Document:

<PAGE>

<TABLE>
<CAPTION>
LOAN NO.  LOAN NAME         ACCOUNT NO. NOTE DATE  RATE         NOTE AMOUNT  MATURITY   INITIALS
<S>       <C>               <C>                    <C>          <C>          <C>        <C>
          THOMAS M. PIERCY               06/21/00  PRIME + 1.5   $35,000.00  DEMAND or       TDW
                                                      9% + 1.5               04/19/02
</TABLE>
                          (For Bank Purposes Only-AC)

                                PROMISSORY NOTE
                             MATRIX BANCORP, INC.

1.   DATE AND PARTIES.   The date of this Promissory Note (Note) is June 21,
     2000. This Note evidences a loan which includes all extensions, renewals,
     modifications and substitutions (Loan). The parties to this Note and Loan
     are:

        BORROWER:
             THOMAS M. PIERCY
               450 SOUTH FRANKLIN
               DENVER, COLORADO 80209
               Social Security # ###-##-####

        BANK:
             MATRIX BANCORP, INC.
               a COLORADO corporation
               1380 LAWRENCE STREET, SUITE 1400 DENVER, COLORADO 80204
               Tax I.D. # 84-1233716

2.   NAMES.   The term "Bank" shall include any person or firm that holds this
     Note. The pronouns "you, your" refer to Borrower, individually and
     together, and "we, us, our" refer to Bank.

3.   PROMISE TO PAY.   For value received, you promise to pay to our order at
     our office at the above address, or such other place as we may designate,
     the sum of $35,000.00 (Principal) plus interest from June 21, 2000, on the
     unpaid principal balance at an annual rate of 1.5 percentage points above
     the Special Prime Rate (which rate is hereafter defined) until this Note
     matures or the obligation is accelerated. The Special Prime Rate is defined
     as WALL STREET JOUNAL PRIME RATE and is quoted by the Wall Street Journal,
     as adjusted and announced or published from time to time. The Special Prime
     Rate, plus 1.5 percentage points, may also be referred to hereafter as the
     "Contract Rate."

     The Contract Rate is the sum of the Special Prime Rate (9.5%) plus 1.5
     percentage points. The effective Contract Rate today is 11%. The Special
     Prime Rate today is not necessarily the lowest rate at which we lend our
     funds. The Special Prime Rate is only an index rate from which interest
     rates actually charged to customers may be measured. The use of the Special
     Prime Rate is for convenience only and does not constitute a commitment by
     us to lend money at a preferred rate of interest. The Special Prime Rate is
     a benchmark for pricing certain types of loans. Depending on the
     circumstances, such as the amount and term of the loan, the
     creditworthiness of the borrower or any guarantor, the presence and nature
     of collateral and other relationships between a borrower and we, loans may
     be priced at, above or below the Special Prime Rate.

     All adjustments to the Contract Rate will be made on each day that the
     Special Prime Rate changes. Any increase to the Special Prime Rate may be
     carried over to a subsequent adjustment date without resulting in a waiver
     or forfeiture of such adjustment, provided an adjustment to the Contract
     Rate is made within one year from the date of such increase. Any change in
     the Contract Rate will take the form of different payment amounts. After
     maturity or acceleration, the unpaid balance shall continue to bear
     interest at the Contract Rate until this Note is paid in full. The Loan and
     this Note are limited to the maximum lawful amount of interest (Maximum
     Lawful Interest) permitted under federal and state laws. If the interest
     accrued and collected exceeds the Maximum Lawful Interest as of the time of
     collection, such excess shall be applied to reduce the principal amount
     outstanding, unless otherwise required by law. If or when no principal
     amount is outstanding, any excess interest shall be refunded to you
     according to the actuarial method. Unless otherwise required by law, all
     fees and charges, accrued, assessed or collected shall be amortized and
     prorated over the full term of the Loan for purposes of determining the
     Maximum Lawful Interest. Interest shall be computed on the basis of the
     actual calendar year and the actual number of days elapsed.

     All unpaid principal and accrued interest are due and payable upon demand.
     Until demand is made, accrued interest is due and payable in 7 quarterly
     payments on the 19th day of each third month, beginning July 19, 2000, or
     the day following if the payment day is a holiday or is a non-business day
     for Bank. Unless paid prior to maturity or demand is made, the last
     scheduled payment plus all unpaid principal, accrued interest, costs and
     expenses are due and payable on April 19, 2002, which is the date of
     maturity. If the Contract Rate changes, any remaining payments may be a
     different amount. All amounts shall be paid in legal U.S. currency. Any
     payment made with a check will constitute payment only when collected.

