Matrix Bancorp, Inc. Announces Annual Shareholders' Meeting

Matrix Bancorp, Inc. (NASDAQ: MTXC) (the "Company")
announced today that its annual shareholders' meeting will be held at
the Hyatt Regency Denver at the Convention Center in Denver, Colorado,
on Thursday, June 15, 2006, at 10:00 a.m. MST. One of the proposals at
the shareholders' meeting is for the approval of the Company's new
name, United Western Bancorp, Inc. In addition to shareholders,
employees, directors and officers of the Company, it is expected that
media representatives and other guests of the Company will attend the
meeting, where Company executives will make a presentation concerning
the status of its new community banking strategy and its competitive
position in the Colorado banking market.
   Denver-based Matrix Bancorp, Inc. is focused on developing its
community-based banking network through its Matrix Capital Bank
subsidiary by strategically positioning branches across Colorado's
Front Range market. The Bank plans to grow its network to an estimated
five to seven community-based branches over the next three to five
years. The Company anticipates changing the name of its principal
subsidiary, Matrix Capital Bank, to United Western Bank and an
accompanying name change awareness campaign during the third quarter
of 2006, after receiving all necessary regulatory and shareholder
approvals.
   At March 31, 2006, the Company reported total consolidated assets
of approximately $2.15 billion, total loans of $1.3 billion, total
deposits of $1.2 billion and total consolidated shareholders equity of
$107 million. For more information, please visit
www.matrixbancorp.com.

   Certain statements contained in this earnings 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;
and in the quarterly report for the first quarter ended March 31,
2006, filed with the Securities and Exchange Commission on May 11,
2006; and the uncertainties set forth from time to time in the
Company's other periodic reports, filings and other public statements.