
Our company's management and board of directors are
    currently committed to continuing to pay regular cash dividends;
    however, there can be no assurance as to future dividends
    because they are dependent on our company's future
    earnings, capital requirements and financial conditions. Also,
    we are prohibited from paying dividends on our common stock if
    the scheduled payments on our junior subordinated debentures
    have not been made. See "Dividend Policy."
Risk factors
See "Risk Factors" and other information included in
    this prospectus for a discussion of factors that you should
    consider before deciding to invest in shares of our common stock.
NASDAQ Global Market Symbol
UWBK
The number of shares of common stock to be outstanding after
    this offering is based upon our outstanding shares as of
    August 7, 2009. These shares exclude the following:
•
465,068 shares of common stock issuable upon the exercise
    of stock options outstanding at August 7, 2009 with a
    weighted average exercise price of $19.01 per share;
•
935,356 shares of common stock reserved for issuance under
    equity incentive plans at August 7, 2009;
•
145,005 shares of common stock reserved for issuance under
    our employee stock purchase plan at August 7, 2009; and
•
up to      shares of common stock
    that may be issued by us upon exercise of the underwriters'
    over-allotment option.
5
Table of Contents
SUMMARY
    SELECTED CONSOLIDATED FINANCIAL DATA
The following table sets forth our summary selected consolidated
    historical financial data. You should read the summary selected
    consolidated financial information presented below in
    conjunction with "Management's Discussion and Analysis
    of Financial Condition and Results of Operations" and our
    consolidated financial statements and the notes to those
    financial statements appearing in our Annual Report on
Form 10-K/A
for the fiscal year ended December 31, 2008 and our
    Quarterly Report on
Form 10-Q
for the quarter ended June 30, 2009, which are incorporated
    by reference in this prospectus.
The following tables set forth selected consolidated financial
    data for us at and for each of the years in the five year period
    ended December 31, 2008 and at and for the six-month
    periods ended June 30, 2009 and 2008.
The selected statement of income data for the years ended
    December 31, 2008, 2007 and 2006, and the selected balance
    sheet data as of December 31, 2008 and 2007, have been
    derived from our audited financial statements included in our
    Annual Report on
Form 10-K/A
for the fiscal year ended December 31, 2008 which is
    incorporated by reference in this prospectus. The selected
    statement of income data for the years ended December 31,
    2005 and 2004 and selected balance sheet data as of
    December 31, 2006, 2005 and 2004 have been derived from our
    audited financial statements that are not included in this
    prospectus.
The summary financial data at and for the six months ended
    June 30, 2009 and June 30, 2008 and the consolidated
    balance sheet data as of June 30, 2009 and 2008 have been
    derived from our unaudited consolidated financial statements,
    which are included in our Quarterly Report of
Form 10-Q
for the quarter ended June 30, 2009 which is incorporated
    by reference in this prospectus. We believe these unaudited
    financial statements reflect all adjustments necessary for a
    fair presentation of our financial position and results of
    operations for the periods presented. Historical results are not
    necessarily indicative of future results, and the results for
    the six months ended June 30, 2009 are not necessarily
    indicative of our expected results for the full year ending
    December 31, 2009 or any other period.
The summary consolidated financial information for each of the
    five years ended December 31, 2008, and for the six months
    ended June 30, 2008, has been retrospectively adjusted to
    reflect the sale of UW Trust Company assets as discontinued
    operations in accordance with Statement of Financial Accounting
    Standards No. 144, "Accounting for the Impairment or
    Disposal of Long-Lived Assets." In addition, income per
    share data for all periods presented has been retrospectively
    adjusted to reflect the adoption of FASB Staff Position
EITF 03-06-1,
"Determining Whether Instruments Granted in Share-Based
    Payment Transactions are Participating Securities."
Six Months Ended
June 30,
Years Ended December 31,
2009
2008
2008
2007
2006
2005
2004
(In thousands, except per share data)
Consolidated Statement of Income Data:
Interest and dividend income
$
52,099
$
56,974
$
115,017
$
121,559
$
115,300
$
87,096
$
70,573
Interest expense
15,043
16,878
33,032
52,717
59,783
42,466
30,771
Net interest income before provision for credit losses
37,056
40,096
81,985
68,842
55,517
44,630
39,802
Provision for credit losses
10,459
4,023
8,599
2,312
2,019
891
2,089
Net interest income after provision for credit losses
26,597
36,073
73,386
66,530
53,498
43,739
37,713
Noninterest income:
(Loss) Gain on sale of available for sale investment securities
(46,980
)
—
—
98
274
(122
)
372
Other-than-temporary impairments
(603
)
—
(4,110
)
—
—
—
—
Gain on sale of assets
3,567
—
—
—
3,100
300
31,767
Other
4,314
4,759
9,614
12,925
19,277
22,513
41,914
Total noninterest (loss) income
(39,702
)
4,759
5,504
13,023
22,651
22,691
74,053
Noninterest expense
34,953
31,888
66,130
66,085
61,885
65,136
79,953
6
Table of Contents
Six Months Ended
June 30,
Years Ended December 31,
2009
2008
2008
2007
2006
2005
2004
(In thousands, except per share data)
(Loss) income from continuing operations before income taxes
(48,058
)
8,944
12,760
13,468
14,264
1,294
31,813
Income tax (benefit) expense
(17,807
)
2,676
2,635
3,315
3,885
(318
)
10,817
(Loss) income from continuing operations
(30,251
)
6,268
10,125
10,153
10,379
$
1,612
$
20,996
Discontinued Operations:
Discontinued operations, net of tax
37,525
160
(173
)
(12
)
1,277
(54
)
901
Net Income
$
7,274
$
6,428
$
9,952
$
10,141
$
11,656
$
1,558
$
21,897
(Loss) income from continuing operations per common share basic
$
(4.23
)
$
0.86
$
1.39
$
1.39
$
1.33
$
0.23
$
3.22
(Loss) income from continuing operations per common share
    assuming dilution(1)
(4.23
)
0.86
1.39
1.39
1.33
0.23
3.16
Income (loss) from discontinued operations per common share basic
5.23
0.02
(0.02
)
—
0.17
(0.01
)
0.14
Income (loss) from discontinued operations per common share
    assuming dilution
5.23
0.02
(0.02
)
—
0.17
(0.01
)
0.14
Net income per common share basic
$
1.00
$
0.88
$
1.37
$
1.39
$
1.50
$
0.22
$
3.36
Net income per common share assuming dilution
$
1.00
$
0.88
$
1.37
$
1.39
$
1.50
$
0.22
$
3.30
Weighted average common shares — basic
7,169,446
7,207,878
7,164,250
7,247,636
7,791,516
6,943,480
6,520,239
Weighted average common shares — assuming dilution
7,169,446
7,207,878
7,164,598
7,256,484
7,791,516
7,035,948
6,630,006
June 30,
December 31,
2009
2008
2008
2007
2006
2005
2004
(In thousands, except per share data)
Consolidated Balance Sheet Data:
Total assets
$
2,421,865
$
2,173,926
$
2,259,429
$
2,096,559
$
2,156,548
$
2,079,388
$
1,888,860
Securities
481,578
608,393
558,037
661,781
838,979
540,194
316,367
Loans held for investment, net
1,240,356
1,076,892
1,233,301
885,710
711,601
425,943
379,717
Loans held for sale, net
279,878
309,228
291,620
369,071
444,120
927,442
989,822
Mortgage servicing rights, net
8,187
10,653
9,496
11,971
15,399
20,708
26,574
Deposits(2)
1,860,090
1,433,033
1,724,672
1,385,481
1,345,681
1,124,044
1,119,159
Custodial escrow balances
41,722
46,777
29,697
34,172
40,017
49,385
51,598
FHLBank borrowings
216,665
431,376
226,721
406,129
519,431
615,028
506,118
Junior subordinated debentures owed to unconsolidated subsidiary
    trusts
30,442
30,442
30,442
30,442
56,216
61,372
61,835
United Western Bank repurchase agreements
78,529
80,538
81,265
76,428
50,000
—
—
Other borrowings
40,000
22,500
38,000
21,000
10,000
29,581
31,573
Total shareholders' equity(3)
129,668
103,547
101,949
113,421
107,753
180,728
92,315
Operating Ratios and Other Selected Data:
Average equity to average total assets(4)
4.67
%
5.39
%
5.01
%
5.42
%
5.12
%
5.00
%
4.30
%
Yield on assets
4.77
5.64
5.54
6.09
5.63
4.75
4.54
Cost of liabilities
1.53
1.93
1.80
3.06
3.26
2.56
2.17
Net interest margin(4)(5)
3.40
3.99
3.96
3.46
2.74
2.44
2.57
Return from continuing operations on average total assets(4)
NMF
0.59
0.46
0.48
0.48
0.08
1.18
Return from continuing operations on average equity(4)
NMF
10.91
9.21
8.92
9.34
1.61
27.45
Operating efficiency ratio(4)(6)
NMF
68.01
72.57
76.46
72.09
86.97
56.47
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Table of Contents
As of and for the Six Months Ended
June 30,
As of and for the Years Ended December 31,
2009
2008
2008
2007
2006
2005
2004
(Dollars in thousands, except per share data)
Ratios of Earnings to Fixed Charges(7):
Including interest on deposits
NMF
1.52
x
1.38
x
1.25
x
1.24
x
1.03
x
2.01
x
Excluding interest on deposits
NMF
1.80
x
1.60
x
1.51
x
1.38
x
1.05
x
2.52
x
Total Loan Performance Ratios and Data:
Nonperforming loans
$
38,786
$
13,005
$
21,899
$
10,475
$
8,398
$
16,894
$
31,345
Nonperforming loans/total loans
2.51
%
0.93
%
1.42
%
0.83
%
0.72
%
1.24
%
2.27
%
Nonperforming assets/total assets
1.76
0.72
1.17
0.65
0.64
1.03
1.82
Loans Held for Investment Performance
Ratios and Data:
Allowance for credit losses
$
25,520
$
11,762
$
16,183
$
8,000
$
6,231
$
4,808
$
5,974
Nonperforming loans held for investment
28,426
6,794
8,647
4,251
3,675
9,601
16,558
Nonperforming loans held for investment /total loans held for
    investment
2.25
%
0.62
%
0.69
%
0.48
%
0.51
%
2.23
%
4.30
%
Allowance for credit losses/total loans held for investment
2.02
1.08
1.30
0.90
0.87
1.12
1.55
Allowance for credit losses/nonperforming loans held for
    investment
89.78
173.12
187.15
188.19
169.55
50.08
36.08
Net loan charge-offs/average loans(4)
1.81
0.43
0.04
0.07
0.11
0.46
0.28
United Western Bancorp Ratio:
Leverage ratio(3)
5.35
%
4.76
%
4.51
%
5.41
%
5.00
%
8.69
%
4.89
%
Bank Regulatory Capital Ratios:
Leverage ratio
7.2
%
7.2
%
7.7
%
7.3
%
6.8
%
6.3
%
6.3
%
Tier 1 risk-based capital
9.1
10.8
9.7
12.3
14.9
13.8
12.2
Total risk-based capital
10.2
11.6
10.6
13.1
15.7
14.3
13.0
(1)
Income from continuing operations per common share assuming
    dilution is computed by dividing net earnings allocated to
    common stock by the weighted-average number of common shares
    outstanding during the period, and the dilutive effect, if any,
    of stock options. There are no other dilutive securities.
(2)
At June 30, 2009 and 2008, the total balance of brokered
    deposits was $79.5 million and $1.8 million,
    respectively. At December 31, 2008, 2007, 2006, 2005 and
    2004, the total balance of brokered deposits was
    $35.0 million, $13.0 million, $25.7 million,
    $42.5 million, and $247.9 million, respectively.
(3)
Total shareholders' equity and the leverage ratio at
    December 31, 2005 included approximately $87.0 million
    in proceeds from a private offering. We used approximately
    $79.5 million of the proceeds in January 2006 to complete
    an issuer tender offer and purchase shares of our company's
    common stock. This use of proceeds reduced total
    shareholders' equity in January 2006.
(4)
Calculations are based on average daily balances where available
    and monthly averages otherwise. In some instances, the results
    are reported as "NMF" meaning "not a meaningful
    figure" since the reported results would otherwise have
    reflected a negative number due to the operating loss realized
    in the period resulting from the sale of mortgage-backed
    securities.
(5)
Net interest margin has been calculated by dividing net interest
    income from continuing operations before provision for credit
    losses by average interest-earning assets.
(6)
The operating efficiency ratio has been calculated by dividing
    noninterest expense from continuing operations, excluding
    amortization of mortgage servicing rights, by operating income
    from continuing operations. Operating income from continuing
    operations is equal to net interest income before provision for
    credit losses plus noninterest income.
(7)
For purposes of calculating the ratio of earnings to fixed
    charges, earnings consist of income from continuing operations
    before taxes plus interest and rent expense. Fixed charges
    consist of interest and rent expense.
8
Table of Contents
RISK
    FACTORS
Before you invest in our common stock, you should be aware
    that there are risks, including those set forth below. You
    should carefully consider these risk factors, together with all
    the other information included or incorporated by reference in
    this prospectus, before you decide to purchase shares of our
    common stock.
Risks
    Related to Our Business
Our
    business may be adversely affected by conditions in the
    financial markets and economic conditions
    generally.
The United States is currently in a recession. Business activity
    across a wide range of industries and regions is greatly reduced
    and local governments and many businesses are experiencing
    serious financial difficulty due to the lack of consumer
    spending and the lack of liquidity in the credit markets.
    Unemployment has increased significantly. Since mid-2007, the
    financial services industry and the securities markets generally
    have been materially and adversely affected by significant
    declines in the values of nearly all asset classes and by a
    serious lack of liquidity and a lack of financing for many
    investors.
Market conditions have also led to the failure or merger of a
    number of prominent insured depository institutions. In
    addition, declining asset values, defaults on mortgages and
    consumer loans, and the lack of market and investor confidence,
    as well as other factors, have all combined to cause rating
    agencies to lower credit ratings for many debt instruments,
    including mortgage-backed securities, and to otherwise increase
    the cost and decrease the availability of liquidity, despite
    very significant declines in Federal Reserve borrowing rates and
    other U.S. government actions.
Some banks and other lenders have suffered significant losses
    and have become reluctant to lend, even on a secured basis, due
    to the increased risk of default and the impact of declining
    asset values on the value of collateral. The foregoing has
    significantly weakened the strength and liquidity of some
    financial institutions. In 2008 and 2009, the
    U.S. government, the Board of Governors of the Federal
    Reserve System, or the Federal Reserve, the Federal Deposit
    Insurance Corporation, or the FDIC, and other regulators took
    numerous steps to increase liquidity and to restore investor
    confidence, including investing in the equity of other banking
    organizations, but asset values have continued to decline and
    access to liquidity continues to be very limited.
Our financial performance generally, and in particular the
    ability of our borrowers to pay interest on and repay principal
    of outstanding loans and the value of collateral securing those
    loans, is highly dependent upon the business environment in the
    markets where we operate in the State of Colorado and in the
    United States as a whole.
The current financial market conditions were precipitated by
    falling housing prices and rising home loan delinquencies and
    foreclosures. This has negatively impacted mortgage-backed
    securities supported by real estate mortgage collateral and
    whole single-family mortgage loans, both of which are owned by
    our company. At June 30, 2009, we owned $433 million
    of mortgage-backed securities and $302 million of
    single-family mortgage loans.
Overall, during 2008 and 2009, the economic environment has been
    adverse for many households and businesses in the United States.
    The economic environment in the State of Colorado and the
    markets in which we operate has been less adverse than in the
    United States generally, but may continue to deteriorate. The
    business environment in the State of Colorado and the United
    States may continue to deteriorate. Continued deterioration in
    the business environments could adversely affect the credit
    quality of the Bank's loans, the value of our
    company's investment securities, and our overall results of
    operations and financial condition.
United
    Western Bank relies on institutional deposits, which, if one or
    more institutional relationships was terminated, such
    termination could negatively impact our liquidity, profitability
    and results of operations.
A significant portion of the total deposits of our principal
    subsidiary, United Western Bank, are funds deposited as a result
    of unaffiliated institutional relationships maintained by the
    Bank. At June 30, 2009, six unaffiliated institutional
    relationships accounted for $1.19 billion, or 62.7%, of our
    total deposits, which
9
Table of Contents
includes custodial escrow deposits. Included in these six
    unaffiliated institutional relationships is one institutional
    relationship with a balance of $841.7 million at
    June 30, 2009, which accounts for 44.3% of the Bank's
    total deposits at June 30, 2009. At June 30, 2009,
    other related institutional deposits accounted for
    $303.6 million. Matrix Financial Solutions, Inc. accounted
    for $209.0 million of the Bank's total deposits and
    Legent Clearing, a company in which certain directors and
    officers of our company own an indirect minority interest,
    accounted for $94.6 million of the Bank's total
    deposits. Institutional depositors generally are more sensitive
    to interest rate levels than retail consumers who bank at a
    branch office due to the amount of money they maintain on
    deposit. The Bank's future success in retaining and
    attracting institutional depositors depends, in part, on its
    ability to offer competitive rates and services. With the
    unprecedented events in the financial markets in the United
    States over the past two years, deposit concentrations are an
    increasing risk to all depository institutions and to our
    company. Although our institutional deposit relationships are
    evidenced by an agreement between the Bank and the institution,
    some of the agreements may be terminated by the institution at
    any time, upon prior notice, for any reason. Further, an
    institution may elect not to renew the agreement or to terminate
    the deposit relationship for various reasons, including, but not
    limited to, if there is a serious impairment to the Bank's
    financial condition or if the Bank fails to be well-capitalized.
    If the Bank loses one or more of these institutional
    relationships, our liquidity, profitability and results of
    operations may be significantly and adversely affected.
Pursuant to an asset purchase agreement dated April 7,
    2009, Equity Trust Company and Sterling Administrative
    Services, LLC, or the Buyers, purchased from us the assets of UW
    Trust associated with its self-directed individual retirement
    account and qualified employee benefit plan administration
    business. The Buyers, and their affiliate, Equity Administrative
    Services, Inc., have agreed to maintain all of their custodial
    deposits with the Bank for a three-year period. These deposits
    are included in the amounts set forth in the paragraph above.