4.   EFFECT OF PREPAYMENT.   You may prepay this Loan in full, subject to any
     prepayment penalty or minimum charge as agreed to below. However, no
     partial prepayment shall excuse or defer your subsequent payments or
     entitle you to a release of any collateral. Interest will cease to accrue
     on the amounts prepaid on the day actually credited by us.

5.   MINIMUM FINANCE CHARGE.   If you pay this Note in full before the maturity
     date or otherwise, you agree to pay us a minimum finance charge of $35.00
     or the earned finance charge, whichever amount is greater.

6.   LATE CHARGE.   You agree to pay us a late charge equal to 5 % of the unpaid
     installment or $5.00, whichever is greater, but in no event more than
     $150.00, if payment is not made in full on or before 15 days after the
     scheduled due date.

7.   SET-OFF.   You agree that we may exercise our right of set-off to pay any
     or all of the outstanding Principal and accrued interest, costs and
     expenses, attorneys' fees, and advances due and owing on this Note against
     any obligation we may have, now or hereafter, to pay money, securities or
     other property to you. This includes, without limitation:
        A.  any deposit account balance, securities account balance or
            certificate of deposit balance you have with us whether general,
            special, time, savings or checking;
        B.  any money owing to you on an item presented to us or in our
            possession for collection or exchange; and
        C.  any repurchase agreement or any other non-deposit obligation or
            credit in your favor.

     If any such money, securities or other property is also owned by some other
     person who has not agreed to pay this Note (such as another depositor on a
     joint account) our right of set-off will extend to the amount which could
     be withdrawn or paid directly to you on your request, endorsement or
     instruction alone. In addition, where you may obtain payment from us only
     with the endorsement or consent of someone who has not agreed to pay this
     Note, our right of set-off will extend to your interest in the obligation.
     Our right of set-off will not apply to an account or other obligation if it
     clearly appears that your rights in the obligation are solely as a
     fiduciary for another, or to an account, which by its nature and applicable
     law (for example an IRA or other tax-deferred retirement account), must be
     exempt from the claims of creditors. You hereby appoint us as your
     attorney-in-fact and authorize us to redeem or obtain payment on any
     certificate of deposit in which you have an interest in order to exercise
     our right of set-off. Such authorization applies to any certificate of
     deposit even if not matured. You further authorize us to withhold any early
     withdrawal penalty without liability in the event such penalty is
     applicable as a result of our set-off against a certificate of deposit
     prior to its maturity.

     Our right of set-off may be exercised:
        A.  without prior demand or notice;
        B.  without regard to the existence or value of any Collateral securing
            this Note; and
        C.  without regard to the number or creditworthiness of any other
            persons who have agreed to pay this Note.

     We will not be liable for dishonor of a check or other request for payment
     where there are insufficient funds in the account (or other obligation) to
     pay such request because of our exercise of our right of set-off. You agree
     to indemnify and hold us harmless from any person's claims and the costs
     and expenses, including without limitation, attorneys' fees and paralegal
     fees, incurred as a result of such claims or arising as the result of our
     exercise of our right of set-off.

8.   EVENTS OF DEFAULT. You shall be in default upon the occurrence of any of
     the following events, circumstances or conditions (Events of Default):
        A.  Failure by any party obligated on this Note or any other obligations
            you have with us to make payment when due; or
        B.  A default or breach by you or any co-signer, endorser, surety, or
            guarantor under any of the terms of this Note, any construction loan
            agreement or other loan agreement, any security agreement, mortgage,
            deed to secure debt, deed of trust, trust deed, or any other
            document or instrument evidencing, guarantying, securing or
            otherwise relating to this Note or any other obligations you have
            with us; or
        C.  The making or furnishing of any verbal or written representation,
            statement or warranty to us which is or becomes false or incorrect
            in any material respect by or on behalf of you, or any co-signer,
            endorser, surety or guarantor of this Note or any other obligations
            you have with us; or
<PAGE>

        D.  Failure to obtain or maintain the insurance coverages required by
            us, or insurance as is customary and proper for any collateral (as
            herein defined); or
        E.  The death, dissolution or insolvency of, the appointment of a
            receiver by or on behalf of, the assignment for the benefit of
            creditors by or on behalf of, the voluntary or involuntary
            termination of existence by, or commencement of any proceeding under
            any present or future federal or state insolvency, bankruptcy,
            reorganization, composition or debtor relief law by or against you,
            or any co-signer, endorser, surety or guarantor of this Note or any
            other obligations you have with us; or
        F.  A good faith belief by us at any time that we are insecure with
            respect to you, or any co-signer, endorser, surety or guarantor,
            that the prospect of any payment is impaired or that any collateral
            (as herein defined) is impaired; or
        G.  Failure to pay or provide proof of payment of any tax, assessment,
            rent, insurance premium, escrow or escrow deficiency on or before
            its due date; or
        H.  A transfer of a substantial part of your money or property.

