United Western Bancorp, Inc. (NASDAQ: UWBK) (the ?Company?), a Denver-based holding company whose principal subsidiary was formerly United Western Bank® (the ?Bank?), today announced that on January 21, 2011 the Federal Deposit Insurance Corporation (?FDIC?) was appointed as receiver for the Bank by the Office of Thrift Supervision under the Federal Deposit Insurance Act. The FDIC immediately sold the Bank to First-Citizens Bank & Trust Company of Raleigh, North Carolina, who will operate the Bank under a new name commencing on January 24, 2011.

This action was taken despite the Company's extensive efforts to recapitalize itself and the Bank. At the date of the seizure by the FDIC, the Company had written commitments for the investment of $149 million and had received strong indications of interest in excess of $70 million. Guy A. Gibson, the Company's Chairman of the Board, expressed his surprise and disappointment with the OTS and FDIC action, saying, ?We were making steady progress with regard to completing our capital formation efforts and were within sight of the completion of our $200 million raise. This precipitous action by the OTS and the FDIC will ultimately cause an unnecessary loss to the Deposit Insurance Fund, since our private market solution was near at hand. Our solution would have avoided any loss to the Deposit Insurance Fund and spared the industry millions of dollars of additional assessments now required to cover this cost to the Deposit Insurance Fund.?

The Bank was the Company's principal subsidiary. Following the seizure of the Bank by the FDIC, the Company is exploring its options and will consider all alternatives to protect and maximize the value of its remaining assets. The Company and certain of its subsidiaries and affiliates may be required to seek protection under the federal Bankruptcy Code in order to seek a reorganization or pursue an orderly liquidation of those assets.

Mr. Gibson went on to note that the Company would work with the NASDAQ Global Market to determine whether it would be possible to maintain the Company's stock listing on that market, but the Company views this as unlikely and trading may be suspended as a result of the FDIC appointment. The Company was previously advised on August 5, 2010 by the NASDAQ Global Market that its common stock would be delisted from that market if its common stock price did not recover to above $1.00. It is likely that the NASDAQ Global Market will suspend trading in the Company's common stock if the Company enters bankruptcy.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-405-8028. The phone number will be operational this evening until 9:00 p.m., Mountain Standard Time (MST); on Saturday from 9:00 a.m. to 6:00 p.m., MST; on Sunday from noon to 6:00 p.m., MST; and thereafter from 8:00 a.m. to 8:00 p.m., MST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/unitedwestern.html.

Forward-Looking Statements

Certain statements contained in this press release may be deemed to be forward-looking under federal securities laws, and the Company intends that such forward-looking statements be subject to the safe harbor created thereby. Such forward-looking statements include, but are not limited to, statements regarding the Company's efforts to protect its remaining assets, filing for bankruptcy, and the delisting of the Company's common stock on the NASDAQ Global Market. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained herein. Such factors include (a) the Company's ability to resolve the methodology difference in the determination of OTTI with the OTS and FDIC and (b) other risks detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2010, and subsequent filings with the Securities and Exchange Commission. The Company has not filed its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2010 and has no present plans to correct that omission.

United Western Bancorp, Inc.
Guy A. Gibson, 720-956-6515
Chairman of the Board
ggibson@uwbank.com