<PAGE>
<PAGE>
           U.S. SECURITIES AND EXCHANGE COMMISSION
                   WASHINGTON, D.C. 20549

                         FORM 10-QSB
  
  [ X ]   Quarterly report under Section 13 or 15 (d) of the
          Securities Exchange Act of 1934
  
  For the quarterly period ended December 31, 1998
  
  Commission file number 0-23409
  
                    High Country Bancorp, Inc.
----------------------------------------------------------------
(Exact Name of Small business Issuer as Specified in Its
Charter)
                                
         Colorado                                84-1438612
-------------------------------              -------------------
(State of Other Jurisdiction of               (I.R.S. Employer
Incorporation or Organization)               Identification No.)
  
             130 West 2nd Street, Salida Colorado  81201
             ------------------------------------------- 
              (Address of Principal Executive Offices)
  
                            719-539-2516
     --------------------------------------------------
      (Issuer's Telephone Number, Including Area Code)
  
     Check whether the issuer's: (1) filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act during
the past 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90- days.
  
  Yes  X      No    
     ------       -----  
  
  
     State the number of shares outstanding of each of the
issuer's classes of common equity, as of the latest practicable
date:  

Shares of common stock outstanding as of December 31, 1998
                           1,322,500
<PAGE>
<PAGE>  
              HIGH COUNTRY BANCORP, INC.
                           
                       CONTENTS

  PART I - FINANCIAL INFORMATION 
  
     Item 1:   Financial Statements 
  
               Consolidated Statements of Condition at 
               June 30, 1998 and December 31, 1998            3
               
               Statements of Consolidated Income for 
               the Six Months and Three Months Ended 
               December 31, 1998 and 1997                     4
  
               Statements of Consolidated Cash Flows 
               for the Six Months Ended December 31,
               1998 and 1997                                  5
  
               Notes to Financial Statements              6 - 7
  
     Item 2:   Management's Discussion and Analysis
               of Financial Condition and Results of 
               Operations                                 8 - 11
  
  PART II - OTHER INFORMATION
  
     Item 1:   Legal Proceedings                             12
  
     Item 2:   Changes in Securities                         12
  
     Item 3:   Defaults Upon Senior Securities               12
  
     Item 4:   Submission of Matters to a Vote 
               of Security Holders                           12
  
     Item 5:   Other Information                             12
  
     Item 6:   Exhibits and Reports on Form 8-K              12
  
     Signature                                               12
  
  
                             2<PAGE>
<PAGE>
                    HIGH COUNTRY BANCORP, INC. 
           CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                            (UNAUDITED)
<TABLE>
<CAPTION>
                                                     December 31,       June 30,
                                                         1998            1998
             ASSETS                                  ------------    ------------
<S>                                                  <C>              <C>
Cash and amounts due from banks                     $  2,301,654     $  2,999,284
Interest-bearing deposits at other institutions        7,404,363        6,963,130
Mortgage-backed securities, held to maturity           3,709,592        4,326,603
Securities held-to-maturity                              310,000          310,000
Loans receivable -  net                               91,188,233       81,359,296
Federal Home Loan Bank stock, at cost                  1,160,700        1,065,500
Accrued interest receivable                              681,898          699,982
Property and equipment, net                            2,687,161        2,475,773
Mortgage servicing rights                                 21,096           29,856
Prepaid expenses and other assets                        411,953          359,231
                                                    ------------     ------------
     TOTAL ASSETS                                   $109,876,650     $100,588,655
                                                    ============     ============ 
             LIABILITIES AND EQUITY

LIABILITIES
Deposits                                            $ 68,581,294     $ 63,424,713
Advances by borrowers for taxes and insurance            306,372           92,954
Accounts payable and other liabilities                   610,845          566,641
Advances from Federal Home Loan Bank                  22,325,000       17,890,000
Accrued income taxes payable                                  --          288,140
Deferred income taxes                                     23,000           47,300
                                                    ------------     ------------
     TOTAL LIABILITIES                                91,846,511       82,309,748
                                                    ------------     ------------