9.   REMEDIES ON DEFAULT.   On or after the occurrence of an Event of Default,
     at our option, all or any part of this Note shall be immediately due and
     payable after we give any notice required by law. When the Event of Default
     is the failure to make a payment required under the Loan within ten days of
     the payment due date, we will, only as required by law, provide you with a
     Notice of Right to Cure. If such notice is required by law, you will have
     20 days after such notice is sent to make the required payment. We may
     exercise all rights and remedies provided by law, equity, this Note, any
     mortgage, deed of trust or similar instrument and any other security, loan,
     guaranty or surety agreements pertaining to this Note and all other
     obligations which you owe us. Bank is entitled to all rights and remedies
     provided at law or equity whether or not expressly stated in this Note. By
     choosing any remedy, Bank does not waive its right to an immediate use of
     any other remedy if the event of default continues or occurs again.

10.  COLLECTION EXPENSES.   On or after an Event of Default, we may recover from
     you all expenses of collection, reasonable expenses in realizing on any
     security interest, and other related fees, charges, and expenses, to the
     extent not prohibited by law. Any such fees and expenses shall be added to
     the Principal of this Note and shall accrue interest at the same rate as
     provided for in this Note.

11.  ATTORNEYS' FEES.   Upon default of this Note and to the extent not
     prohibited by law, we may recover from you reasonable attorneys' fees (not
     exceeding 15 percent of the Loan at default) incurred by us. Any such fees
     and expenses shall be added to the principal amount of this Note, shall
     accrue interest at the same rate as this Note and shall be secured by the
     Collateral you have granted us.

12.  WAIVER AND CONSENT BY YOU AND OTHER SIGNERS.   Regarding this Note, to the
     extent not prohibited by law, you and any other signers:
        A.  waive protest, presentment for payment, demand, notice of
            acceleration, notice of intent to accelerate and notice of dishonor.
        B.  consent to any renewals and extensions for payment on this Note,
            regardless of the number of such renewals or extensions.
        C.  consent to our release of any borrower, endorser, guarantor, surety,
            accommodation maker or any other co-signer.
        D.  consent to the release, substitution or impairment of any
            collateral.
        E.  consent that you are, or any one of you is, authorized to modify the
            terms of this Note or any instrument securing, guarantying or
            relating to this Note.
        F.  consent to our right of set-off as well as any right of set-off of
            any bank participating in the Loan.
        G.  consent to any and all sales, repurchases and participations of this
            Note to any person in any amounts and waive notice of such sales,
            repurchases or participations of this Note.

13.  PAYMENTS APPLIED.   All payments, including but not limited to regular
     payments or prepayments, received by us shall be applied first to costs,
     then to accrued interest and the balance, if any, to Principal unless
     otherwise required by law.

14.  LOAN PURPOSE.   You represent and warrant that you shall only use the
     proceeds of this Note for personal, family or household purposes.

15.  NO CREDIT INSURANCE.   You do not desire, or you understand that you are
     not eligible for, any credit insurance.

16.  FINANCIAL STATEMENTS.   Until this Note is paid in full, you shall furnish
     us, upon our request, your current financial statement, which you certify
     to be true and accurate.

17.  JOINT AND SEVERAL.   You and all other makers, co-signers, sureties and
     guarantors shall be jointly and severally liable under this Note.

