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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549


FORM 10-QSB

Quarterly Report Under Section 13 or 15(d) of
the Securities Exchange Act of 1934

|                         |  |                                 
|------------------------ |  | --------------------------------
|For the Quarterly period |  | Commission File Number 333-40028
|ended March 31, 2003     |  |                                 

Front Range Capital Corporation

---

(Exact name of registrant as specified in its charter)


|                                |  |                    
|------------------------------- |  | -------------------
|Colorado                        |  | 84-0970160         
|                                |  |                    
|(State or other jurisdiction of |  | (I.R.S. Employer   
|incorporation or organization)  |  | Identification No.)

|                                                    |  |  |  |           
|--------------------------------------------------- |  |  |  | ----------
|1020 Century Drive, Suite 202, Louisville, Colorado |  |  |  | 80027     
|                                                    |  |  |  |           
|(Address of principal executive offices)            |  |  |  | (Zip Code)

Issuers telephone number, including area code: (303) 926-0300

YES  [X]
        NO  [   ]

The number of shares outstanding of the issuers common stock, as of May 13,
2003, was 1,665,144 shares of common stock, $.001 par value.

Transitional Small Business Disclosure Format:
          Yes  [   ]
       No:  [X]





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TABLE OF CONTENTS



|                                                 |                                                                   |  |  |  |  |  |  | 
|------------------------------------------------ | ----------------------------------------------------------------- |  |  |  |  |  |  | 
|Forward Looking Statements                      
|PART I                                          
|                                                 | Item 1. Financial Statements                                     
|                                                 | Item 2. Managements Discussion and Analysis or Plan of Operation
|                                                 | Item 3. Controls and Procedures                                  
|PART II OTHER INFORMATION                       
|                                                 | Item 1. Legal Proceedings                                        
|                                                 | Item 5. Other Information                                        
|                                                 | Item 6. Exhibits and Reports on Form 8-K                         
|SIGNATURES                                      
|CERTIFICATIONS                                  
|EXHIBIT INDEX                                   
|EX-23.1 Consent of Independent Accountants      
|EX-99.1 Certification of Chief Executive Officer
|EX-99.2 Certification of Chief Financial Officer



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TABLE OF CONTENTS

|                           |                                                                   |  |    |    | 
|-------------------------- | ----------------------------------------------------------------- |  | -- | -- | 
|Forward Looking Statements |                                                                   |  | 1  |   
|PART I                     |                                                                   |  | 2  |   
|                           | Item 1. Financial Statements                                      |  |    | 2  | 
|                           | Item 2. Managements Discussion and Analysis or Plan of Operation |  |    | 12 | 
|                           | Item 3. Controls and Procedures                                   |  |    | 15 | 
|PART II. OTHER INFORMATION |                                                                   |  | 16 |   
|                           | Item 1. Legal Proceedings                                         |  |    | 16 | 
|                           | Item 5. Other Information                                         |  |    | 16 | 
|                           | Item 6. Exhibits and Reports on Form 8-K                          |  |    | 17 | 
|SIGNATURES                 |                                                                   |  | 19 |   
|CERTIFICATIONS             |                                                                   |  | 20 |   
|EXHIBIT INDEX              |                                                                   |  | 24 |   

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Forward Looking Statements

This report contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934. Actual results could
differ materially from those projected in the forward-looking statements as a
result of the risks and uncertainties set forth in this report, the Companys
Annual Report on Form 10-KSB and other reports and documents that the Company
files with the Securities and Exchange Commission. The information set forth
is not a guarantee of future performance, operating results or financial
condition. These forward-looking statements are based on managements current
knowledge and belief and include information concerning the Companys possible
or assumed future financial condition and results of operations. A number of
factors, some of which are beyond the Companys ability to predict or control,
could cause future results to differ materially from those contemplated. These
factors include but are not limited to:



| |  |  | a continued slowdown in the United States and Colorado
economy;                         
| | - |  | ----------------------------------------------------------------------------------------
|
| |  |  | increased economic uncertainty created by the terrorist
attacks in the U.S. and the war;
|
| |  |  | changes in interest rates and the regulatory environment;                               
|
| |  |  | operational risks including data processing system failures or fraud;                   
|
| |  |  | volatility of rate sensitive deposits;                                                  
|
| |  |  | changes in accounting policies and practices;                                           
|
| |  |  | asset/liability matching risks and liquidity risks.                                     

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PART I
FINANCIAL INFORMATION




Item 1. Financial Statements

INDEPENDENT ACCOUNTANTS REPORT

The Board of Directors and Shareholders
Front Range Capital Corporation
    and Subsidiaries
Louisville, Colorado

We have reviewed the accompanying interim consolidated balance sheet of
Front Range Capital Corporation and Subsidiaries as of March 31, 2003, and the
related interim consolidated statements of income, comprehensive income and
cash flows for the three-month period then ended. These financial statements
are the responsibility of the Companys management.

We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters. It is substantially less in scope than an audit in
accordance with auditing standards generally accepted in the United States of
America, the objective of which is to express an opinion regarding the
financial statements taken as a whole. Accordingly, we do not express such an
opinion.

Based on our review, we are not aware of any material modifications that
should be made to the accompanying financial statements for them to be in
conformity with accounting principles generally accepted in the United States
of America.

/s/ Fortner, Bayens, Levkulich & Co., P.C.

Denver, Colorado
May 6, 2003

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Front Range Capital Corporation and Subsidiaries