Commitments and contingencies

EQUITY
Preferred stock - $.01 par value;
  authorized 1,000,000 shares; no
  shares issued or outstanding                                --               --
Common Stock - $.01 par value;
  authorized 3,000,000 shares; issued
  and outstanding 1,322,500 shares                        13,225           13,225
Paid-in capital                                       12,704,099       12,690,438
Retained earnings - substantially restricted           6,698,443        6,519,509
Note receivable from ESOP Trust                         (944,265)        (944,265)
Deferred stock awards                                   (441,363)              --
                                                    ------------     ------------
     TOTAL EQUITY                                     18,030,139       18,278,907
                                                    ------------     ------------
     TOTAL LIABILITIES AND EQUITY                   $109,876,650     $100,588,655
                                                    ============     ============ 
</TABLE>

        SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                             3<PAGE>
<PAGE>
                    HIGH COUNTRY BANCORP, INC.
                 CONSOLIDATED STATEMENTS OF INCOME

                           (UNAUDITED)
<TABLE>
<CAPTION>
                                                          Three Months Ended           Six Months Ended
                                                             December 31,                 December 31,
                                                         1998            1997         1998          1997
                                                     ------------    ------------   ---------    ----------  
<S>                                                  <C>              <C>            <C>          <C>
Interest Income
   Interest on loans                                 $1,924,054       $1,514,788     $3,752,265   $2,989,522
   Interest on securities held-to-maturity               65,609           83,958        137,093      173,590
   Interest on other interest-bearing assets            109,120          120,814        240,551      151,307
                                                     ----------       ----------     ----------   ----------
          Total interest income                       2,098,783        1,719,560      4,129,909    3,314,419
                                                     ----------       ----------     ----------   ----------


Interest Expense
   Deposits                                             684,386          645,232      1,339,155    1,239,589
   Federal Home Loan Bank advances                      312,108          199,094        586,203      410,706
                                                     ----------       ----------     ----------   ----------
          Total interest expense                        996,494          844,326      1,925,358    1,650,295
                                                     ----------       ----------     ----------   ----------
          Net interest income                         1,102,289          875,234      2,204,551    1,664,124

Provision for losses on loans                            59,946           49,500        119,874       99,500
                                                     ----------       ----------     ----------   ----------
          Net income after provision 
            for loan losses                           1,042,343          825,734      2,084,677    1,564,624
                                                     ----------       ----------     ----------   ----------
Noninterest Income
   Service charges on deposits                           34,043           38,877         71,453       72,475
   Other                                                  8,563            4,556         23,467        9,525
                                                     ----------       ----------     ----------   ----------
          Total noninterest income                       42,606           43,433         94,920       82,000
                                                     ----------       ----------     ----------   ----------
Noninterest Expense
  Compensation and benefits                             475,216          356,791        850,674      726,018
  Occupancy and equipment                               156,735          136,300        316,981      274,054
  Insurance and professional fees                        42,159           35,176         93,827       67,327
  Other                                                 133,023           94,302        228,757      160,678
                                                     ----------       ----------     ----------   ----------
          Total noninterest expense                     807,133          622,569      1,490,239    1,228,077
                                                     ----------       ----------     ----------   ----------
          Income before income taxes                    277,816          246,598        689,358      418,547

          Income tax expense                            101,242           89,724        264,970      157,524
                                                     ----------       ----------     ----------   ----------
          Net income                                 $  176,574       $  156,874     $  424,388   $  261,023
                                                     ==========       ==========     ==========   ==========

Basic Earnings Per Common Share                      $     0.14       $     0.01     $     0.34   $     0.01
                                                     ==========       ==========     ==========   ==========
Diluted Earnings Per Common Share                    $     0.14       $     0.01     $     0.34   $     0.01
                                                     ==========       ==========     ==========   ==========

Weighted Average Common Shares
Outstanding        Basic                              1,232,555         1,227,280     1,235,207    1,227,280 
                   Diluted                            1,237,860         1,227,280     1,237,860    1,227,280

