MATRIX BANCORP, INC.

                                 Trust Under the

                      Executive Deferred Compensation Plan

                                  (Rabbi Trust)


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           TRUST UNDER THE EXECUTIVE DEFERRED COMPENSATION PLAN OF

                              MATRIX BANCORP, INC.

      This  Agreement  made  by and  between  Matrix  Bancorp,  Inc.  and  any
appointed Subsidiary ("Company") and Matrix Bancorp, Inc. ("Trustee");

      WHEREAS,  Company has adopted the Executive  Deferred  Compensation Plan
("Plan") as listed in Appendix A;

      WHEREAS, Company has incurred or expects to incur liability under the
terms of such Plan with respect to the individuals participating in such Plan;

      WHEREAS, Company wishes to establish a trust (hereinafter called "Trust")
and to contribute to the Trust assets that shall be held therein, subject to the
claims of Company's creditors in the event of Company's Insolvency, as herein
defined, until paid to Plan participants and their beneficiaries in such manner
and at such times as specified in the Plan;

      WHEREAS, it is the intention of the parties that this Trust shall
constitute an unfunded arrangement for ERISA and shall not affect the status of
the Plan as a funded plan maintained for the purpose of providing deferred
compensation for a select group of management or highly compensated employees
for purposes of Title I of the Employee Retirement Income Security Act of 1974;

      WHEREAS, it is the intention of Company to make contributions to the Trust
equal to the amounts deferred pursuant to each respective Participant's deferral
elections to provide itself with a source of funds to assist it in the meeting
of its liabilities under the Plan;

      NOW, THEREFORE, the parties do hereby establish the Trust and agree that
the Trust shall be comprised, held and disposed of as follows:

Section 1.  Establishment of Trust

      (a) Company hereby deposits with Trustee in trust a sum certain in dollars
to be determined at the time of deposit, which shall become the principal of the
Trust to be held, administered and disposed of by Trustee as provided in this
Trust Agreement.

      (b) The Trust hereby established is revocable by Company; it shall become
irrevocable upon a Change of Control, as defined herein.

      (c) The Trust is intended to be a grantor trust, of which Company is the
grantor, within the meaning of subpart E, part 1, subchapter J, chapter 1,
subtitle A of the Internal Revenue Code of 1986, as amended, and shall be
construed accordingly.

      (d) The principal of the Trust, and any earnings thereon, shall be held
separate and apart from other funds of Company and shall be used exclusively for
the uses and purposes of Plan participants and general creditors as herein set
forth. Plan participants and their



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beneficiaries shall have no preferred claim on, or any beneficial ownership
interest in, any assets of the Trust. Any rights created under the Plan and this
Trust Agreement shall be mere unsecured contractual rights of Plan participants
and their beneficiaries against Company. Any assets held by the Trust will be
subject to the claims of Company's general creditors under federal and state law
in the event of Insolvency, as defined in Section 3(a) herein.

      (e) Company, in its sole discretion, may at any time, or from time to
time, make additional deposits of cash or other property in trust with Trustee
to augment the principal to be held, administered and disposed of by Trustee as
provided in this Trust Agreement. Neither Trustee nor any Plan participant or
beneficiary shall have any right to compel such additional deposits.

Section 2.  Payments to Plan Participants and Their Beneficiaries.

      (a) Company shall deliver to Trustee a schedule (the "Payment Schedule")
that indicates the amounts payable in respect of each Plan participant (and his
or her beneficiaries), that provides a formula or other instructions acceptable
to Trustee for determining the amounts so payable, the form in which such amount
is to be paid (as provided for or available under the Plan), and the time of
commencement for payment of such amounts. Except as otherwise provided herein,
Trustee shall make payments to the Plan Participants and their beneficiaries in
accordance with such Payment Schedule or other instructions as provided. The
Trustee shall make provision for the reporting and withholding of any federal,
state or local taxes that may be required to be withheld with respect to the
payment of benefits pursuant to the terms of the Plan and shall pay amounts
withheld to the appropriate taxing authorities or determine that such amounts
have been reported, withheld and paid by Company.