CONSOLIDATED BALANCE SHEETS

|                                                                                                                                |                                 |                     |                                      |                           |             |             |             |              |             |  |             | 
|------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | ------------------- | ------------------------------------ | ------------------------- | ----------- | ----------- | ----------- | ------------ | ----------- |  | ----------- | 
|                                                                                                                                |                                 |                     |                                      |                           |             | March 31,   |             | December 31,
|                                                                                                                                |                                 |                     |                                      |                           |             | 2003        |             | 2002        
|                                                                                                                                |                                 |                     |                                      |                           |             |             |             |             
|                                                                                                                                |                                 |                     |                                      |                           |             | (Unaudited) |             |              |             | 
|                                                                                                                                |                                 |                     |                                      | ASSETS                    |             |             |             |              |             |  |             | 
|Cash and due from banks                                                                                                         |                                 | $                   | 13,164,000                           |                           |             | $           | 14,367,000  |             
|Federal funds sold                                                                                                              |                                 |                     | 5,425,000                            |                           |             |             | 22,275,000  |             
|                                                                                                                                |                                 |                     |                                      |                           |             |             |             |             
|                                                                                                                                |                                 |                     |                                      | Cash and cash equivalents |             |             | 18,589,000  |              |             |  | 36,642,000  | 
|Securities available for sale                                                                                                   |                                 |                     | 48,707,000                           |                           |             |             | 51,257,000  |             
|Nonmarketable securities                                                                                                        |                                 |                     | 3,373,000                            |                           |             |             | 3,352,000   |             
|Loans, net of unearned income                                                                                                   |                                 |                     | 275,286,000                          |                           |             |             | 268,548,000 |             
|Less allowance for loan losses                                                                                                  |                                 |                     | (2,515,000                           | )                         |             |             | (2,394,000  | )           
|                                                                                                                                |                                 |                     |                                      |                           |             |             |             |             
|                                                                                                                                |                                 |                     |                                      | Net loans                 |             |             | 272,771,000 |              |             |  | 266,154,000 | 
|Other Real Estate Owned                                                                                                         |                                 |                     | 9,257,000                            |                           |             |             | 8,066,000   |             
|Premises and equipment, net                                                                                                     |                                 |                     | 10,616,000                           |                           |             |             | 10,787,000  |             
|Accrued interest receivable                                                                                                     |                                 |                     | 1,455,000                            |                           |             |             | 1,385,000   |             
|Deferred income taxes                                                                                                           |                                 |                     | 903,000                              |                           |             |             | 925,000     |             
|Other assets                                                                                                                    |                                 |                     | 8,580,000                            |                           |             |             | 8,662,000   |             
|                                                                                                                                |                                 |                     |                                      |                           |             |             |             |             
|Total Assets                                                                                                                    |                                 | $                   | 374,251,000                          |                           |             | $           | 387,230,000 |             
|                                                                                                                                |                                 |                     |                                      |                           |             |             |             |             
|                                                                                                                                |                                 |                     | LIABILITIES AND STOCKHOLDERS EQUITY |                           |             |             |             |              |             |  |            
|Liabilities                                                                                                                     |                                 |                     |                                      |                           |             |             |             |             
|                                                                                                                                | Deposits                        |                     |                                      |                           |             |             |             |              |            
|                                                                                                                                |                                 | Noninterest-bearing |                                      | $                         | 48,460,000  |             |             | $            | 49,371,000  | 
|                                                                                                                                |                                 | Interest-bearing    |                                      |                           | 265,857,000 |             |             |              | 273,754,000 | 
|                                                                                                                                |                                 |                     |                                      |                           |             |             |             |             
|                                                                                                                                |                                 |                     |                                      | Total deposits            |             |             | 314,317,000 |              |             |  | 323,125,000 | 
|                                                                                                                                | Other short-term funds borrowed |                     |                                      | 8,000,000                 |             |             |             | 12,500,000   |            
|                                                                                                                                | Long-term debt                  |                     |                                      | 18,545,000                |             |             |             | 18,563,000   |            
|                                                                                                                                | Accrued interest payable        |                     |                                      | 779,000                   |             |             |             | 882,000      |            
|                                                                                                                                | Other liabilities               |                     |                                      | 2,331,000                 |             |             |             | 2,311,000    |            
|                                                                                                                                |                                 |                     |                                      |                           |             |             |             |             
|                                                                                                                                |                                 |                     |                                      | Total liabilities         |             |             | 343,972,000 |              |             |  | 357,381,000 | 
|Company obligated mandatorily redeemable preferred
securities of subsidiary trust holding solely
Junior Subordinated Debentures |                                 |                     | 9,200,000                            |                           |             |             | 9,200,000   |             

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|                                         |                                                                                                         |   |             |                            |  |             |             |              |  |  |            | 
|---------------------------------------- | ------------------------------------------------------------------------------------------------------- | - | ----------- | -------------------------- |  | ----------- | ----------- | ------------ |  |  | ---------- | 
|                                         |                                                                                                         |   |             |                            |  | March 31,   |             | December 31,
|                                         |                                                                                                         |   |             |                            |  | 2003        |             | 2002        
|                                         |                                                                                                         |   |             |                            |  |             |             |             
|                                         |                                                                                                         |   |             |                            |  | (Unaudited) |             |              |  | 
|Stockholders equity                     |                                                                                                         |   |             |                            |  |             |             |             
|                                         | Preferred stock, authorized 100,000,000 shares of
$.001 par value; issued 14,117 shares                 |   |             |                           |  |             |             |             | 
|                                         | Paid in capital in excess of par value on
preferred stock                                               |   |             | 3,670,000                  |  |             |             | 3,670,000    | 
|                                         | Common stock, authorized 200,000,000 shares of
$.001 par value; 1,665,144 shares issued and
outstanding |   |             | 2,000                      |  |             |             | 2,000        | 
|                                         | Paid in capital in excess of par value on common
stock                                                  |   |             | 8,521,000                  |  |             |             | 8,521,000    | 
|                                         | Retained earnings                                                                                       |   |             | 8,353,000                  |  |             |             | 7,961,000    | 
|                                         | Accumulated other comprehensive income                                                                  |   |             | 533,000                    |  |             |             | 495,000      | 
|                                         |                                                                                                         |   |             |                            |  |             |             |             
|                                         |                                                                                                         |   |             | Total Stockholders Equity |  |             | 21,079,000  |              |  |  | 20,649,000 | 
|                                         |                                                                                                         |   |             |                            |  |             |             |             
|Total Liabilities & Stockholders Equity |                                                                                                         | $ | 374,251,000 |                            |  | $           | 387,230,000 |             
|                                         |                                                                                                         |   |             |                            |  |             |             |             

See accompanying notes and accountants report.

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Front Range Capital Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

For the three month period ended March 31,
(Unaudited)

