Press Release
Approval of Notice by Morgan Stanley,
New York, New York
October 14, 2009

NEW YORK—The Federal Reserve Bank of New York today approved the notice by Morgan Stanley, New York, New York, to retain 9.0 percent and acquire a non-controlling interest up to 9.9 percent of the outstanding common stock of United Western Bancorp, Inc., Denver, Colorado, its non-depository institution subsidiaries, and its depository institution subsidiary, United Western Bank, Denver, Colorado, pursuant to sections 4(c)(8), 4(j), and 4(k) of the Bank Holding Company Act of 1956, as amended, and section 225.24 of Regulation Y.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.