EXHIBIT 21

United Western Bancorp, Inc. (d/b/a United Western Bancorp)

Subsidiaries of the Registrant

1.   United Western Bank® — Organized Pursuant to a Federal Savings and Loan Charter

2.   Matrix Tower Holdings, LLC  — Formed in Delaware

3.   Matrix Financial Services Corporation (d/b/a Matrix Home Loan Center, Matrix Capital Mortgage and Matrix Capital Mortgage Corporation) — Incorporated in Arizona

4.   Matrix Insurance Services Corporation — Incorporated in Arizona

5.   The Vintage Group, Inc. — Incorporated in Texas

6.   Vintage Delaware Holdings, Inc. — Incorporated in Delaware

7.   Sterling Trust Company — Incorporated in Texas

8.   MSCS Ventures, Inc. — Incorporated in Colorado

9.   UW Asset Corp. — Incorporated in Colorado

10.   Matrix Bancorp Trading, Inc. — Incorporated in Colorado

11.   UW Investment Services, Inc. (f/k/a First Matrix Investment Services Corp.) — Incorporated in Texas

12.   First Matrix, LLC — Organized in Colorado

13.   Matrix Funding Corp. — Incorporated in Colorado

14.   Equi-Mor Holdings, Inc. — Incorporated in Nevada

15.   New Century Academy Property Management Group, LLC — Organized in Arizona

16.   Charter Facilities Funding, LLC — Organized in Minnesota

17.   Charter Facilities Funding IV, LLC — Organized in Colorado

18.   Community Development Funding I, LLC — Organized in Minnesota

19.   UWBK Fund Management, Inc. — Incorporated in Colorado

20.   Matrix Bancorp Capital Trust II — Organized Under Delaware Law

21.   Matrix Bancorp Capital Trust VI — Organized Under Delaware Law

22.   Matrix Bancorp Capital Trust VIII — Organized Under Delaware Law