|                                                    |                                               |             |                          |           |         |           |           |           |         |           | 
|--------------------------------------------------- | --------------------------------------------- | ----------- | ------------------------ | --------- | ------- | --------- | --------- | --------- | ------- | --------- | 
|                                                    |                                               |             |                          |           | 2003    |           | 2002     
|                                                    |                                               |             |                          |           |         |           |          
|Interest and dividend income                        |                                               |             |                          |           |         |           |           |          
|                                                    | Loans, including fees                         |             | $                        | 5,353,000 |         |           | $         | 4,898,000 |        
|                                                    | Investment securities                         |             |                          |           |         |           |           |           |        
|                                                    |                                               | Taxable     |                          |           | 376,000 |           |           |           | 286,000 |          
|                                                    |                                               | Non-taxable |                          |           | 137,000 |           |           |           | 111,000 |          
|                                                    | Dividends                                     |             |                          | 38,000    |         |           |           | 39,000    |        
|                                                    | Federal funds sold and other                  |             |                          | 36,000    |         |           |           |          |        
|                                                    |                                               |             |                          |           |         |           |           |          
|                                                    |                                               |             | Total interest income    |           |         | 5,940,000 |           |           |         | 5,334,000 | 
|Interest expense                                    |                                               |             |                          |           |         |           |           |          
|                                                    | Deposits                                      |             |                          | 1,467,000 |         |           |           | 1,412,000 |        
|                                                    | Federal funds purchased                       |             |                          |          |         |           |           | 59,000    |        
|                                                    | Other short-term funds borrowed               |             |                          | 71,000    |         |           |           | 123,000   |        
|                                                    | Long-term debt                                |             |                          | 225,000   |         |           |           | 170,000   |        
|                                                    | Trust preferred securities                    |             |                          | 253,000   |         |           |           | 275,000   |        
|                                                    |                                               |             |                          |           |         |           |           |          
|                                                    |                                               |             | Total interest expense   |           |         | 2,016,000 |           |           |         | 2,039,000 | 
|                                                    |                                               |             |                          |           |         |           |           |          
|Net interest income                                 |                                               |             | 3,924,000                |           |         |           | 3,295,000 |          
|Provision for loan losses                           |                                               |             | 256,000                  |           |         |           | 114,000   |          
|                                                    |                                               |             |                          |           |         |           |           |          
|Net interest income after provision for loan losses |                                               |             | 3,668,000                |           |         |           | 3,181,000 |          
|Noninterest income                                  |                                               |             |                          |           |         |           |           |          
|                                                    | Customer service fees                         |             |                          | 442,000   |         |           |           | 367,000   |        
|                                                    | Gain on sale of available for sale securities |             |                          |          |         |           |           | 1,000     |        
|                                                    | Loan origination fees                         |             |                          | 255,000   |         |           |           | 143,000   |        
|                                                    | Other                                         |             |                          | 94,000    |         |           |           | 147,000   |        
|                                                    |                                               |             |                          |           |         |           |           |          
|                                                    |                                               |             | Total noninterest income |           |         | 791,000   |           |           |         | 658,000   | 
|Noninterest expense                                 |                                               |             |                          |           |         |           |           |          
|                                                    | Salaries and employee benefits                |             |                          | 2,294,000 |         |           |           | 1,815,000 |        
|                                                    | Occupancy expense                             |             |                          | 381,000   |         |           |           | 321,000   |        
|                                                    | Furniture and equipment                       |             |                          | 220,000   |         |           |           | 195,000   |        
|                                                    | Data processing                               |             |                          | 187,000   |         |           |           | 173,000   |        
|                                                    | Marketing                                     |             |                          | 96,000    |         |           |           | 93,000    |        
|                                                    | Printing and supplies                         |             |                          | 78,000    |         |           |           | 80,000    |        
|                                                    | Loan and Collection                           |             |                          | 115,000   |         |           |           | 47,000    |        
|                                                    | Other Real Estate - Heritage Place            |             |                          | 34,000    |         |           |           |          |        

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|                           |         |   |                           |         |      |           |         |         |  |           | 
|-------------------------- | ------- | - | ------------------------- | ------- | ---- | --------- | ------- | ------- |  | --------- | 
|                           |         |   |                           |         | 2003 |           | 2002   
|                           |         |   |                           |         |      |           |        
|                           | Other   |   |                           | 486,000 |      |           |         | 413,000 | 
|                           |         |   |                           |         |      |           |         |        
|                           |         |   | Total noninterest expense |         |      | 3,891,000 |         |         |  | 3,137,000 | 
|                           |         |   |                           |         |      |           |         |        
|Income before income taxes |         |   | 568,000                   |         |      |           | 702,000 |        
|Income tax expense         |         |   | 139,000                   |         |      |           | 207,000 |        
|                           |         |   |                           |         |      |           |         |        
|NET INCOME                 |         | $ | 429,000                   |         |      | $         | 495,000 |        
|                           |         |   |                           |         |      |           |         |        
|EARNINGS PER SHARE         |         |   |                           |         |      |           |         |        
|                           | Basic   |   | $                         | 0.23    |      |           | $       | 0.31    | 
|                           |         |   |                           |         |      |           |         |        
|                           | Diluted |   | $                         | 0.23    |      |           | $       | 0.31    | 
|                           |         |   |                           |         |      |           |         |        

See accompanying notes and accountants report.

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Front Range Capital Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three months ended March 31,
(Unaudited)

|                           |                                        |                                          |         |      |        |      |         |  |          |  
|-------------------------- | -------------------------------------- | ---------------------------------------- | ------- | ---- | ------ | ---- | ------- |  | -------- | -
|                           |                                        |                                          |         | 2003 |        | 2002
|                           |                                        |                                          |         |      |        |     
|Net income                 |                                        | $                                        | 429,000 |      |        | $    | 495,000 | 
|Other comprehensive income |                                        |                                          |         |      |        |      |         | 
|                           | Unrealized (depreciation) appreciation |                                          |         |      |        |      |         |  |         
|                           |                                        | on available for sale securities, net of |         |      |        |      |         |  |          |  
|                           |                                        | income taxes                             |         |      | 38,000 |      |         |  | (234,000 | )
|                           |                                        |                                          |         |      |        |      |         | 
|Comprehensive income       |                                        | $                                        | 467,000 |      |        | $    | 261,000 | 
|                           |                                        |                                          |         |      |        |      |         | 

See accompanying notes and accountants report.

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Front Range Capital Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three month period ended March 31,
(Unaudited)

|                                                   |                                                  |              |                                   |                                                  |           |            |             |             |           |            |             |  
|-------------------------------------------------- | ------------------------------------------------ | ------------ | --------------------------------- | ------------------------------------------------ | --------- | ---------- | ----------- | ----------- | --------- | ---------- | ----------- | -
|                                                   |                                                  |              |                                   |                                                  |           | 2003       |             | 2002       
|                                                   |                                                  |              |                                   |                                                  |           |            |             |            
|Net cash provided by operating activities          |                                                  | $            | 934,000                           |                                                  |           | $          | 909,000     |            
|Cash flows from investing activities               |                                                  |              |                                   |                                                  |           |            |             |            
|                                                   | Activity in available for sale securities        |              |                                   |                                                  |           |            |             |             |          
|                                                   |                                                  |              | Sales                             |                                                  |           |           |             |             |           | 501,000    |            
|                                                   |                                                  |              | Maturities, prepayments and calls |                                                  |           | 11,048,000 |             |             |           | 626,000    |            
|                                                   |                                                  |              | Purchases                         |                                                  |           | (8,522,000 | )           |             |           | (6,302,000 | )          
|                                                   | Purchases of nonmarketable securities            |              |                                   | (21,000                                          | )         |            |             | (313,000    | )        
|                                                   | Loan originations and principal collections, net |              |                                   | (8,064,000                                       | )         |            |             | (18,953,000 | )        
|                                                   | Additions to premises and equipment              |              |                                   | (95,000                                          | )         |            |             | (991,000    | )        
|                                                   | Proceeds from sale of foreclosed assets          |              |                                   | 30,000                                           |           |            |             |            |          
|                                                   |                                                  |              |                                   |                                                  |           |            |             |            
|                                                   |                                                  |              |                                   | Net cash used in investing activities            |           |            | (5,624,000  | )           |           |            | (25,432,000 | )
|Cash flows from financing activities               |                                                  |              |                                   |                                                  |           |            |             |            
|                                                   | Net cash provided (used) by                      |              |                                   |                                                  |           |            |             |             |          
|                                                   |                                                  |              | Deposits                          |                                                  |           | (8,808,000 | )           |             |           | (524,000   | )          
|                                                   |                                                  |              | Short-term borrowings             |                                                  |           | (4,500,000 | )           |             |           | 16,189,000 |            
|                                                   | Proceeds from the issuance long-term debt        |              |                                   |                                                 |           |            |             | 7,000,000   |          
|                                                   | Repayment of long-term debt                      |              |                                   | (18,000                                          | )         |            |             | (4,519,000  | )        
|                                                   | Cash dividends paid on 2000 Preferred Stock      |              |                                   | (37,000                                          | )         |            |             | (43,000     | )        
|                                                   | Proceeds from the issuance of common stock       |              |                                   |                                                 |           |            |             | 3,453,000   |          
|                                                   |                                                  |              |                                   |                                                  |           |            |             |            
|                                                   |                                                  |              |                                   | Net cash provided (used) by financing activities |           |            | (13,363,000 | )           |           |            | 21,556,000  |  
|                                                   |                                                  |              |                                   |                                                  |           |            |             |            
|Net change in cash and cash equivalents            |                                                  |              | (18,053,000                       | )                                                |           |            | (2,967,000  | )          
|Cash and cash equivalents at beginning of period   |                                                  |              | 36,642,000                        |                                                  |           |            | 11,230,000  |            
|                                                   |                                                  |              |                                   |                                                  |           |            |             |            
|Cash and cash equivalents at end of period         |                                                  | $            | 18,589,000                        |                                                  |           | $          | 8,263,000   |            
|                                                   |                                                  |              |                                   |                                                  |           |            |             |            
|Supplementary disclosures of cash flow information |                                                  |              |                                   |                                                  |           |            |             |            
|                                                   | Cash paid during year for                        |              |                                   |                                                  |           |            |             |             |          
|                                                   |                                                  | Interest     |                                   | $                                                | 2,119,000 |            |             | $           | 1,783,000 |           
|                                                   |                                                  | Income taxes |                                   |                                                  |          |            |             |             |          |           
|                                                   | Loans transferred to Other Real Estate Owned     |              | $                                 | 1,191,000                                        |           |            |             |            |          

