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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 June 30, 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
  [  ]

There were 1,665,144 shares of the issuers Class A Voting Common Stock, $.001
par value, outstanding as of August 13, 2003. There are no shares of the
issuers Class B Non-voting Common Stock, $.001 par value, outstanding.

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 4. Submission of Matters to a Vote of Security Holders      
|                                                  | Item 5. Other Information                                        
|                                                  | Item 6. Exhibits and Reports on Form 8-K                         
|SIGNATURES                                       
|EXHIBIT INDEX                                    
|EX-23.1 Consent of Independent Accountants       
|EX-31.1 Certification of CEO Pursuant to Sec. 302
|EX-31.2 Certification of CFO Pursuant to Sec. 302
|EX-32.1 Certification of CEO Pursuant to Sec. 906
|EX-32.2 Certification of CFO Pursuant to Sec. 906



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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                                   |  |    | 16 | 
|PART II. OTHER INFORMATION |                                                                   |  | 17 |   
|                           | Item 1. Legal Proceedings                                         |  |    | 17 | 
|                           | Item 4. Submission of Matters to a Vote of Security Holders       |  |    | 17 | 
|                           | Item 5. Other Information                                         |  |    | 17 | 
|                           | Item 6. Exhibits and Reports on Form 8-K                          |  |    | 19 | 
|SIGNATURES                 |                                                                   |  | 21 |   
|EXHIBIT INDEX              |                                                                   |  | 22 |   

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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; and                                       
|
| |  |  | 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 June 30, 2003, and the
related interim consolidated statements of income and comprehensive income for
the three-month and six-month periods and cash flows for the six-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
August 5, 2003

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Front Range Capital Corporation and Subsidiaries

CONSOLIDATED BALANCE SHEETS

|                                                                                                                                |                                 |                     |                                      |                           |             |             |             |              |             |  |             | 
|------------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | ------------------- | ------------------------------------ | ------------------------- | ----------- | ----------- | ----------- | ------------ | ----------- |  | ----------- | 
|                                                                                                                                |                                 |                     |                                      |                           |             | June 30,    |             | December 31,
|                                                                                                                                |                                 |                     |                                      |                           |             | 2003        |             | 2002        
|                                                                                                                                |                                 |                     |                                      |                           |             |             |             |             
|                                                                                                                                |                                 |                     |                                      |                           |             | (Unaudited) |             |              |             | 
|                                                                                                                                |                                 |                     |                                      | ASSETS                    |             |             |             |              |             |  |             | 
|Cash and due from banks                                                                                                         |                                 | $                   | 14,307,000                           |                           |             | $           | 14,367,000  |             
|Federal funds sold                                                                                                              |                                 |                     |                                     |                           |             |             | 22,275,000  |             
|                                                                                                                                |                                 |                     |                                      |                           |             |             |             |             
|                                                                                                                                |                                 |                     |                                      | Cash and cash equivalents |             |             | 14,307,000  |              |             |  | 36,642,000  | 
|Securities available for sale                                                                                                   |                                 |                     | 58,721,000                           |                           |             |             | 51,257,000  |             
|Nonmarketable securities                                                                                                        |                                 |                     | 3,373,000                            |                           |             |             | 3,352,000   |             
|Loans, net of unearned income                                                                                                   |                                 |                     | 279,134,000                          |                           |             |             | 268,548,000 |             
|Less allowance for loan losses                                                                                                  |                                 |                     | (2,649,000                           | )                         |             |             | (2,394,000  | )           
|                                                                                                                                |                                 |                     |                                      |                           |             |             |             |             
|                                                                                                                                |                                 |                     |                                      | Net loans                 |             |             | 276,485,000 |              |             |  | 266,154,000 | 
|Other Real Estate Owned                                                                                                         |                                 |                     | 10,240,000                           |                           |             |             | 8,066,000   |             
|Premises and equipment, net                                                                                                     |                                 |                     | 10,260,000                           |                           |             |             | 10,787,000  |             
|Accrued interest receivable                                                                                                     |                                 |                     | 1,333,000                            |                           |             |             | 1,385,000   |             
