[HIGH COUNTRY BANCORP, INC. LETTERHEAD]


     PRESS RELEASE

     HIGH COUNTRY BANCORP, INC.
     ANNOUNCES STOCK REPURCHASE PROGRAM

     Salida,  Colorado --- November 8, 2000; High Country Bancorp,  Inc. (NASDAQ
     Small Cap: HCBC) announced  today that it is commencing a stock  repurchase
     program  to acquire up to 107,123  shares of the  company's  common  stock,
     which  represents  approximately  10% of the outstanding  common stock. The
     program will be dependent upon market  conditions and there is no guarantee
     as to the exact number of shares to be repurchased by the Company, or as to
     the timing of such repurchases.

     Larry  D.  Smith,  President  of the  Company,  stated  that  the  Board of
     Directors has authorized the  repurchase  program,  which is expected to be
     completed within the next twelve months. Mr. Smith explained that the Board
     of Directors  considers  the  Company's  common  stock to be an  attractive
     investment.  It is expected that a reduction in the amount of the Company's
     outstanding  stock would have the effect of  increasing  the  Company's per
     share  earnings and book value.  In  addition,  the  repurchase  program is
     designed  to offset the future  dilution  incurred in  connection  with the
     Company's stock option plan.

     According to Mr. Smith, the repurchase  generally would be effected through
     open  market  purchases,  although he did not rule out the  possibility  of
     unsolicited negotiated transactions or other types of repurchases.