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                                                                     EXHIBIT 5.1


                           [JONES & KELLER LETTERHEAD]



                               November ___, 1998

First Western Corp.
11210 Huron Street
Northglenn, Colorado 80234

Re:      Registration Statement on Form SB-2


Ladies and Gentlemen:

         In connection with the Registration Statement on Form SB-2 filed by
First Western Corp. (the "Company") and FW Capital I ("FW Capital") with the
Securities and Exchange Commission on or about November ___, 1998 relating to a
public offering by FW Capital of up to 2,300,000 % Cumulative Preferred
Securities (the "Preferred Securities"), please be advised that as counsel to
the Company, upon examination of such corporate documents and records as we have
deemed necessary or advisable for the purposes of this opinion, it is our
opinion that:

         1. The Company has been duly incorporated and is validly existing as a
corporation in good standing under the laws of the State of Nebraska.

         2. The Guarantee, when executed and delivered as contemplated by the
Registration Statement, and the Junior Subordinated Debentures, when issued and
paid for as contemplated by the Registration Statement, will be validly issued
obligations of the Company enforceable in accordance with their terms except as
such enforceability may be limited by bankruptcy, insolvency, reorganization or
similar laws affecting the rights of creditors generally and subject to general
principles of equity.

         Capitalized terms used herein shall have the definitions given to such
terms in the Registration Statement. We hereby consent to the filing of this
opinion as an exhibit to the Registration Statement, and to the reference to our
firm under the headings "Certain Federal Income Tax Consequences" and "Legal
Matters" in the Prospectus comprising a part of the Registration Statement.

                                                     Very truly yours,



                                                     JONES & KELLER, P.C.