|Deferred income taxes                                                                                                           |                                 |                     | 1,142,000                            |                           |             |             | 925,000     |             
|Other assets                                                                                                                    |                                 |                     | 8,539,000                            |                           |             |             | 8,662,000   |             
|                                                                                                                                |                                 |                     |                                      |                           |             |             |             |             
|Total Assets                                                                                                                    |                                 | $                   | 384,400,000                          |                           |             | $           | 387,230,000 |             
|                                                                                                                                |                                 |                     |                                      |                           |             |             |             |             
|                                                                                                                                |                                 |                     | LIABILITIES AND STOCKHOLDERS EQUITY |                           |             |             |             |              |             |  |            
|Liabilities                                                                                                                     |                                 |                     |                                      |                           |             |             |             |             
|                                                                                                                                | Deposits                        |                     |                                      |                           |             |             |             |              |            
|                                                                                                                                |                                 | Noninterest-bearing |                                      | $                         | 54,476,000  |             |             | $            | 49,371,000  | 
|                                                                                                                                |                                 | Interest-bearing    |                                      |                           | 255,004,000 |             |             |              | 273,754,000 | 
|                                                                                                                                |                                 |                     |                                      |                           |             |             |             |             
|                                                                                                                                |                                 |                     |                                      | Total deposits            |             |             | 309,480,000 |              |             |  | 323,125,000 | 
|                                                                                                                                | Federal funds purchased         |                     |                                      | 20,525,000                |             |             |             |             |            
|                                                                                                                                | Other short-term funds borrowed |                     |                                      | 3,250,000                 |             |             |             | 12,500,000   |            
|                                                                                                                                | Long-term debt                  |                     |                                      | 18,372,000                |             |             |             | 18,563,000   |            
|                                                                                                                                | Accrued interest payable        |                     |                                      | 575,000                   |             |             |             | 882,000      |            
|                                                                                                                                | Other liabilities               |                     |                                      | 2,112,000                 |             |             |             | 2,311,000    |            
|                                                                                                                                |                                 |                     |                                      |                           |             |             |             |             
|                                                                                                                                |                                 |                     |                                      | Total liabilities         |             |             | 354,314,000 |              |             |  | 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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|                                         |                                                                                                         |   |             |                            |  |             |             |              |  |  |            | 
|---------------------------------------- | ------------------------------------------------------------------------------------------------------- | - | ----------- | -------------------------- |  | ----------- | ----------- | ------------ |  |  | ---------- | 
|                                         |                                                                                                         |   |             |                            |  | June 30,    |             | 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                                                                                       |   |             | 8,566,000                  |  |             |             | 7,961,000    | 
|                                         | Accumulated other comprehensive income                                                                  |   |             | 127,000                    |  |             |             | 495,000      | 
|                                         |                                                                                                         |   |             |                            |  |             |             |             
|                                         |                                                                                                         |   |             | Total Stockholders Equity |  |             | 20,886,000  |              |  |  | 20,649,000 | 
|                                         |                                                                                                         |   |             |                            |  |             |             |             
|Total Liabilities & Stockholders Equity |                                                                                                         | $ | 384,400,000 |                            |  | $           | 387,230,000 |             
|                                         |                                                                                                         |   |             |                            |  |             |             |             