18.  GENERAL PROVISIONS.
        A.  TIME IS OF THE ESSENCE.  Time is of the essence in your performance
            of all duties and obligations imposed by this Note.
        B.  NO WAIVER BY US.  Our course of dealing, or our forbearance from, or
            delay in, the exercise of any of our rights, remedies, privileges or
            right to insist upon your strict performance of any provisions
            contained in this Note, or other loan documents, shall not be
            construed as a waiver by us, unless any such waiver is in writing
            and is signed by us.
        C.  AMENDMENT.  The provisions contained in this Note may not be
            amended, except through a written amendment which is signed by you
            and us.
        D.  INTEGRATION CLAUSE.  This written Note and all documents executed
            concurrently herewith, represent the entire understanding between
            the parties as to the Obligations and may not be contradicted by
            evidence of prior, contemporaneous, or subsequent oral agreements of
            the parties.
        E.  FURTHER ASSURANCES.  You agree, upon our request and within the time
            we specify, to provide any information, and to execute, acknowledge,
            deliver and record or file such further instruments or documents as
            we may require to secure this Note or confirm any lien.
        F.  GOVERNING LAW.  This Note shall be governed by the laws of the State
            of COLORADO, provided that such laws are not otherwise preempted by
            federal laws and regulations.
        G.  FORUM AND VENUE.  In the event of litigation pertaining to this
            Note, the exclusive forum, venue and place of jurisdiction shall be
            in the State of COLORADO, unless otherwise designated in writing by
            us or otherwise required by law.
        H.  SUCCESSORS.  This Note shall inure to the benefit of and bind the
            heirs, personal representatives, successors and assigns of the
            patties; provided however, that you may not assign, transfer or
            delegate any of the rights or obligations under this Note.
        I.  NUMBER AND GENDER.  Whenever used, the singular shall include the
            plural, the plural the singular, and the use of any gender shall be
            applicable to all genders.
        J.  DEFINITIONS.  The terms used in this Note, if not defined herein,
            shall have their meanings as defined in the other documents executed
            contemporaneously, or in conjunction, with this Note.
        K.  PARAGRAPH HEADINGS.  The headings at the beginning of any paragraph,
            or any subparagraph, in this Note are for convenience only and shall
            not be dispositive in interpreting or construing this Note.
        L.  IF HELD UNENFORCEABLE.  If any provision of this Note shall be held
            unenforceable or void, then such provision to the extent not
            otherwise limited by law shall be severable from the remaining
            provisions and shall in no way affect the enforceability of the
            remaining provisions nor the validity of this Note.
        M.  CHANGE IN APPLICATION.  You will notify us in writing prior to any
            change in your name, address, or other application information.
        N.  NOTICE.  All notices under this Note must be in writing. Any notice
            given by us to you will be effective upon personal delivery or 24
            hours after mailing by first class United States mail, postage
            prepaid, addressed to you at the address indicated below your name
            on page one of this Note. Any notice given by you to us will be
            effective upon receipt by us at the address indicated below our name
            on page one of this Note. Such addresses may be changed by written
            notice to the other party.

19.  RECEIPT OF COPY.   You acknowledge that you have read and received a copy
of this Note by your signature below.

        BORROWER:

                              /s/
            ------------------------------------------

            THOMAS M. PIERCY
            Individually<PAGE>

                                                                    Exhibit 10.6

                        EXECUTIVE EMPLOYMENT AGREEMENT

     THIS AGREEMENT, dated as of April 20, 2000, is made and entered into by and
between United Financial, Inc., a wholly owned subsidiary of Matrix Bancorp,
Inc. ("Employer"), and Carl G. de Rozario, an executive employee of Employer
("Executive").

                                   Recitals

     A.  Employer desires that the Executive enter into an employment
relationship with Employer in order to provide the necessary leadership and
senior management skills that are important to the success of Employer.
Employer believes that obtaining the Executive's services as an employee of
Employer and the benefits of his global business experience are of material
importance to Employer and Employer's shareholders.

                                   Agreement

     NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein the receipt and sufficiency of which is hereby acknowledged,
Employer and Executive intend by this Agreement to specify the terms and
conditions of Executive's employment relationship with Employer.

     Section 1.  General Duties of Employer and Executive.

     1.1.  Employer agrees to employ Executive and Executive agrees to accept
employment by Employer and to serve Employer in an executive capacity upon the
terms and conditions set forth herein.  The duties and responsibilities of
Executive shall include those described for the particular position held by
Executive while employed hereunder in the Bylaws of Employer or other documents
of Employer, and shall also include such other or additional duties, for
Employer, as may from time to time be assigned to Executive in good faith by the
Board of Directors of Employer or any duly authorized committee thereof.  The
initial executive capacity that Executive shall hold while this Agreement is in
effect shall be the position of Chief Executive Officer.

     1.2.  While employed hereunder, Executive shall obey the lawful directions
of the Board of Directors of Employer, or any duly authorized committee thereof,
and shall use his best efforts to promote the interests of Employer and to
maintain and to promote the reputation thereof.  While employed hereunder,
Executive shall devote his time, efforts, skills and attention to the affairs of
Employer in order that he shall faithfully perform his duties and obligations
hereunder and such as may be assigned to or vested in him by the Board of
Directors of Employer, or any duly authorized committee thereof.

     1.3.  While this Agreement is in effect, Executive may from time to time
engage in any businesses or activities that do not compete directly and
materially with Employer, provided that such businesses or activities do not
materially interfere with his performance of the duties assigned to him in
compliance with this Agreement by the Board of Directors of Employer or any duly
authorized committee thereof.  In any event, Executive is permitted to (i)
invest his personal assets as a passive investor in such form or manner as
Executive may choose in his discretion, (ii) participate in various charitable
efforts, and (iii) serve as a director or officer of any other entity or
organization that does not compete with Employer.  Executive shall be

<PAGE>

permitted to participate in such other transactions and perform such other
duties as do not materially interfere with his performance hereunder.

     Section 2.  Compensation and Benefits.