      (b) The entitlement of a Plan participant or his or her beneficiaries to
benefits under the Plan shall be determined by Company or such party as it shall
designate under the Plan, and any claim for such benefits shall be considered
and reviewed under the procedures set out in the Plan.

      (c) Company may make payment of benefits directly to Plan participants or
their beneficiaries as they become due under the terms of the Plan. Company
shall notify Trustee of its decision to make payment of benefits directly prior
to the time amounts are payable to participants or their beneficiaries. In
addition, if the principal of the Trust, and any earnings thereon, are not
sufficient to make payments of benefits in accordance with the terms of the
Plan, Company shall make the balance of each such payment as it falls due.
Trustee shall notify Company where principal and earnings are not sufficient.

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Section 3.  Trustee  Responsibility  Regarding  Payments to Trust  Beneficiary
When Company Is Insolvent.

      (a) Trustee shall cease payment of benefits to Plan participants and their
beneficiaries if the Company is Insolvent. Company shall be considered
"Insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay
its debts as they become due, (ii) Company is subject to a pending proceeding as
a debtor under the United States Bankruptcy Code, or (iii) Company is determined
to be insolvent by a Federal or State Regulatory Banking Agency.

      (b) At all times during the continuance of this Trust, as provided in
Section l(d) hereof, the principal and income of the Trust shall be subject to
claims of general creditors of Company under federal and state law as set forth
below.

            (1) The Board of Directors and the Chief Executive Officer of
      Company shall have the duty to inform Trustee in writing of Company's
      Insolvency. If a person claiming to be a creditor of Company alleges in
      writing to Trustee that Company has become Insolvent, Trustee shall
      determine whether Company is Insolvent and, pending such determination,
      Trustee shall discontinue payment of benefits to Plan participants or
      their beneficiaries.

            (2) Unless Trustee has actual knowledge of Company's Insolvency, or
      has received notice from Company (notice shall be made pursuant to
      paragraph 1 above) or a person claiming to be a creditor alleging that
      Company is Insolvent, Trustee shall have no duty to inquire whether
      Company is Insolvent. Trustee may in all events rely on such evidence
      concerning Company's solvency as may be furnished to Trustee and that
      provides Trustee with a reasonable basis for making a determination
      concerning Company's solvency.

            (3) If at any time Trustee has determined that Company is Insolvent,
      Trustee shall discontinue payments to Plan participants or their
      beneficiaries and shall hold the assets of the Trust for the benefit of
      Company's general creditors. Nothing in this Trust Agreement shall in any
      way diminish any rights of Plan participants or their beneficiaries to
      pursue their rights as general creditors of Company with respect to
      benefits due under the Plan or otherwise.

            (4) Trustee shall resume the payment of benefits to Plan
      participants or their beneficiaries in accordance with Section 2 of this
      Trust Agreement only after Trustee has determined that Company is not
      Insolvent (or is no longer Insolvent).

      (c) Provided that there are sufficient assets, if Trustee discontinues the
payment of benefits from the Trust pursuant to Section 3(b) hereof and
subsequently resumes such payments, the first payment following such
discontinuance shall include the aggregate amount of all payments due to Plan
participants or their beneficiaries under the terms of the Plan for the period
of such discontinuance, less the aggregate amount of any payments made to Plan
participants or their beneficiaries by Company in lieu of the payments provided
for hereunder during any such period of discontinuance.

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Section 4.  Payments to Company.

      Except as provided in Section 3 hereof, after the Trust has become
irrevocable, Company shall have no right or power to direct Trustee to return to
Company or to divert to others any of the Trust assets before all payment of
benefits have been made to Plan participants and their beneficiaries pursuant to
the terms of the Plan.

Section 5.  Investment Authority.

      Trustee may invest in securities (including stock or rights to acquire
stock) or obligations issued by Company. All rights associated with assets of
the Trust shall be exercised by Trustee or the person designated by Trustee, and
shall in no event be exercisable by or rest with Plan participants. The Company
shall retain authority and instruct Trustee regarding investments.

Section 6.  Disposition of Income.