See accompanying notes and accountants report.

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Front Range Capital Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

|                                                    |                                                |             |                          |           |                |           |                |           |         |           |           |            |         |            |           |            |         |            | 
|--------------------------------------------------- | ---------------------------------------------- | ----------- | ------------------------ | --------- | -------------- | --------- | -------------- | --------- | ------- | --------- | --------- | ---------- | ------- | ---------- | --------- | ---------- | ------- | ---------- | 
|                                                    |                                                |             |                          |           | Three Months   |           | Six Months    
|                                                    |                                                |             |                          |           | Ended June 30, |           | Ended June 30,
|                                                    |                                                |             |                          |           |                |           |               
|                                                    |                                                |             |                          |           | 2003           |           | 2002           |           | 2003    |           | 2002     
|                                                    |                                                |             |                          |           |                |           |                |           |         |           |          
|Interest and dividend income                        |                                                |             |                          |           |                |           |                |           |         |           |           |            |         |            |           |           
|                                                    | Loans, including fees                          |             | $                        | 5,192,000 |                |           | $              | 5,330,000 |         |           | $         | 10,545,000 |         |            | $         | 10,229,000 |        
|                                                    | Investment securities                          |             |                          |           |                |           |                |           |         |           |           |            |         |            |           |            |        
|                                                    |                                                | Taxable     |                          |           | 360,000        |           |                |           | 294,000 |           |           |            | 736,000 |            |           |            | 580,000 |           
|                                                    |                                                | Non-taxable |                          |           | 144,000        |           |                |           | 116,000 |           |           |            | 281,000 |            |           |            | 227,000 |           
|                                                    | Dividends                                      |             |                          | 33,000    |                |           |                | 39,000    |         |           |           | 71,000     |         |            |           | 77,000     |        
|                                                    | Federal funds sold and other                   |             |                          | 3,000     |                |           |                |          |         |           |           | 39,000     |         |            |           |           |        
|                                                    |                                                |             |                          |           |                |           |                |           |         |           |           |            |         |            |           |            |        
|                                                    |                                                |             | Total interest income    |           |                | 5,732,000 |                |           |         | 5,779,000 |           |            |         | 11,672,000 |           |            |         | 11,113,000 | 
|Interest expense                                    |                                                |             |                          |           |                |           |                |           |         |           |           |            |         |            |           |           
|                                                    | Deposits                                       |             |                          | 1,298,000 |                |           |                | 1,347,000 |         |           |           | 2,769,000  |         |            |           | 2,760,000  |        
|                                                    | Federal funds purchased                        |             |                          | 42,000    |                |           |                | 114,000   |         |           |           | 42,000     |         |            |           | 172,000    |        
|                                                    | Other short-term funds borrowed                |             |                          | 18,000    |                |           |                | 73,000    |         |           |           | 89,000     |         |            |           | 196,000    |        
|                                                    | Long-term debt                                 |             |                          | 225,000   |                |           |                | 184,000   |         |           |           | 450,000    |         |            |           | 354,000    |        
|                                                    | Trust preferred securities                     |             |                          | 254,000   |                |           |                | 275,000   |         |           |           | 507,000    |         |            |           | 549,000    |        
|                                                    |                                                |             |                          |           |                |           |                |           |         |           |           |            |         |            |           |            |        
|                                                    |                                                |             | Total interest expense   |           |                | 1,837,000 |                |           |         | 1,993,000 |           |            |         | 3,857,000  |           |            |         | 4,031,000  | 
|                                                    |                                                |             |                          |           |                |           |                |           |         |           |           |            |         |            |           |            |        
|Net interest income                                 |                                                |             | 3,895,000                |           |                |           | 3,786,000      |           |         |           | 7,815,000 |            |         |            | 7,082,000 |           
|Provision for loan losses                           |                                                |             | 592,000                  |           |                |           | 235,000        |           |         |           | 848,000   |            |         |            | 350,000   |           
|                                                    |                                                |             |                          |           |                |           |                |           |         |           |           |            |         |            |           |            |        
|Net interest income after provision for loan
losses |                                                |             | 3,303,000                |           |                |           | 3,551,000      |           |         |           | 6,967,000 |            |         |            | 6,732,000 |           
|Noninterest income                                  |                                                |             |                          |           |                |           |                |           |         |           |           |            |         |            |           |           
|                                                    | Customer service fees                          |             |                          | 343,000   |                |           |                | 316,000   |         |           |           | 928,000    |         |            |           | 798,000    |        
|                                                    | Gain on sale of available for sale securities  |             |                          | 54,000    |                |           |                | 14,000    |         |           |           | 54,000     |         |            |           | 15,000     |        
|                                                    | Gain (loss) on sale of Other Real Estate Owned |             |                          | (82,000   | )              |           |                |          |         |           |           | (82,000    | )       |            |           |           |        
|                                                    | Loan origination fees                          |             |                          | 339,000   |                |           |                | 126,000   |         |           |           | 594,000    |         |            |           | 271,000    |        
|                                                    | Other                                          |             |                          | 260,000   |                |           |                | 212,000   |         |           |           | 211,000    |         |            |           | 242,000    |        
|                                                    |                                                |             |                          |           |                |           |                |           |         |           |           |            |         |            |           |            |        
|                                                    |                                                |             | Total noninterest income |           |                | 914,000   |                |           |         | 668,000   |           |            |         | 1,705,000  |           |            |         | 1,326,000  | 
|Noninterest expense                                 |                                                |             |                          |           |                |           |                |           |         |           |           |            |         |            |           |           
|                                                    | Salaries and employee benefits                 |             |                          | 2,370,000 |                |           |                | 1,886,000 |         |           |           | 4,664,000  |         |            |           | 3,679,000  |        
|                                                    | Occupancy expense                              |             |                          | 397,000   |                |           |                | 337,000   |         |           |           | 778,000    |         |            |           | 658,000    |        
|                                                    | Furniture and equipment                        |             |                          | 220,000   |                |           |                | 202,000   |         |           |           | 440,000    |         |            |           | 397,000    |        
|                                                    | Data processing                                |             |                          | 187,000   |                |           |                | 173,000   |         |           |           | 374,000    |         |            |           | 346,000    |        
|                                                    | Marketing                                      |             |                          | 154,000   |                |           |                | 162,000   |         |           |           | 250,000    |         |            |           | 254,000    |        
|                                                    | Printing and supplies                          |             |                          | 71,000    |                |           |                | 80,000    |         |           |           | 149,000    |         |            |           | 160,000    |        