    Notwithstanding the terms of the asset purchase agreement, if
    the Buyers transfer these deposits to another depository
    institution, our liquidity, profitability, and results of
    operations may be significantly and adversely affected.
Future
    growth or operating results may require us to raise additional
    capital, but that capital may not be available or it may be
    dilutive.
We are required by the Office of Thrift Supervision, or the OTS,
    to maintain adequate levels of capital to support our
    operations. To the extent our future operating results erode
    capital, subordinate-tranche mortgage-backed securities are
    downgraded as discussed below, or we elect to expand through
    loan growth or acquisitions, we may be required to raise
    additional capital. Our ability to raise capital will depend on
    conditions in the capital markets, which are outside our
    control, and on our financial performance. Accordingly, we
    cannot be assured of our ability to raise capital when needed,
    on favorable terms or at all. If we cannot raise additional
    capital when needed, we will be subject to increased regulatory
    supervision and the imposition of restrictions on our growth and
    business. These outcomes could negatively impact our ability to
    operate or further expand our operations through acquisitions or
    the establishment of additional branches and may result in
    increases in operating expenses and reductions in revenues that
    could have a material adverse effect on our financial condition
    and results of operations. In addition, in order to raise
    additional capital, we may need to issue shares of our common
    stock that would dilute the book value of our common stock and
    reduce our shareholders' percentage ownership interest to
    the extent they do not participate in future offerings.
In the
    event we fail to comply with our restrictive debt covenants
    under our senior credit facility, we may not be able to obtain
    the necessary amendments or waivers, and our lender could
    accelerate the payment of all outstanding amounts due under that
    arrangement.
Our ability to meet the nonperforming assets plus real estate
    owned ratio, or NPA Plus REO Ratio, contained in our senior
    credit facility and otherwise comply with our covenants may be
    affected by various events, including those that may be beyond
    our control. In addition to the financial covenants pertaining
    to the Bank maintaining its categorization as
    "well-capitalized" as described in the OTS
    regulations, our financial covenants require that the Bank, at
    all times, maintain an NPA Plus REO Ratio of not greater than
    4.5%. The NPA Plus REO Ratio means the ratio of the sum of
    nonperforming assets (less nonperforming assets
10
Table of Contents
guaranteed as to principal repayment by the U.S. government
    or one of its agencies) plus real estate owned, to the sum of
    total loans and repossessed assets plus real estate owned.
    Prospectively, we may not be able to continue to meet these and
    other ratios, tests and covenants. If we were to breach any of
    these covenants, ratios, tests or restrictions, as applicable,
    in the future, it could result in an event of default, which
    would allow our lender to declare all amounts outstanding to be
    immediately due and payable. If the lender accelerates the
    payment of our indebtedness, we may not be able to repay in full
    the amounts then outstanding. Further, as a result of any breach
    and during any cure period or negotiations to resolve a breach
    or expected breach, our lenders may refuse to make further loans
    to us, which could affect our liquidity and results of
    operations.
In the event we breach a covenant in the future or we expect
    that a breach may occur, we would seek to obtain a waiver from
    our lender or an amendment to our facility; however, we may not
    be successful in obtaining necessary waivers or amending our
    facility. Even if we are successful in obtaining waivers or
    entering into any such amendments, we could incur substantial
    costs in doing so, our borrowing costs could increase, and we
    may be subject to more restrictive covenants than the covenants
    under our existing facility. Any of the foregoing events could
    have a material adverse impact on our business and results of
    operations, and there can be no assurance that we would be able
    to obtain the necessary waivers or amendments on commercially
    reasonable terms, or at all.
We may
    be required to pay significantly higher FDIC deposit insurance
    premiums and assessments in the future.
Recent insured depository institution failures, as well as
    deterioration in banking and economic conditions, have
    significantly increased the loss provisions of the FDIC,
    resulting in a decline in the designated reserve ratio of the
    FDIC to historical lows. The FDIC expects a higher rate of
    insured depository institution failures in the next few years
    compared to recent years; thus, the reserve ratio may continue
    to decline. In addition, the deposit insurance limit on FDIC
    deposit insurance coverage generally has increased to $250,000
    through December 31, 2013. These developments will cause
    the premiums assessed on us by the FDIC to increase and
    materially increase our noninterest expense.
On December 16, 2008, the FDIC Board of Directors
    determined deposit insurance assessment rates for the first
    quarter of 2009 at 12 to 14 basis points per $100 of
    deposits. Beginning April 1, 2009, the rates increased to
    12 to 16 basis points per $100 of deposits. Additionally,
    on May 22, 2009, the FDIC announced a final rule imposing a
    special emergency assessment as of June 30, 2009, payable
    September 30, 2009, based on $0.05 for each $100 of assets,
    less Tier 1 capital, as of June 30, 2009, but the
    amount of the assessment is capped at 10 basis points of
    domestic deposits. The final rule also allows the FDIC to impose
    additional special emergency assessments on or after
    September 30, 2009, of up to 5 basis points per
    quarter, if necessary to maintain public confidence in FDIC
    insurance. The FDIC has indicated that a second assessment is
    probable. These higher FDIC assessment rates and special
    assessments will have an adverse impact on our results of
    operations. Our FDIC insurance related costs were
    $2.6 million for the six months ended June 30, 2009
    compared to $1.0 million and $818,000 for the years ended
    December 31, 2008 and 2007, respectively. We are unable to
    predict the impact in future periods; including whether and when
    additional special assessments will occur, in the event the
    economic crisis continues.
We also participate in the FDIC's Temporary Liquidity
    Guarantee Program, or TLGP, for noninterest-bearing transaction
    deposit accounts. Banks that participate in the TLGP's
    noninterest-bearing transaction account guarantee will pay the
    FDIC an annual assessment of 10 basis points on the amounts
    in such accounts above the amounts covered by FDIC deposit
    insurance. To the extent that these TLGP assessments are
    insufficient to cover any loss or expenses arising from the TLGP
    program, the FDIC is authorized to impose an emergency special
    assessment on all FDIC-insured depository institutions. The FDIC
    has authority to impose charges for the TLGP program upon
    depository institution holding companies as well. These changes,
    along with the full utilization of our FDIC deposit insurance
    assessment credit in early 2009, will cause the premiums and
    TLGP assessments charged by the FDIC to increase. These actions
    could significantly increase our noninterest expense in 2009 and
    for the foreseeable future.
11
Table of Contents
Our
    allowance for credit losses may be insufficient.
We maintain an allowance for credit losses, which is a reserve
    established through a provision for credit losses charged to
    expense, that represents our management's best estimate of
    probable inherent losses within the existing portfolio of loans.
    The allowance, in the judgment of management, is necessary to
    reserve for estimated credit losses and risks inherent in our
    loan portfolio. The level of the allowance reflects
    management's continuing evaluation of industry
    concentrations, specific credit risks, loan loss experience,
    current loan portfolio quality, present economic, political and
    regulatory conditions and unidentified losses inherent in the
    current loan portfolio, and has been increasing as the economy
    worsens. The determination of the appropriate level of the
    allowance for credit losses inherently involves a high degree of
    subjectivity and requires management to make significant
    estimates of current credit risks and inherent and
    as-yet-unidentified losses in the portfolio, all of which may
    undergo material changes. In addition, the OTS periodically
    reviews our allowance for credit losses and may require an
    increase in the provision for credit losses or the recognition
    of further loan charge-offs, based on judgments different than
    those of management. In light of the current economic
    environment, significant additional provisions for credit losses
    may be necessary to supplement the allowance for credit losses
    in the future. If charge-offs in future periods exceed the
    allowance for credit losses, we will need additional provisions
    to increase the allowance for credit losses. We cannot assure
    you that we will not increase the allowance for credit losses
    further or that the OTS will not require the Bank to increase
    its allowance, either of which could adversely affect our
    company. Any increases in the allowance for credit losses will
    result in a decrease in net income and, possibly, capital, and
    may have a material adverse effect on our financial condition
    and results of operations and hinder our ability to make
    payments on the outstanding obligations of our company.
A
    significant portion of our loan portfolio is secured by real
    estate, and a continued downturn in the economy within the
    markets we serve could significantly hurt our business and
    prospects for growth.
Real estate lending (including commercial, construction, land
    development, and residential) remains a large portion of the
    Bank's loan portfolio. These categories constitute
    $1.2 billion, or approximately 78% of the Bank's total
    loan portfolio as of June 30, 2009. Real estate values are
    generally affected by changes in economic conditions,
    fluctuations in interest rates and the availability of loans to
    potential purchasers, changes in tax and other laws and acts of
    nature. A downturn in the real estate markets in which the Bank
    originates, purchases and services mortgage and other loans
    could hurt our business because these loans are secured by real
    estate. In addition, even though the Bank's real property
    collateral is currently located throughout the United States, we
    believe that the amount of such collateral in Colorado, which at
    June 30, 2009 was $758 million, or 49% of our total
    loan portfolio, is likely to increase as a result of our
    community banking strategy. A continuation of the downturn in
    the real estate markets where the Bank has loans could have a
    material adverse effect on our business, financial condition and
    results of operations.
Current market conditions include an over-supply of land, lots,
    and finished homes in many markets including those where we do
    business. At June 30, 2009, approximately 12.4% of our
    assets were single-family mortgage loans. We had approximately
    $3.9 million of nonperforming, single-family mortgage loans
    in our held for investment portfolio and $8.8 million of
    nonperforming single-family mortgage loans in our held for sale
    portfolio at June 30, 2009. If housing markets in our
    market areas continue to deteriorate, we may experience a
    further increase in nonperforming loans, provisions for loan
    losses, charges to reduce the carrying value of loans held for
    sale to the lower of cost or fair value, and charge-offs. While
    it is difficult to predict how long these conditions will exist
    and which markets, products or other segments of our loan and
    securities portfolio might ultimately be affected, these factors
    could adversely affect our ability to grow our earning assets or
    affect our results of operations.
The residential and commercial real estate sectors of the
    U.S. economy experienced an economic slowdown that has
    continued in 2009. Specifically, the values of residential and
    commercial real estate located in our market areas have
    declined, and these declines may continue in the future. If the
    loans that are collateralized by real estate become troubled
    during a time when market conditions are declining or have
    declined, then we may not be able to realize the full value of
    the collateral that we anticipated at the time of
12
Table of Contents
originating the loan, which could require us to increase our
    provision for credit losses and adversely affect our financial
    condition and results of operations.
We are
    subject to risk related to our concentration of construction and
    land development and commercial real estate loans.
As of June 30, 2009, we had $306.7 million of
    construction loans and $101.7 million of land development
    loans, of which $359.8 million, or 88% of the aggregate of
    such loans, are for projects located in Colorado. Construction
    loans are subject to risks during the construction phase that
    are not present in standard residential real estate and
    commercial real estate loans. These risks include:
•
the viability of the contractor;
•
the value of the project being subject to successful completion;
•
the contractor's ability to complete the project, to meet
    deadlines and time schedules and to stay within cost
    estimates; and
•
concentrations of such loans with a single contractor and its
    affiliates.
Real estate construction loans may involve the disbursement of
    substantial funds with repayment dependent, in part, on the
    success of the ultimate project rather than the ability of a
    borrower or guarantor to repay the loan and also present risks
    of default in the event of declines in property values or
    volatility in the real estate market during the construction
    phase. Our practice, in the majority of instances, is to secure
    the personal guaranty of individuals in support of our real
    estate construction loans which provides us with an additional
    source of repayment. At June 30, 2009, we had five
    nonperforming construction and development loans that totaled
    $13.9 million and another $2.3 million of assets that
    have been foreclosed. If one or more of our larger borrowers
    were to default on their construction and development loans, and
    we did not have alternative sources of repayment through
    personal guarantees or other sources, or if any of the
    aforementioned risks were to occur, we could incur significant
    losses.
At June 30, 2009, we had $453.3 million of commercial
    real estate loans. Bank regulatory authorities have issued
    guidance regarding high concentrations of commercial real estate
    loans within bank loan portfolios to remind banks that their
    risk management practices and capital levels should be
    commensurate with the level and nature of their commercial real
    estate concentration risk. Banks with higher levels of
    commercial real estate loans are expected to implement improved
    underwriting, internal controls, risk management policies and
    portfolio stress testing, as well as higher levels of allowances
    for credit losses and capital levels as a result of commercial
    real estate lending growth and exposures. If there is
    deterioration in our commercial real estate portfolio or if the
    OTS concludes that we have not implemented appropriate risk
    management policies and practices, it could adversely affect our
    business and result in a requirement of increased capital
    levels, and such capital may not be available at that time.
The
    mortgage loans that the Bank holds are subject to risks of
    delinquency, foreclosure and loss, which could result in losses
    to us.
The residential and commercial mortgage loans held in the
    Bank's loan portfolio are secured by residential and
    commercial properties and are subject to risks of delinquency,
    foreclosure and loss of principal and interest. The ability of a
    borrower to repay a loan secured by residential property
    typically is dependent primarily upon the income or assets of
    the borrower. In addition, other factors that affect the risk of
    our mortgage loan portfolio include:
•
property location and condition;
•
competition and demand for comparable properties;
•
changes in zoning laws for the property or its surrounding area;
•
environmental contamination at the property;
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•
the occurrence of any uninsured casualty at the property;
•
changes in national, regional or local economic conditions;
•
declines in regional or local real estate values;
•
increases in interest rates
and/or
real
    estate tax rates;
•
changes in governmental rules, regulations and fiscal policies,
    including environmental legislation and tax laws; and
•
other events such as acts of God, natural disasters, war,
    terrorism, social unrest and civil disturbances.
In the event of the bankruptcy of a mortgage loan borrower, the
    mortgage loan to such borrower will be deemed to be secured only
    to the extent of the value of the underlying collateral at the
    time of bankruptcy, as determined by the bankruptcy court. The
    lien securing the mortgage loan will be subject to the avoidance
    powers of the bankruptcy trustee or
debtor-in-possession
to the extent the lien is unenforceable under state law.
    Foreclosure of a mortgage loan can be an expensive and lengthy
    process that can have a substantial negative effect on our
    originally anticipated return on the foreclosed mortgage loan.
    Prospectively, it is possible there will be changes in
    bankruptcy laws, as well as other rules and regulations that
    impact delinquent mortgage loan borrowers that could negatively
    impact the total recovery we realize on mortgage loans.
The
    Bank has invested in loan portfolios, pooled securities and
    mortgage-backed obligations, which may lead to volatility in
    cash flow and market risk.
The Bank's asset portfolio contains large portfolios of
    single-family residential loans acquired through bulk purchases
    and purchased U.S. Small Business Administration, or SBA,
    loans and pools. Our investment portfolio largely consists of
    mortgage-backed securities primarily secured by pools of
    mortgages on single-family residences. When the Bank acquires
    such mortgage-backed securities and loans, we anticipate that
    the underlying notes will prepay at a projected rate, thereby
    generating an expected yield. Prepayment rates generally
    increase as interest rates fall and decrease when interest rates
    rise, but changes in prepayment rates are difficult to predict.
    Some of the Bank's mortgage-backed securities and many of
    our bulk single-family loan purchases and purchased SBA loans
    and pools were acquired at a premium purchase price. In
    accordance with applicable accounting rules, we will write-off
    such premiums when necessary due to loan prepayments with
    respect to our held for sale loan portfolio and amortize such
    premiums over the expected lives of our mortgage-backed
    securities and loans held for investment. If the underlying
    assets that the Bank acquired or that secures our
    mortgage-backed securities prepays more rapidly than
    anticipated, we would have to write-off or amortize the premium
    on an accelerated basis, which would adversely affect our
    profitability.
Our
    business is subject to interest rate risk.
Our company's earnings and cash flows are largely dependent
    upon our net interest income. Net interest income is the
    difference between interest income earned on interest-earning
    assets such as loans and securities and interest expense paid on
    interest-bearing liabilities such as deposits and borrowed
    funds. Interest rates are highly sensitive to many factors that
    are beyond our control, including general economic conditions
    and policies of various governmental and regulatory agencies
    and, in particular, the Board of Governors of the Federal
    Reserve System. Changes in monetary policy, including changes in
    interest rates, could influence not only the interest we receive
    on loans and securities and the amount of interest we pay on
    deposits and borrowings, but such changes could also affect:
•
our company's ability to originate loans and obtain
    deposits;
•
the fair value of our company's financial assets and
    liabilities; and
•
the average duration of our company's mortgage-backed
    securities portfolio.
If the interest rates paid on deposits and other borrowings
    increase at a faster rate than the interest rates received on
    loans and other investments, our net interest income, and
    therefore earnings, could be adversely
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affected. Our earnings could also be adversely affected if the
    interest rates received on loans and other investments fall more
    quickly than the interest rates paid on deposits and other
    borrowings.
Although our management believes it has implemented effective
    asset and liability management strategies to reduce the
    potential effects of changes in interest rates on our
    company's results of operations, any substantial,
    unexpected, prolonged change in market interest rates could have
    a material adverse effect on our company's financial
    condition and results of operations.
Continued
    declines in interest rates would likely hurt our
    earnings.
The decline in market interest rates that occurred in 2008 and
    in particular in the fourth quarter of 2008 negatively impacted
    our net interest income. While we believe that the continued
    implementation of our community bank business plan, and its
    expected change in asset and liability mix, will partially
    mitigate the impact of lower market rates, any additional
    declines in interest rates are expected to have a negative
    impact on net interest income, net interest spread, net interest
    margin, and overall results of operations.
We
    must effectively manage our credit risk.
There are risks inherent in making any loan, including risks
    inherent in dealing with individual borrowers, risks of
    nonpayment, risks resulting from uncertainties as to the future
    value of collateral and risks resulting from changes in economic
    and industry conditions. The Bank attempts to minimize its
    credit risk with prudent loan application approval procedures,
    including an analysis of the credit risk, a valuation of the
    underlying collateral, monitoring of loan concentration within
    specific industries and geographic locations and periodic
    independent reviews of outstanding loans by our loan review and
    audit departments. Nevertheless, we are exposed to significant
    credit risks, including possible errors in the Bank's
    credit analysis, the uncertainty of the borrower's ability
    to repay the loans, the uncertainty of future economic
    conditions and the possibility of loan defaults.
