UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) January 10, 2011
Date of report (Date of earliest event reported) February 18, 2011
United Western Bancorp, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Colorado
(State or Other Jurisdiction of Incorporation)
0-21231	84-1233716
(Commission File Number)	(IRS Employer Identification No.)
700 Seventeenth Street, Suite 2100 Denver, Colorado	80202
(Address of Principal Executive Offices)	(Zip Code)
(303) 595-9898
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

~~Item~~ITEM 18.01 OTHER ~~Entry into a Material Definitive Agreement~~EVENTS

~~See~~On ~~Item~~February 218, 2011, United Western Bancorp, Inc.03 (the “Company”) filed a complaint (the "Complaint") on behalf of ~~this~~United ~~Current~~Western ~~Report~~Bank, its former federal savings bank subsidiary (the “Bank”), itself and various individual directors and officers in the United States District Court for the District of Columbia, against the Office of Thrift Supervision (the "OTS"), the OTS Acting Director, John E. Bowman (the "Acting Director") and the Federal Deposit Insurance Company (the "FDIC") (the OTS, FDIC and the Acting Director, collectively the "Defendants") for an order requiring the OTS and the Acting Director to remove the FDIC as receiver of the Bank, alleging, among other things, that the receivership and seizure order, issued on ~~Form~~January ~~8-K~~21, ~~which~~2011, iswas ~~incorporated~~arbitrary byand ~~reference~~capricious ~~herein~~and lacked any basis in applicable law.

~~Item~~The 2Complaint alleges, among other things, that the Defendants have in this case profoundly abused their enormous powers to protect the banking system and the FDIC Deposit Insurance Fund by seizing an economically viable bank with over $400 million in available cash at the time of seizure (representing fully 20% of its total assets).03 The ~~Creation~~Complaint further alleges, that the Defendants did so based upon a sudden and irrational rejection of the Bank’s proven business model as a ~~Direct~~community ~~Financial~~bank ~~Obligation~~that oralso anperformed ~~Obligation~~settlement ~~Under~~and processing services for trust, settlement, clearing, and escrow companies. The Complaint alleges that the Defendants conducted regular examinations of the Bank for over 16 years, were aware of the Bank’s business model, and had never previously objected to it. In 2010, the Defendants suddenly rejected the Bank’s business model and commenced an ~~Off-Balance~~arbitrary ~~Sheet~~and ~~Arrangement~~capricious course of aaction ~~Registrant~~that would culminate in the unlawful seizure of the Bank. The Complaint states that the Defendants’ efforts to convert their new found bias for traditional community banking into statutory grounds to close down the Bank must be rejected since there was no rational and legitimate ground to seize the Bank.

~~United~~The ~~Western~~foregoing ~~Bancorp,~~is ~~Inc.~~only ~~(the~~a ~~“Company”)~~summary ~~and~~of ~~Equi-Mor~~the ~~Holdings,~~material ~~Inc.,~~terms aof ~~direct~~the ~~subsidiary~~Complaint ofand ~~the~~does ~~Company~~not ~~(the~~purport ~~“Pledgor”)~~to be complete, ~~entered~~and ~~into~~is ~~that~~qualified ~~certain~~in ~~Sixth~~its ~~Forbearance~~entirety ~~and~~by ~~Amendment~~reference ~~Agreement~~to (the ~~“Sixth~~Complaint, ~~Forbearance~~a ~~Agreement”)~~copy ~~with~~of ~~JPMorgan~~which ~~Chase~~is ~~Bank,~~attached ~~N.A.~~to ~~(“JPMorgan”)~~this Current Report on ~~January~~Form ~~10,~~8-K ~~2011~~as Exhibit 10.1.

~~The~~ITEM terms of the Sixth Forbearance Agreement provide, among other things, that (i) JPMorgan agrees to forbear from exercising its rights and remedies under the Loan Documents (as defined in the Sixth Forbearance Agreement) on account of the Sixth Forbearance Disclosed Defaults (as defined in the Sixth Forbearance Agreement) provided the Company and the Pledgor satisfy all obligations set forth in the Sixth Forbearance Agreement and the Loan Documents (from the Effective Date as defined in the Sixth Forbearance Agreement) until the earlier of: (i) the end of business on February 15, 2011; or (ii) the occurrence of a default, other than the Sixth Forbearance Disclosed Defaults, under any of the Loan Documents, the Sixth Forbearance Agreement or any other agreement required to be entered into by the Sixth Forbearance Agreement9.01 FINANCIAL ~~The~~STATEMENTS ~~forbearance~~AND by JPMorgan is conditioned upon, among other things, the Company entering into an investment agreement with at least two anchor investors on or before October 31, 2010 with such investment agreement providing for the investment by such anchor investors of no less than $91 million and collectively, an investment of approximately $200 million of new money capital in the Company.EXHIBITS