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|                           |                                    |   |                           |         |                |           |                |         |      |           |         |         |  |           |           |         |  |           | 
|-------------------------- | ---------------------------------- | - | ------------------------- | ------- | -------------- | --------- | -------------- | ------- | ---- | --------- | ------- | ------- |  | --------- | --------- | ------- |  | --------- | 
|                           |                                    |   |                           |         | Three Months   |           | Six Months    
|                           |                                    |   |                           |         | Ended June 30, |           | Ended June 30,
|                           |                                    |   |                           |         |                |           |               
|                           |                                    |   |                           |         | 2003           |           | 2002           |         | 2003 |           | 2002   
|                           |                                    |   |                           |         |                |           |                |         |      |           |        
|                           | Loan and Collection                |   | $                         | 16,000  |                |           | $              | 93,000  |      |           | $       | 131,000 |  |           | $         | 119,000 | 
|                           | Other
Real Estate - Heritage Place |   |                           | 57,000  |                |           |                | 141,000 |      |           |         | 91,000  |  |           |           | 133,000 | 
|                           | Other                              |   |                           | 451,000 |                |           |                | 393,000 |      |           |         | 933,000 |  |           |           | 857,000 | 
|                           |                                    |   |                           |         |                |           |                |         |      |           |         |         |  |           |           |         | 
|                           |                                    |   | Total noninterest expense |         |                | 3,923,000 |                |         |      | 3,467,000 |         |         |  | 7,810,000 |           |         |  | 6,603,000 | 
|                           |                                    |   |                           |         |                |           |                |         |      |           |         |         |  |           |           |         | 
|Income before income taxes |                                    |   | 294,000                   |         |                |           | 752,000        |         |      |           | 862,000 |         |  |           | 1,455,000 |        
|Income tax expense         |                                    |   | 43,000                    |         |                |           | 226,000        |         |      |           | 182,000 |         |  |           | 434,000   |        
|                           |                                    |   |                           |         |                |           |                |         |      |           |         |         |  |           |           |         | 
|NET INCOME                 |                                    | $ | 251,000                   |         |                | $         | 526,000        |         |      | $         | 680,000 |         |  | $         | 1,021,000 |        
|                           |                                    |   |                           |         |                |           |                |         |      |           |         |         |  |           |           |         | 
|EARNINGS PER SHARE         |                                    |   |                           |         |                |           |                |         |      |           |         |         |  |           |           |        
|                           | Basic                              |   | $                         | 0.13    |                |           | $              | 0.30    |      |           | $       | 0.36    |  |           | $         | 0.61    | 
|                           |                                    |   |                           |         |                |           |                |         |      |           |         |         |  |           |           |         | 
|                           | Diluted                            |   | $                         | 0.13    |                |           | $              | 0.30    |      |           | $       | 0.36    |  |           | $         | 0.60    | 
|                           |                                    |   |                           |         |                |           |                |         |      |           |         |         |  |           |           |         | 

See accompanying notes and accountants report.

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Front Range Capital Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

|                           |                                                                                              |   |                |          |                |   |           |         |      |   |         |          |   |   |           |         | 
|-------------------------- | -------------------------------------------------------------------------------------------- | - | -------------- | -------- | -------------- | - | --------- | ------- | ---- | - | ------- | -------- | - | - | --------- | ------- | 
|                           |                                                                                              |   | Three Months   |          | Six Months    
|                           |                                                                                              |   | Ended June 30, |          | Ended June 30,
|                           |                                                                                              |   |                |          |               
|                           |                                                                                              |   | 2003           |          | 2002           |   | 2003      |         | 2002
|                           |                                                                                              |   |                |          |                |   |           |         |     
|Net income                 |                                                                                              | $ | 251,000        |          |                | $ | 526,000   |         |      | $ | 680,000 |          |   | $ | 1,021,000 |        
|Other comprehensive income |                                                                                              |   |                |          |                |   |           |         |      |   |         |          |   |   |           |        
|                           | Unrealized (depreciation) appreciation
on available for sale securities, net of
income taxes |   |                | (406,000 | )              |   |           | 504,000 |      |   |         | (368,000 | ) |   |           | 270,000 | 
|                           |                                                                                              |   |                |          |                |   |           |         |      |   |         |          |   |   |           |        
|Comprehensive income       |                                                                                              | $ | (155,000       | )        |                | $ | 1,030,000 |         |      | $ | 312,000 |          |   | $ | 1,291,000 |        
|                           |                                                                                              |   |                |          |                |   |           |         |      |   |         |          |   |   |           |        

See accompanying notes and accountants report.

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Front Range Capital Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the six month period ended June 30,
(Unaudited)