Additional
    market concern over investment securities backed by mortgage
    loans could create losses in our investment
    portfolio.
Although we sold mortgage-backed securities on June 30,
    2009 that represented 100% of our exposure to mortgage-backed
    securities collateralized by option-adjustable-rate mortgage
    loans, a majority of the Bank's investment portfolio is
    comprised of securities where mortgages are the underlying
    collateral. These securities include agency-guaranteed
    mortgage-backed securities and nonagency mortgage-backed
    securities and collateralized mortgage obligations. With the
    national downturn in real estate markets and the rising mortgage
    delinquency and foreclosure rates, investors are increasingly
    concerned about these types of securities, which have negatively
    impacted the prices of such securities in the marketplace.
Continued negative trends in the loans underlying the
    mortgage-backed securities could lead to material
    other-than-temporary impairment charges in the future. The
    determination of other-than-temporary impairment is a
    significant estimate and is susceptible to change prospectively.
    If credit losses on those loans were to exceed the subordinated
    tranches designed to credit-enhance our securities, we would not
    receive the full stated interest due on the securities or our
    full principal balance, or both. Our company and the Bank own
    both senior and subordinated tranches of these securities. If we
    were to conclude there were unrealized losses which were
    other-than-temporary — which we evaluate, by among
    other factors, considering estimates of recoverability, as well
    as the duration and severity of the unrealized loss —
    we would be required under GAAP to reduce the carrying amount of
    the securities to fair value and record a corresponding charge
    to earnings for the portion determined to be due solely to
    credit, and reduce the remainder of the securities to fair value
    via a corresponding charge to other comprehensive income. The
    portion of the charge due to credit would also reduce our
    regulatory capital and negatively impact the Bank's capital
    ratios. These negative impacts could significantly impair the
    Bank's ability to borrow funds under credit arrangements,
    as well as negatively impact our material institutional
    depository arrangements and relationships. In addition, if the
    Bank determined it was more likely than not that it would sell a
    security, or that it was more likely than not that it would be
    required to sell a security, such impairments would be realized
    through earnings as other-than-temporary impairments.
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Temporary impairments on available for sale securities and the
    portion of impairments on held-to-maturity securities in which
    we have identified as other-than-temporary impairment that is
    not directly related to credit factors also reduce our book
    value per share as the changes in the value reduce
    shareholders' equity. Although OTS regulations do not
    proscribe capital ratio levels for our company per se,
    additional impairments could reduce capital levels further and
    below levels our management deems prudent.
Many of the loans underlying the non-agency mortgage-backed
    securities we own have one or more characteristics increasing
    the risk of default by the borrowers. These characteristics
    include, among others, declining real estate values that have
    reduced the prices of many one-to-four family residences below
    the amount of the outstanding mortgage debt, limited
    underwriting documentation at mortgage origination which may
    have permitted borrowers to become mortgagors of obligations
    beyond their economic means, declining employment in the United
    States, and other factors.
Declines
    in the credit and residential housing markets could result in
    further losses on our mortgage-backed securities.
Credit markets in many sectors have experienced dramatic
    reductions in liquidity and increases in required returns by
    investors in credit-sensitive assets. These conditions began in
    2007 in the sub-prime mortgage market, but expanded in 2008 to
    include virtually all non-agency mortgage-backed securities and
    many other asset-backed markets. At June 30, 2009,
    approximately 18% of our assets were mortgage-backed securities
    and approximately 92.5% of those securities were non-agency
    securities. Recent transactions by distressed sellers, and
    expectations of further distressed sales, have exacerbated
    market discounts for mortgage-backed securities and generally
    removed the majority of typical participants from transactions
    in non-agency securities. As a result, it is difficult to
    determine fair values for those securities and would likely be
    difficult to sell securities in the current market at all. We
    estimate the fair value of the non-agency securities we own was
    below amortized cost by approximately $61.4 million, or
    15.2%, at June 30, 2009. Though we currently have the
    intent and ability to hold the securities until repayment, if it
    became necessary for us to sell non-agency securities, any sales
    would almost certainly be at a significant discount to par value
    which would have a negative effect on our operating results and
    capital position. Due to current market conditions, we may be
    unable to sell our non-agency mortgage-backed securities when or
    if required to meet capital demands.
As a
    regulated entity, the Bank must maintain certain required levels
    of regulatory capital that may limit our operations and
    potential growth.
The Bank is subject to various regulatory capital requirements
    administered by the OTS. Failure to meet minimum capital
    requirements can initiate certain mandatory, and possibly
    additional discretionary actions by regulators that, if
    undertaken, could have a direct material effect on the
    Bank's and our company's consolidated financial
    statements. Under capital adequacy guidelines and the regulatory
    framework for prompt corrective action, the Bank must meet
    specific capital guidelines that involve quantitative measures
    of the Bank's assets, liabilities and certain off-balance
    sheet commitments as calculated under these regulations.
Quantitative measures established by regulation to ensure
    capital adequacy require the Bank to maintain minimum amounts
    and defined ratios of total and Tier 1 capital to
    risk-weighted assets and of Tier 1 capital to total assets.
    For the Bank, Tier 1 capital consists of shareholder's
    equity excluding unrealized gains and losses on certain
    securities, less a portion of the Bank's mortgage servicing
    asset that is disallowed for capital. For the Bank, total
    capital consists of Tier 1 capital plus the allowance for
    loan and lease loss less a deduction for low level recourse
    obligations.
Many factors may affect the Bank's capital and its ability
    to maintain required capital ratios. For example, loan grading
    decisions, loan impairments, recognized loan losses, increased
    operating expenses and other factors may combine to decrease the
    Bank's capital and require us to contribute additional
    capital to the Bank. Conversely, positive operational results,
    such as the sale of assets at value in excess of our amortized
    cost, expense savings programs and other factors may increase
    the Bank's capital, thereby improving its regulatory
    capital ratios under OTS guidelines.
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If any
    of the Bank's subordinate-tranche, non-agency,
    mortgage-backed securities were to be downgraded below
    investment grade by one or more of the nationally recognized
    securities rating organizations, or NRSROs, which rate the
    securities, we could be required to maintain additional
    capital.
We hold a number of subordinate-tranche, non-agency,
    mortgage-backed securities which were rated AAA by one or more
    NRSROs when the Bank acquired them. If any of these securities
    were to be downgraded two or more grades below investment grade
    by any one NRSRO, as described below, we will be required to
    maintain additional risk-based capital in support of such
    securities if the Bank elects to continue to hold such
    securities. The additional amount of risk-based capital required
    may be as great as the outstanding principal amount of the
    security. If this were to occur, and the Bank did not have
    enough risk-based capital to meet its required risk-based
    capital ratios, the Bank may have to raise additional capital or
    sell assets in order to maintain its required risk-based capital
    ratios. If additional capital was not available to the Bank when
    needed, the Bank would have to consider other alternatives for
    downgraded subordinate-tranche securities or implement other
    capital planning strategies to maintain its required capital
    ratios. These alternatives or other strategies could negatively
    affect our results of operations, cash flows and financial
    position. With the distress in the United States mortgage market
    ensuing since Spring 2008, many of our subordinate-tranche,
    non-agency, mortgage-backed securities, formerly rated
    investment grade, have been downgraded to two or more grades
    below investment grade by one or more NRSROs.
As of June 30, 2009, we held subordinate-tranche,
    non-agency, mortgage-backed securities with an amortized cost of
    $138.8 million, of which $90.4 million in amortized
    cost to us were rated investment grade or one grade below
    investment grade. With regard to the $90.4 million in
    amortized cost of subordinate-tranche, non-agency,
    mortgage-backed securities, we were required to maintain
    regulatory risk-based capital of $6.2 million to hold such
    securities at June 30, 2009. The remainder of our
    subordinate-tranche, non-agency, mortgage-backed securities,
    $48.4 million in amortized cost, were rated two or more
    grades below investment grade at June 30, 2009, and the
    Bank was required to maintain $24.8 million of regulatory
    risk-based capital in order to hold such securities and maintain
    a total risk-based capital ratio of at least 10%.
Subsequent to June 30, 2009, approximately
    $39.3 million of the $90.4 million of
    subordinate-tranche, non-agency mortgage-backed securities were
    downgraded to two or more grades below investment grade by at
    least one NRSRO. Assuming no changes prior to September 30,
    2009, these downgrades would require the Bank to allocate an
    estimated $35.4 million of additional capital to these
    securities in order to maintain a total risk-based capital ratio
    of 10% at September 30, 2009.
We are exploring various alternatives to manage the potential
    impact of these ratings downgrades, including, without
    limitation, incurring additional debt at our company to purchase
    certain securities from the Bank, including the newly downgraded
    subordinate-tranche, non-agency, mortgage-backed securities.
We are unable to predict with any degree of accuracy when or if
    any of our remaining subordinate-tranche, non-agency,
    mortgage-backed securities with an amortized cost of
    $51.1 million may be downgraded to two or more grades below
    investment grade by any NRSRO. Any additional downgrades by the
    NRSROs to two or more grades below investment grade could have a
    material adverse effect on our financial condition.
As a
    savings bank, pursuant to the Home Owners' Loan Act, or
    HOLA, the Bank is required to maintain a certain percentage of
    its total assets in HOLA-qualifying loans and investments, which
    limits our asset mix and could significantly restrict our
    ability to sell certain assets to obtain
    liquidity.
A savings bank or thrift differs from a commercial bank in that
    it is required to maintain at least 65% of its total assets in
    HOLA-qualifying loans and investments, such as loans for the
    purchase, refinance, construction, improvement, or repair of
    residential real estate, home equity loans, educational loans
    and small business loans. To maintain our thrift charter we have
    to pass the Qualified Thrift Lender test, or QTL test, in 9 out
    of 12 of the immediately preceding months. The QTL test limits
    the extent to which we can grow our commercial loan portfolio.
    However, a loan that does not exceed $2 million (including
    a group of loans to one borrower) and is for commercial,
    corporate, business, or agricultural purposes is not so limited.
    We may be limited in our ability to change our asset mix and
    increase the yield on our earning assets by growing our
    commercial loan portfolio.
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In addition, if we continue to grow our commercial loan
    portfolio and our single-family loan portfolio declines, it is
    possible that in order to maintain our QTL status, we could be
    forced to buy mortgage-backed securities or other
    HOLA-qualifying assets at times when the terms might not be
    attractive. Alternatively, we could find it necessary to pursue
    different structures, including converting the Bank's
    thrift charter to a commercial bank charter.
Our
    quarterly results may fluctuate.
Our financial results are subject to significant quarterly
    fluctuations as a result of, among other things, our loan
    production, opening of new branch locations, development of new
    products and services, premium amortization caused by
    prepayments of certain wholesale assets, such as our
    single-family mortgage loans, guaranteed SBA loans and pooled
    securities and changes in interest rates. Our operating results
    will fluctuate significantly in the future as a result of a
    variety of factors, some of which are outside of our control,
    including general economic conditions, economic conditions in
    the financial industry, the effects of governmental regulations
    and regulatory changes, capital expenditures and other costs
    relating to the expansion of operations, the introduction of new
    services by us or our competitors and the mix of services sold.
    In response to a changing competitive environment, we may elect
    from time-to-time to make certain pricing, service, or marketing
    decisions or enter into strategic alliances or make investments
    that could have a material adverse effect on our business,
    results of operations, financial condition and cash flow.
    Accordingly, our results of operations for any particular
    quarter are not necessarily indicative of the results that may
    be achieved for any succeeding quarter or for the full fiscal
    year.
If we
    sell mortgage loans or mortgage servicing rights and the
    underlying loan defaults, we may be liable to the purchaser for
    unpaid principal and interest on the loan.
In the ordinary course of selling mortgage loans or mortgage
    servicing rights and in accordance with industry standards, we
    make certain representations and warranties to purchasers. If a
    loan defaults and there has been a breach of representations or
    warranties and we have no recourse against a third party, we may
    become liable for the unpaid principal and interest on the
    defaulted loan. In such a case, we may be required to repurchase
    the mortgage loan and bear any subsequent loss on the loan. When
    we purchased mortgage servicing rights or mortgage loans, we
    also may have been exposed to liability to the extent that an
    originator or other seller of the servicing rights is unable to
    honor its representations and warranties to us. Our company has
    established a reserve for repurchases that may be required in
    connection with loans we originated and sold in connection with
    the sale of our wholesale production platform in 2003.
United
    Western Bank relies on wholesale funding sources for secondary
    and contingent liquidity sources.
The Bank utilizes borrowings from the Federal Home Loan Bank, or
    FHLBank, system, brokered certificates of deposits and
    repurchase agreements for secondary and contingent sources of
    liquidity. Also, from time to time, the Bank utilizes these
    sources to capitalize on market opportunities to fund investment
    and loan initiatives. To the extent such wholesale sources
    depend upon collateralized borrowings, declines in asset quality
    or the fair value of the underlying instruments could reduce our
    wholesale borrowing capacity. If the Bank were unable to obtain
    or maintain our access to funding or if adequate funding is not
    available to accommodate future growth at acceptable interest
    rates, it would have to find alternative sources of liquidity,
    which, if available, would probably be at a higher cost and on
    terms that do not match the structure of our liabilities as well
    as the existing wholesale funding sources. In addition, our
    company relies on wholesale bank funding for parent company
    funds. If such funds were not available from the banking sector,
    securing alternative funding could cause disruption to our
    business. Factors that could detrimentally impact our access to
    liquidity sources include a decrease in the level of our
    business activity as a result of a downturn in the markets in
    which our loans are concentrated or adverse regulatory action
    against us. Our ability to borrow could also be impaired by
    factors that are not specific to us, such as a disruption in the
    financial markets or negative views and expectations about the
    prospects for the financial services industry in light of the
    recent turmoil faced by banking organizations and the continued
    deterioration in credit markets.
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At June 30, 2009, we had outstanding indebtedness to
    FHLBank Topeka in the amount of $190 million. FHLBank
    Topeka currently limits our ability to pledge non-agency
    mortgage-backed securities as collateral against our borrowings
    from them to securities rated AA by at least one NRSRO. If the
    rating agencies were to downgrade any of the eligible securities
    that we have pledged to FHLBank Topeka to an unacceptable
    rating, our borrowing capacity would be reduced by
    $54.9 million as of June 30, 2009. If FHLBank Topeka
    reduced our borrowing capacity, and we were not able to replace
    the financing on similar terms, our liquidity could be
    materially and adversely affected. It may be difficult to secure
    replacement financing in the current credit markets.
Curtailment
    of government guaranteed loan programs could affect our SBA
    business.
The Bank's small business department relies on originating,
    purchasing, pooling and selling government guaranteed loans, in
    particular those guaranteed by the SBA. From time to time, the
    government agencies that guarantee these loans reach their
    internal limits and cease to guarantee loans for a period of
    time. In addition, these agencies may change their rules for
    loans or legislation may discontinue or change the programs. If
    changes occur, the volumes of loans that qualify for government
    guarantees could decline, which could in turn reduce the
    profitability of the Bank's small business department.
We are
    exposed to risk of environmental liabilities.
If we foreclose and take title to real estate, we could be
    subject to environmental liabilities with respect to these
    properties. We may be held liable to a governmental entity or to
    third parties for property damage, personal injury,
    investigation and
clean-up
costs incurred by these parties in connection with environmental
    contamination, or we may be required to investigate or clean up
    hazardous or toxic substances. In addition, if we are the owner
    or former owner of a contaminated site, we may be subject to
    common law claims by third parties based on damages and costs
    resulting from environmental contamination emanating from the
    property.
Failure
    in our automated systems and controls could subject us to
    increased operating or other liabilities.
We depend heavily upon our automated systems and controls for
    our business and operations. These systems and controls support
    the evaluation, acquisition, monitoring, collection and
    administration of our loan and servicing portfolios, depository,
    general accounting and other management functions, as well as
    the brokerage functions we perform. The failure of the automated
    systems, including a failure of data integrity or accuracy,
    could have a material adverse effect on our business and
    financial condition.
In addition, our operations are dependent upon our ability to
    protect the computer systems and network infrastructure utilized
    by us against damage from physical break-ins, security breaches
    and other disruptive problems caused by the Internet or other
    users. Such computer break-ins and other disruptions would
    jeopardize the security of information stored in and transmitted
    through our computer systems and network infrastructure, which
    may result in significant liability to us and deter potential
    customers. Although we, with the help of third-party service
    providers, intend to continue to implement security technology
    and establish operational procedures to prevent such damage,
    there can be no assurance that these security measures will be
    successful. A failure of such security measures could have an
    adverse effect on our financial condition and results of
    operations.
Breaches
    of our computer and network security systems may result in
    customer information being compromised and/or identity
    theft.
We maintain personal and financial information about our
    current, past and potential customers on our computer systems
    and network infrastructure, such as customer names, addresses,
    social security numbers, tax identification numbers, bank
    account numbers, information on loan applications and other
    sensitive personal and financial information. In addition, our
    customers may use the Internet to connect to the Bank's
    website to retrieve information about their accounts and to
    conduct online transactions, such as online bill payments. If
    the security of our encrypted computer systems and network
    infrastructure responsible for storing our customers'
    personal and financial data and information or the security of
    our online banking Internet services
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is breached, then customer information could be stolen and
    misused. Such misuse could include the loss of privacy resulting
    from the sale or disclosure of the information to third parties,
    credit fraud or other consequences of identity theft to the
    customer. While we believe that our current encrypted systems
    meet or exceed all commercial standards for network security,
    new criminal schemes or capabilities could compromise or breach
    our systems and network infrastructure. If our security measures
    fail to protect our customer's information, our existing
    and future customer base may be adversely affected, we may
    become subject to customer claims or lawsuits, our public image
    may be diminished, and our results of operations and financial
    condition could be adversely affected.
We may
    be adversely affected by changes in laws and regulations and the
    regulatory environment.