~~As previously reported by the Company on Form 8-K filed with the Securities and Exchange Commission on October 29, 2010, the Company entered into an investment agreement on October 28, 2010~~ (the “Investment Agreement”) with Oak Hill Capital Partners III, L.P. and Oak Hill Capital Management Partners III, L.P. (collectively, the “Oak Hill Anchor Investor”), Lovell Minnick Equity Partners III LP and Lovell Minnick Equity Partners III-A LP (collectively, the “Lovell Minnick Anchor Investor” and, together with the Oak Hill Anchor Investor, the “Lead Anchor Investors”), Legent Group, LLC (the “Legent Group”) and Henry C. Duques (“Duques” and, together with the Legent Group, the “Duques Anchor Investor”) (each of the Oak Hill Anchor Investor, the Lovell Minnick Anchor Investor and the Duques Anchor Investor, an “Anchor Investor,” and collectively, the “Anchor Investors”). Pursuant to the Investment Agreement, the Company will seek to raise in the aggregate at least $200,000,000 but not more than $205,000,000, and the Lead Anchor Investors will each purchase 117,500,000 shares of common stock, par value $0.0001 per share, of the Company (the “Common Stock”) for $0.40 per share, for a ~~total investment of $94,000,000 (the “Lead Anchor Investment”~~). ~~The Legent Group will purchase 7,500,000 shares of Common Stock for $0~~Exhibits.40 per share, for a total investment of $3,000,000, and Duques will purchase 15,000,000 shares of Common Stock for $0.40 per share, for a total investment of $6,000,000. In addition, each Anchor Investor will each receive warrants to purchase 10.0% of the number of shares of Common Stock that they purchased under the Investment Agreement.

~~The~~10.1 ~~terms~~Complaint ofwith ~~the~~respect ~~Sixth~~to ~~Forbearance~~the ~~Agreement~~following ~~also~~matter ~~provide~~filed ~~that~~on ~~the~~February ~~Company~~18, ~~will~~2011 ~~pay~~in ~~JPMorgan~~the ~~monthly~~United ~~interest~~States ~~payments~~District Court for the ~~months~~District of ~~November~~Columbia: United Western Bank; United Western Bancorp, Inc., Individually and ~~December~~on behalf of ~~2010~~United Western Bank as Sole Shareholder of United Western Bank; Guy A. Gibson, Individually and ~~January~~on behalf of ~~2011~~United ~~(the~~Western ~~“Sixth~~Bank ~~Forbearance~~and ~~Interest~~United ~~Payments”)~~Western Bancorp, Inc.; ~~provided~~Michael J. McCloskey, ~~however~~Individually and on behalf of United Western Bancorp, ~~that~~Inc.; ~~the~~James ~~Sixth~~H. ~~Forbearance~~Bullock, ~~Interest~~Individually ~~Payments~~and ~~are~~on ~~subject~~behalf toof ~~the~~United ~~Company’s~~Western ~~prior~~Bank ~~receipt~~and United Western Bancorp, Inc.; Charles J. Berling, Individually and on behalf of ~~the~~United ~~written~~Western ~~non-objection~~Bank; and Robert T. Slezak, Individually and on behalf of United Western Bancorp, Inc., as Plaintiffs, v. Office of Thrift Supervision; John E. Bowman, in his capacity as Acting Director of the Office of Thrift Supervision; Federal Deposit Insurance Corporation, in its Corporate Capacity; and Federal Deposit Insurance Corporation, in its capacity as Receiver for United Western Bank, Defendants.

In99.1 ~~addition,~~Press ~~the~~release ~~terms~~dated of the Sixth Forbearance Agreement provide that the Company will cause the proceeds of any Stated Capital Raise (as defined in the Sixth Forbearance Agreement and which includes the proceeds raised by the completion of the contemplated offering pursuant to the Investment Agreement described above) to be used, first and foremost, to pay off all the Liabilities (as defined in the Sixth Forbearance Agreement) the Company owes to JPMorgan under the Loan Documents, provided, however, that the Liabilities under the Loan Documents shall be deemed to be fully satisfied if: (A) on or before February 1518, 2011, ~~the~~titled ~~Company~~"United ~~pays~~Western ~~to JPMorgan an amount from the proceeds of the Stated Capital Raise equal to the sum of: (i) $10~~Bancorp,~~562,500,~~ ~~(ii)~~Inc. ~~all~~Announces ~~accrued~~it ~~but~~has ~~unpaid~~filed ~~interest~~a ~~due~~Complaint ~~under~~against the ~~Loan~~Federal ~~Documents~~Deposit ~~and~~Insurance ~~(iii)~~Corporation ~~all other fees, costs~~ and ~~expenses due under~~ the ~~Loan~~Office ~~Documents ((i), (ii) and (iii) collectively, the “Capital Proceeds Payment”); and (B) no Forbearance Default (as defined in the Sixth Forbearance Agreement) occurs prior to receipt~~ of ~~the~~Thrift ~~Capital Proceeds Payment~~Supervision. ~~The payment by the Company of the Capital Proceeds Payment to JPMorgan is subject to the Company’s prior receipt of the written non-objection of the OTS.~~"

The foregoing is only a summary of the material terms of the Sixth Forbearance Agreement and does not purport to be complete, and is qualified in its entirety by reference to the Sixth Forbearance Agreement, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) The following exhibits are being furnished herewith.

Exhibit No.			Description
	10.1		Sixth Forbearance and Amendment Agreement dated January 10, 2011.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	United Western Bancorp, Inc.
	UNITED WESTERN BANCORP, INC.
Dated: January 12, 2011	By: /s/ Michael J. McCloskey
Dated: February 18, 2011	By: /s/ Michael J. McCloskey
	Name: Michael J. McCloskey
	Title: Executive Vice President and Chief Operating Officer
	Title: Executive Vice President, Chief Operating Officer and General Counsel

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