See accompanying notes and accountants report.

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NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE A - BASIS OF PRESENTATION

Front Range Capital Corporation (the Company) was incorporated for the
purpose of serving as a holding company for Heritage Bank, a Colorado state
bank (the Bank). In connection with the offering of cumulative trust
preferred securities in 2000, the Company formed Front Range Capital Trust I, a
Delaware business trust (the Trust), which is treated as a wholly owned
subsidiary of the Company. The accompanying unaudited consolidated financial
statements have been prepared in accordance with U.S. generally accepted
accounting principles for interim financial information and with the
instructions to Form 10-QSB and Item 310(b) of Regulation S-B. Accordingly,
they do not include all of the information and footnotes required by U.S.
generally accepted accounting principles for complete financial statements. In
the opinion of management, all adjustments consisting of normal recurring
accruals considered necessary for a fair presentation have been included. The
consolidated financial statements include the accounts of the Bank and the
Trust. All significant intercompany accounts and transactions have been
eliminated in the consolidated financial statements. These financial
statements should be read with the consolidated financial statements and
related footnotes included in the Companys annual report on Form 10-KSB for
the year ended December 31, 2002 filed with the Securities and Exchange
Commission on March 28, 2003.

In preparing the financial statements, management is required to make
estimates and assumptions that affect the reported amounts of assets and
liabilities as of the date of the balance sheet and revenues and expenses for
the period. Actual results could differ significantly from those estimates.

NOTE B - ALLOWANCE FOR LOAN LOSSES

Material estimates that are particularly susceptible to significant change
in the near-term relate to determining the allowance for loan losses. The
allowance for loan losses is based on estimates and ultimate losses may vary
from current estimates. To determine the allowance for loan losses, management
obtains independent appraisals for significant properties and assesses
estimated future cash flows from borrowers operations and the liquidation of
loan collateral.

Management believes that the allowance for loan losses is adequate. While
management uses available information to recognize losses on loans and
foreclosed assets, changes in economic conditions may require the allowance for
loan losses to be revised from time to time. In addition, various regulatory
agencies periodically review the Companys allowance for loan losses and
valuation of foreclosed real estate as part of their examination process.
These agencies may require the Company to recognize additional losses based on
their judgments about information available to them at the time of their
examination.

NOTE C - RESULTS OF OPERATIONS

The results of operations for the periods presented do not necessarily
indicate the results to be expected for the full year.

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NOTE D - RECENT ACCOUNTING PRONOUNCEMENTS

In October 2002, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 147 (SFAS 147), Acquisitions of
Certain Financial Institutions, an amendment of Statements of Financial
Accounting Standards Nos. 72 and No. 144 and Financial Accountings Standards
Board Interpretation No. 9. In Accordance with SFAS 147, the acquisition of all
or part of a financial institution that meets the definition of a business is
to be accounted for utilizing the purchase method in accordance with SFAS 141.
In addition, SFAS 147 provides that long-term customer-relationship intangible
assets, except for servings assets, recognized in the acquisition of a
financial institution, should be evaluated for impairment under the provisions
of Statements of Financial Accounting Standards No. 144, Accounting for the
Impairment or Disposal of Long-Lived Assets.

There have been no other material changes in accounting policies used by
the Company during the three-month period ended March 31, 2003.

NOTE E - EARNINGS PER COMMON SHARE

Basic earnings per common share represents income available to common
stockholders divided by the weighted-average number of common shares
outstanding during the period. Diluted earnings per share reflects additional
common shares that would have been outstanding if dilutive potential common
shares had been issued, as well as any adjustment to income that would result
from the assumed issuance.

Earnings per common share have been computed as follows for the dates shown:

|                                                                                                |  |                    |       |      |  |   |       | 
|----------------------------------------------------------------------------------------------- |  | ------------------ | ----- | ---- |  | - | ----- | 
|                                                                                                |  | Three months ended
|                                                                                                |  | March 31,         
|                                                                                                |  |                   
|                                                                                                |  | 2003               |       | 2002
|                                                                                                |  |                    |       |     
|                                                                                                |  | (in thousands)    
|Net income                                                                                      |  | $                  | 429   |      |  | $ | 495   | 
|Less preferred stock dividends                                                                  |  |                    | 37    |      |  |   | 43    | 
|                                                                                                |  |                    |       |      |  |   |       | 
|Net income applicable to common stock                                                           |  | $                  | 392   |      |  | $ | 452   | 
|                                                                                                |  |                    |       |      |  |   |       | 
|Average number of common shares
outstanding                                                     |  |                    | 1,665 |      |  |   | 1,450 | 
|Effect of dilutive convertible preferred stock                                                  |  |                    | 11    |      |  |   | 11    | 
|                                                                                                |  |                    |       |      |  |   |       | 
|Average number of common shares
outstanding used to calculate diluted
earnings per common share |  |                    | 1,676 |      |  |   | 1,461 | 
|                                                                                                |  |                    |       |      |  |   |       | 