In June 2009, the U.S. Department of the Treasury, or
    Treasury, issued a "white paper" containing federal
    legislative proposals that, if enacted into law, would make
    substantial changes to the present U.S. financial services
    regulatory framework. One legislative proposal would be to
    eliminate the OTS and the federal savings bank or
    "thrift" charter, subject to "reasonable
    transition arrangements." One of these transition
    arrangements might involve, on a going-forward basis, converting
    the federal thrift charter into a national bank charter, which
    would result in the Office of the Comptroller of the Currency
    (or successor thereto) having principal regulatory and
    supervisory authority over former thrift institutions. The Bank
    conducts its business pursuant to a federal thrift charter. As
    of the date of this prospectus, the legislative proposals
    contained in the Treasury white paper, including its proposal to
    eliminate the federal thrift charter are being considered by the
    U.S. House of Representatives and the U.S. Senate.
    However, it is not clear whether the proposal to eliminate the
    federal thrift charter will become law, and if such proposal
    does become law, how the Bank would be regulated and supervised.
    If Congress eliminates the OTS and the Bank is required to
    convert its charter to a national bank charter, our company
    would no longer be regulated by the OTS, and it is possible we
    would be regulated by the Federal Reserve as a bank holding
    company.
Any change in the laws or regulations applicable to us, or in
    supervisory policies or examination procedures of banking
    regulators, whether by the OTS, the FDIC, the Treasury, the
    FHLBank System, the United States Congress, the Texas Department
    of Banking, or other federal or state regulators, could have a
    material adverse effect on our business, financial condition,
    results of operations and cash flows. In addition, bank
    regulatory authorities have extensive discretion in the exercise
    of their supervisory and enforcement powers. They may, among
    other things, impose restrictions on the operation of a banking
    institution, the classification of assets by such institution
    and such institution's allowance for credit losses.
    Additionally, bank regulatory authorities have the authority to
    bring enforcement actions against banks and their holding
    companies for unsafe or unsound practices in the conduct of
    their businesses or for violations of any law, rule or
    regulation, any condition imposed in writing by the appropriate
    bank regulatory agency or any written agreement with the agency.
    Possible enforcement actions against us could include the
    issuance of a
cease-and-desist
order that could be judicially enforced, the imposition of civil
    monetary penalties, the issuance of directives to increase
    capital or enter into a strategic transaction, whether by merger
    or otherwise, with a third party, the appointment of a
    conservator or receiver, the termination of insurance of
    deposits, the issuance of removal and prohibition orders against
    institution-affiliated parties, and the enforcement of such
    actions through injunctions or restraining orders.
Regulatory and law enforcement authorities also have wide
    discretion and extensive enforcement powers under various
    consumer protection and civil rights laws, including the
Truth-in-Lending
Act, the Equal Credit Opportunity Act, the Fair Housing Act, the
    Real Estate Settlement Procedures Act, the Home Mortgage
    Disclosure Act, the
Truth-in-Saving
Act, the Federal Trade Commission Act and Colorado's
    deceptive trade practices act. These laws also permit private
    individual and class action lawsuits and provide for the
    recovery of attorneys fees in certain instances.
If our application for proceeds under the Treasury's
    Capital Purchase Program, or CPP, is accepted and we elect to
    participate, we will be required to enter into agreements with
    the Treasury that the Treasury may amend for any reason at any
    time. We are unable to predict the scope or extent of any future
    amendments that Treasury may mandate under its CPP documents,
    all or some of which may impose additional regulatory burdens on
    us. Further, in order to accept CPP proceeds, we will be
    required to enter into a "source of
20
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strength" agreement with the OTS that will require us, as
    and when requested by the OTS, to provide financial and
    managerial support to the Bank. There can be no assurance that
    we will be able to supply the support requested by the OTS due
    to limitations on our own financial and managerial resources at
    the time of such request and our failure to provide the
    requested support may lead to regulatory enforcement action or
    actions against us and the Bank by the OTS. No assurance can be
    given that the foregoing regulations and supervision will not
    change so as to affect us adversely.
If our
    company were to suffer loan losses similar in amounts to those
    that may be predicted by a SCAP test, they could have a material
    adverse effect on our results of operation or financial
    condition, and the price, and market for, our common stock, and
    could require the need for additional capital.
Bank regulatory authorities, in connection with the Supervisory
    Capital Assessment Program, or SCAP, recently administered a
    stress or SCAP test to the nation's 19 largest banks. The
    SCAP test is based on a
2-year
cumulative loan loss assumption that represents two scenarios, a
    "baseline" scenario that assumed a consensus forecast
    for certain economic variables and a "more adverse"
    than expected scenario to project a more significant downturn.
    These scenarios are not forecasts or projections of expected
    loan losses.
While bank regulatory authorities have not administered a SCAP
    test to our loan portfolio (both loans held for investment and
    loans held for sale), we, in conjunction with a third-party
    consultant, performed a stress test of our loan portfolio to
    determine the potential effects on our capital as a result of
    the persistence of the economic factors identified in the SCAP
    test and to assess the potential exposure for increased
    nonperforming assets. The analysis was designed to approximate
    the SCAP test, with specific adjustments based on more current
    economic data reflective of the market areas in which our loans
    are located.
If the results of the SCAP test were to be applied to our loan
    portfolio, the estimated cumulative loan losses over the next
    six quarters ending December 31, 2010 under the
    "baseline" scenario may be $13.5 million, and
    under the "more adverse" scenario may be
    $19.1 million. These scenarios do not take into account our
    existing allowance for loan losses or existing lower of cost or
    fair value write downs which exceed these amounts. Nevertheless,
    if we were to suffer aggregate loan losses similar in amounts to
    those that may be predicted by a SCAP test, they could have an
    adverse effect on our results of operation or financial
    condition, and the price, and market for, our common stock, and
    could require the need for additional capital.
UW
    Trust Company is subject to regulation as a trust company
    and could be the subject of third party actions.
As a Texas chartered trust company, UW Trust is subject to
    supervision, regulation and examination by the Texas Department
    of Banking. UW Trust's activities are limited by applicable
    law generally to acting as a trustee, executor, administrator,
    guardian or agent for the performance of any lawful act, and to
    accumulate money when authorized under applicable law.
UW Trust has been in the past, and may be in the future, subject
    to claims by third parties regarding breach of contract, breach
    of fiduciary duty, or similar claims alleging violation of duty
    or law. While we believe applicable law supports our view of UW
    Trust's duties, or lack thereof, in that regard, there can
    be no assurances that we will prevail in any litigation or other
    proceeding challenging the matter.
Our
    ability to service our debt and pay dividends is subject to our
    ability to receive dividends from our
    subsidiaries.
We are a separate legal entity from our subsidiaries and do not
    have significant operations of our own. We currently depend on
    our cash, mortgage-backed securities, credit facilities and
    liquidity as well as dividends from our subsidiaries to pay our
    operating expenses and service our debt. There is no assurance
    that our subsidiaries will continue to have the capacity to pay
    us the necessary dividends to satisfy our obligations. In
    particular, the availability of dividends from the Bank is
    limited by various statutes and regulations. Depending upon the
    financial condition of the Bank and other factors, it is
    possible that the OTS could assert that the payment of dividends
    or other payments by the Bank are an unsafe or unsound practice.
    If the Bank
21
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or our other subsidiaries are unable to pay dividends sufficient
    to satisfy our obligations, we may not be able to service our
    debt, pay our obligations as they become due or pay dividends on
    our common stock.
Significant
    legal actions could subject our company to substantial
    liabilities.
We are from time to time subject to various legal claims related
    to our operations. These claims and legal actions, including
    potential supervisory actions by our company's regulators,
    could involve large monetary claims and significant defense
    costs. As a result, we may be exposed to substantial
    liabilities, which could adversely affect our results of
    operations and financial condition.
Risks
    Related to our Business Strategy
We may
    be unable to fully implement our community banking business
    strategy.
We are 42 months into our community bank transition, and in
    order to complete the execution of this strategy we must, among
    other things:
•
attract sufficient commercial business and retail deposits;
•
attract and maintain business banking relationships with
    businesses in the markets in which we serve;
•
attract and retain experienced and successful commercial and
    community bankers;
•
identify and pursue suitable opportunities for opening new
    branches in the Colorado Front Range and selected mountain
    community markets;
•
maintain adequate regulatory capital and comply with applicable
    federal and state regulations; and
•
originate community bank loans and maintain adequate asset
    quality.
Failure to achieve these strategic goals could adversely affect
    our ability to fully implement our community banking business
    strategies as well as our overall financial condition and
    results of operations.
We may
    not be able to effectively manage our proposed
    growth.
Our business strategy contemplates, in part, an increase in our
    franchise value by expanding into additional communities in the
    Colorado Front Range and selected mountain communities through a
    branch network for the Bank. To the extent that we undertake
    additional branch openings, we are likely to experience the
    effects of higher operating expenses relative to operating
    income from our expansion efforts for a period of time. We
    intend to make our loan production office in Aspen, Colorado a
    full-service branch, and we may acquire or lease other sites for
    future expansion. While we are committed to this strategy, our
    expansion could significantly burden our infrastructure or we
    may be unable to manage this growth. In addition, we may enter
    new lines of business or pursue other strategies intended to
    complement our community banking business plan implementation.
    To the extent we undertake such actions, we may experience
    higher operating costs and these new activities may not be
    successful.
We may
    not be able to attract and retain key personnel.
Our business strategy requires us to attract and to retain
    management experienced in community banking and financial
    services who live in the communities we serve. Our ability to
    retain our existing executive officers, regional presidents, and
    community banking staff is important to the successful
    implementation of our strategy. The unexpected loss of key
    personnel or the inability to recruit and retain qualified
    personnel in the future could have an adverse effect on our
    business.
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Adverse
    economic conditions in the Colorado Front Range and our mountain
    community markets could impair the execution of our business
    strategy.
The success of our business strategy depends primarily on the
    general economic conditions in our markets because local
    economic conditions will materially affect commercial real
    estate, including construction and land development, and
    residential loans originated, the ability of the borrowers to
    repay these loans and the value of the collateral securing these
    loans.
Our
    possible participation in the TARP CPP may place significant
    restrictions on our operations.
Under the Troubled Asset Relief Program's, or TARP, CPP, in
    the event that the Treasury approves our pending CPP application
    and we elect to participate in CPP, our ability to declare or
    pay dividends on any of our shares is limited. Specifically, we
    would not be permitted to pay dividends on our common stock
    without the Treasury's approval unless all of the preferred
    stock issued under CPP has been redeemed or transferred by the
    Treasury to unaffiliated third parties. In addition, our ability
    to repurchase shares of our common stock and other securities
    would be restricted. The consent of the Treasury generally is
    required for us to make any stock repurchases (other than in
    connection with the administration of any employee benefit plan
    in the ordinary course of business and consistent with past
    practice), unless all of the outstanding shares of preferred
    stock have been redeemed or transferred by the Treasury to
    unaffiliated third parties. Further, we may not repurchase
    shares of our common stock if we are in arrears on the payment
    of preferred stock dividends.
In the event our application is accepted and we elect to
    participate in the TARP CPP, we would also be subject to the
    Treasury's current standards for executive compensation and
    corporate governance for the period during which we have any
    outstanding obligation to Treasury, or the TARP Period. On
    June 10, 2009, Treasury, under the Emergency Economic
    Stabilization Act of 2008, or EESA, as amended by the American
    Recovery and Reinvestment Act of 2009, or ARRA, issued an
    interim final rule establishing these current standards.
These current standards generally would apply to our named
    executive officers (
i.e.
, our Chief Executive Officer,
    Chief Financial Officer and our three next most highly
    compensated senior executive officers). In addition, under
    certain circumstances, these standards would apply to our most
    highly compensated employees, even if they are not our named
    executive officers. Under the current standards:
•
we would be required to ensure that any bonus payment made to
    our named executive officers or our next 20 most highly
    compensated employees is subject to a contractual provision for
    recovery or "clawback" by us if the bonus payment was
    based on materially inaccurate financial statements (which
    includes, but is not limited to, statements of earnings,
    revenues, or gains) or any other materially inaccurate
    performance metric criteria;
•
we would be prohibited from making any "golden parachute
    payment" (
i.e.
, any payment for the departure from
    our company for any reason, or any payment due to a change in
    control of our company, except for payments for services
    performed or benefits accrued) to a named executive officer and
    any of our next five most highly compensated employees;
•
we would be prohibited from paying or accruing any bonus,
    retention award or incentive compensation to at least five of
    our most highly compensated employees (other than long-term
    restricted stock or stock units, as long as the value of the
    restricted stock or units is no greater than one-third of the
    affected employee's annual compensation and the award does
    not fully vest until the end of the TARP Period);
•
we would be required to establish a company-wide policy
    regarding "excessive or luxury" expenditures;
•
we would be prohibited from providing tax
gross-ups
to
    any of our named executive officers and our next 20 most highly
    compensated employees;
•
we would be required to include in any proxy statement for any
    annual or other meeting of our shareholders a separate
    non-binding shareholder vote to approve the compensation of our
    named executive officers;
23
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•
we would be required to maintain compensation plans that do not
    contain features that (i) unnecessarily expose our company
    to risks, (ii) encourage our named executive officers to
    take unnecessary and excessive risks that threaten the value of
    our company or (iii) encourage the manipulation of our
    reported earnings; and
•
we would not be able to claim a deduction, for federal income
    tax purposes, for compensation paid to any of the named
    executive officers in excess of $500,000 per year. The change to
    the deductibility limit on executive compensation may increase
    the overall cost of our compensation programs in future periods.
Our compensation committee would be responsible for monitoring
    and evaluating our compliance with these standards. Our
    compensation committee would be required to provide
    certifications as to our compliance with these standards in our
    annual proxy statement within 120 days of the end of each
    fiscal year during the TARP Period, while our Chief Executive
    Officer and Chief Financial Officer would have to do so in our
    Annual Report on
Form 10-K
within 90 days of the end of each fiscal year during the
    TARP Period.
The restrictions on bonuses and incentive compensation cited
    above (as well as any future ones) may result in us issuing
    additional shares of our common stock to compensate our
    executive officers that likely would result in dilution to our
    common shareholders and could have an adverse impact on the
    market value of our common stock.
The TARP CPP and ARRA may cause uncertainty among affected
    executives and thus result in such executives seeking employment
    elsewhere. If we are not able to manage effectively any such
    uncertainty, it could adversely affect our ability to execute
    our business plan. Such recent regulations are having, and
    future legislation and regulations will also have, a significant
    impact on the financial services industry, which changes could
    cause us to modify the way we operate our business and could
    adversely affect our profitability.
Risks
    Relating to this Offering and Ownership of Our Common
    Stock
The
    trading volume of our stock is low.
The low trading volume in our common shares on the NASDAQ Global
    Market means that our shares may have less liquidity than other
    publicly traded companies. We cannot ensure that the volume of
    trading in our common shares will increase in the future.
    Furthermore, to the extent shares are concentrated in a
    relatively small group of holders, a seller could be subject to
    significant adverse price volatility and price fluctuation. At
    June 30, 2009, based on filings made by third parties with
    the Securities and Exchange Commission, we believe that six
    holders owned 52.9% of our outstanding common stock. This
    includes shares held by our Chairman of the Board, Guy A.
    Gibson, who owns 1,325,985 shares, or 18.1% of our
    outstanding common stock.
We may
    issue additional shares of common or preferred stock, which may
    cause dilution and other risks.
Our board of directors may authorize the issuance of additional
    common or preferred stock in connection with future equity
    offerings, acquisitions of securities or assets of other
    companies or to be used as compensation for our executive
    officers. Furthermore, there are significant implementation
    risks associated with the acquisition and integration of another
    entity into our company that could adversely impact our
    financial condition and results of operations. Our board may
    also classify or reclassify any unissued preferred stock and set
    the preferences, rights and other terms of the classified or
    reclassified shares, including the issuance of preferred stock
    with preference rights over the common stock with respect to
    dividends, liquidation, voting and other matters. In any event,
    the issuance of additional shares of our common stock could be
    dilutive to shareholders who do not invest in future offerings.
    Moreover, to the extent that we issue options, warrants or
    similar instruments to purchase our common stock in the future
    and those options, warrants or similar instruments are exercised
    or we issue restricted stock which subsequently vests, our
    shareholders may experience future dilution.
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Table of Contents
Preferred
    shares that we would issue if we participated in the CPP will
    impact net income available to holders of our common shares and
    earnings per common share, and the related warrant to be issued
    to the U.S. Treasury may be dilutive to holders of our common
    shares.
As disclosed above, we have applied for an investment by the
    Treasury under the TARP CPP pursuant to the EESA, as amended. If
    the Treasury agrees to make such investment in us and we elect
    to participate in the CPP, the terms of such investment will
    include the issuance of senior preferred stock coupled with 15%
    warrant coverage. While the additional capital we may raise
    through our possible participation in the CPP will provide
    further funding to our business, and we believe will improve
    investor perceptions with regard to our financial position, it
    will increase our equity and the number of actual and diluted
    outstanding common shares as well as our preferred stock
    dividend requirements. The dividends declared and the accretion
    of discount on the preferred stock issued to Treasury will
    reduce the net income available to holders of our common shares
    and our earnings per common share. The preferred shares will
    also receive preferential treatment in the event of our
    liquidation, dissolution or winding up. Additionally, the
    ownership interest of the existing holders of our common shares
    will be diluted to the extent the warrant we will be required to
    issue to the Treasury in conjunction with the sale of the
    preferred shares is exercised. Because the number of common
    shares available to the Treasury under the warrant is not
    determined until the final closing, we are unable to currently
    determine the number of common shares we will have to make
    available to the Treasury under the warrant. Although the
    Treasury has agreed not to vote any of the common shares it
    receives upon exercise of the warrant, a transferee of any
    portion of the warrant or of any common shares acquired upon
    exercise of the warrant is not bound by this restriction.
The
    market price of our common stock may fluctuate
    significantly.
The price of our common stock that will prevail in the market
    after this offering may be higher or lower than the price you
    pay. The market price and liquidity of the market for shares of
    our common stock may be significantly affected by numerous
    factors, including some that are beyond our control and that may
    not be directly related to our operating performance. These
    factors include the following:
•
changes in earnings estimates or recommendations by analysts who
    cover our common stock;
•
variations in our quarterly operating results or the quarterly
    financial results of companies perceived to be competitors or
    similar to us;
•
changes in our capital structure, such as future issuances of
    securities, sales of large blocks of common stock by our
    shareholders or the incurrence of additional debt; and
•
changes in general economic and market conditions.