|                                                   |                                                        |                                             |              |                                                  |             |           |             |             |            |           |             |  
|-------------------------------------------------- | ------------------------------------------------------ | ------------------------------------------- | ------------ | ------------------------------------------------ | ----------- | --------- | ----------- | ----------- | ---------- | --------- | ----------- | -
|                                                   |                                                        |                                             |              |                                                  |             | 2003      |             | 2002       
|                                                   |                                                        |                                             |              |                                                  |             |           |             |            
|Net cash provided by operating activities          |                                                        | $                                           | 1,856,000    |                                                  |             | $         | 1,763,000   |            
|Cash flows from investing activities               |                                                        |                                             |              |                                                  |             |           |             |            
|                                                   | Activity in available for sale securities              |                                             |              |                                                  |             |           |             |             |           
|                                                   |                                                        |                                             |              | Sales                                            |             |           | 6,796,000   |             |            |           | 1,226,000   |  
|                                                   |                                                        |                                             |              | Maturities, prepayments and calls                |             |           | 20,984,000  |             |            |           | 1,262,000   |  
|                                                   |                                                        |                                             |              | Purchases                                        |             |           | (35,952,000 | )           |            |           | (7,032,000  | )
|                                                   | Purchases of nonmarketable securities                  |                                             |              | (21,000                                          | )           |           |             | (710,000    | )         
|                                                   | Loan originations and principal collections, net       |                                             |              | (13,402,000                                      | )           |           |             | (25,286,000 | )         
|                                                   | Net dispositions (additions) to premises and equipment |                                             |              | 2,000                                            |             |           |             | (2,257,000  | )         
|                                                   | Proceeds from sale of foreclosed assets                |                                             |              | 38,000                                           |             |           |             |            |           
|                                                   |                                                        |                                             |              |                                                  |             |           |             |            
|                                                   |                                                        |                                             |              | Net cash used in investing activities            |             |           | (21,555,000 | )           |            |           | (32,797,000 | )
|Cash flows from financing activities               |                                                        |                                             |              |                                                  |             |           |             |            
|                                                   | Net cash provided (used) by                            |                                             |              |                                                  |             |           |             |             |           
|                                                   |                                                        | Deposits                                    |              |                                                  | (13,645,000 | )         |             |             | 20,432,000 |          
|                                                   |                                                        | Federal funds purchased                     |              |                                                  | 20,525,000  |           |             |             | 12,175,000 |          
|                                                   |                                                        | Short-term borrowings                       |              |                                                  | (9,250,000  | )         |             |             | (7,500,000 | )        
|                                                   |                                                        | Proceeds from the issuance long-term debt   |              |                                                  |            |           |             |             | 2,500,000  |          
|                                                   |                                                        | Repayment of long-term debt                 |              |                                                  | (191,000    | )         |             |             | (191,000   | )        
|                                                   |                                                        | Cash dividends paid on 2000 Preferred Stock |              |                                                  | (75,000     | )         |             |             | (86,000    | )        
|                                                   |                                                        | Proceeds from the issuance of common stock  |              |                                                  |            |           |             |             | 3,451,000  |          
|                                                   |                                                        |                                             |              |                                                  |             |           |             |            
|                                                   |                                                        |                                             |              | Net cash provided (used) by financing activities |             |           | (2,636,000  | )           |            |           | 30,781,000  |  
|                                                   |                                                        |                                             |              |                                                  |             |           |             |            
|Net change in cash and cash equivalents            |                                                        |                                             | (22,335,000  | )                                                |             |           | (253,000    | )          
|Cash and cash equivalents at beginning of period   |                                                        |                                             | 36,642,000   |                                                  |             |           | 11,230,000  |            
|                                                   |                                                        |                                             |              |                                                  |             |           |             |            
|Cash and cash equivalents at end of period         |                                                        | $                                           | 14,307,000   |                                                  |             | $         | 10,977,000  |            
|                                                   |                                                        |                                             |              |                                                  |             |           |             |            
|Supplementary disclosures of cash flow information |                                                        |                                             |              |                                                  |             |           |             |            
|                                                   | Cash paid during year for                              |                                             |              |                                                  |             |           |             |             |           
|                                                   |                                                        |                                             | Interest     |                                                  | $           | 4,164,000 |             |             | $          | 3,904,000 |            
|                                                   |                                                        |                                             | Income taxes |                                                  | $           | 45,000    |             |             | $          | 464,000   |            
|                                                   | Loans transferred to Other Real Estate Owned           |                                             | $            | 2,073,000                                        |             |           |             |            |           

See accompanying notes and accountants report.

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##### Table of Contents



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
chartered 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 in conjunction 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 other real estate owned 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 May 2003, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 150 (SFAS 150), Accounting for Certain
Financial Instruments with Characteristics of both Liabilities and Equity.
SFAS 150 will require the Company-obligated manditorily redeemable preferred
securities of its subsidiary trust, which solely holds junior subordinated
debentures, currently treated as part of mezzanine equity to be classified as
a liability for financial reporting purposes. SFAS 150 will become effective
for the Company for all reporting periods beginning after June 30, 2003.