</TABLE>
     SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                              4<PAGE>
<PAGE>  
                   HIGH COUNTRY BANCORP, INC.
               CONSOLIDATED STATEMENTS OF CASH FLOWS
                              (UNAUDITED)
<TABLE>
<CAPTION>
                                                   Six Months Ended
                                                      December 31,
                                                  1998            1997
                                               ----------      ----------
<S>                                            <C>             <C>
Operating Activities
   Net income                                   $   424,388     $   261,023 
   Adjustments to reconcile net income to net
    cash provided by operating activities:
   Amortization of:
      Deferred loan origination fees               (149,245)        (51,731)
      Discounts on investments                        8,461           8,889
   Stock dividend received from FHLB                (39,500)        (38,600)
   Stock awards granted                             110,358              --
   ESOP market value expense                         13,661          23,815
   Provision for losses on loans                    120,000          99,500
   Deferred income taxes                            (24,300)        (15,000)
   Depreciation                                      95,444          90,940
   Net change in miscellaneous assets               (25,878)        115,416 
   Net change in miscellaneous liabilities         (243,936)        180,504 
                                                -----------     -----------
        Net cash provided by operating 
          activities                                289,453         674,756 
                                                -----------     -----------
Investing Activities
  Net change in loans receivable                 (9,799,692)     (6,068,613)
  Principal repayments of mortgage-backed
    securities held-to-maturity                     608,550         453,178
  Purchase FHLB stock                               (55,700)             --
  Purchases of property and equipment              (306,832)        (74,086)
  Purchase of stock for MRP                        (551,721)             --
                                                -----------     -----------
        Net cash used by investing activities   (10,105,395)     (5,689,521)
                                                -----------     -----------
Financing Activities
  Issuance of common stock                               --      11,596,284 
  Net change in deposits                          5,156,581         565,322
  Net change in mortgage escrow funds               213,418         259,248
  Cash dividends paid                              (245,454)             --
  Proceeds (payment)on FHLB advances              4,435,000      (2,065,000) 
                                                -----------     -----------
        Net cash provided by financing
          activities                              9,559,545      10,355,854
                                                -----------     -----------
        Net (decrease)increase in cash and
          cash equivalents                         (256,397)      5,341,089
Cash and cash equivalents, beginning              9,962,414       3,276,310
                                                -----------     -----------
Cash and cash equivalents, ending               $ 9,706,017     $ 8,617,399
                                                ===========     ===========
Supplemental disclosure of cash flow 
 information
Cash paid for:
   Taxes                                        $   297,254     $    27,436
   Interest                                       1,894,223       1,645,748
</TABLE>

     SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             5<PAGE>
<PAGE>
               HIGH COUNTRY BANCORP, INC.
     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                      (UNAUDITED)
                   DECEMBER 31, 1998

Note 1.  Nature of Business

Note 1.  Nature of Business
High Country Bancorp, Inc. (the "Company") was incorporated
under the laws of the State of Colorado for the purpose of
becoming the holding company of Salida Building and Loan
Association (the "Association") in connection with the
Association's conversion from a federally chartered mutual
savings and loan association to a federally chartered stock
savings and loan association, pursuant to its Plan of
Conversion.  The Company was organized in August 1997 to acquire
all of the common stock of Salida Building and Loan Association
upon its conversion to stock form.  A subscription and community
offering of the Company's shares was completed on December  9,
1997.

Note 2.  Basis of Presentation
The accompanying unaudited consolidated financial
statements,(except for the statement of financial condition at
June 30, 1998, which is audited) have been prepared in
accordance with generally accepted accounting principles for
interim financial information and with the instructions to Form
10-QSB of Regulation S-X.  Accordingly, they do not include all
of the information and footnotes required by generally accepted
accounting principles for complete financial statements.  In the
opinion of management all adjustments necessary for a fair
presentation of the financial position and results of operations
for the periods presented have been included.  The financial
statements of the Company are presented on a consolidated basis
with those of Salida Building and Loan Association.  The results
of operations for the six months ended December 31, 1998 are not
necessarily indicative of the results of operations that may be
expected for the year ended June 30, 1999.  The preparation of
financial statements in conformity with generally accepted
accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and
liabilities as the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period.  Actual results could differ from those estimates.