We
    will have broad discretion in the use of the net proceeds from
    this offering, and we may not use these proceeds
    effectively.
While we have specified the application of a significant portion
    of the net proceeds from this offering, our management will have
    broad discretion in the application of the net proceeds from
    this offering and could spend the proceeds in ways that do not
    necessarily improve our results of operations or enhance the
    value of our common stock. Although we intend to use the net
    proceeds from this offering to support the growth and related
    regulatory capital needs of the Bank, and apply toward general
    working capital purposes, we cannot specify with certainty the
    uses to which we will apply these net proceeds. The failure by
    our management to apply these funds effectively could result in
    financial losses that could have a material adverse effect on
    our business or financial condition and could cause the price of
    our common stock to decline.
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CAUTIONARY
    NOTE REGARDING FORWARD-LOOKING STATEMENTS
The statements contained in this prospectus that are not purely
    historical are forward-looking statements within the meaning of
    applicable securities laws. Our forward-looking statements
    include, but are not limited to, statements regarding our
    "expectations," "hopes,"
    "beliefs," "intentions," or
    "strategies" regarding the future. In addition, any
    statements that refer to projections, forecasts, or other
    characterizations of future events or circumstances, including
    any underlying assumptions, are forward-looking statements. The
    words "anticipate," "believe,"
    "continue," "could," "estimate,"
    "expect," "intend," "may,"
    "might," "plan," "possible,"
    "potential," "predict," "project,"
    "should" and "would," as well as similar
    expressions, may identify forward-looking statements, but the
    absence of these words does not mean that a statement is not
    forward looking. Forward-looking statements in this prospectus
    may include, for example, statements about:
•
the effect of conditions in the financial markets and economic
    conditions generally;
•
our reliance on institutional deposits;
•
our ability to raise additional capital;
•
our ability to comply with our debt covenants;
•
increased FDIC deposit insurance premiums and assessments;
•
the adequacy of our allowance for credit losses;
•
the concentration of our loan portfolio in real estate and
    construction and land development;
•
risks related to mortgage loans held by the Bank;
•
our exposure to interest rate risk;
•
our ability to manage credit risk;
•
market concerns and risks related to our investment securities
    backed by mortgage loans;
•
the Bank's ability to maintain required levels of
    regulatory capital;
•
the results of the regulatory examination and supervision
    process;
•
governmental regulations;
•
fluctuations in our quarterly results;
•
our ability to achieve adequate liquidity;
•
environmental laws and regulations;
•
the adequacy of our automated systems and computer and network
    security;
•
our ability to pay dividends;
•
the lawsuits we are defending;
•
our ability to implement our business strategy;
•
our ability to manage our growth;
•
our ability to retain our management and key employees; and
•
our possible participation in the Treasury's Troubled Asset
    Relief Program.
The forward-looking statements contained in this prospectus are
    based on our current expectations and beliefs concerning future
    developments and their potential effects on us. There can be no
    assurance that future developments affecting us will be those
    that we have anticipated. These forward-looking statements
    involve a number of risks, uncertainties, or assumptions, many
    of which are beyond our control, which may cause actual results
    or performance to be materially different from those expressed
    or implied by these forward-looking statements. These risks and
    uncertainties include, but are not limited to, those factors
    described under the heading "Risk Factors" in this
    prospectus. Should one or more of these risks or uncertainties
    materialize, or should any of our assumptions prove incorrect,
    actual results may vary in material respects from those
    projected in these forward-looking statements. We undertake no
    obligation to update or revise any forward-looking statements,
    whether as a result of new information, future events, or
    otherwise, except as may be required under applicable securities
    laws.
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USE OF
    PROCEEDS
Assuming a public offering price of
    $      per share, we estimate that we
    will receive net proceeds of
    $      million after deducting
    underwriting discounts and commissions and estimated offering
    expenses payable by us. We intend to use the net proceeds from
    this offering to:
•
contribute $      to the Bank to
    support its growth and related regulatory capital needs; and
•
pay down $      million of our
    revolving indebtedness to a third-party financial institution
    under our senior credit facility, which bears interest at
30-day
LIBOR
    plus 3.0% and matures on September 30, 2009.
We expect to use the remainder of the net proceeds for general
    working capital purposes. The amounts and purposes for which we
    allocate the net proceeds of this offering may vary depending
    upon a number of factors, including future revenue and the
    amount of cash generated by our operations.
PRICE
    RANGE OF COMMON STOCK
Our common stock is traded on the NASDAQ Global Market under the
    symbol "UWBK." The following table sets forth the
    quarterly market price for our common stock and cash dividends
    paid per share of our common stock for the quarters indicated:
Sales Price Per Share
Dividends
High
Low
Paid
Quarter Ended:
September 30, 2009 (through August 7, 2009)
$
10.17
$
7.66
$
June 30, 2009
10.85
4.44
0.06
March 31, 2009
9.98
4.40
0.06
December 31, 2008
$
12.15
$
6.98
$
0.06
September 30, 2008
13.68
9.92
0.06
June 30, 2008
18.08
12.42
0.06
March 31, 2008
20.09
15.60
0.06
December 31, 2007
$
22.30
$
19.73
$
0.06
September 30, 2007
25.65
20.49
0.06
June 30, 2007
26.32
23.11
0.06
March 31, 2007
24.50
19.69
0.06
At August 7, 2009, there were 7,345,874 shares of our
    company's common stock outstanding held by 153 holders of
    record, which excludes beneficial owners who hold their shares
    through nominees or in "street" name. The closing
    price per share of our common stock on August 7, 2009, was
    $8.13.
DIVIDEND
    POLICY
Our company's management and board of directors are
    currently committed to continuing to pay regular cash dividends;
    however, there can be no assurance as to future dividends
    because they are dependent on our company's future
    earnings, capital requirements, and financial conditions. Also,
    we are prohibited from paying dividends on our common stock if
    the scheduled payments on our junior subordinated debentures
    have not been made. In addition to adhering to our internal
    target payout ratio, there are regulatory restrictions on our
    ability to pay dividends, as well as the ability of UW Trust, UW
    Investment and the Bank to pay dividends to our company. If our
    pending application is approved by the Treasury and we elect to
    participate in the CPP, our ability to pay dividends will be
    further restricted as the Treasury has indicated that bank
    holding companies should not pay dividends using funds from the
    CPP.
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CAPITALIZATION
The following table sets forth our capitalization at
    June 30, 2009 and as adjusted to reflect the sale of
    the           shares
    of common stock offered by us in this offering at an assumed
    public offering price of $      per
    share, after deducting estimated underwriting discounts and
    commissions and estimated offering expenses and giving effect to
    our receipt of the estimated net proceeds of approximately
    $        .
June 30, 2009
Actual
As Adjusted
(Dollars in thousands)
Shareholders' equity:
Preferred stock, $0.0001 par value, 5,000,000 shares
    authorized; no shares issued and outstanding, actual and as
    adjusted
$
—
$
Common stock, $0.0001 par value, 50,000,000 shares
    authorized; 7,341,827 shares issued and outstanding,
    actual;       issued and
    outstanding, as adjusted(1)
1
Additional paid-in capital
24,593
Retained earnings
107,139
Accumulated other comprehensive loss
(2,065
)
Total shareholders' equity
129,668
Total capitalization
$
129,668
$
United Western Bancorp Ratio:
Leverage ratio
5.35
%
Bank Regulatory Capital Ratios:
Leverage ratio
7.2
%
Tier 1 risk-based capital
9.1
Total risk-based capital
10.2
(1)
Excludes the following:
•
465,068 shares of common stock issuable upon the exercise
    of stock options outstanding at August 7, 2009, 2009 with a
    weighted average exercise price of $19.01 per share;
•
935,356 shares of common stock reserved for issuance under
    equity incentive plans at August 7, 2009;
•
145,005 shares of common stock reserved for issuance under
    our employee stock purchase plan at August 7, 2009; and
•
up
    to           shares
    of common stock that may be issued by us upon exercise of the
    underwriters' over-allotment option.
Please read the capitalization table together with the section
    entitled "Summary Selected Consolidated Financial
    Data" and our financial statements and related notes
    incorporated by reference in this prospectus.
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DESCRIPTION
    OF CAPITAL STOCK
Our authorized capital stock consists of 5,000,000 shares
    of preferred stock, par value $0.0001 per share, and
    50,000,000 shares of common stock, par value $0.0001 per
    share. The following description of our capital stock is
    intended to be a summary and does not describe all provisions
    under our articles of incorporation or bylaws or Colorado law
    applicable to us. For a more thorough understanding of the terms
    of our capital stock, you should refer to our articles of
    incorporation and bylaws, which are included as exhibits to the
Form S-1
registration statement of which this prospectus is a part.
Common
    Stock
As of August 7, 2009, there were 7,345,874 shares of
    common stock outstanding, which were held of record by
    153 shareholders. Holders of common stock are entitled to
    receive dividends when, as and if declared by our board of
    directors from funds legally available therefor. Each share of
    common stock entitles the holder thereof to one vote. Cumulative
    voting for the election of directors is not permitted, which
    means that the holders of the majority of shares voting for the
    election of directors can elect all members of the board of
    directors. Except as otherwise required by law, a majority vote
    is sufficient for any act of the shareholders. The holders of
    common stock are entitled to receive the assets of our company
    remaining after payment of liabilities proportionate to their
    pro rata ownership of the outstanding shares of common stock.
    All shares of common stock now outstanding are fully paid and
    non-assessable.
Preferred
    Stock
As of August 7, 2009, there were no shares of preferred
    stock outstanding. Our board of directors is authorized, without
    further action of the shareholders, to issue from time to time
    shares of preferred stock in one or more series and with such
    relative rights, powers, preferences, limitations as the board
    of directors may determine at the time of issuance. Such shares
    may be convertible into common stock and may be senior to the
    common stock in the payment of dividends, liquidation, voting
    and other rights, preferences and privileges. The issuance of
    shares of preferred stock could adversely affect the holders of
    common stock. For example, the issuance of preferred stock could
    be used in certain circumstances to render more difficult or
    discourage a merger, tender offer, proxy contest or removal of
    incumbent management. Preferred stock may be issued with voting
    and conversion rights that could adversely affect the voting
    power and other rights of the holders of common stock.
Anti-Takeover
    Effects of the Rights Agreement and Certain Provisions in Our
    Articles of Incorporation and Bylaws and Colorado Law
Our Rights Agreement, as described below, articles of
    incorporation and bylaws contain a number of provisions that are
    intended to enhance the likelihood of continuity and stability
    in the composition of the board and in the policies formulated
    by the board and to discourage some types of transactions that
    may involve an actual or threatened change of control of us.
    These provisions are designed to reduce our vulnerability to an
    unsolicited proposal for a takeover that does not contemplate
    the acquisition of all of our outstanding shares or an
    unsolicited proposal for the potential restructuring or sale of
    all or a part of us. However, these provisions could discourage
    potential acquisition proposals and could delay or prevent a
    change in control of our company. They may also have the effect
    of preventing changes in our management. These provisions are
    summarized below.
Rights
    Agreement
Our board of directors has adopted a Rights Agreement, which
    became effective in November 2002. Generally, shareholder rights
    plans, such as the Rights Agreement, are designed to encourage
    potential acquirers to negotiate directly with our
    shareholders' elected board, which is in the best position
    to negotiate on behalf of all shareholders, evaluate the
    adequacy of any potential offer and protect shareholders against
    unfair and abusive takeover tactics. Shareholder rights plans
    may prevent abusive takeovers that include hostile tender offers
    made at less than fair price and partial and two-tiered offers
    that discriminate among our
29
Table of Contents
shareholders. Because a shareholder rights plan can be an
    effective tool in a hostile takeover attempt, the board believes
    the adoption of such a plan is appropriately within the scope of
    its responsibilities. The Rights Agreement is designed to
    prevent any potential acquirer from obtaining control of us
    without negotiating the terms of the transaction with the board
    of directors.
Under the Rights Agreement, among other things, in the event of
    an acquisition of, or an announced tender offer for, 20% or more
    of our outstanding common stock, holders of the common stock
    will have been granted the right to purchase one one-thousandth
    of a share of Series A Junior Participating Preferred
    Stock, par value $0.01 per share, or the preferred shares, of
    our company, for each share of common stock then held, at an
    expected price of $40 per one one-thousandth of a preferred
    share, subject to adjustment. The rights will cause substantial
    dilution to a person or group that attempts to acquire us on
    terms not approved by a majority of the board of directors.
Authorized
    but Unissued Shares
Our articles of incorporation provide that the authorized but
    unissued shares of common stock and preferred stock are
    available for future issuance without shareholder approval;
    however, such issuances are subject to various limitations
    imposed by the NASDAQ Global Market. These additional shares may
    be utilized for a variety of corporate purposes, including
    future public offerings to raise additional capital, corporate
    acquisitions and employee benefit plans. The existence of
    authorized but unissued shares of common stock and preferred
    stock could make it more difficult or discourage an attempt to
    obtain control of us by means of a proxy contest, tender offer,
    merger or otherwise.
Removal
    of Directors
Colorado law provides that shareholders may remove directors
    with or without cause if the number of votes cast in favor of
    removal exceeds the number of votes cast against removal at a
    meeting called for the purpose of removing the director. Our
    bylaws provide that such a special meeting may only be called by
    shareholders upon a request in writing of shareholders owning a
    majority of our entire capital stock then issued, outstanding
    and entitled to vote.
Business
    at Shareholder Meetings
Although our articles of incorporation do not give the board of
    directors the power to approve or disapprove shareholder
    nominations for the election of directors or of any other
    business shareholders desire to conduct at an annual or any
    other meeting, the articles of incorporation may have the effect
    of precluding a nomination for the election of directors or
    precluding the conduct of business at a particular annual
    meeting if the proper procedures are not followed, or
    discouraging or deterring a third party from conducting a
    solicitation of proxies to elect its own slate of directors or
    otherwise attempting to obtain control, even if the conduct of
    that solicitation or attempt might be beneficial to shareholders.
Staggered
    Board; Cumulative Voting
Our board of directors is divided into three classes as nearly
    equal in number as possible with the term of office of one class
    expiring each year. Staggered terms tend to protect against
    sudden changes in board composition and may have the effect of
    delaying, deferring or preventing a change in control of us
    without further action by shareholders, such as removing
    directors from the board as provided under Colorado law. Our
    articles of incorporation also prohibit cumulative voting in the
    election of directors or for any other matters.
No
    Shareholder Action by Written Consent: Special
    Meeting
Our bylaws provide that no shareholder action can be taken by
    written consent in lieu of a meeting unless such written action
    is signed by all shareholders. Our bylaws provide that special
    meetings of shareholders may be called by the president, by a
    majority of the board of directors, or by the request in writing
    of shareholders owning a majority of our entire capital stock
    then issued, outstanding and entitled to vote.
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The above discussion of the Rights Agreement, our articles of
    incorporation, bylaws, and Colorado law is not intended to be
    exhaustive and is respectively qualified in its entirety by the
    Rights Agreement and such articles, bylaws and applicable
    Colorado statutes.
Transfer
    Agent and Registrar
The transfer agent and registrar for our common stock is
    Computershare Trust Co., Inc. Its address is 350 Indiana
    Street, Golden, Colorado 80401, and its telephone number is
(303) 262-0600.
Listing
Our common stock is listed on the NASDAQ Global Market under the
    symbol "UWBK."
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UNDERWRITING
We are offering the shares of our common stock described in this
    prospectus in an underwritten offering in which Sandler
    O'Neill & Partners, L.P. is acting as
    representative of the underwriters. We have entered into an
    underwriting agreement with Sandler O'Neill &
    Partners, L.P., acting as representative of the underwriters
    named below, with respect to the common stock being offered.
    Subject to the terms and conditions contained in the
    underwriting agreement, each underwriter has severally agreed to
    purchase the respective number of shares of our common stock set
    forth opposite its name below.
Name
Number of Shares
Sandler O'Neill & Partners, L.P.
FBR Capital Markets & Co.
Sterne, Agee & Leach, Inc.
Total
The underwriting agreement provides that the underwriters'
    obligation to purchase shares of our common stock depends on the
    satisfaction of the conditions contained in the underwriting
    agreement, including:
•
the representations and warranties made by us are true and
    covenants have been performed;
•
there is no material adverse change in the financial markets or
    in our business; and
•
we deliver customary closing documents.
Subject to these conditions, the underwriters are committed to
    purchase and pay for all shares of our common stock offered by
    this prospectus, if any such shares are taken. However, the
    underwriters are not obligated to take or pay for the shares of
    our common stock covered by the underwriters'
    over-allotment option described below, unless and until such
    option is exercised.
Over-Allotment
    Option
We have granted the underwriters an option, exercisable no later
    than 30 days after the date of the underwriting agreement,
    to purchase up to an aggregate
    of          
    additional shares of common stock at the public offering price,
    less the underwriting discounts and commissions set forth on the
    cover page of this prospectus. We will be obligated to sell
    these shares of common stock to the underwriters to the extent
    the over-allotment option is exercised. The underwriters may
    exercise this option only to cover over-allotments, if any, made
    in connection with the sale of our common stock offered by this
    prospectus.
Commissions
    and Expenses
The underwriters propose to offer our common stock directly to
    the public at the offering price set forth on the cover page of
    this prospectus and to dealers at the public offering price less
    a concession not in excess of $     
    per share. The underwriters may allow, and the dealers may
    re-allow, a concession not in excess of
    $      per share on sales to other
    brokers and dealers. After the public offering of our common
    stock, the underwriters may change the offering price,
    concessions and other selling terms.
The following table shows the per share and total underwriting
    discounts and commissions that we will pay to the underwriters
    and the proceeds we will receive before expenses. These amounts
    are shown assuming both no exercise and full exercise of the
    underwriters' option to purchase additional shares of our
    common stock.