     2.1.  As compensation for services to Employer, Employer shall pay to
Executive, while this Agreement is in effect, a salary at a yearly rate of
$250,000.00.  Such salary may be adjusted upon a good faith determination of the
Board of Directors that such salary should be adjusted; provided that the Board
of Directors shall not adjust such salary downward prior to January 1, 2001.
The salary shall be payable in equal semi-monthly installments, subject only to
such payroll and withholding deductions as may be required by law and other
deductions applied generally to employees of Employer for insurance and other
employee benefit plans.

     2.2.  Upon Executive's furnishing to Employer customary and reasonable
documentary support (such as receipts or paid bills) evidencing costs and
expenses incurred by him in the performance of his services and duties hereunder
(including, without limitation, travel and entertainment expenses) and
containing sufficient information to establish the amount, date, place and
essential character of the expenditure, Executive shall be reimbursed for such
costs and expenses in accordance with Employer's normal expense reimbursement
policy.

     2.3.  Executive shall have the right to participate in any additional
compensation, bonus plan, benefit, life insurance or other plan or arrangement
of Employer now or hereafter existing for the benefit of executive officers of
Employer.

     2.4.  Executive shall be entitled to such vacation (in no event less than
three (3) weeks per year), holiday and other paid or unpaid leave of absence as
consistent with Employer's normal policies or as otherwise approved by the Board
of Directors.  Executive shall participate in the Employer's incentive
compensation and deferred compensation plans as may be in effect from time to
time during the employment term.

     Section 3.  Preservation of Business; Fiduciary Responsibility.

     3.1.  Executive shall use his best efforts to preserve the business and
organization of Employer, to keep available to Employer the services of present
employees and to preserve the business relations of Employer.  Executive shall
not commit any act, or in any way assist others to commit any act, that would
injure Employer.  So long as the Executive is employed by Employer, Executive
shall observe and fulfill proper standards of fiduciary responsibility attendant
upon his service and office.

     Section 4.  Initial Term; Extensions of the Term.

     4.1.  The term of this Agreement shall commence on the effective date
hereof and shall end on April 30, 2003.

                                      -2-
<PAGE>

     Section 5.  Termination other than by Expiration of the Term.

     Employer or Executive may terminate Executive's employment under this
Agreement at any time, but only on the following terms:

     5.1.  Executive may terminate his employment under this Agreement at any
time upon at least sixty (60) days' prior written notice to Employer.

     5.2.  Employer may terminate Executive's employment under this Agreement at
any time, without prior notice, for "due cause" upon the good faith
determination by the Board of Directors of Employer that "due cause" exists for
the termination of the employment relationship.  As used herein, the term "due
cause" shall mean any of the following events:

          (i)   any intentional misapplication by Executive of Employer's funds,
     or any other act of dishonesty injurious to Employer committed by
     Executive; or

          (ii)  Executive's conviction of a crime involving moral turpitude; or

          (iii) Executive's breach, non-performance or non-observance of any
     respect of any of the material terms of this Agreement if such breach, non-
     performance or non-observance shall continue beyond a period of thirty (30)
     business days immediately after notice thereof by Employer to Executive; or

          (iv)  any other action by the Executive involving willful and
     deliberate malfeasance or gross negligence in the performance of
     Executive's duties.

     5.3.  In the event Executive is incapacitated by accident, sickness or
otherwise so as to render Executive mentally or physically incapable of
performing the services required under Section 1 of this Agreement for a period
of one hundred eighty (180) consecutive business days, and such incapacity is
confirmed by the written opinion of two (2) practicing medical doctors licensed
by and in good standing in the state in which they maintain offices for the
practice of medicine, upon the expiration of such period or at any time
reasonably thereafter, or in the event of Executive's death, Employer may
terminate Executive's employment under this Agreement upon giving Executive or
his legal representative written notice at least thirty (30) days prior to the
termination date.  Executive agrees, after written notice by the Board of
Directors of Employer or a duly authorized committee or officer of Employer, to
submit to examinations by such practicing medical doctors selected by the Board
of Directors of Employer or a duly authorized committee or officer of Employer.

     5.4.  Employer may terminate Executive's employment under this Agreement at
any time for any reason whatsoever, even without "due cause," by giving a
written notice of termination to Executive, in which case the employment
relationship shall terminate immediately upon the giving of such notice.

                                      -3-
<PAGE>

     Section 6.  Effect of Termination.

     6.1.  In the event the employment relationship is terminated (a) by
Executive upon sixty (60) days' written notice pursuant to Subsection 5.1
hereof, (b) by Employer for "due cause" pursuant to Subsection 5.2 hereof, or
(c) by Executive breaching this Agreement by refusing to continue his employment
and failing to give the requisite sixty (60) days' written notice, all
compensation and benefits shall cease as of the date of termination, other than:
(i) those benefits that are provided by retirement and benefit plans and
programs specifically adopted and approved by Employer for Executive that are
earned and vested by the date of termination, and (ii) Executive's pro rata
annual salary through the date of termination.