The accounting policies followed are as set forth in Note 1. of
the Notes to Financial Statements in the 1998 High Country
Bancorp, Inc. financial statements.
  
Note 3.  Regulatory Capital Requirements
At December 31, 1998, the Association met each of the three
current minimum regulatory capital requirements.  The following
table summarizes the Association's regulatory capital position
at December 31, 1998:
<PAGE>
Tangible Capital:
     Actual                 $12,438,000            11.91%
     Required                 1,566,000             1.50
     Excess                 $10,872,000            10.41%

Core Capital:
     Actual                 $12,438,000            11.91%
     Required                 3,133,000             3.00
     Excess                  $9,305,000             8.91%
  
Risk-Based Capital:
     Actual                 $13,266,000            19.71%
     Required                 5,385,000             8.00
     Excess                  $7,881,000            11.71%
  
  Tangible and core capital levels are shown as a percentage of
  total adjusted assets; risk-based capital levels are shown as
  a percentage of risk-weighted assets.
                           6<PAGE>
<PAGE>                           
              HIGH COUNTRY BANCORP, INC.
      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                      (UNAUDITED)
                           
                  December 31, 1998

Note 4.  Mutual to Stock Conversion
  
On May 15, 1997, The Board of Directors of the Salida Building
and Loan Association adopted a Plan of Conversion (the Plan)
under which the Association converted from a federally charted
mutual savings and loan association to a federally chartered
stock savings and loan association and became a wholly-owned
subsidiary of the Company formed in connection with the
Conversion.  The Company issued common stock which was sold in
the Conversion.  The closing of the offering and the sale of
stocks occurred on December 9, 1997 and resulted in the sale of
stock totaling $13,225,000 (including $1,058,000 in shares
subscribed by the ESOP).  The Company transferred fifty percent
of the net proceeds for the purchase of all of the capital stock
of the Association.
  
The costs of issuing the common stock were deducted from the
proceeds of the stock sale, and amounted to $570,716, resulting
in net proceeds of $12,654,284.
  
For the purpose of granting eligible members of the Association
a priority in the event of future liquidation, the Association,
at the time of conversion, established a liquidation account
equal to its regulatory capital as of the date of the latest
balance sheet used in the final conversion offering circular. 
In the event (and only in such event) of future liquidation of
the converted Association, an eligible savings account holder
who continues to maintain a savings account shall be entitled
to receive a distribution from the liquidation account, in the
proportionate amount of the then-current adjusted balance of the
savings deposits then held, before any distributions may be made
with respect to capital stock.
  
The Association may not declare or pay a cash dividend on its
common stock if its net worth would thereby be reduced below
either the aggregate amount then required for the liquidation
account or the minimum regulatory capital requirements imposed
by federal regulations
  
Note 5. Earnings Per Share
  
The Company adopted Financial Accounting Standards Board
Statement No. 128 relating to earnings per share, effective for
the quarter ended December 31, 1997.  The statement requires
dual presentations of basic and diluted earnings per share on
the face of the income statement and requires a reconciliation
of the numerator and denominator of the basic EPS computation
to the numerator and denominator of the diluted EPS computation. 
Basic EPS excludes dilution and is computed by dividing income
available to common stockholders by the weighted-average number
of common shares outstanding for the period.  Diluted EPS
reflects the potential  dilution that could occur if securities
or other contracts to issue common stock were exercised or
converted into common stock or resulted in the issuance of
common stock that then shares in the earnings of the entity.
                           
                           
                           7<PAGE>
<PAGE>
             HIGH COUNTRY BANCORP, INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS
                          
COMPARISON OF FINANCIAL CONDITION AT JUNE 30, 1998 AND DECEMBER
31, 1998

The Company's total assets increased by $9.3 million or 9.23%
from $100.6 million at June 30, 1998 to $109.9 million at
December 31, 1998.  The increase in assets was due to loan
growth of $9.8 million.