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NOTE F - LOAN PORTFOLIO

The balances of loans in the loan portfolio as of the dates indicated are as follows:

|                           |            |   |             |             |              |   |             |             | 
|-------------------------- | ---------- | - | ----------- | ----------- | ------------ | - | ----------- | ----------- | 
|                           |            |   | March 31,   |             | December 31,
|                           |            |   | 2003        |             | 2002        
|                           |            |   |             |             |             
|Real estate  construction |            | $ | 65,308,000  |             |              | $ | 72,129,000  |            
|Real estate  commercial   |            |   | 111,021,000 |             |              |   | 100,999,000 |            
|Real estate  residential  |            |   | 56,667,000  |             |              |   | 57,038,000  |            
|Commercial                 |            |   | 36,223,000  |             |              |   | 32,703,000  |            
|Consumer                   |            |   | 7,244,000   |             |              |   | 6,783,000   |            
|                           |            |   |             |             |              |   |             |            
|                           |            |   | 276,463,000 |             |              |   | 269,652,000 |            
|Less unearned income       |            |   | (1,177,000  | )           |              |   | (1,104,000  | )          
|                           |            |   |             |             |              |   |             |            
|                           | Loans, net |   | $           | 275,286,000 |              |   | $           | 268,548,000 | 
|                           |            |   |             |             |              |   |             |            

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Item 2. Managements Discussion and Analysis or Plan of Operation



|A. |  | COMPARISON OF FINANCIAL CONDITION AT MARCH 31, 2003 AND DECEMBER 31, 2002
|-- |  | -------------------------------------------------------------------------

During the first three months of 2003, the Companys total assets
decreased $13.0 million or 3.4% to $374.2 million at March 31, 2003 from $387.2
million at December 31, 2002. The decrease was primarily the result of
decrease in federal funds sold of $16.9 million or 75.6% to $5.4 million at
March 31, 2003 compared to $22.3 million at December 31, 2002, The funds were
generally used to pay off short-term borrowings and brokered and public funds
deposits. Securities available for sale decreased $2.5 million or 5.0% to
$48.7 million at March 31, 2003 from $51.3 million at December 31, 2002. The
Companys cash and due from banks decreased $1.2 million or 8.5% to $13.2
million at March 31, 2003 from $14.4 million at December 31, 2002.

The Companys liabilities are comprised chiefly of deposits, federal funds
purchased and other borrowed funds. Total deposits decreased $8.8 million or
2.7% to $314.3 million at March 31, 2003 compared to $323.1 million at December
31, 2002, primarily due to decreased interest-bearing deposits of $7.9 million
or 89.7% of the total deposit decrease. Total other borrowed funds, which
includes federal funds purchased, short-term borrowings, long-term debt and
Company obligated trust preferred securities, decreased $4.5 million to $35.7
million for the three months ended March 31, 2003 compared to $40.3 million at
December 31, 2002. Short-term borrowings decreased $4.5 million to $8.0 million
at March 31, 2003 from $12.5 million at December 31, 2002. There were no
federal funds purchased during the three month period ending March 31, 2003.
This decrease in other borrowed funds corresponds to a decrease in federal
funds sold.



|B. |  | RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
|-- |  | ------------------------------------------------------------------------

Net income for the three months ended March 31, 2003 was $429,000, a
decrease of $66,000 or 13.3% from $495,000 for the same period in 2002. This
decrease was due to increased salaries and employee benefits and increased loan
and collection expenses.

Diluted earnings per share decreased 24.8% to $0.23 per share for the
three-month period ended March 31, 2003 compared to $0.31 per share for the
same period in 2002.

The annualized return on average assets for the three months ended March
31, 2003 and 2002 was 0.46% and 0.65%, respectively. Return on average
shareholders equity on an annualized basis for the three months ended March
31, 2003 and 2002 was 8.4% and 12.0%, respectively. Return on average
shareholders equity decreased as the balance of shareholders equity increased
over the same period, due largely to the issuance of 337,400 shares of the
Companys common stock in February, March and July of 2002.

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|C. |  | NET INTEREST INCOME
|-- |  | -------------------

Net interest income is the difference between interest income and interest
expense and represents the Companys primary source of operating income.
Significant factors affecting net
interest income include the types and amount of interest-earning assets and
interest-bearing liabilities and their sensitivity to changes in interest
rates. Interest-earning assets are categorized as loans, investment securities
and other earning assets, which include federal funds sold and interest-bearing
deposits from other financial institutions. Interest-bearing liabilities are
categorized as customer deposits, time and savings deposits and borrowings,
including short-term borrowings, long-term debt and trust preferred securities.
Net interest income depends on the volume of average interest-earning assets
and average interest-bearing liabilities and the interest rates earned or
incurred on them.

Net interest income for the three months ended March 31, 2003 was $3.9
million, a $629,000 or 19.1% increase over net interest income of $3.3 million
for the three-month period ended March 31, 2002. The net interest income
increase is attributable to an increase in loans, net of unearned income, to
$275.3 million at March 31, 2003 from $268.5 million at March 31, 2003 despite
an accompanying decrease in the average rate earned on interest-earning assets
to 7.1% from 7.8% for the three months ended March 31, 2003 and 2002,
respectively. However, a portion of these decreases was offset by an increase
in the percentage of loans as a portion of total interest-earning assets.

The average interest rate incurred on interest-bearing liabilities for the
three-month periods ended March 31, 2003 and 2002 was 2.7% and 3.4%,
respectively, on average interest-bearing liabilities of $309.0 million for the
first quarter of 2003 and $247.9 million for the first quarter of 2002. The
Companys net interest margin decreased to 4.7% from 4.9% for the three months
ended March 31, 2003 and 2002, respectively.



|E. |  | PROVISION FOR LOAN LOSSES
|-- |  | -------------------------

Management makes periodic provisions to the allowance for loan losses to
maintain the allowance at an adequate level based on managements assessment of
the credit risk in the loan portfolio. To determine the adequacy of the
Companys allowance for loan losses, management considers factors such as:



| |  |  | historical loan loss experience;                                                        
| | - |  | ----------------------------------------------------------------------------------------
|
| |  |  | amount of nonperforming loans;                                                          
|
| |  |  | collateral, volume, growth and composition of the loan portfolio;                       
|
| |  |  | current economic conditions that may affect the borrowers ability to pay;              
|
| |  |  | value of collateral;                                                                    
|
| |  |  | evaluation of the loan portfolio through the Companys
internal loan review process; and
|
| |  |  | other relevant factors.                                                                 

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The Company charged $256,000 to the provision for loan losses in the three
months ended March 31, 2003 compared to $114,000 for the same period in 2002.
The increase of $142,000 in the provision for loan losses was allocated in
order to accommodate the overall growth in the Companys loan portfolio and to
reflect the status of the United States and Colorado economies. The ratio of
loan loss reserve to total loans was 0.91% at March 31, 2003 and 0.89% at March
31, 2002.



|F. |  | ASSET QUALITY AND NON-PERFORMING LOANS
|-- |  | --------------------------------------

Asset quality relates to the composition of loans in the loan portfolio
that are classified as non-performing loans. Non-performing loans are
nonaccrual loans, loans accruing that are 90 days or more past due,
restructured loans and other real estate owned (OREO). Loans are placed on
nonaccrual status and cease accruing interest when, in managements opinion,
there is an indication that the borrower may be unable to meet payment
obligations when they become due. When a loan is placed on nonaccrual status,
any previously accrued but unpaid interest is reversed. Delinquent real estate
loans are reclassified as OREO when the Company takes title to the property
securing the loan either through foreclosure or upon receipt of a deed in lieu
of foreclosure. The loan is then reclassified on the balance sheet as OREO at
the lesser of fair market value of the underlying collateral less estimated
selling costs or the recorded amount of the loan.