      During the term of this Trust, all income received by the Trust, net of
reasonable expenses and allocable taxes, shall be accumulated and reinvested.

Section 7.  Accounting by Trustee.

      Trustee shall keep accurate and detailed records of all investments,
receipts, disbursements, and all other transactions required to be made,
including such specific records as shall be agreed upon in writing between
Company and Trustee. Thirty (30) days following the close of each fiscal year
and within seven (7) days after the removal or resignation of Trustee, Trustee
shall deliver to Company a written account of its administration of the Trust
during such year or during the period from the close of the last preceding year
to the date of such removal or resignation, setting forth all investments,
receipts, disbursements and other transactions effected by it, including a
description of all securities and investments purchased and sold with the cost
or net proceeds of such purchases or sales (accrued interest paid or receivable
being shown separately), and showing all cash, securities and other property
held in the Trust at the end of such year or as of the date of such removal or
resignation, as the case may be. Upon the request of the Company, on a no more
than semi-annual basis, the trustee shall furnish the participant or the Company
an audit statement of the trust assets from an independent third party auditor.

Section 8.  Responsibility of Trustee.

      (a) Trustee shall act with the care, skill, prudence and diligence under
the circumstances then prevailing that a prudent person acting in like capacity
and familiar with such matters would use in the conduct of an enterprise of a
like character and with like aims, provided, however, that Trustee shall incur
no liability to any person for any action taken pursuant to a direction, request
or approval given by Company which is contemplated by, and in conformity with,
the terms of the Plan or this Trust and is given in writing by Company. In the
event of a dispute between Company and a party, Trustee may apply to a court of
competent jurisdiction to resolve the dispute.

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      (b) If Trustee undertakes or defends any litigation arising in connection
with this Trust, Company agrees to indemnify Trustee against Trustee's costs,
expenses and liabilities (including, without limitation, attorneys' fees and
expenses) relating thereto and to be primarily liable for such payments. If
Company does not pay such costs, expenses and liabilities in a reasonably timely
manner, Trustee may obtain payment from the Trust.

      (c) Trustee may consult with legal counsel (who may also be counsel for
Company generally) with respect to any of its duties or obligations hereunder.

      (d) Trustee may hire agents, accountants, actuaries, investment advisors,
financial consultants or other professionals to assist it in performing any of
its duties or obligations hereunder, provided only that such action shall be
approved by Company in advance.

      (e) Trustee shall have, without exclusion, all powers conferred on
Trustees by applicable law, unless expressly provided otherwise herein,
provided, however, that if an insurance policy is held as an asset of the Trust,
Trustee shall have no power to name a beneficiary of the policy other than the
Trust, to assign the policy (as distinct from conversion of the policy to a
different form) other than to a successor Trustee, or to loan to any person the
proceeds of any borrowing against such policy.

      (f) Notwithstanding any powers granted to Trustee pursuant to this Trust
Agreement or to applicable law, Trustee shall not have any power that could give
this Trust the objective of carrying on a business and dividing the gains
therefrom, within the meaning of section 301.7701-2 of the Procedure and
Administrative Regulations promulgated pursuant to the Internal Revenue Code.

Section 9.  Compensation and Expenses of Trustee.

      Company shall pay all administrative and Trustee's fees and expenses. If
not so paid, the fees and expenses shall be paid from the Trust.

Section 10.  Resignation and Removal of Trustee.

      (a) Trustee may resign at any time by written notice to Company, which
shall be effective as agreed to by Trustee and Company but no later than thirty
(30) days after receipt of such notice.

      (b) Trustee may be removed by Company on three (3) days' notice or upon
shorter notice accepted by Trustee.

      (c) Upon resignation or removal of Trustee and appointment of a successor
Trustee, all assets shall subsequently be transferred to the successor Trustee.
The transfer shall be completed within fourteen (14) days after receipt of
notice of resignation, removal or transfer, unless Company extends the time
limit.