Net loans totaled $91.2 million at December 31, 1998 and $81.4
million at June 30, 1998.  The majority of the increase occurred
in residential  mortgage  loans which increased $6.8 million.  
In addition to the growth in residential loans, commercial real
estate loans increased $1.3 million and auto loans increased
$1.0 million.  The growth in loans is due to significant
refinancing of residential mortgage loans due to low mortgage
interest rates and the Association offering attractive rates
relative to other lenders.

The allowance for loan losses totaled $831,000 at December 31,
1998 and $751,000 at June 30, 1998.  As of those dates the non-
performing loans in the Association's portfolio were $142,000
and $392,000.  The total non-performing loans at December 31,
1998 include 23 loans secured by single family residences,
business equipment and autos.  The largest non-performing loan
balance was $40,000.  There were $42,000 of loans charged off
and $2,000 of recoveries of previous loan losses during the six
months ended December 31, 1998.  The determination of the
allowance for loan losses is based on management's analysis,
performed on a quarterly basis, of various factors, including
the market value of the underlying collateral, growth and
composition of the loan portfolio, the relationship of the
allowance for loan losses to outstanding loans, historical loss
experience, delinquency trends and prevailing economic
conditions.  Although management believes its allowance for loan
losses is adequate, there can be no assurance that additional
allowances will not be required or that losses on loans will not
be incurred.  The Company has had minimal losses on loans in
prior years.  At December 31, 1998, the ratio of the allowance
for loan losses to net loans was .91%. as compared to .92% at
June 30, 1998.

At December 31, 1998, the Company's investment portfolio
included mortgage-backed securities and local municipal bonds
classified as "held to maturity" carried at amortized cost of
$4.0 million and an estimated fair value of $4.0 million.  The
balance of the Company's investment portfolio at December 31,
1998 consists of interest bearing deposits with various
financial institutions totaling $7.4 million.

At December 31, 1998 deposits increased to $68.6 million from
$63.4 million at June 30, 1998 or a net increase of 8.20%.  The
increase was used to fund loan growth.  Management is
continually evaluating the investment alternatives available to
the Company's customers, and adjusts the pricing on its savings
products to maintain its existing deposits.

Advances from the Federal Home Loan Bank increased to $22.3
million at December 31, 1998, from $17.9 million at June 30,
1998.  The increase was used to fund loan growth.


COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED
DECEMBER 31, 1998 AND 1997

Net Income.   The Company's net income for the three months
ended December 31, 1998 was $177,000 compared to net income of
$157,000 for the three months ended December 31, 1997.  The
$20,000 increase in net  income for the three months ended
December 31, 1998 resulted principally from increased interest
income.  The increase in interest income offset increased
compensation expense associated with the adoption of new benefit
plans in conjunction with becoming a stock company.

                          8
<PAGE>                    
             HIGH COUNTRY BANCORP, INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS

Net Interest Income.  Net interest income for the three months
ended December 31, 1998 was $1,102,000 compared to $875,000 for
the three months ended December 31, 1997.  The increase in net
interest income for the three months ended December 31, 1998 was
due to an increase in interest earning assets from $82.1 million
as of December 31, 1997 to $104.5 million as of December 31,
1998, less the effect of the increase in interest bearing
accounts from $64.3 million at December 31, 1997 to $87.3
million at  December 31, 1998.  The increase in interest earning
assets offset a decrease in the interest rate spread from 3.73%
for the three months ended December 31, 1997 to 3.54% for the
three months ended December 31, 1998.  This was caused by a
decrease in the average yield on earning assets from 8.77% at
December 31, 1997 to 8.26% at December 31, 1998.  The decrease
was due to refinancing of higher rate mortgage loans to lower
rates.  The interest rate spread was also affected by a decrease
in the average cost of interest bearing liabilities from 5.04%
at December 31, 1997 to 4.72% at December 31, 1998.

Allowance for Loan Losses.  The provision for loan losses for
the three months ended December 31, 1998 was $60,000 as compared
to $50,000 for the three months ended December 31, 1997.  The
increase in the provision was due to the increase in the balance
of loans held by the Association, the mix of loans being made
which include a larger percentage of auto and commercial loans,
and the need to maintain an adequate balance in the allowance
for loan losses.