Total Without
Total With
Over-Allotment
Over-Allotment
Per Share
Exercise
Exercise
Public offering price
$
$
$
Underwriting discount and commissions payable by us
$
$
$
Proceeds to us (before expenses)
$
$
$
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In addition to the underwriting discount, we will reimburse the
    underwriters for their reasonable out-of-pocket expenses
    incurred in connection with their engagement as underwriters,
    regardless of whether this offering is consummated, including,
    without limitation, legal fees and expenses and marketing,
    syndication and travel expenses, up to $225,000. We estimate
    that the total expenses of this offering, exclusive of
    underwriting discounts and commissions, will be approximately
    $        , and are payable by
    us.
Indemnity
We have agreed to indemnify the underwriters, and persons who
    control the underwriters, against certain liabilities, including
    liabilities under the Securities Act, and to contribute to
    payments that the underwriters may be required to make in
    respect of these liabilities.
Lock-Up
Agreement
We and each of our directors and executive officers, have
    agreed, for a period of 90 days after the date of this
    prospectus, not to sell, offer, agree to sell, contract to sell,
    hypothecate, pledge, grant any option to sell, make any short
    sale or otherwise dispose of or hedge, directly or indirectly,
    any common shares or securities convertible into, exchangeable
    or exercisable for any common shares or warrants or other rights
    to purchase our common shares or other similar securities
    without, in each case, the prior written consent of Sandler
    O'Neill & Partners, L.P. These restrictions are
    expressly agreed to preclude us, and our executive officers and
    directors, from engaging in any hedging or other transactions or
    arrangement that is designed to, or which reasonably could be
    expected to, lead to or result in a sale, disposition or
    transfer, in whole or in part, of any of the economic
    consequences of ownership of our common shares, whether such
    transaction would be settled by delivery of common shares or
    other securities, in cash or otherwise. The
90-day
restricted period described above will be automatically extended
    if (1) during the last 17 days of the
90-day
restricted period, we issue an earnings release or material news
    or a material event relating to us occurs or (2) prior to
    the expiration of the
90-day
restricted period, we announce we will release earnings results
    or become aware that material news or a material event will
    occur during the
16-day
period beginning on the last day of the
90-day
restricted period, in which case the restricted period will
    continue to apply until the expiration of the
17-day
period beginning on the date on which the earnings release is
    issued or the material news or material event related to us
    occurs.
Stabilization
In connection with this offering, the underwriters may engage in
    stabilizing transactions, over-allotment transactions, syndicate
    covering transactions and penalty bids.
•
Stabilizing transactions permit bids to purchase shares of
    common stock so long as the stabilizing bids do not exceed a
    specified maximum, and are engaged in for the purpose of
    preventing or retarding a decline in the market price of the
    common stock while the offering is in progress.
•
Over-allotment transactions involve sales by the underwriters of
    shares of common stock in excess of the number of shares the
    underwriters are obligated to purchase. This creates a syndicate
    short position which may be either a covered short position or a
    naked short position. In a covered short position, the number of
    shares of common stock over-allotted by the underwriters is not
    greater than the number of shares that they may purchase in the
    over-allotment option. In a naked short position, the number of
    shares involved is greater than the number of shares in the
    over-allotment option. The underwriters may close out any short
    position by exercising their over-allotment option
and/or
purchasing shares in the open market.
•
Syndicate covering transactions involve purchases of common
    stock in the open market after the distribution has been
    completed in order to cover syndicate short positions. In
    determining the source of shares to close out the short
    position, the underwriters will consider, among other things,
    the price of shares available for purchase in the open market as
    compared with the price at which they may purchase shares
    through exercise of the over-allotment option. If the
    underwriters sell more shares than could be covered by exercise
    of the over-allotment option and, therefore, have a naked short
    position, the position can be closed out only by buying shares
    in the open market. A naked short position is
33
Table of Contents
more likely to be created if the underwriters are concerned that
    after pricing there could be downward pressure on the price of
    the shares in the open market that could adversely affect
    investors who purchase in the offering.
•
Penalty bids permit the underwriters to reclaim a selling
    concession from a syndicate member when the common stock
    originally sold by that syndicate member is purchased in
    stabilizing or syndicate covering transactions to cover
    syndicate short positions.
These stabilizing transactions, syndicate covering transactions
    and penalty bids may have the effect of raising or maintaining
    the market price of our common stock or preventing or retarding
    a decline in the market price of our common stock. As a result,
    the price of our common stock in the open market may be higher
    than it would otherwise be in the absence of these transactions.
    Neither we nor the underwriters make any representation or
    prediction as to the effect that the transactions described
    above may have on the price of our common stock. These
    transactions may be effected on The NASDAQ Global Market, in the
    over-the-counter market or otherwise and, if commenced, may be
    discontinued at any time.
Passive
    Market Making
In connection with this offering, the underwriters and selected
    dealers, if any, who are qualified market makers on The NASDAQ
    Global Market, may engage in passive market making transactions
    in our common stock on The NASDAQ Global Market in accordance
    with Rule 103 of Regulation M under the Securities
    Act. Rule 103 permits passive market making activity by the
    participants in our common stock offering. Passive market making
    may occur before the pricing of our offering, or before the
    commencement of offers or sales of our common stock. Each
    passive market maker must comply with applicable volume and
    price limitations and must be identified as a passive market
    maker. In general, a passive market maker must display its bid
    at a price not in excess of the highest independent bid for the
    security. If all independent bids are lowered below the bid of
    the passive market maker, however, the bid must then be lowered
    when purchase limits are exceeded. Net purchases by a passive
    market maker on each day are limited to a specified percentage
    of the passive market maker's average daily trading volume
    in the common stock during a specified period and must be
    discontinued when that limit is reached. The underwriters and
    other dealers are not required to engage in passive market
    making and may end passive market making activities at any time.
Our
    Relationship with the Underwriters
Sandler O'Neill & Partners, L.P. and some of
    their respective affiliates have performed and expect to
    continue to perform financial advisory and investment banking
    services for us in the ordinary course of their respective
    businesses, and may have received, and may continue to receive,
    compensation for such services.
Sterne, Agee & Leach, Inc. acted as a financial
    advisor to, and rendered a fairness opinion to, us in connection
    with our sale of certain assets of UW Trust. Sterne
    Agree & Leach received a fee for such services.
Our common stock is being offered by the underwriters, subject
    to prior sale, when, as and if issued to and accepted by them,
    subject to approval of certain legal matters by counsel for the
    underwriters and other conditions.
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Table of Contents
LEGAL
    MATTERS
The validity of the securities in this offering will be passed
    upon for us by Greenberg Traurig, LLP, Denver, Colorado.
    Bracewell & Giuliani LLP, Houston, Texas, is acting as
    counsel for the underwriters in this offering.
EXPERTS
The financial statements as of and for the year ended
    December 31, 2008 and management's assessment of the
    effectiveness of our internal control over financial reporting
    as of December 31, 2008 included in our Annual Report on
Form 10-K/A
for the year ended December 31, 2008 are incorporated by
    reference in this prospectus and in the registration statement.
    Our financial statements and the effectiveness of our internal
    controls have been audited by Crowe Horwath LLP, an independent
    registered public accounting firm, to the extent set forth in
    their report appearing in our Annual Report on
Form 10-K/A
for the year ended December 31, 2008. The financial
    statements as of December 31, 2007 and for the years ended
    December 31, 2007 and December 31, 2006 included in
    our Annual Report on Form 10 K/A for the year ended
    December 31, 2008 are incorporated by reference in this
    prospectus and in the registration statement. Our financial
    statements have been audited by McGladrey & Pullen,
    LLP, an independent registered public accounting firm, to the
    extent set forth in their report appearing in our Annual Report
    on Form 10 K/A for the year ended December 31, 2008.
    The financial statements are incorporated by reference in
    reliance upon their reports given upon the authority of Crowe
    Horwath LLP and McGladrey & Pullen, LLP as experts in
    auditing and accounting.
WHERE YOU
    CAN FIND ADDITIONAL INFORMATION
We have filed a registration statement on
Form S-1
with the Securities and Exchange Commission relating to the
    common stock offered by this prospectus. This prospectus does
    not contain all of the information set forth in the registration
    statement and the exhibits and schedules to the registration
    statement. Statements contained in this prospectus as to the
    contents of any contract or other document referred to are not
    necessarily complete and in each instance we refer you to the
    copy of the contract or other document filed as an exhibit to
    the registration statement, each such statement being qualified
    in all respects by such reference. For further information with
    respect to our company and the common stock offered by this
    prospectus, we refer you to the registration statement,
    exhibits, and schedules.
We file annual, quarterly, and current reports, proxy statements
    and other information with the SEC. We amended our Annual Report
    on
Form 10-K
for the year ended December 31, 2008 and our Quarterly
    Report on
Form 10-Q
for the three months ended March 31, 2009 on August 7,
    2009. Anyone may read and copy these materials, including the
    registration statement, without charge at the SEC's Public
    Reference Room at 100 F Street, NE,
    Washington, D.C. 20549. The public may obtain information
    on the operation of the Public Reference Room by calling the SEC
    at
1-800-SEC-0330.
The SEC maintains a website at
http://www.sec.gov
that contains reports, proxy and information statements, and
    other information regarding registrants that file electronically
    with the SEC.
Our website is located at
www.uwbancorp.com
. The
    information contained on our website does not constitute part of
    this prospectus. Through our website, we make available free of
    charge our Annual Reports on
Form 10-K,
our proxy statements, our Quarterly Reports on
Form 10-Q,
our current reports on
Form 8-K,
and amendments to those reports filed or furnished pursuant to
    Section 13(a) or 15(d) of the Securities Exchange Act of
    1934, or the Exchange Act. These reports are available as soon
    as reasonably practicable after we electronically file those
    materials with the Securities and Exchange Commission.
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Table of Contents
INCORPORATION
    OF CERTAIN INFORMATION BY REFERENCE
The SEC allows us to "incorporate by reference"
    documents we have filed with the SEC into this prospectus, which
    means that we can disclose important information to you by
    referring you to those documents. The information incorporated
    by reference is considered part of this prospectus. Any
    statement incorporated by reference into this prospectus shall
    be automatically modified or superseded for purposes of this
    prospectus to the extent that a statement contained herein or in
    a subsequently filed document that is incorporated by reference
    into this prospectus modifies or supersedes such prior
    statement. Any statement so modified or superseded shall not be
    deemed, except as so modified or superseded, to constitute a
    part of this prospectus.
We incorporate by reference into this prospectus the following
    documents filed by us with the SEC, other than any portion of
    any such documents that are not deemed "filed" under
    the Exchange Act in accordance with the Exchange Act and
    applicable SEC rules:
•
Quarterly Report on
Form 10-Q
for the quarterly period ended June 30, 2009, filed with
    the SEC on August 10, 2009;
•
Annual Report on
Form 10-K/A
for the fiscal year ended December 31, 2008, filed with the
    SEC on August 10, 2009;
•
Definitive Proxy Statement on Schedule 14A, filed with the
    SEC on March 23, 2009;
•
Quarterly Report on
Form 10-Q/A
for the quarterly period ended March 31, 2009, filed with
    the SEC on August 10, 2009; and
•
Current Reports on
Form 8-K,
filed with the SEC on January 7, 2009, March 27, 2009,
    April 8, 2009, June 26, 2009, and June 29, 2009.
Upon request, we will provide to each person, including any
    beneficial owner, to whom a prospectus is delivered, a copy of
    any or all of the reports or documents that have been
    incorporated by reference in the prospectus contained in the
    registration statement, but not delivered with the prospectus.
    You may access these filings via our website,
www.uwbancorp.com
, or you may request a copy of these
    filings at no cost, by writing or telephoning us as follows:
United Western Bancorp, Inc.
Attn: Corporate Secretary
700 17th Street, Suite 2100
Denver, Colorado 80202
(303) 595-9898
There have been no material changes in our business or affairs
    that have occurred since December 31, 2008, the last fiscal
    year for which audited financial statements were included in our
    most recent Annual Report on
Form 10-K/A,
and that have not been described in a subsequent Quarterly
    Report on
Form 10-Q
or Current Report on
Form 8-K.
36
Table of Contents
Shares
Common Stock
PROSPECTUS
Sandler
    O'Neill + Partners, L.P.
FBR
    Capital Markets & Co.
Sterne
    Agee
,
    2009
Table of Contents
PART II
INFORMATION
    NOT REQUIRED IN PROSPECTUS
Item 13.
Other
    Expenses of Issuance and Distribution.
The following table sets forth the expenses payable by us in
    connection with the offering. All such expenses are estimates
    except for the SEC registration fee and the FINRA filing fee.
SEC registration fee
$
4,464
FINRA filing fee
8,500
Accounting fees and expenses
*
Printing and engraving expenses
*
Legal fees
*
Miscellaneous expenses
*
Total
$
*
*
To be filed by amendment.
Item 14.
Indemnification
    of Directors and Officers.
Colorado law generally permits a corporation to provide
    indemnification if the individual: (i) acted in good faith;
    and (ii) reasonably believed that, in the case of conduct
    in an official capacity, such conduct was in the
    corporation's best interests and, in all other cases, that
    such conduct was at least not opposed to the corporation's
    best interests. In the event a director, officer or employee is
    made a party or threatened to be made a party by reason of
    service as a director, officer or employee of a corporation, or
    by reason of service as a director, officer, employee or agent
    of another entity at such corporation's request, Colorado
    law permits a corporation to indemnify that individual against
    expenses, including attorneys' fees, actually and
    reasonably incurred by the person in connection with the defense
    or settlement of the action. In a criminal proceeding, the
    person must have had no reasonable cause to believe the
    person's conduct was unlawful. Under Colorado law, a
    corporation may not provide indemnification in connection with a
    proceeding by or in the right of the corporation if the
    individual is adjudged to be liable to the corporation, or, in
    connection with any other proceeding, if the individual is
    adjudged liable on the basis that he or she derived an improper
    personal benefit.
Our articles of incorporation and bylaws provide that we are
    required to indemnify our directors, officers and employees to
    the fullest extent permitted by Colorado law, including those
    circumstances in which indemnification would otherwise be
    discretionary. We also adopted, in our articles of
    incorporation, a provision under Colorado law that limits
    liability of directors for damages arising from a breach of
    their fiduciary duty as directors, except to the extent that
    such liability arises from a breach of duty of loyalty, acts or
    omissions not in good faith or which invoke intentional
    misconduct or a knowing violation of law, or any transaction
    from which the director derived an improper personal benefit.
Item 15.
Recent
    Sales of Unregistered Securities.
(a) During the past three years, we have not sold any
    shares of our common stock without registration under the
    Securities Act.
II-1
Table of Contents
Item 16.
Exhibits
    and Financial Statement Schedules.
(a)
Exhibits
Exhibit No.
Description
1
.1**
Form of Underwriting Agreement
3
.1
Articles of Amendment to the Articles of Incorporation
    (incorporated by reference to Exhibit 3.2 to
    Registrant's annual report on
Form 10-K
for the fiscal year ended December 31, 2006, filed by the
    Registrant with the Commission on March 16, 2007).
3
.2
Bylaws, as amended, of the Registrant (incorporated by reference
    to Exhibit 3.2 to Registrant's
Form 8-K
dated December 19, 2007, as filed by the Registrant with
    the Commission on December 27, 2007).
4
.1
Specimen Certificate for Common Stock of the Registrant
    (incorporated by reference to Exhibit 4.1 to
    Registrant's registration statement on
Form S-1
(No. 333-10223),
filed by the Registrant with the Commission on August 15,
    1996, as amended by
Form S-1/A,
filed by the Registrant with the Commission on
    September 27, 1996).
4
.2
1996 Amended and Restated Employee Stock Option Plan
    (incorporated by reference to Appendix III of the Proxy
    Statement filed by the Registrant with the Commission on
    April 28, 2006 for the annual meeting of shareholders held
    on June 15, 2006 and Exhibit 4.1 to Registrant's
Form S-8
registration statement filed with the Commission on
    June 30, 2006).•
4
.3
Form of Non-Qualified Stock Option Agreement (incorporated by
    reference to Exhibit 99.1 to Registrant's report on
Form 8-K
dated February 11, 2005, as filed by the Registrant with
    the Commission on February 16, 2005).•
4
.4
Form of Director Non-Qualified Stock Option Agreement
    (incorporated by reference to Exhibit 99.2 to
    Registrant's report on
Form 8-K
dated February 11, 2005, as filed by the Registrant with
    the Commission on February 16, 2005).•
4
.5
1996 Employee Stock Purchase Plan (incorporated by reference to
    Appendix II of the Proxy Statement filed by the Registrant
    with the Commission on April 28, 2006 for the annual
    meeting of shareholders held on June 15, 2006 and
    Exhibit 4.2 to Registrant's
Form S-8
registration statement filed with the Commission on
    June 30, 2006).•
4
.6
2006 Employee Stock Option Plan (incorporated by reference to
    Appendix IV of the Proxy Statement filed by the Registrant
    with the Commission on April 28, 2006 for the annual
    meeting of shareholders held on June 15, 2006 and
    Exhibit 4.1 to Registrant's
Form S-8
registration statement filed with the Commission on
    June 30, 2006).•
4
.7
2007 Equity Incentive Plan (incorporated by reference to
    Exhibit 1 of the Proxy Statement filed by the Registrant
    with the Commission on March 27, 2007 for the annual
    meeting of shareholders held on May 17, 2007 and
    Exhibit 4.1 to Registrant's
Form S-8
registration statement filed with the Commission on May 18,
    2007).•
4
.8
Form of Restricted Stock Agreement (incorporated by Reference to
    Exhibit 99.3 to Registrant's report on
Form 8-K
dated May 17, 2007, as filed by the Registrant with the
    Commission on May 21, 2007).•
4
.9
Indenture between the Registrant and Wilmington
    Trust Company, as debenture trustee, dated as of
    March 28, 2001, relating to the 10.18% junior subordinated
    deferrable interest debentures due June 8, 2031
    (incorporated by reference to Exhibit 10.5 to
    Registrant's quarterly report on
Form 10-Q
for the quarter ended March 31, 2001, filed by the
    Registrant with the Commission on May 15, 2001).