     6.2.  If Executive's employment relationship is terminated pursuant to
Subsection 5.3 hereof due to Executive's incapacity or death, Executive (or, in
the event of Executive's death, Executive's legal representative) will be
entitled to those benefits that are provided by retirement and benefits plans
and programs specifically adopted and approved by Employer for Executive that
are earned and vested at the date of termination and, even though no longer
employed by Employer, shall continue to receive the salary compensation (payable
at the then current rate at the time of incapacity or death and in the manner as
prescribed in the second sentence of Subsection 2.1) for one (1) year following
the date of termination.

     6.3.  If Employer (i) terminates the employment of Executive other than
pursuant to Subsection 5.2 hereof for "due cause" or other than for a disability
or death pursuant to Subsection 5.3 hereof, (ii) demotes the Executive to a
position below a position as Chief Executive Officer of Employer, or (iii)
decreases Executive's salary below the level set forth in Subsection 2.1 or
reduces the employee benefits and perquisites below the level provided for by
the terms of Section 2 hereof, other than as a result of any amendment or
termination of any employee and/or executive benefit plan or arrangement, which
amendment or termination is applicable to all qualifying executives of Employer,
then such action by Employer, unless consented to in writing by Executive, shall
be deemed to be a constructive termination by Employer of Executive's employment
(a "Constructive Termination").  In the event of a Constructive Termination, the
Executive shall be entitled to receive, in a lump sum within thirty (30) days
after the date of the Constructive Termination, an amount equal to (A)
Executive's "salary" (as defined in Section 6.1 together with all other cash
bonuses) multiplied by (B) 1095 minus the number of days that have elapsed
between April 20, 2000 and the date of such termination divided by (C) 365.

     6.4.  For purposes of this Section 6, the term "salary" shall mean the sum
of (i) the annual rate of compensation provided to Executive by Employer under
Subsection 2.1 immediately prior to the Constructive Termination plus (ii) the
annual average cash bonuses and other cash incentive compensation paid to the
Executive during the term of the Agreement.

     6.5.  In the event of a Constructive Termination, all other rights and
benefits Executive may have under the employee and/or executive benefit plans
and arrangements of Employer generally shall be determined in accordance with
the terms and conditions of such plans and arrangements.

                                      -4-
<PAGE>

     Section 7.  Covenant of Nonsolicitation.

     7.1  Because Executive has developed and/or may develop considerable
personal contacts with the clients served by Employer, Executive agrees that,
while Executive is employed with Employer and for a period of  twelve (12)
months after the date of termination of this Agreement (the "Restricted
Period"), he will not, either directly or indirectly, solicit individuals or
other entities that are customers of Employer during the six-month period
immediately prior to the date of termination of this Agreement.  Executive also
agrees that, for the Restricted Period, he will not, either directly or
indirectly, solicit any employee or other independent contractor of the Employer
to terminate his or her employment or contract with the Employer.

     Section 8.  Change in Control.

     8.1.  Notwithstanding anything to the contrary in this Agreement, if a
"Change in Control" (as defined below) of the Employer occurs and, within twelve
(12) months from the date of the Change in Control, the Executive voluntarily
terminates his employment under Subsection 5.1, then the Executive, even though
no longer employed by the Employer, shall be entitled to receive, in a lump sum
within thirty (30) days after the date of such termination, an amount equal to
(A) Executive's "salary" (as defined in Section 6.1 together with all other cash
bonuses) multiplied by (B) 1095 minus the number of days that have elapsed
between April 20, 2000 and the date of such termination.

     8.2.  For the purposes of this Agreement, the term "Change in Control" of
the Employer shall be deemed to have occurred if (i) after April 20, 2000, any
"person" (as such term is used in Sections 13(d) and 14(d)(2) of the Securities
Exchange Act of 1934, as amended) other than any Employer employee stock
ownership plan or the Employer, becomes the beneficial owner (as such term is
used in Section 13(d) of the Securities Exchange Act of 1934, as amended),
directly or indirectly, of securities of the Employer representing 25% or more
of the combined voting power of the Employer's then outstanding securities, (ii)
the Board ceases to consist of a majority of Continuing Directors (as defined
below) or (iii) a person (as defined in clause (i) above) acquires (or, during
the 12-month period ending on the date for the most recent acquisition by such
person or group of persons, has acquired) gross assets of Employer that have an
aggregate market value greater than or equal to over 50% of the fair market
value of all of the gross assets of Executive immediately prior to such
acquisition or acquisitions.