There have been no material changes in accounting policies used by the
Company during the six-month period ended June 30, 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   |       | Six months    
|                                                                                                |  | Ended June 30, |       | Ended June 30,
|                                                                                                |  |                |       |               
|                                                                                                |  | 2003           |       | 2002           |  | 2003 |       | 2002
|                                                                                                |  |                |       |                |  |      |       |     
|                                                                                                |  | (in thousands)
|Net income                                                                                      |  | $              | 251   |                |  | $    | 526   |      |  | $ | 680   |  |  | $ | 1,021 | 
|Less preferred stock dividends                                                                  |  |                | 38    |                |  |      | 43    |      |  |   | 76    |  |  |   | 86    | 
|                                                                                                |  |                |       |                |  |      |       |      |  |   |       |  |  |   |       | 
|Net income applicable to common stock                                                           |  | $              | 213   |                |  | $    | 483   |      |  | $ | 604   |  |  | $ | 935   | 
|                                                                                                |  |                |       |                |  |      |       |      |  |   |       |  |  |   |       | 
|Average number of common shares
outstanding                                                     |  |                | 1,665 |                |  |      | 1,625 |      |  |   | 1,665 |  |  |   | 1,536 | 
|Effect of dilutive convertible preferred
stock                                                  |  |                | 11    |                |  |      | 11    |      |  |   | 11    |  |  |   | 11    | 
|                                                                                                |  |                |       |                |  |      |       |      |  |   |       |  |  |   |       | 
|Average number of common shares
outstanding used to calculate diluted
earnings per common share |  |                | 1,676 |                |  |      | 1,636 |      |  |   | 1,676 |  |  |   | 1,547 | 
|                                                                                                |  |                |       |                |  |      |       |      |  |   |       |  |  |   |       | 

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NOTE F
 LOAN PORTFOLIO

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

|                           |            |   |             |             |              |   |             |             | 
|-------------------------- | ---------- | - | ----------- | ----------- | ------------ | - | ----------- | ----------- | 
|                           |            |   | June 30,    |             | December 31,
|                           |            |   | 2003        |             | 2002        
|                           |            |   |             |             |             
|Real estate  construction |            | $ | 60,291,000  |             |              | $ | 72,129,000  |            
|Real estate  commercial   |            |   | 123,903,000 |             |              |   | 100,999,000 |            
|Real estate  residential  |            |   | 54,740,000  |             |              |   | 57,038,000  |            
|Commercial                 |            |   | 34,424,000  |             |              |   | 32,703,000  |            
|Consumer                   |            |   | 7,012,000   |             |              |   | 6,783,000   |            
|                           |            |   |             |             |              |   |             |            
|                           |            |   | 280,370,000 |             |              |   | 269,652,000 |            
|Less unearned income       |            |   | (1,236,000  | )           |              |   | (1,104,000  | )          
|                           |            |   |             |             |              |   |             |            
|                           | Loans, net |   | $           | 279,134,000 |              |   | $           | 268,548,000 | 
|                           |            |   |             |             |              |   |             |            

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



|A. |  | COMPARISON OF FINANCIAL CONDITION AT JUNE 30, 2003 AND DECEMBER 31, 2002
|-- |  | ------------------------------------------------------------------------

During the first six months of 2003, the Companys total assets decreased
$2.8 million or 0.7% to $384.4 million at June 30, 2003 from $387.2 million at
December 31, 2002. The decrease was primarily the result of using the federal
funds sold of $22.3 million to pay off short-term borrowings and brokered and
public funds deposits and purchasing securities. Securities available for sale
increased $7.5 million or 14.6% to $58.7 million at June 30, 2003 from $51.3
million at December 31, 2002.

The Companys liabilities are comprised chiefly of deposits, federal funds
purchased and other borrowed funds. Total deposits decreased $13.6 million or
4.2% to $309.5 million at June 30, 2003 compared to $323.1 million at December
31, 2002. This was due to a decrease in interest-bearing deposits of $18.7
million or 6.8% to $255.0 million compared to $273.8 million at December 31,
2002 whereas noninterest-bearing deposits increased $5.1 million or 10.3% to
$54.5 million compared to $49.4 million at December 31, 2002. Total other
borrowed funds, which includes federal funds purchased, short-term borrowings,
long-term debt and Company obligated trust preferred securities, increased
$11.0 or 27.3% million to $51.3 million at June 30, 2003 compared to $40.3
million at December 31, 2002. Short-term borrowings decreased $9.3 million or
74.4% to $3.2 million at June 30, 2003 from $12.5 million at December 31, 2002.
Federal funds purchased at June 30, 2003 was $20.5 million compared to none at
December 31, 2002. The increase was used to fund securities purchases and
increase in loan balances.



|B. |  | RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2003 AND 2002
|-- |  | -----------------------------------------------------------------------

Net income for the three months ended June 30, 2003 was $251,000, a
decrease of $275,000 or 52.3% from $526,000 for the same period in 2002. This
decrease was primarily due to increased salaries and employee benefits expenses
and amounts expensed to provision for loan losses.

Diluted earnings per share decreased 56.9% to $0.13 per share for the
three-month period ended June 30, 2003 compared to $0.30 per share for the same
period in 2002.