4
.10
Amended and Restated Declaration of Trust of Matrix Bancorp
    Capital Trust II, dated as of March 28, 2001
    (incorporated by reference to Exhibit 10.6 to
    Registrant's quarterly report on
Form 10-Q
for the quarter ended March 31, 2001, filed by the
    Registrant with the Commission on May 15, 2001).
4
.11
Common Securities Guarantee Agreement of the Registrant, dated
    as of March 28, 2001 (incorporated by reference to
    Exhibit 10.7 to Registrant's quarterly report on
Form 10-Q
for the quarter ended March 31, 2001, filed by the
    Registrant with the Commission on May 15, 2001).
II-2
Table of Contents
Exhibit No.
Description
4
.12
Capital Securities Guarantee Agreement of the Registrant, dated
    as of March 28, 2001 (incorporated by reference to
    Exhibit 10.8 to Registrant's quarterly report on
Form 10-Q
for the quarter ended March 31, 2001, filed by the
    Registrant with the Commission on May 15, 2001).
4
.13
Amended and Restated Trust Agreement of Matrix Bancorp
    Capital Trust VI, dated as of August 30, 2004
    (incorporated by reference to Exhibit 10.1 to
    Registrant's quarterly report on
Form 10-Q
for the quarter ended September 30, 2004, filed by the
    Registrant with the Commission on November 4, 2004).
4
.14
Guarantee Agreement of Matrix Bancorp Capital Trust VI,
    dated as of August 30, 2004 (incorporated by reference to
    Exhibit 10.2 to Registrant's quarterly report on
Form 10-Q
for the quarter ended September 30, 2004, filed by the
    Registrant with the Commission on November 4, 2004).
4
.15
Junior Indenture between the Registrant and Deutsche Bank
    Trust Company Americas, dated as of August 30, 2004,
    relating to Junior Subordinated Debt Securities, due
    October 18, 2034 (incorporated by reference to
    Exhibit 10.3 to Registrant's quarterly report on
Form 10-Q
for the quarter ended September 30, 2004, filed by the
    Registrant with the Commission on November 4, 2004).
4
.16
Indenture between the Registrant and Wells Fargo Bank, National
    Association, as debenture trustee, dated as of June 30,
    2005 (incorporated by reference to Exhibit 10.1 to
    Registrant's quarterly report on
Form 10-Q
for the quarter ended June 30, 2005, filed by the
    Registrant with the Commission on August 3, 2005).
4
.17
Amended and Restated Declaration of Trust Agreement of
    Matrix Bancorp Capital Trust VIII, dated as of
    June 30, 2005 (incorporated by reference to
    Exhibit 10.2 to Registrant's quarterly report on
Form 10-Q
for the quarter ended June 30, 2005, filed by the
    Registrant with the Commission on August 3, 2005).
4
.18
Guarantee Agreement of Matrix Bancorp Capital Trust VIII,
    dated as of June 30, 2005 (incorporated by reference to
    Exhibit 10.3 to Registrant's quarterly report on
Form 10-Q
for the quarter ended June 30, 2005, filed by the
    Registrant with the Commission on August 3, 2005).
4
.19
Rights Agreement, dated as of November 4, 2002, between
    Matrix Bancorp, Inc. and Computershare Trust Company, which
    includes the form of Articles of Amendment to State Terms of
    Series A Junior Participating Preferred Stock,
    $0.01 par value, the form of Right Certificate and the
    Summary of Rights (incorporated by reference to Exhibit 4.1
    to Registrant's report on
Form 8-K
dated November 4, 2002, as filed by the Registrant with the
    Commission on November 6, 2002).
4
.20
Indenture, dated February 13, 2004, between Registrant and
    Wells Fargo Bank, as Trustee, relating to Floating Rate
    Subordinated Debt Security due 2014 (incorporated by reference
    to Exhibit 4.32 to Registrant's annual report on
Form 10-K
for the fiscal year ended December 31, 2003, filed by the
    Registrant with the Commission on March 12, 2004).
5
.1**
Opinion of Greenberg Traurig, LLP
10
.1
Assignment and Assumption Agreement, dated as of June 28,
    1996, by and among Mariano C. DeCola, William M. Howdon, R.
    James Nicholson and Matrix Funding Corp. (incorporated by
    reference to Exhibit 10.30 to Registrant's
    registration statement on
Form S-1
(No. 333-10223),
filed by the Registrant with the Commission on August 15,
    1996).
10
.2
Amendment to Assignment and Assumption Agreement, dated as of
    August 13, 2002, by and among Mariano C. DeCola, William M.
    Howdon, R. James Nicholson and Matrix Funding Corp.
    (incorporated by reference to Exhibit 10.2 to
    Registrant's annual report on
Form 10-K
for the fiscal year ended December 31, 2002, filed by the
    Registrant with the Commission on March 14, 2003).
10
.3
Development Management Agreement, dated as of June 28,
    1996, by and among Matrix Funding Corp. and Nicholson
    Enterprises, Inc. (incorporated by reference to
    Exhibit 10.31 to Registrant's registration statement
    on
Form S-1
(No. 333-10223),
filed by the Registrant with the Commission on August 15,
    1996).
II-3
Table of Contents
Exhibit No.
Description
10
.4
Coyote Creek Planned Unit Development Agreement, dated as of
    July 1, 1998, by and among Fort Lupton, L.L.C. and
    Matrix Funding Corp. (incorporated by reference to
    Exhibit 10.12 to Registrant's annual report on
Form 10-K
for the fiscal year ended December 31, 1998, filed by the
    Registrant with the Commission on March 26, 1999).
10
.5
Fort Lupton Golf Course Residential and Planned Unit
    Development Agreement, dated as of November 28, 1995
    (incorporated by reference to Exhibit 10.36 to
    Registrant's registration statement on
Form S-1
(No. 333-10223),
filed by the Registrant with the Commission on August 15,
    1996).
10
.6
Contribution Agreement, dated as of December 1, 2004 by and
    among Bluff Point Associates Corp., McInerney/Gabriele Family
    Limited Partnership, R. Clifton D'Amato, John H. Moody,
    MSCS Ventures, Inc., Matrix Bancorp, Inc., Matrix Capital Bank,
    Optech Systems, Inc., Let Lee and MG Colorado Holdings, Inc.
    (incorporated by reference to Exhibit 10.1 to
    Registrant's report on
Form 8-K
dated December 1, 2004, as filed by the Registrant with the
    Commission on December 6, 2004).
10
.7
Amendment No. 1 to Contribution and Sale Agreement, dated
    as of March 23, 2005 by and among Bluff Point Associates
    Corp., McInerney/Gabriele Family Limited Partnership, R. Clifton
    D'Amato, John H. Moody, MSCS Ventures, Inc., Matrix
    Bancorp, Inc., Matrix Capital Bank, Optech Systems, Inc., Let
    Lee and MG Colorado Holdings, Inc. (incorporated by reference to
    Exhibit 10.1 to Registrant's report on
Form 8-K
dated March 23, 2005, as filed by the Registrant with the
    Commission on March 28, 2005).
10
.8
Registration Rights Agreement, dated as of December 9,
    2005, by and between Matrix Bancorp, Inc., Friedman, Billings,
    Ramsey & Co., Inc. and the other parties thereto
    (incorporated by reference to Exhibit 4.1 to
    Registrant's report on
Form 8-K
dated December 9, 2005, as filed by the Registrant with the
    Commission on December 13, 2005).
10
.9
Employment Agreement, dated March 15, 2006, and effective
    as of January 11, 2006, by and between Matrix Bancorp, Inc.
    and Scot T. Wetzel (incorporated by reference to
    Exhibit 10.1 to Registrant's
Form 8-K
dated March 15, 2006, as filed with the Commission on
    March 20, 2006).•
10
.10
Asset Purchase Agreement, dated as of March 31, 2006,
    between Matrix Bancorp Trading, Inc., SN Capital Markets, LLC,
    Security National Holding Company, LLC, and Security National
    Master Holding Company, LLC (incorporated by reference to
    Exhibit 2.1 to Registrant's report on
Form 8-K
dated March 31, 2006, as filed by the Registrant with the
    Commission on April 6, 2006).
10
.11
Purchase Agreement, dated as of May 5, 2006, between SKS
    Ventures, LLC and Equi-Mor Holdings, Inc. (incorporated by
    reference to Exhibit 10.1 to Registrant's report on
Form 8-K
dated May 5, 2006, as filed by the Registrant with the
    Commission on May 10, 2006).
10
.12
Agreement for Purchase and Sale, dated as of August 11,
    2006 between Matrix Tower Holdings, LLC and Grant Management,
    A.S. (incorporated by reference to Exhibit 10.1 to
    Registrant's
Form 8-K
dated August 21, 2006, as filed with the Commission on
    August 25, 2006).
10
.13
License Agreement, dated as of September 29, 2006, between
    Legent Clearing, LLC and United Western Bancorp, Inc.
    (incorporated by reference to Exhibit 10.1 to
    Registrant's
Form 8-K
dated September 29, 2006, as filed with the Commission on
    October 5, 2006).
10
.14
First Amendment to License Agreement, dated as of June 6,
    2007, between Legent Clearing, LLC and United Western Bancorp,
    Inc. (incorporated by reference to Exhibit 10.14 to
    Registrant's
Form 10-K
for the fiscal year ended December 31, 2008, filed by the
    Registrant with the Commission on March 3, 2009).
10
.15
Revolving Loan Agreement, dated as of September 29, 2006,
    between Legent Group, LLC and United Western Bank, in the amount
    of $5,000,000 (incorporated by reference to Exhibit 10.2 to
    Registrant's
Form 8-K
dated September 29, 2006, as filed with the Commission on
    October 5, 2006).
10
.16
Second Modification of Loan Agreement, effective as of
    October 1, 2008, by and between Legent Group, LLC and
    United Western Bank, in the amount of $5,000,000 (incorporated
    by reference to Exhibit 10.16 to Registrant's
Form 10-K
for the fiscal year ended December 31, 2008, filed by the
    Registrant with the Commission on March 3, 2009).
II-4
Table of Contents
Exhibit No.
Description
10
.17
Form of Office Lease, dated as of October 1, 2006, between
    700 17th Street Operating, LLC and United Western Bank
    (incorporated by reference to Exhibit 10.3 to
    Registrant's
Form 8-K
dated September 29, 2006, as filed with the Commission on
    October 5, 2006).
10
.18
Credit Agreement, dated as of June 29, 2007 between United
    Western Bancorp, Inc. and JPMorgan Chase Bank, N.A.
    (incorporated by reference to Exhibit 10.1 to
    Registrant's
Form 8-K
dated June 29, 2007, as filed with the Commission on
    July 2, 2007).
10
.19
Employment Agreement, dated December 31, 2008, and
    effective as of October 15, 2008, by and between United
    Western Bancorp, Inc. and Scot T. Wetzel (incorporated by
    reference to Exhibit 10.1 to Registrant's
Form 8-K
dated December 31, 2008, as filed with the Commission on
    January 7, 2009).•
10
.20
2007 Equity Incentive Plan, as amended by the Board of Directors
    on December 17, 2008 (incorporated by reference to
    Exhibit 10.20 to Registrant's
Form 10-K
for the fiscal year ended December 31, 2008, filed by the
    Registrant with the Commission on March 3, 2009).•
10
.21
Stock Purchase Agreement, dated March 23, 2009, between
    MSCS Ventures, Inc. and Bluff Point Associates, Corp.
    (incorporated by reference to Exhibit 10.1 to the
    Registrant's
Form 8-K
dated March 20, 2007, as filed with the Commission on
    March 27, 2009).
10
.22
Asset Purchase Agreement, dated as of April 7, 2009, by and
    among the Registrant, Sterling Trust Company, Equity
    Trust Company, and Sterling Administrative Services, LLC
    (incorporated by reference to Exhibit 10.1 to the
    Registrant's
Form 8-K
dated April 7, 2009, as filed with the Commission on
    April 8, 2009).
10
.23
Line of Credit Note, dated as of June 29, 2009, in the
    amount of $30 million between United Western Bancorp, Inc.
    and JPMorgan Chase Bank, N.A. (incorporated by reference to
    Exhibit 10.1 to Registrant's
Form 8-K
dated June 26, 2009, as filed with the Commission
    June 26, 2009).
10
.24
Amendment to Credit Agreement, dated as of June 29, 2009,
    between United Western Bancorp, Inc. and JPMorgan Chase Bank,
    N.A. (incorporated by reference to Exhibit 10.2 to
    Registrant's
Form 8-K
dated June 26, 2009, as filed with the Commission on
    June 26, 2009).
10
.25
Loan and Security Agreement, dated June 27, 2009, by and
    among Sterling Trust Company, Equity Trust Company,
    Equity Administrative Services, Inc., and Sterling
    Administrative Services, LLC (incorporated by reference to
    Exhibit 10.1 to the Registrant's
Form 8-K
dated June 27, 2009, as filed with the Commission on
    June 29, 2009).
10
.26
Amended and Restated Subaccounting Agreement, dated
    June 27, 2009, by and among United Western Bank, Equity
    Trust Company, Equity Administrative Services, Inc., and
    Sterling Administrative Services, LLC (incorporated by reference
    to Exhibit 10.2 to the Registrant's
Form 8-K
dated June 27, 2009, as filed with the Commission on
    June 29, 2009).†
14
Code of Business Conduct and Ethics, as approved by the Board of
    Directors on August 4, 2008 (incorporated by reference to
    Exhibit 14 to Registrant's
Form 10-K
for the fiscal year ended December 31, 2008, filed with the
    Commission on March 3, 2009).
16
Letter regarding change in certifying accountant (incorporated
    by reference to Exhibit 16 to Registrant's
Form 8-K
dated December 10, 2008, as filed with the Commission on
    December 16, 2008).
21
Subsidiaries of the Registrant (incorporated by reference to
    Exhibit 21 to Registrant's
Form 10-K
for the fiscal year ended December 31, 2008, filed with the
    Commission on March 3, 2009).
23
.1*
Consent of McGladrey & Pullen, LLP.
23
.2*
Consent of Crowe Horwath LLP.
23
.3**
Consent of Greenberg Traurig, LLP (included in Exhibit 5.1).
24
.1*
Power of Attorney (included on the Signature Page of the
    Registration Statement).
•
Compensation Agreement
†
Portions of this exhibit have been omitted pursuant to a request
    for confidential treatment and have been filed separately with
    the Commission.
*
Filed herewith
**
To be filed by amendment
II-5
Table of Contents
(b)
Financial Statement Schedules
No financial statement schedules are required to be filed with
    this registration statement.
Item 17.
Undertakings.
Insofar as indemnification for liabilities arising under the
    Securities Act of 1933 may be permitted to directors,
    officers and controlling persons of the registrant pursuant to
    the foregoing provisions, or otherwise, the registrant has been
    advised that in the opinion of the Securities and Exchange
    Commission such indemnification is against public policy as
    expressed in the Act and is, therefore, unenforceable. In the
    event that a claim for indemnification against such liabilities
    (other than the payment by the registrant of expenses incurred
    or paid by a director, officer or controlling person of the
    registrant in the successful defense of any action, suit or
    proceeding) is asserted by such director, officer or controlling
    person in connection with the securities being registered, the
    registrant will, unless in the opinion of its counsel the matter
    has been settled by controlling precedent, submit to a court of
    appropriate jurisdiction the question whether such
    indemnification by it is against public policy as expressed in
    the Act and will be governed by the final adjudication of such
    issue.
The undersigned registrant hereby undertakes that:
(1) For purposes of determining any liability under the
    Securities Act of 1933, the information omitted from the form of
    prospectus filed as part of this registration statement in
    reliance upon Rule 430A and contained in a form of
    prospectus filed by the registrant pursuant to Rule 424(b)
    (1) or (4) or 497(h) under the Securities Act shall be
    deemed to be part of this registration statement as of the time
    it was declared effective.
(2) For the purpose of determining any liability under the
    Securities Act of 1933, each post-effective amendment that
    contains a form of prospectus shall be deemed to be a new
    registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.
II-6
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the City of Denver, State of Colorado, on
    August 10, 2009.
UNITED WESTERN BANCORP, INC.
By:
/s/  Scot
    T. Wetzel
Name:     Scot T. Wetzel
Title:
President and Chief Executive Officer
POWER OF
    ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS
, that the persons
    whose signature appears below constitute and appoint jointly and
    severally, Scot T. Wetzel, William D. Snider, and Michael J.
    McCloskey, and each one of them, as his true and lawful
    attorneys-in-fact and agents, with full power of substitution
    and resubstitution, for him and in his name, place, and stead,
    in any and all capacities, to sign any and all amendments
    (including pre-effective and post-effective amendments) to this
    registration statement and to sign any registration statement
    and amendments thereto for the same offering filed pursuant to
    Rule 462(b) under the Securities Act of 1933, and to file
    the same, with all exhibits thereto, and other documents in
    connection therewith, with the Securities and Exchange
    Commission, granting unto said attorneys-in-fact and agents, and
    each of them, full power and authority to do and perform each
    and every act and thing requisite and necessary to be done in
    connection therewith, as fully to all intents and purposes as he
    might or could do in person, hereby ratifying and confirming all
    which said attorneys-in-fact and agents, or any of them, or
    their or his substitute or substitutes, may lawfully do, or
    cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
Signature
Capacity
Date
/s/
Scot
    T. Wetzel
Scot
    T. Wetzel
President, Chief Executive Officer and Director (Principal
    Executive Officer)
August 10, 2009
/s/
Guy
    A. Gibson
Guy
    A. Gibson
Chairman of the Board
August 10, 2009
/s/
William
    D. Snider
William
    D. Snider
Vice Chairman, Chief Financial Officer and Director (Principal
    Financial Officer)
August 10, 2009
/s/
Michael
    J. McCloskey
Michael
    J. McCloskey
Chief Operating Officer, General Counsel and Director
August 10, 2009
/s/
Robert
    T. Slezak
Robert
    T. Slezak
Director
August 10, 2009
/s/
Lester
    Ravitz
Lester
    Ravitz
Director
August 10, 2009
II-7
Table of Contents
Signature
Capacity
Date
/s/
Dr. James
    H. Bullock
Dr. James
    H. Bullock
Director
August 10, 2009
/s/
Jeffrey
    R. Leeds
Jeffrey
    R. Leeds
Director
August 10, 2009
/s/
Bernard
    C. Darré
Bernard
    C. Darré
Director
August 10, 2009
II-8
Table of Contents
Exhibit Index
Exhibit No.
