EXHIBIT 5 [Letterhead of Housley Kantarian & Bronstein, P.C.] August 21, 1997 Board of Directors High Country Bancorp, Inc. 130 West 2/nd/ Street Salida, Colorado 81201 RE: Registration Statement on Form SB-2 Ladies and Gentlemen: You have requested our opinion as special counsel to High Country Bancorp, Inc. (the "Corporation") in connection with the Registration Statement on Form SB-2 to be filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Registration Statement"). The Registration Statement relates to shares of common stock of the Corporation (the "Common Stock") to be issued in connection with the simultaneous conversion of Salida Building & Loan Association from mutual to stock form and reorganization into the holding company form of ownership as a wholly owned subsidiary of the Corporation (the "Conversion"). In rendering this opinion, we understand that the Common Stock will be offered and sold in the manner described in the Prospectus which is a part of the Registration Statement. We have examined such records and documents and made such examination as we have deemed relevant in connection with this opinion. Based upon the foregoing, it is our opinion that the shares of Common Stock will, when issued and sold as contemplated by the Registration Statement, be legally issued, fully paid and nonassessable. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to us in the Prospectus under the heading "Legal Opinions." Very truly yours, HOUSLEY KANTARIAN & BRONSTEIN, P.C. By: /s/ Howard S. Parris -------------------------- Howard S. Parris