Non-accrual loans equaled $4.3 million at March 31, 2003 or 1.6% of total
loans and $3.7 million at December 31, 2002 or 1.4% of total loans. Other
loans 90 days or more past due equaled $498,000 at March 31, 2003 or 0.18% of
total loans and $36,000 at December 31, 2002 or 0.01% of total loans.



|G. |  | NON-INTEREST INCOME
|-- |  | -------------------

Non-interest income was $791,000 for the three months ended March 31,
2003, an increase of $133,000 or 20.2% compared to $658,000 for the three
months ended March 31, 2002. This increase was primarily due to $112,000 in
mortgage loan origination fees.



|H. |  | NON-INTEREST EXPENSE
|-- |  | --------------------

Non-interest expense was $3.9 million for the three months ended March 31,
2003, an increase of $754,000 or 24.0% compared to $3.1 million for the three
months ended March 31, 2002. This increase was due primarily to salaries and
employee benefits increasing $479,000 or 26.4% to $2.3 million for the three
months ended March 31, 2003 from $1.8 million for the three months ended March
31, 2002. This increase in employee salaries and benefits was due mainly to the
addition of 12 full-time or full-time equivalent employees bringing the total
number of employees to 152 at March 31, 2003 compared to 140 employees at March
31, 2002.



|I. |  | LIQUIDITY
|-- |  | ---------

Liquidity, as it relates to the banking industry, generally refers to the
ability to obtain funds to meet loan commitments, to purchase loan
participations, to purchase overnight

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investments (such as federal funds sold)
and to meet other commitments. Principal sources of liquid funds for the
Company include:



| |  |  | cash;                               
| | - |  | ------------------------------------
|
| |  |  | maturities of investment securities;
|
| |  |  | maturities of loans;                
|
| |  |  | collections on loans;               
|
| |  |  | increased deposits; and             
|
| |  |  | temporary borrowings.               

Management believes the Company has adequate resources to fund all of its
commitments and to enable it to meet its operating needs.



|J. |  | CAPITAL
|-- |  | -------

Stockholders equity increased $130,000 or 2.1% to $21.0 million at March
31, 2003 from $20.6 million at December 31, 2002. The increase is due to
retained year-to-date income.

Under Federal Reserve Board guidelines, bank holding companies are
required to maintain capital based on risk-weighted assets. These guidelines
apply to the Company on a consolidated basis. Under the current guidelines,
banking organizations must maintain a total capital to risk-weighted assets
ratio of 8.0% and a Tier 1 capital to risk-weighted assets ratio of 4.0%. In
addition, in order to be considered adequately capitalized, bank holding
companies must generally maintain a minimum leverage ratio of 4.0%, which is
calculated by dividing Tier 1 capital by average total consolidated assets.
The Companys risk-weighted capital ratios for Total and Tier 1 capital at
March 31, 2003 were 10.2% and 7.1%, respectively, and its leverage ratio was
5.9%. The Companys ratios at December 31, 2002 were 10.3% and 6.5%,
respectively, and its leverage ratio was 5.4%.




Item 3. Controls and
Procedures

(a)        The Chief Executive Officer, William A. Mitchell, Jr., and the Chief
Financial Officer, Alice M. Bier, evaluated the effectiveness of the Companys
disclosure controls and procedures as of a date within 90 days of the filing of
this report (Evaluation Date). Based on that evaluation, they concluded that
as of the Evaluation Date, the Companys disclosure controls and procedures are
effective to allow timely communication to them of information relating to the
Company and the Bank required to be disclosed in its filings with the
Securities and Exchange Commission (SEC) under the Securities Exchange Act of
1934, as amended (Exchange Act). Disclosure controls and procedures are
Company controls and other procedures that are designed to ensure that
information required to be disclosed by the Company in the reports that it
files under the Exchange Act is recorded, processed, summarized and reported
within the time periods specified in the SECs rules and forms.

(b)        There have been no significant changes in the Companys internal
controls or in other factors that could significantly affect these controls
subsequent to the Evaluation Date.

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PART II OTHER INFORMATION




Item 1. Legal Proceedings

Due to the nature of the banking business, the Bank is at times party to
various legal actions which are routine and arise in the normal course of the
Banks business.




Item 5. Other Information

On August 21, 2001, the Bank purchased three parcels of undeveloped
property in Broomfield, Colorado. The first transaction involved a purchase of
property from Joseph J. Fuentes and Christine R. Fuentes of undeveloped
property located at 9590 Coalton Drive, Broomfield, Colorado 80020, also known
as 604 Interlocken Boulevard, Broomfield, Colorado 80020, for a purchase price
of approximately $2,423,900. The second transaction involved the Banks
purchase from Coalton Acres, LLC of two parcels comprising 161,094 square feet
of undeveloped property adjacent to 9590 Coalton Drive and part of the
development known as The FlatIron, for a purchase price of approximately
$3,942,495. The parcels are collectively referred to as Heritage Place. The
aggregate combined purchase price for Heritage Place was approximately
$6,366,395. When the Bank purchased the parcels that now comprise Heritage
Place, the Bank intended to sell Heritage Place to an investor or group to
develop Heritage Place and thereafter the Bank intended to purchase a pad
within the newly developed property to open a new branch and relocate some of
the Companys and the Banks administrative offices.

The Bank entered into a letter of intent, dated September 4, 2002, with
Heritage Place Holdings, LLC and Heritage Place Partners, LLC (together, the
Developers) that discussed the proposed sale of Heritage Place to the
Developers along with the Banks right to purchase a pad inside Heritage Place
once the development is completed. At the time the Bank executed the letter of
intent, the individual members of the Developers included Mr. Beauprez, the
former President and CEO of the Company and the Bank, as well as others
unaffiliated with the Company or the Bank. On September 30, 2002 officers of
the Bank and the Company met with representatives of the Federal Reserve Bank
and the Colorado Division of Banking (CDB) to discuss the relationship of the
proposed transaction to federal and state banking laws and regulations and to
provide an opportunity for federal and state banking regulators to comment upon
the letter of intent. On November 5, 2002, the Bank and the Developers
terminated the letter of intent because the development project was no longer
economically feasible to the Developers due to market conditions.