     8.3.  For purposes of this Agreement, a "Continuing Director" shall mean a
member of the Board of Directors who either (i) is a member of the Board of
Directors at the date of this Agreement or (ii) is nominated or appointed to
serve as a director by a majority of the then Continuing Directors.

     8.4.  Notwithstanding any other provision of this Agreement, if (a) there
is a change in the ownership or effective control of the Employer or (b) in the
ownership of a substantial portion of the assets of the Employer within the
meaning of Section 280G of the Internal Revenue Code ("Section 280G"), the
payments to be paid to the Executive in the nature of compensation to be
received by or for the benefit of the Executive and contingent upon such

                                      -5-
<PAGE>

event (the "Termination Payments") would create an "excess parachute payment"
within the meaning of Section 280G, then the Employer shall make the Termination
Payments in substantially equal installments, the first installment being due
within thirty days after the date of termination and each subsequent installment
being due on January 31 of each year, such that the aggregate present value of
all Termination Payments, whether pursuant to this Agreement or otherwise, will
be as close as possible to, but not exceed 299% of, the Executive's base salary,
within the meaning of Section 280G. It is the intention of this Subsection 8.3
to avoid excise taxes on the Executive under Section 4999 of the Code and the
disallowance of a deduction to the Employer pursuant to Section 280G.

     Section 9.  Inventions.

     9.1.  Any and all inventions, product, discoveries, improvements,
processes, formulae, manufacturing methods or techniques, designs or styles
(collectively, "Inventions") made, developed or created by Executive, alone or
in conjunction with others, during regular hours of work or otherwise, during
the term of Executive's employment with the Employer may be directly or
indirectly related to the business of, or tests being carried out by, the
Employer, or any of its subsidiaries, shall be promptly disclosed by Executive
to Employer and shall be the Employer's exclusive property.

     9.2.  Executive will, upon the Employer's request and without additional
compensation, execute any documents necessary or advisable in the opinion of the
Employer's counsel to direct the issuance of patents to the Employer with
respect to Inventions that are to be the Employer's exclusive property under
this Section 9 or to vest in the Employer title to such Inventions; the expense
of securing any patent, however, shall be borne by the Employer.

     9.3.  Executive will hold for the Employer's sole benefit any Invention
that is to be the Employer's exclusive property under this Section 9 for which
no patent is issued.

     9.4.  Executive grants to Employer a royalty-free, nonexclusive irrevocable
license for any Inventions developed prior to the employment with the Company
that he has not reserved that are used by Executive in the performance of his
duties for the Employer.  Employee represents and warrants that any work
produced by Executive will not, to the best knowledge of Executive, infringe on
any other person's or entity's copyright or other proprietary rights, and
Employee will hold the Employer harmless from any claims and losses based on
such infringements.

     Section 10.  No Violation.

     10.1. Executive represents that he is not bound by any agreement with any
former employer or other party that would be violated by Executive's work for
Employer.

     Section 11.  Confidential and Proprietary Information.

     11.1. Executive acknowledges and agrees that he will not, without the
prior written consent of the Employer, at any time during the term of this
Agreement or any time thereafter, except as may be required by law, regulatory
process or competent legal authority or as required

                                      -6-
<PAGE>

by the Employer to be disclosed in the course of performing Executive's duties
under this Agreement for the Employer, use or disclose to any person, firm or
other legal entity, any confidential records, secrets or information related to
the Employer or any parent, subsidiary or affiliated person or entity
(collectively, "Confidential Information"). Executive acknowledges and agrees
that all Confidential Information of Employer and/or its affiliates that he has
acquired, or may acquire, were received, or will be received in confidence and
as a fiduciary of the Employer. Executive will exercise utmost diligence to
protect and guard such Confidential Information.

     11.2.  Executive agrees that he will not take with him upon the termination
of this Agreement, any document or paper, or any photocopy or reproduction or
duplication thereof, relating to any Confidential Information.

     Section 12.  Return of Employer's Property.

     12.1.  Upon the termination of this Agreement or whenever requested by
Employer, Executive shall immediately deliver to Employer all property in his
possession or under his control belonging to Employer, in good condition,
ordinary wear and tear excepted.

     Section 13.  Injunctive Relief.

     13.1.  Executive acknowledges that the breach, or threatened breach, by the
Executive of the provisions of this Agreement shall cause irreparable harm to
the Employer, which harm cannot be fully redressed by the payment of damages to
the Employer.  Accordingly, the Employer shall be entitled, in addition to any
other right or remedy it may have at law or in equity, to an injunction
enjoining or restraining Executive from any violation or threatened violation of
this Agreement.

     Section 14.  Arbitration.