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      (d) If Trustee resigns or is removed, a successor shall be appointed, in
accordance with Section 11 hereof, by the effective date of resignation or
removal under paragraph(s) (a) or (b) of this section. If no such appointment
has been made, Trustee may apply to a court of competent jurisdiction for
appointment of a successor or for instructions. All expenses of Trustee in
connection with the proceeding shall be allowed as administrative expenses of
the Trust.

Section 11.  Appointment of Successor.

      (a) If Trustee resigns or is removed in accordance with Section 10(a) or
(b) hereof, Company may appoint any third party, such as a bank trust department
or other party that may be granted corporate trustee powers under state law, as
a successor to replace Trustee upon resignation or removal. The appointment
shall be effective when accepted in writing by the new Trustee, who shall have
all of the rights and powers of the former Trustee. The former Trustee shall
execute any instrument necessary or reasonably requested by Company or the
successor Trustee to evidence the transfer.

      (b) The successor Trustee need not examine the records and acts of any
prior Trustee and may retain or dispose of existing Trust assets, subject to
Sections 7 and 8 hereof. The successor Trustee shall not be responsible for and
Company shall indemnify and defend the successor Trustee from any claim or
liability resulting from any action or inaction of any prior Trustee or from any
other past event, or any condition existing at the time it becomes successor
Trustee.

Section 12.  Amendment or Termination.

      (a) This Trust Agreement may be amended by a written instrument executed
by Trustee and Company. Notwithstanding the foregoing, no such amendment shall
conflict with the terms of the Plan or shall make the Trust revocable after it
has become irrevocable in accordance with Section l(b) hereof.

      (b) The Trust shall not terminate until the date on which Plan
participants and their beneficiaries are no longer entitled to benefits pursuant
to the terms of the Plan unless sooner revoked in accordance with Section 1(b)
hereof. Upon termination of the Trust any assets remaining in the Trust shall be
returned to Company.

      (c) Upon written approval of participants or beneficiaries entitled to
payment of benefits pursuant to the terms of the Plan, Company may terminate
this Trust prior to the time all benefit payments under the Plan have been made.
All assets in the Trust at termination shall be returned to Company.

      (d) Sections 1 through 14 of this Trust Agreement may not be amended by
Company for two (2) years following a Change of Control, as defined herein.

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Section 13.  Miscellaneous.

      (a) Any provision of this Trust Agreement prohibited by law shall be
ineffective to the extent of any such prohibition, without invalidating the
remaining provisions hereof

      (b) Benefits payable to Plan participants and their beneficiaries under
this Trust agreement may not be anticipated, assigned (either at law or in
equity), alienated, pledged, encumbered or subjected to attachment, garnishment,
levy, execution or other legal or equitable process.

      (c) This Trust Agreement shall be governed by and construed in accordance
with the laws of Arizona.

      (d) For purposes of this Trust, Change of Control event shall mean any of
the following (other than as a result of a public offering of shares of the
Company):

            (a) Any transaction (which shall include a series of transactions
      occurring within sixty (60) days or occurring pursuant to a plan) that has
      the result that shareholders of the Company immediately before such
      transaction cease to own at least 51% of (x) the voting stock of the
      Company or (y) any entity that results from the participation of the
      Company in a reorganization, consolidation, merger, liquidation or any
      other form of corporate transaction;

            (b)   A  merger,  consolidation,  reorganization,  liquidation  or
      dissolution in which the Company does not survive;

            (c)         A sale,  lease,  exchange or other  disposition of all
      or substantially all of the property and assets of the Company.

Section 14.  Effective Date.

      The effective date of this Trust Agreement shall be January 1, 2001.

      IN WITNESS WHEREOF, the undersigned have executed this Trust Agreement by
written consent this 7th day of December, 2000.


/s/ Guy A. Gibson                         /s/ Julie A. Seale
___________________________________       ___________________________________
For Matrix Bancorp, Inc.                  For Matrix Bancorp, Inc.


CEO/President                             Vice President
Title                                     Title




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                               Appendix A

      The following nonqualified deferred compensation plan maintained by Matrix
Bancorp, Inc. is the object of the Trust Agreement to which this Appendix A is
attached:

o     The Matrix Bancorp, Inc. Executive Deferred Compensation Plan










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