In light of the termination of the letter of intent, the Bank is
considering its best course of action regarding Heritage Place including, but
not limited to, structuring a similar transaction with developers if market
conditions improve in the future; preparing Heritage Place for sale to other
investors, except for the pad the Bank could develop for a new branch location;
or selling Heritage Place including the pad. In the meantime, the Bank
continues to move forward with development preparations for the pad upon which
a branch building could be located and a site plan for development of 320,000
square feet has been submitted to the City and County of Broomfield, Colorado
for approval. The Bank anticipates that the City will render a decision on the
site approval process in mid-May 2003.

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The Bank has incurred and continues to incur costs in order to prepare
Heritage Place for development and sale. As of March 31, 2003, the Bank had capitalized
total costs of $9,870,672.04 relating to preparing Heritage Place for sale and
development, including fees for a site plan, annexation, zoning, architectural
and tap fees. These costs are capitalized and are reflected as an asset on the
Companys Balance Sheet as presented in this report. In addition, the Bank has
incurred expenses of $34,333 for the three months ended March 31, 2003 to
prepare the site for future sale, including business park common fees, legal
fees relating to the site approval process, site clean-up and appraisal fees.
These costs are not capitalized and are reflected as non-interest expense on
the Companys Consolidated Statements of Income presented in this report. The
Bank expects to incur only modest additional capitalized and non-capitalized
costs related to the development and marketing of Heritage Place. Based on an
opinion letter from an independent certified general appraiser, the Banks
management believes that the value of Heritage Place equals or exceeds the
costs incurred to date. The Banks management believes that the location of
Heritage Place will become an important commercial site for a new banking and
office location. The capitalized and non-capitalized costs incurred and to be
incurred in the future to prepare the property for development represent an
investment in the property in order to obtain that site. The Banks management
also believes that it can receive a favorable price for the sale of Heritage
Place to recoup its investment and ongoing carrying costs.

In October of 2002, the Bank purchased undeveloped property located at
8080 Weld County Road 13, Firestone, Colorado 80520, for a purchase price of
$600,000. The Bank intends to build a new branch office on this property.
Application for a new branch has been approved by the Federal Reserve and the
CDB. The Bank anticipates opening the Firestone branch in the fourth quarter
of 2003 or early in the first quarter of 2004.

In December 2002, the Bank purchased a parcel of undeveloped property
located at the Home Depot Center, South Hover Road, Longmont, Colorado 80501,
for $550,000. The Bank currently plans to build a new branch at this location
sometime after 2004, but has not yet submitted branching applications.




Item 6. Exhibits and Reports on Form 8-K

(a)        Exhibits. The following documents are filed as exhibits to this
report:

|            |             |                                                                                                                                                                
|----------- | ----------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. | Description
|            |             |                                                                                                                                                                
|3.1         | **          | Articles of Incorporation of Front Range Capital Corporation                                                                                                   
|            |             |                                                                                                                                                                
|3.2         | **          | Articles of Third Amendment to the Articles of Incorporation
of Front Range Capital Corporation                                                                
|            |             |                                                                                                                                                                
|3.3         | *           | Bylaws of Front Range Capital Corporation                                                                                                                      
|            |             |                                                                                                                                                                
|4.1         | *           | Form of Indenture by and between Front Range Capital
Corporation and Wilmington Trust Company                                                                  
|            |             |                                                                                                                                                                
|4.2         | *           | Form of Subordinated Debenture (included as an exhibit to
Exhibit 4.1)                                                                                         
|            |             |                                                                                                                                                                
|4.3         | *           | Certificate of Trust of Front Range Capital Trust I, as
amended and restated                                                                                   
|            |             |                                                                                                                                                                
|4.4         | *           | Trust Agreement between Front Range Capital Corporation,
Wilmington Trust Company and the Administrative Trustees named
therein                                
|            |             |                                                                                                                                                                
|4.5         | *           | Form of Amended and Restated Trust Agreement between Front
Range Capital Corporation and Wilmington Trust Company and the
Administrative Trustees named therein

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|            |             |                                                                                                                                                      
|----------- | ----------- | -----------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. | Description
|            |             |                                                                                                                                                      
|            |             |                                                                                                                                                      
|4.6         | *           | Form of Trust Preferred Securities Certificate (included as an
exhibit to Exhibit 4.5)                                                               
|            |             |                                                                                                                                                      
|4.7         | *           | Form of Trust Preferred Securities Guarantee Agreement between
Front Range Capital Corporation and Wilmington Trust Company                          
|            |             |                                                                                                                                                      
|4.8         | *           | Revised Form of Agreement of Expenses and Liabilities
(included as an exhibit to Exhibit 4.5)                                                        
|            |             |                                                                                                                                                      
|10.1        | *           | Lease Agreement between Lafayette State Bank and Fruehauf
Investments Ltd.                                                                           
|            |             |                                                                                                                                                      
|10.2        | *           | Lease Agreement between Heritage Bank and 901 Walnut Street,
LLC                                                                                     
|            |             |                                                                                                                                                      
|10.3        | ***         | Sublease Agreement between Heritage Bank and eStarcom, Inc.                                                                                          
|            |             |                                                                                                                                                      
|10.4        | ***         | Lease Agreement between Heritage Bank and Columbine West LLC                                                                                         
|            |             |                                                                                                                                                      
|10.5        | *           | Promissory Note of Front Range Capital Corporation payable to
Bankers Bank of the West                                                              
|            |             |                                                                                                                                                      
|10.6        | *           | Amendment and Restatement of Executive Retirement Plan of
Heritage Bank                                                                              
|            |             |                                                                                                                                                      
|10.7        | *           | Indexed Salary Continuation Plan of Heritage Bank                                                                                                    
|            |             |                                                                                                                                                      
|10.8        | *           | Flexible Premium Life Insurance Endorsement Method Split Dollar Plan Agreement                                                                       
|            |             |                                                                                                                                                      
|21.1        | *           | List of Subsidiaries of the Company                                                                                                                  
|            |             |                                                                                                                                                      
|23.1        |             | Consent of Independent Accountants                                                                                                                   
|            |             |                                                                                                                                                      
|99.1        |             | Certification of the Chief Executive Officer pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
|            |             |                                                                                                                                                      
|99.2        |             | Certification of the Chief Financial Officer pursuant to 18
U.S.C. Section 1350, as adopted pursuant Section 906 of the
Sarbanes-Oxley Act of 2002   

* Previously filed with the Companys Registration Statement on Form SB-2
(333-40028) and incorporated herein by reference.

** Previously filed with the Companys Annual Report on Form 10-KSB for the
year ended December 31, 2000 and incorporated herein by reference.

*** Previously filed with the Companys Quarterly Report on Form 10-QSB for
the quarter ended June 30, 2002 and incorporated herein by reference.

