Matrix Bancorp Appoints Two Board Members

Matrix Bancorp, Inc. (NASDAQ:MTXC) today announced that
Jeffrey R. Leeds and William D. Snider have been appointed to fill two
new seats on its Board of Directors. Mr. Leeds, who has spent his
entire career in banking and finance, will serve as an outside
director, and Mr. Snider will keep his position as the Company's chief
financial officer. With the addition of Messrs. Leeds and Snider, the
Company's Board now comprises seven members.
   Mr. Leeds, who has an MBA from Columbia University, began his
career as a staff economist at the First National Bank of Chicago and
later spent a year at the Chicago Board Options Exchange. In 1981 he
joined Chemical Banking Corporation, where he assumed a number of
responsibilities, notably as a managing director in charge of ALCO
management. In 1995 he joined Greenpoint Financial Corp. as senior
vice president and treasurer; in 1999 he was promoted to executive
vice president, and until Greenpoint's sale in 2004 he served as its
chief financial officer and was recognized as a key contributor to the
company's financial success. Mr. Leeds serves on the board of
NYSE-listed Brookdale Senior Living, Inc., where he is chairman of the
audit committee.
   Prior to joining Matrix Bancorp, Mr. Snider served as president
and interim chief executive officer of Native American Bank, N.A., a
$75-million (assets) national bank headquartered in Denver, where he
continues to serve as a director. He has also served as chief
financial officer at CoBank and at TransOhio Bank, and from 1986 to
1990 he was senior vice president and group head of treasury at
Continental Bank Corporation. Mr. Snider, who has an MBA from the
University of Illinois and holds the designation Chartered Financial
Analyst, is a member of Financial Executives International, the CFA
Institute, and the Colorado CFA Society. Mr. Snider will serve as vice
chairman of the Board.
   "On behalf of the Company and its shareholders, I am delighted to
welcome these two individuals to the Board," said Guy A. Gibson,
chairman of the Board of Matrix Bancorp. "Bill has impressed us all in
his role as chief financial officer, and we will now have access to
his counsel in a more formal capacity. And with Jeff's appointment, we
gain access to a wealth of knowledge and experience that will be
invaluable as we implement our business plan to transform Matrix
Bancorp into a premier community bank."

   About Matrix Bancorp.

   Denver-based Matrix Bancorp, Inc. is focused on developing its
community-based banking network through its subsidiary, Matrix Capital
Bank, by strategically positioning branches across Colorado's Front
Range market. The area spans the Eastern slope of the Rocky Mountains,
from Pueblo to Fort Collins, and includes the metropolitan Denver
marketplace. Matrix Bank plans to grow its network to an estimated
five to seven community bank branches over the next three to five
years. The Company's shareholders have approved "United Western" as
our new brand name and the Company anticipates a formal change in
legal and trade names to be completed during the third quarter of
2006. For more information, please visit our web site at
www.matrixbancorp.com.
   Certain statements contained in this press release that are not
historical facts, including, but not limited to, statements that can
be identified by the use of forward-looking terminology such as "may,"
"will," "expect," "anticipate," "predict," "believe," "plan,"
"estimate" or "continue" or the negative thereof or other variations
thereon or comparable terminology, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995, and involve a number of risks and uncertainties. The actual
results of the future events described in such forward-looking
statements in this earnings release could differ materially are: the
timing of regulatory approvals or consents for new branches or other
contemplated actions; the availability of suitable and desirable
locations for additional branches; and the continuing strength of our
existing business, which may be affected by various factors, including
but not limited to interest rate fluctuations, level of delinquencies,
defaults and prepayments, general economic conditions, competition;
the delay in or failure to receive any required shareholder approvals
of the contemplated actions; and the risks and uncertainties discussed
elsewhere in the annual report for the year ended December 31, 2005
filed with the Securities and Exchange Commission on March 15, 2006;
in the quarterly report for the first quarter ended March 31, 2006
filed with the Securities and Exchange Commission on May 11, 2006; in
the quarterly report for the second quarter ended June 30, 2006 filed
with the Securities and Exchange Commission on August 11, 2006; and
the uncertainties set forth from time to time in the Company's other
periodic reports, filings and other public statements.