The annualized return on average assets for the three months ended June
30, 2003 and 2002 was 0.27% and 0.64%, respectively. Return on average
shareholders equity on an annualized basis for the three months ended June 30,
2003 and 2002 was 4.8% and 11.1%, respectively. Return on average shareholders
equity decreased due to decrease in net income as noted above.



|C. |  | RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND 2002
|-- |  | ---------------------------------------------------------------------

Net income for the six months ended June 30, 2003 was $680,000, a decrease
of $341,000 or 33.4% from $1,021,000 for the same period in 2002. This
decrease was primarily due to increased salaries and employee benefits expenses
and amounts expensed to provision for loan losses.

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Diluted earnings per share decreased 40.4% to $0.36 per share for the
six-month period ended June 30, 2003 compared to $0.60 per share for the same
period in 2002.

The annualized return on average assets for the six months ended June 30,
2003 and 2002 was 0.37% and 0.64%, respectively. Return on average
shareholders equity on an annualized basis for the six months ended June 30,
2003 and 2002 was 6.5% and 11.5%, respectively. Return on average
shareholders equity decreased due to decrease in net income as noted above.



|D. |  | 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 June 30, 2003 was $3.9
million, a $109,000 or 2.9% increase over net interest income of $3.8 million
for the three-month period ended June 30, 2002. Net interest income for the six
months ended June 30, 2003 was $7.8 million, a $733,000 or 10.4% increase over
net interest income of $7.1 million for the six-month period ended June 30,
2002.

The average rate earned on interest-earning assets for the three-month
periods ended June 30, 2003 and 2002 was 6.98% and 7.83%, respectively, on
average interest-bearing assets of $329.4 million in 2003 and $296.0 million in
2002. The average rate earned on interest-earning assets for the six-month
periods ended June 30, 2003 and 2002 was 7.03% and 7.86%, respectively, on
average interest-bearing assets of $334.8 million in 2003 and $285.3 million in
2002.

The average interest rate incurred on interest-bearing liabilities for the
three-month periods ended June 30, 2003 and 2002 was 2.47% and 3.01%,
respectively, on average interest-bearing liabilities of $297.9 million in 2003
and $265.3 million in 2002. The average interest rate incurred on
interest-bearing liabilities for the six-month periods ended June 30, 2003 and
2002 was 2.56% and 3.17%, respectively, on average interest-bearing liabilities
of $303.4 million in 2003 and $256.7 million in 2002. The Companys net
interest margin decreased to 4.74% from 5.13% for the three months ended June
30, 2003 and 2002, respectively; and 4.71% from 5.01% for the six months ended
June 30, 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:
- 13 -Table of Contents



| |  |  | 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.                                                                 

The Company charged $592,000 to the Provision for Loan Losses in the three
months ended June 30, 2003 compared to $235,000 for the same period in 2002.
The Company charged $848,000 to the Provision for Loan Losses in the six months
ended June 30, 2003 compared to $350,000 for the same period in 2002. The
increase of $498,000 in the provision for loan losses was composed of
approximately $55,000 allocated due to portfolio growth, approximately $200,000
used to increase the percentage of provision of loan losses to total loans to
reflect the status of the United States and Colorado economies and
approximately $242,000 allocated due to charge offs. The ratio of loan loss
reserve to total loans was 0.95% at June 30, 2003 and 0.89% at June 30, 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.

Included in OREO at June 30, 2003 was $8,167,000 related to Heritage
Place. See Part II, Item 5 for a more comprehensive discussion of this
property.

Non-accrual loans equaled $2.4 million at June 30, 2003 or 0.86% 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 $1.1 million at June 30, 2003 or 0.38%
of total loans and $36,000 at December 31, 2002 or 0.01% of total loans.



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

Non-interest income was $996,000 for the three months ended June 30, 2003,
an increase of $328,000 or 49.1% compared to $668,000 for the three months
ended June 30, 2002. This increase was primarily due to an increase of
$213,000 in mortgage loan origination fees. Non-interest income was $1.8
million for the six months ended June 30, 2003, an increase of $461,000 or
34.8% compared to $1.3 million for the six months ended June 30, 2002. This
increase was primarily due to a $323,000 increase in mortgage loan origination
fees.

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

Non-interest expense was $4.0 million for the three months ended June 30,
2003, an increase of $538,000 or 15.5% compared to $3.5 million for the three
months ended June 30, 2002. This increase was due primarily to salaries and
employee benefits increasing $484,000 or 25.7% to $2.4 million for the three
months ended June 30, 2003 from $1.9 million for the three months ended June
30, 2002. Non-interest expense was $7.9 million for the six months ended June
30, 2003, an increase of $1.3 million or 19.5% compared to $6.6 million for the
six months ended June 30, 2002. This increase was due primarily to salaries
and employee benefits increasing $985,000 or 26.8% to $4.7 million for the six
months ended June 30, 2003 from $3.7 million for the six months ended June 30,
2002.This increase in employee salaries and benefits was due mainly to the
addition of 10 full-time or full-time equivalent employees bringing the total
number of employees to 149 at June 30, 2003 compared to 139 employees at June
30, 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 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 $237,000 or 1.1% to $20.9 million at June
30, 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 June
30, 2003 were 10.1% and 7.1%, respectively, and its leverage ratio was 6.1%.
The Companys ratios at December 31, 2002 were 10.3% and 6.5%, respectively,
and its leverage ratio was 5.4%.