(b)        Reports on Form 8-K

None

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SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant
has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

|                   |  |  |                                 |                                     
|------------------ |  |  | ------------------------------- | ------------------------------------
|                   |  |  | FRONT RANGE CAPITAL CORPORATION
|                   |  |  | (Registrant)                   
|                   |  |  |                                 |                                     
|Date: May 13, 2003 |  |  | By:                             | /s/ William A. Mitchell, Jr.        
|                   |  |  |                                 |                                     
|                   |  |  |                                 | William A. Mitchell, Jr.            
|                   |  |  |                                 | Chief Executive
Officer andPresident
|                   |  |  |                                 | (Principal Executive Officer)       
|                   |  |  |                                 |                                     
|Date: May 13, 2003 |  |  | By:                             | /s/ Alice M. Bier                   
|                   |  |  |                                 |                                     
|                   |  |  |                                 | Alice M. Bier                       
|                   |  |  |                                 | Chief Financial Officer             
|                   |  |  |                                 | (Principal Accounting Officer)      

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CERTIFICATIONS

I, William A. Mitchell, Jr., certify that:

1.         I have reviewed this quarterly report on Form 10-QSB of Front Range
Capital Corporation;

2.         Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
quarterly report;

3.         Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.         The registrants other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules l3a-14 and 15d-14) for the registrant and have:

a.         Designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;

b.         Evaluated the effectiveness of the registrants disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the Evaluation Date); and

c.         Presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;

5.         The registrants other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrants auditors and the audit
committee of registrants board of directors (or persons performing the
equivalent functions):

a.         All significant deficiencies in the design or operation of internal
controls which could adversely affect the registrants ability to record,
process, summarize and report financial data and have identified for the
registrants auditors any material weaknesses in internal controls; and

b.         Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrants internal controls;
and

6.         The registrants other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that

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could significantly affect internal controls subsequent to the date of our
most recent evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.

|                   |  |                             
|------------------ |  | ----------------------------
|Date: May 13, 2003 |  | /s/ William A. Mitchell, Jr.
|                   |  |                             
|                   |  | William A. Mitchell, Jr.    
|                   |  | Chief Executive Officer     

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##### Table of Contents



CERTIFICATIONS

I, Alice M. Bier, certify that:

1.         I have reviewed this quarterly report on Form 10-QSB of Front Range
Capital Corporation;

2.         Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
quarterly report;

3.         Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.         The registrants other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules l3a-14 and 15d-14) for the registrant and have:

a.          Designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;

b.         Evaluated the effectiveness of the registrants disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the Evaluation Date); and

c.         Presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;

5.         The registrants other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrants auditors and the audit
committee of registrants board of directors (or persons performing the
equivalent functions):

a.         All significant deficiencies in the design or operation of internal
controls which could adversely affect the registrants ability to record,
process, summarize and report financial data and have identified for the
registrants auditors any material weaknesses in internal controls; and

b.         Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrants internal controls;
and

6.         The registrants other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that
- 22 -Table of Contentscould significantly affect internal controls subsequent to the date of our
most recent evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.

|                   |  |                        
|------------------ |  | -----------------------
|Date: May 13, 2003 |  | /s/ Alice M. Bier      
|                   |  |                        
|                   |  | Alice M. Bier          
|                   |  | Chief Financial Officer

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##### Table of Contents






EXHIBIT INDEX

|            |             |                                                                                                                                                                
|----------- | ----------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. | Description
|            |             |                                                                                                                                                                
|3.1         | **          | Articles of Incorporation of Front Range Capital Corporation                                                                                                   
|            |             |                                                                                                                                                                
|3.2         | **          | Articles of Third Amendment to the Articles of Incorporation
of Front Range Capital Corporation                                                                
|            |             |                                                                                                                                                                
|3.3         | *           | Bylaws of Front Range Capital Corporation                                                                                                                      
|            |             |                                                                                                                                                                
|4.1         | *           | Form of Indenture by and between Front Range Capital
Corporation and Wilmington Trust Company                                                                  
|            |             |                                                                                                                                                                
|4.2         | *           | Form of Subordinated Debenture (included as an exhibit to
Exhibit 4.1)                                                                                         
|            |             |                                                                                                                                                                
|4.3         | *           | Certificate of Trust of Front Range Capital Trust I, as
amended and restated                                                                                   
|            |             |                                                                                                                                                                
|4.4         | *           | Trust Agreement between Front Range Capital Corporation,
Wilmington Trust Company and the Administrative Trustees named therein                                
|            |             |                                                                                                                                                                
|4.5         | *           | Form of Amended and Restated Trust Agreement between Front
Range Capital Corporation and Wilmington Trust Company and the
Administrative Trustees named therein
|            |             |                                                                                                                                                                
|4.6         | *           | Form of Trust Preferred Securities Certificate (included as an
exhibit to Exhibit 4.5)                                                                         
|            |             |                                                                                                                                                                
|4.7         | *           | Form of Trust Preferred Securities Guarantee Agreement between
Front Range Capital Corporation and Wilmington Trust Company                                    
|            |             |                                                                                                                                                                
|4.8         | *           | Revised Form of Agreement of Expenses and Liabilities
(included as an exhibit to Exhibit 4.5)                                                                  
|            |             |                                                                                                                                                                
|10.1        | *           | Lease Agreement between Lafayette State Bank and Fruehauf
Investments Ltd.                                                                                     
|            |             |                                                                                                                                                                
|10.2        | *           | Lease Agreement between Heritage Bank and 901 Walnut Street,
LLC                                                                                               
|            |             |                                                                                                                                                                
|10.3        | ***         | Sublease Agreement between Heritage Bank and eStarcom, Inc.                                                                                                    
|            |             |                                                                                                                                                                
|10.4        | ***         | Lease Agreement between Heritage Bank and Columbine West LLC                                                                                                   
|            |             |                                                                                                                                                                
|10.5        | *           | Promissory Note of Front Range Capital Corporation payable to
Bankers Bank of the West                                                                        
|            |             |                                                                                                                                                                
|10.6        | *           | Amendment and Restatement of Executive Retirement Plan of
Heritage Bank                                                                                        
|            |             |                                                                                                                                                                
|10.7        | *           | Indexed Salary Continuation Plan of Heritage Bank                                                                                                              
|            |             |                                                                                                                                                                
|10.8        | *           | Flexible Premium Life Insurance Endorsement Method Split
Dollar Plan Agreement                                                                                 
|            |             |                                                                                                                                                                
|21.1        | *           | List of Subsidiaries of the Company                                                                                                                            
|            |             |                                                                                                                                                                
|23.1        |             | Consent of Independent Accountants                                                                                                                             
|            |             |                                                                                                                                                                
|99.1        |             | Certification of the Chief Executive Officer pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002          
|            |             |                                                                                                                                                                
|99.2        |             | Certification of the Chief Financial Officer pursuant to 18
U.S.C. Section 1350, as adopted pursuant Section 906 of the
Sarbanes-Oxley Act of 2002             

* Previously filed with the Companys Registration Statement on Form SB-2
(333-40028) and incorporated herein by reference.

** Previously filed with the Companys Annual Report on Form 10-KSB for the
year ended December 31, 2000 and incorporated herein by reference.

*** Previously filed with the Companys Quarterly Report on Form 10-QSB for
the quarter ended June 30, 2002 and incorporated herein by reference.

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