Description
1
.1**
Form of Underwriting Agreement
3
.1
Articles of Amendment to the Articles of Incorporation
    (incorporated by reference to Exhibit 3.2 to
    Registrant's annual report on
Form 10-K
for the fiscal year ended December 31, 2006, filed by the
    Registrant with the Commission on March 16, 2007).
3
.2
Bylaws, as amended, of the Registrant (incorporated by reference
    to Exhibit 3.2 to Registrant's
Form 8-K
dated December 19, 2007, as filed by the Registrant with
    the Commission on December 27, 2007).
4
.1
Specimen Certificate for Common Stock of the Registrant
    (incorporated by reference to Exhibit 4.1 to
    Registrant's registration statement on
Form S-1
(No. 333-10223),
filed by the Registrant with the Commission on August 15,
    1996, as amended by
Form S-1/A,
filed by the Registrant with the Commission on
    September 27, 1996).
4
.2
1996 Amended and Restated Employee Stock Option Plan
    (incorporated by reference to Appendix III of the Proxy
    Statement filed by the Registrant with the Commission on
    April 28, 2006 for the annual meeting of shareholders held
    on June 15, 2006 and Exhibit 4.1 to Registrant's
Form S-8
registration statement filed with the Commission on
    June 30, 2006).•
4
.3
Form of Non-Qualified Stock Option Agreement (incorporated by
    reference to Exhibit 99.1 to Registrant's report on
Form 8-K
dated February 11, 2005, as filed by the Registrant with
    the Commission on February 16, 2005).•
4
.4
Form of Director Non-Qualified Stock Option Agreement
    (incorporated by reference to Exhibit 99.2 to
    Registrant's report on
Form 8-K
dated February 11, 2005, as filed by the Registrant with
    the Commission on February 16, 2005).•
4
.5
1996 Employee Stock Purchase Plan (incorporated by reference to
    Appendix II of the Proxy Statement filed by the Registrant
    with the Commission on April 28, 2006 for the annual
    meeting of shareholders held on June 15, 2006 and
    Exhibit 4.2 to Registrant's
Form S-8
registration statement filed with the Commission on
    June 30, 2006).•
4
.6
2006 Employee Stock Option Plan (incorporated by reference to
    Appendix IV of the Proxy Statement filed by the Registrant
    with the Commission on April 28, 2006 for the annual
    meeting of shareholders held on June 15, 2006 and
    Exhibit 4.1 to Registrant's
Form S-8
registration statement filed with the Commission on
    June 30, 2006).•
4
.7
2007 Equity Incentive Plan (incorporated by reference to
    Exhibit 1 of the Proxy Statement filed by the Registrant
    with the Commission on March 27, 2007 for the annual
    meeting of shareholders held on May 17, 2007 and
    Exhibit 4.1 to Registrant's
Form S-8
registration statement filed with the Commission on May 18,
    2007).•
4
.8
Form of Restricted Stock Agreement (incorporated by Reference to
    Exhibit 99.3 to Registrant's report on
Form 8-K
dated May 17, 2007, as filed by the Registrant with the
    Commission on May 21, 2007).•
4
.9
Indenture between the Registrant and Wilmington
    Trust Company, as debenture trustee, dated as of
    March 28, 2001, relating to the 10.18% junior subordinated
    deferrable interest debentures due June 8, 2031
    (incorporated by reference to Exhibit 10.5 to
    Registrant's quarterly report on
Form 10-Q
for the quarter ended March 31, 2001, filed by the
    Registrant with the Commission on May 15, 2001).
4
.10
Amended and Restated Declaration of Trust of Matrix Bancorp
    Capital Trust II, dated as of March 28, 2001
    (incorporated by reference to Exhibit 10.6 to
    Registrant's quarterly report on
Form 10-Q
for the quarter ended March 31, 2001, filed by the
    Registrant with the Commission on May 15, 2001).
4
.11
Common Securities Guarantee Agreement of the Registrant, dated
    as of March 28, 2001 (incorporated by reference to
    Exhibit 10.7 to Registrant's quarterly report on
Form 10-Q
for the quarter ended March 31, 2001, filed by the
    Registrant with the Commission on May 15, 2001).
4
.12
Capital Securities Guarantee Agreement of the Registrant, dated
    as of March 28, 2001 (incorporated by reference to
    Exhibit 10.8 to Registrant's quarterly report on
Form 10-Q
for the quarter ended March 31, 2001, filed by the
    Registrant with the Commission on May 15, 2001).
II-9
Table of Contents
Exhibit No.
Description
4
.13
Amended and Restated Trust Agreement of Matrix Bancorp
    Capital Trust VI, dated as of August 30, 2004
    (incorporated by reference to Exhibit 10.1 to
    Registrant's quarterly report on
Form 10-Q
for the quarter ended September 30, 2004, filed by the
    Registrant with the Commission on November 4, 2004).
4
.14
Guarantee Agreement of Matrix Bancorp Capital Trust VI,
    dated as of August 30, 2004 (incorporated by reference to
    Exhibit 10.2 to Registrant's quarterly report on
Form 10-Q
for the quarter ended September 30, 2004, filed by the
    Registrant with the Commission on November 4, 2004).
4
.15
Junior Indenture between the Registrant and Deutsche Bank
    Trust Company Americas, dated as of August 30, 2004,
    relating to Junior Subordinated Debt Securities, due
    October 18, 2034 (incorporated by reference to
    Exhibit 10.3 to Registrant's quarterly report on
Form 10-Q
for the quarter ended September 30, 2004, filed by the
    Registrant with the Commission on November 4, 2004).
4
.16
Indenture between the Registrant and Wells Fargo Bank, National
    Association, as debenture trustee, dated as of June 30,
    2005 (incorporated by reference to Exhibit 10.1 to
    Registrant's quarterly report on
Form 10-Q
for the quarter ended June 30, 2005, filed by the
    Registrant with the Commission on August 3, 2005).
4
.17
Amended and Restated Declaration of Trust Agreement of
    Matrix Bancorp Capital Trust VIII, dated as of
    June 30, 2005 (incorporated by reference to
    Exhibit 10.2 to Registrant's quarterly report on
Form 10-Q
for the quarter ended June 30, 2005, filed by the
    Registrant with the Commission on August 3, 2005).
4
.18
Guarantee Agreement of Matrix Bancorp Capital Trust VIII,
    dated as of June 30, 2005 (incorporated by reference to
    Exhibit 10.3 to Registrant's quarterly report on
Form 10-Q
for the quarter ended June 30, 2005, filed by the
    Registrant with the Commission on August 3, 2005).
4
.19
Rights Agreement, dated as of November 4, 2002, between
    Matrix Bancorp, Inc. and Computershare Trust Company, which
    includes the form of Articles of Amendment to State Terms of
    Series A Junior Participating Preferred Stock,
    $0.01 par value, the form of Right Certificate and the
    Summary of Rights (incorporated by reference to Exhibit 4.1
    to Registrant's report on
Form 8-K
dated November 4, 2002, as filed by the Registrant with the
    Commission on November 6, 2002).
4
.20
Indenture, dated February 13, 2004, between Registrant and
    Wells Fargo Bank, as Trustee, relating to Floating Rate
    Subordinated Debt Security due 2014 (incorporated by reference
    to Exhibit 4.32 to Registrant's annual report on
Form 10-K
for the fiscal year ended December 31, 2003, filed by the
    Registrant with the Commission on March 12, 2004).
5
.1**
Opinion of Greenberg Traurig, LLP
10
.1
Assignment and Assumption Agreement, dated as of June 28,
    1996, by and among Mariano C. DeCola, William M. Howdon, R.
    James Nicholson and Matrix Funding Corp. (incorporated by
    reference to Exhibit 10.30 to Registrant's
    registration statement on
Form S-1
(No. 333-10223),
filed by the Registrant with the Commission on August 15,
    1996).
10
.2
Amendment to Assignment and Assumption Agreement, dated as of
    August 13, 2002, by and among Mariano C. DeCola, William M.
    Howdon, R. James Nicholson and Matrix Funding Corp.
    (incorporated by reference to Exhibit 10.2 to
    Registrant's annual report on
Form 10-K
for the fiscal year ended December 31, 2002, filed by the
    Registrant with the Commission on March 14, 2003).
10
.3
Development Management Agreement, dated as of June 28,
    1996, by and among Matrix Funding Corp. and Nicholson
    Enterprises, Inc. (incorporated by reference to
    Exhibit 10.31 to Registrant's registration statement
    on
Form S-1
(No. 333-10223),
filed by the Registrant with the Commission on August 15,
    1996).
10
.4
Coyote Creek Planned Unit Development Agreement, dated as of
    July 1, 1998, by and among Fort Lupton, L.L.C. and
    Matrix Funding Corp. (incorporated by reference to
    Exhibit 10.12 to Registrant's annual report on
Form 10-K
for the fiscal year ended December 31, 1998, filed by the
    Registrant with the Commission on March 26, 1999).
II-10
Table of Contents
Exhibit No.
Description
10
.5
Fort Lupton Golf Course Residential and Planned Unit
    Development Agreement, dated as of November 28, 1995
    (incorporated by reference to Exhibit 10.36 to
    Registrant's registration statement on
Form S-1
(No. 333-10223),
filed by the Registrant with the Commission on August 15,
    1996).
10
.6
Contribution Agreement, dated as of December 1, 2004 by and
    among Bluff Point Associates Corp., McInerney/Gabriele Family
    Limited Partnership, R. Clifton D'Amato, John H. Moody,
    MSCS Ventures, Inc., Matrix Bancorp, Inc., Matrix Capital Bank,
    Optech Systems, Inc., Let Lee and MG Colorado Holdings, Inc.
    (incorporated by reference to Exhibit 10.1 to
    Registrant's report on
Form 8-K
dated December 1, 2004, as filed by the Registrant with the
    Commission on December 6, 2004).
10
.7
Amendment No. 1 to Contribution and Sale Agreement, dated
    as of March 23, 2005 by and among Bluff Point Associates
    Corp., McInerney/Gabriele Family Limited Partnership, R. Clifton
    D'Amato, John H. Moody, MSCS Ventures, Inc., Matrix
    Bancorp, Inc., Matrix Capital Bank, Optech Systems, Inc., Let
    Lee and MG Colorado Holdings, Inc. (incorporated by reference to
    Exhibit 10.1 to Registrant's report on
Form 8-K
dated March 23, 2005, as filed by the Registrant with the
    Commission on March 28, 2005).
10
.8
Registration Rights Agreement, dated as of December 9,
    2005, by and between Matrix Bancorp, Inc., Friedman, Billings,
    Ramsey & Co., Inc. and the other parties thereto
    (incorporated by reference to Exhibit 4.1 to
    Registrant's report on
Form 8-K
dated December 9, 2005, as filed by the Registrant with the
    Commission on December 13, 2005).
10
.9
Employment Agreement, dated March 15, 2006, and effective
    as of January 11, 2006, by and between Matrix Bancorp, Inc.
    and Scot T. Wetzel (incorporated by reference to
    Exhibit 10.1 to Registrant's
Form 8-K
dated March 15, 2006, as filed with the Commission on
    March 20, 2006).•
10
.10
Asset Purchase Agreement, dated as of March 31, 2006,
    between Matrix Bancorp Trading, Inc., SN Capital Markets, LLC,
    Security National Holding Company, LLC, and Security National
    Master Holding Company, LLC (incorporated by reference to
    Exhibit 2.1 to Registrant's report on
Form 8-K
dated March 31, 2006, as filed by the Registrant with the
    Commission on April 6, 2006).
10
.11
Purchase Agreement, dated as of May 5, 2006, between SKS
    Ventures, LLC and Equi-Mor Holdings, Inc. (incorporated by
    reference to Exhibit 10.1 to Registrant's report on
Form 8-K
dated May 5, 2006, as filed by the Registrant with the
    Commission on May 10, 2006).
10
.12
Agreement for Purchase and Sale, dated as of August 11,
    2006 between Matrix Tower Holdings, LLC and Grant Management,
    A.S. (incorporated by reference to Exhibit 10.1 to
    Registrant's
Form 8-K
dated August 21, 2006, as filed with the Commission on
    August 25, 2006).
10
.13
License Agreement, dated as of September 29, 2006, between
    Legent Clearing, LLC and United Western Bancorp, Inc.
    (incorporated by reference to Exhibit 10.1 to
    Registrant's
Form 8-K
dated September 29, 2006, as filed with the Commission on
    October 5, 2006).
10
.14
First Amendment to License Agreement, dated as of June 6,
    2007, between Legent Clearing, LLC and United Western Bancorp,
    Inc. (incorporated by reference to Exhibit 10.14 to
    Registrant's
Form 10-K
for the fiscal year ended December 31, 2008, filed by the
    Registrant with the Commission on March 3, 2009).
10
.15
Revolving Loan Agreement, dated as of September 29, 2006,
    between Legent Group, LLC and United Western Bank, in the amount
    of $5,000,000 (incorporated by reference to Exhibit 10.2 to
    Registrant's
Form 8-K
dated September 29, 2006, as filed with the Commission on
    October 5, 2006).
10
.16
Second Modification of Loan Agreement, effective as of
    October 1, 2008, by and between Legent Group, LLC and
    United Western Bank, in the amount of $5,000,000 (incorporated
    by reference to Exhibit 10.16 to Registrant's
Form 10-K
for the fiscal year ended December 31, 2008, filed by the
    Registrant with the Commission on March 3, 2009).
10
.17
Form of Office Lease, dated as of October 1, 2006, between
    700 17th Street Operating, LLC and United Western Bank
    (incorporated by reference to Exhibit 10.3 to
    Registrant's
Form 8-K
dated September 29, 2006, as filed with the Commission on
    October 5, 2006).
II-11
Table of Contents
Exhibit No.
Description
10
.18
Credit Agreement, dated as of June 29, 2007 between United
    Western Bancorp, Inc. and JPMorgan Chase Bank, N.A.
    (incorporated by reference to Exhibit 10.1 to
    Registrant's
Form 8-K
dated June 29, 2007, as filed with the Commission on
    July 2, 2007).
10
.19
Employment Agreement, dated December 31, 2008, and
    effective as of October 15, 2008, by and between United
    Western Bancorp, Inc. and Scot T. Wetzel (incorporated by
    reference to Exhibit 10.1 to Registrant's
Form 8-K
dated December 31, 2008, as filed with the Commission on
    January 7, 2009).•
10
.20
2007 Equity Incentive Plan, as amended by the Board of Directors
    on December 17, 2008 (incorporated by reference to
    Exhibit 10.20 to Registrant's
Form 10-K
for the fiscal year ended December 31, 2008, filed by the
    Registrant with the Commission on March 3, 2009).•
10
.21
Stock Purchase Agreement, dated March 23, 2009, between
    MSCS Ventures, Inc. and Bluff Point Associates, Corp.
    (incorporated by reference to Exhibit 10.1 to the
    Registrant's
Form 8-K
dated March 20, 2007, as filed with the Commission on
    March 27, 2009).
10
.22
Asset Purchase Agreement, dated as of April 7, 2009, by and
    among the Registrant, Sterling Trust Company, Equity
    Trust Company, and Sterling Administrative Services, LLC
    (incorporated by reference to Exhibit 10.1 to the
    Registrant's
Form 8-K
dated April 7, 2009, as filed with the Commission on
    April 8, 2009).
10
.23
Line of Credit Note, dated as of June 29, 2009, in the
    amount of $30 million between United Western Bancorp, Inc.
    and JPMorgan Chase Bank, N.A. (incorporated by reference to
    Exhibit 10.1 to Registrant's
Form 8-K
dated June 26, 2009, as filed with the Commission
    June 26, 2009).
10
.24
Amendment to Credit Agreement, dated as of June 29, 2009,
    between United Western Bancorp, Inc. and JPMorgan Chase Bank,
    N.A. (incorporated by reference to Exhibit 10.2 to
    Registrant's
Form 8-K
dated June 26, 2009, as filed with the Commission on
    June 26, 2009).
10
.25
Loan and Security Agreement, dated June 27, 2009, by and
    among Sterling Trust Company, Equity Trust Company,
    Equity Administrative Services, Inc., and Sterling
    Administrative Services, LLC (incorporated by reference to
    Exhibit 10.1 to the Registrant's
Form 8-K
dated June 27, 2009, as filed with the Commission on
    June 29, 2009).
10
.26
Amended and Restated Subaccounting Agreement, dated
    June 27, 2009, by and among United Western Bank, Equity
    Trust Company, Equity Administrative Services, Inc., and
    Sterling Administrative Services, LLC (incorporated by reference
    to Exhibit 10.2 to the Registrant's
Form 8-K
dated June 27, 2009, as filed with the Commission on
    June 29, 2009).†
14
Code of Business Conduct and Ethics, as approved by the Board of
    Directors on August 4, 2008 (incorporated by reference to
    Exhibit 14 to Registrant's
Form 10-K
for the fiscal year ended December 31, 2008, filed with the
    Commission on March 3, 2009).
16
Letter regarding change in certifying accountant (incorporated
    by reference to Exhibit 16 to Registrant's
Form 8-K
dated December 10, 2008, as filed with the Commission on
    December 16, 2008).
21
Subsidiaries of the Registrant (incorporated by reference to
    Exhibit 21 to Registrant's
Form 10-K
for the fiscal year ended December 31, 2008, filed with the
    Commission on March 3, 2009).
23
.1*
Consent of McGladrey & Pullen, LLP.
23
.2*
Consent of Crowe Horwath LLP.
23
.3**
Consent of Greenberg Traurig, LLP (included in Exhibit 5.1).
24
.1*
Power of Attorney (included on the Signature Page of the
    Registration Statement).
•
Compensation Agreement
†
Portions of this exhibit have been omitted pursuant to a request
    for confidential treatment and have been filed separately with
    the Commission.
*
Filed herewith
**
To be filed by amendment
II-12