Non-interest Expenses.  Non-interest expenses were $807,000 for
the three months ended December 31, 1998 as compared to $623,000
for the three months ended December 31, 1997.  The majority of
the increase occurred in compensation and benefit expense which
increased $118,000.  The increase was primarily due to due
expenses of $110,000 which were associated with the adoption of
the Management Recognition Plan.  The plan was approved by
stockholders December 15, 1998.  The remainder of the increase
is attributable to Company legal and accounting expenses, higher
data processing expenses associated with growth and other
miscellaneous expenses.  

COMPARISON OF OPERATING RESULTS FOR THE SIX MONTHS ENDED
DECEMBER 31, 1998 AND 1997

Net Income.  The company's net income for the six months ended
December 31, 1998 was $424,000 compared to $261,000 for the six
months ended December 31, 1997.  The increase in net income for
the six months ended December 31, 1998 resulted primarily from
higher interest income.  The higher interest income offset
increases in compensation and benefit expenses, Company expenses
and other expenses due to growth.

Net Interest Income.  Net interest income for the six months
ended December 31, 1998 was $2,205,000 compared to $1,664,000
for the six months ended December 31, 1997.  The increase is
attributed to interest earned on interest earning assets due to
loan growth less the increase in interest expense due to the
increase in interest bearing liabilities.  The increase in
interest earning assets offset a decrease in the interest rate
spread from 3.76% for the six months ended December 31, 1997 to
3.63% for the six months ended December 31, 1998.  The decrease
in the interest rate spread was caused by a decrease in the
average yield on interest earning assets from 8.68% for the six
months ended December 31, 1997 to 8.32% for the six months ended
December 31, 1998.  The decrease in yields reflects the
significant refinancing activity of residential mortgage loans
to lower rates.  The interest rate spread  was also affected by
a decrease in the average cost of interest bearing liabilities
from 4.92% for the six months ended December 31, 1997 to 4.69%
for the six months ended December 31, 1998.  This decrease
reflects re-pricing of deposits and FHLB advances at lower
rates.

                          9


<PAGE>
             HIGH COUNTRY BANCORP, INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS

Allowance for Loan Losses.  The provision for loan losses for
the six months ended December 31, 1998 was $120,000 as compared
to $100,000 for the six months ended December 31, 1997.  The
increase in the provision was due to the increase in the balance
of loans held by the Association, the mix of loans being made
and the need to maintain an adequate balance in the allowance
for loan losses.

Non-interest Expenses.  The non-interest expenses for the six
months ended December 31, 1998 were $1,490,000 compared to
$1,228,000 for the six months ended December 31, 1997.  The
increase was due to higher compensation and benefit expense
associated with the adoption of a Management Recognition Plan,
Company legal and accounting expenses, and higher data
processing, other expenses associated with growth and with
becoming a publicly-owned company.

LIQUIDITY AND CAPITAL RESOURCES

The Company's primary sources of funds consists of deposits,
repayment of loans and mortgage-backed securities, maturities of
investments and interest-bearing deposits, and funds provided
from operations.  While scheduled repayments of loans and
mortgage-backed securities and maturities of investment
securities are predicable sources of funds, deposit flows and
loan prepayments are greatly influenced by the general level of
interest rates, economic conditions and competition.  The
Company uses its liquidity resources principally to fund
existing and future loan commitments, to fund maturing
certificates of deposit and demand deposit withdrawals, to
invest in other interest-earning assets, to maintain liquidity,
and to meet operating expenses.  Management believes that
proceeds from loan repayments and other sources of funds will be
adequate to meet the Company's liquidity needs for the immediate
future.

The Association is required to maintain minimum levels of liquid
assets as defined by OTS regulations.  This requirement, which
may be varied at the direction of the OTS depending upon
economic conditions and deposit flows, is based upon a
percentage of deposits and short-term borrowings.  The required
minimum ratio was 5% until November 24, 1997 when the
requirement was lowered to 4%.  The Association has historically
maintained a level of liquid assets in excess of regulatory
requirements.  The Association's liquidity ratios at December
31, 1998 and 1997 were 6.85% and 15.49%, respectively. 