     14.1.  As concluded by the parties and as evidenced by the signatures of
the parties, any dispute between the parties arising out of any section of this
Agreement will, on the written notice of one party served on the other, be
submitted to arbitration complying with and governed by the provisions of the
American Arbitration Association, provided such arbitration shall be held in
Denver, Colorado.

     14.2.  Each of the parties will appoint one person as an arbitrator to hear
and determine the dispute and if they are unable to agree, then the two
arbitrators so chosen will select a third impartial arbitrator whose decision
will be final and conclusive upon the parties.

     14.3.  The expenses of such arbitration will be borne by the losing party
or in such proportion as the arbitrators decide.

     14.4.  A material or anticipatory breach of any section of this Agreement
shall not release either party from the obligations of this Section 14.

                                      -7-
<PAGE>

     Section 15.  Miscellaneous.

     15.1.  If any provision contained in this Agreement is for any reason held
to be totally invalid or unenforceable, such provision will be fully severable,
and in lieu of such invalid or unenforceable provision there will be added
automatically as part of this Agreement a provision as similar in terms as may
be valid and enforceable.

     15.2.  All notices and other communications required or permitted hereunder
or necessary or convenient in connection herewith shall be in writing and shall
be deemed to have been given when mailed by registered mail or certified mail,
return receipt requested, as follows (provided that notice of change of address
shall be deemed given only when received):

               if to Employer:

                    United Financial, Inc.
                    c/o Matrix Bancorp, Inc.
                    1380 Lawrence Street, Suite 1400
                    Denver, Colorado 80204
                    FAX: (303) 390-0952
                    Attn: General Counsel

               if to Executive:

                    Carl G. de Rozario
                    2658 S. Newcomb Street
                    Lakewood, Colorado 80227

or to such other names or addresses as Employer or Executive, as the case may
be, shall designate by notice to the other party hereto in the manner specified
in this Subsection 15.2.

     15.3.  This Agreement shall be binding upon and inure to the benefit of
Employer, its successors, legal representatives and assigns, and upon Executive,
his heirs, executors, administrators, representatives, legatees and assigns.
Executive agrees that his rights and obligations hereunder are personal to him
and may not be assigned without the express written consent of Employer.

     15.4.  This Agreement replaces and merges all previous agreements and
discussions relating to the same or similar subject matters between Executive
and Employer with respect to the subject matter of this Agreement.  This
Agreement may not be modified in any respect by any verbal statement,
representation or agreement made by any employee, officer, or representative of
Employer or by any written agreement unless signed by an officer of Employer who
is expressly authorized by Employer to execute such document.

     15.5.  The laws of the State of Colorado will govern the interpretation,
validity and effect of this Agreement without regard to the place of execution
or the place for performance thereof, and Employer and Executive agree that the
state and federal courts situated in Denver County, Colorado shall have personal
jurisdiction over Employer and Executive to hear all disputes

                                      -8-
<PAGE>

arising under this Agreement. This Agreement is to be at least partially
performed in Denver County, Colorado, and, as such, Employer and Executive agree
that venue shall be proper with the state or federal courts in Denver County,
Colorado to hear such disputes.

     15.6.  Executive and Employer shall execute and deliver any and all
additional instruments and agreements that may be necessary or proper to carry
out the purposes of this Agreement.

     15.7.  The descriptive headings of the several sections of this Agreement
are inserted for convenience only and do not constitute a part of this
Agreement.

     15.8.  If either party should file a lawsuit against the other to enforce
any right such party has hereunder, the prevailing party shall also be entitled
to recover reasonable attorneys' fees and costs of suit in addition to any other
relief awarded such prevailing party.

     15.9.  This Agreement may be executed in one or more counterparts, all of
which shall be considered one and the same agreement.

     15.10. Executive acknowledges that Executive has had the opportunity to
read this Agreement and discuss it with advisors and legal counsel, if Executive
has so chosen.  Executive also acknowledges the importance of this Agreement and
that Employer is relying on this Agreement in entering into an employment
relationship with Executive.

     15.11. Notwithstanding anything else herein to the contrary, this Agreement
shall not supercede or govern the terms of any stock options granted to
Executive.

     15.12. The provisions of Sections 6, 7, 9, 11, 12, 13, and 14 shall
survive a termination of this Agreement.

     The undersigned, intending to be legally bound, have executed this
Agreement on the date first written above.

                              EMPLOYER:
                              UNITED FINANCIAL, INC.

                              By:    /s/ D. Mark Spencer
                                  ---------------------------
                              Name:  D. Mark Spencer
                                   --------------------------
                              Title: Director
                                    -------------------------

                              EXECUTIVE:

                                     /s/ Carl G. de Rozario
                              -------------------------------
                                     Carl G. de Rozario

                                      -9-

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