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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 the end of the period covered by this quarterly 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
control over financial reporting or in other factors that could significantly affect this control
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 4. Submission of Matters to a Vote of Security Holders

(a)       The Companys Annual Meeting of Shareholders was held on May 23, 2003.

(b)  and (c)     The following eight directors were elected at the meeting:

|                 |  |           |           |               |  |             |   |  |  |  |   | 
|---------------- |  | --------- | --------- | ------------- |  | ----------- | - |  |  |  | - | 
|                 |  | Votes For |           | Votes Against |  | Abstentions
|                 |  |           |           |               |  |            
|William Mitchell |  |           | 1,388,390 |               |  |             | 0 |  |  |  | 0 | 
|Claudia Beauprez |  |           | 1,388,390 |               |  |             | 0 |  |  |  | 0 | 
|Victor Fruehauf  |  |           | 1,388,390 |               |  |             | 0 |  |  |  | 0 | 
|Larry Gibson     |  |           | 1,388,390 |               |  |             | 0 |  |  |  | 0 | 
|William Hofgard  |  |           | 1,388,390 |               |  |             | 0 |  |  |  | 0 | 
|Bruce Joss       |  |           | 1,388,390 |               |  |             | 0 |  |  |  | 0 | 
|Edwin Kanemoto   |  |           | 1,388,390 |               |  |             | 0 |  |  |  | 0 | 
|Robert Lathrop   |  |           | 1,388,390 |               |  |             | 0 |  |  |  | 0 | 




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

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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. A site plan for development of 320,000
square feet was approved by the City and County of Broomfield, Colorado, on May
13, 2003. Of the approximate 8.8 acre Heritage Place site, a bank pad of
approximately 1.5 acres has been carved out. In July 2003, the remaining 7.3
acres were listed for sale with a commercial broker. If a potential buyer
would have an interest in purchasing the entire 8.8 acres, the Bank would be
willing to consider that also.

The Bank has incurred and continues to incur costs in order to prepare
Heritage Place for development and sale. As of June 30, 2003, the Bank had
capitalized total costs of $9,947,461.77 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 $90,761 for the six months ended
June 30, 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 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 early in the second 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 intends to use the property to build a new branch
office sometime after 2004. The Bank not yet

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submitted a branching application to regulatory authorities and will not
do so until an estimated branch opening date is determined.

In April 2003, the Bank entered into a lease for approximately 4,866
square feet at 15th and Platte in downtown Denver. The Banks Mortgage
Division will occupy this space and the expected occupation date is
mid-September 2003.




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
|            |         |             |                                                                                                                                                                
|            | 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                                                                                                                             
|            |         |             |                                                                                                                                                                
|            | 31.1    |             | Certification of the Chief Executive Officer pursuant to 15
U.S.C. Section 7241, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002          
|            |         |             |                                                                                                                                                                
|            | 31.2    |             | Certification of the Chief Financial Officer pursuant to 15
U.S.C. Section 7241, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002          
|            |         |             |                                                                                                                                                                
|            | 32.1    |             | 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          
|            |         |             |                                                                                                                                                                
|            | 32.2    |             | 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             

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---



##### Table of Contents



|*   |  | 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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##### Table of Contents






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: August 13, 2003 |  | By: | /s/ William A. Mitchell, Jr.                                                              
|                      |  |     |                                                                                            |                                             
|                      |  |     | William A. Mitchell, Jr.Chief Executive Officerand President
(Principal Executive Officer)
|                      |  |     |                                                                                            |                                             
|Date: August 13, 2003 |  | By: | /s/ Alice M. Bier                                                                         
|                      |  |     |                                                                                            |                                             
|                      |  |     | Alice M. BierChief Financial Officer
(Principal Accounting 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                                                                                                                             
|            |         |             |                                                                                                                                                                
|            | 31.1    |             | Certification of the Chief Executive Officer pursuant to 15
U.S.C. Section 7241, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002          
|            |         |             |                                                                                                                                                                
|            | 31.2    |             | Certification of the Chief Financial Officer pursuant to 15
U.S.C. Section 7241, as adopted pursuant Section to 302 of the
Sarbanes-Oxley Act of 2002          
|            |         |             |                                                                                                                                                                
|            | 32.1    |             | 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          
|            |         |             |                                                                                                                                                                
|            | 32.2    |             | 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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