IMPACT OF INFLATION AND CHANGING PRICES

The financial statements and related data presented herein have
been prepared in accordance with generally accepted accounting
principles, which require the measurement of financial position
and results of operations in terms of historical dollars without
considering changes in the relative purchasing power of money
over time because of inflation.  Unlike most industrial
companies, virtually all of the assets and liabilities of the
Company are monetary in nature.  As a result, interest rates
have a more significant impact on the Company's performance than
the effects of general levels of inflation.  Interest rates do
not necessarily move in same direction or in the same magnitude
as the prices of goods and services.

YEAR 2000 READINESS DISCLOSURE

The Company is continually evaluating the potential effect of
the year 2000 on its information processing systems.  Because
critical computer systems and software are vendor maintained,
the Company is not directly involved with programming changes or
application upgrades.  The Company expects the providers to be
compliant on a timely basis and is testing the compliance
efforts.  The Association's primary data processor has indicated
that renovations to their system for year 2000 compliance are
complete.  The  
                         10
<PAGE>                          
             HIGH COUNTRY BANCORP, INC.
        MANAGEMENT'S DISCUSSION AND ANALYSIS
                          
Association tested the system in September 1998 in a year 2000
environment and did not encounter any problems.  The Association
will continue to test this system as well as other critical
systems during 1999.  The primary data processor is also testing
the interfaces they have with other systems for year 2000
compliance. It is management's opinion that the modifications
will not have  a material effect on the Company's financial
position.  All costs associated with modifications will be
expensed as incurred. 

The Association has developed a contingency and business
resumption plan in case critical systems are not year 2000 ready
or fail in the year 2000.  The plan has identified alternative
means of operations in case a system is not expected to be year
2000 ready by a certain date or malfunctions in the year 2000. 
The disaster plan for the majority of the systems includes
pre-year 2000 procedures as well as post-year 2000 procedures. 
The pre-year 2000 procedures include having customer
information, forms and software available for critical systems. 
The post-year 2000 procedures have been developed to identify
alternatives if critical systems fail in the year 2000. 
Depending on the problems encountered in the post-year 2000
environment, the contingency and business resumption
plan includes working from a manual basis to a fully functioning
basis.  The plan is reviewed on an ongoing basis.

                             11<PAGE>
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               HIGH COUNTRY BANCORP, INC.
                           
              PART II - OTHER INFORMATION
                           
                                
  
  
  ITEM 1: Legal Proceedings
  
          None
  
  ITEM 2: Changes in Securities
  
          None 
  
  ITEM 3: Defaults Upon Senior Securities
  
          Not Applicable
  
  ITEM 4: Submission of Matters to a Vote of Security Holders.
  
          The Company held its annual meeting on December 15,
          1998 in Salida, Colorado to vote on the election of
          three directors of the Company, approval of the High
          Country Bancorp, Inc. Stock Option and Incentive Plan,
          and approval of the High Country Bancorp, Inc.
          Management Recognition Plan.  At the meeting Richard
          A. Young was elected to a one year term and Philip W.
          Harsh and Scott G. Erchul were elected to three year
          terms, each receiving more than 98% of the votes cast. 
          The High Country Bancorp, Inc Stock Option and
          Incentive Plan and the High Country Bancorp, Inc.
          Management Recognition Plan were also approved,
          receiving 69% and 67% of the votes cast, respectively.

  
  ITEM 5: Other Information
  
          None
  
  ITEM 6: Exhibits and Reports on Form 8-K
  
          Exhibit 27 - Financial Data Schedule
  
  
  SIGNATURE
  
  Pursuant to the requirements of the Securities Exchange Act of
  1934, the registrant has duly caused this report to be signed
  on its behalf by the undersigned thereunto duly authorized.
  
                                   High Country Bancorp, Inc.
                                   Registrant
  
  Date February 9, 1999           /s/ Larry D. Smith
                                   ---------------------------
                                   Larry D. Smith, President

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