FOR IMMEDIATE RELEASE                                Contact: Larry D. Smith
                                                               (719) 539-2516


                           HIGH COUNTRY BANCORP, INC.
          ANNOUNCES THE PAYMENT OF SEMI-ANNUAL CASH DIVIDENDS AND STOCK
                                 REPURCHASE PLAN


Salida,  Colorado --- November 5, 2001: High Country Bancorp, Inc. (NASDAQ Small
Cap: HCBC)  announced the payment date of its semi-annual  cash  dividends.  The
dividend will be in the amount of $0.25 per share  payable on or about  November
19,  2001,  to  stockholders  of record at the close of business on November 13,
2001.

Larry D. Smith,  President  of the  Company,  stated that the Board of Directors
determined  that the  payment  of a  dividend  was  appropriate  in light of the
Company's  financial  condition and results of operations.  For the three months
ending September 30, 2001, the Company had earnings of $0.42 per share. He noted
that future  earnings and payment of dividends  are subject to certain risks and
uncertainties  including changes in economic  conditions in the Company's market
area,  changes in  policies by  regulatory  agencies,  fluctuations  in interest
rates, demand for loans in the Company's market area, and competition.

Mr. Smith also announced the  implementation  of a stock  repurchase  program to
acquire up to 92,221 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.

Mr. Smith explained that 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.

High Country Bancorp,  Inc., is the holding company for High Country Bank, which
conducts  business  through  its main  office in  Salida,  Colorado,  and branch
offices in Salida,  Leadville and Buena Vista,  Colorado. At September 30, 2001,
the Company had  922,209  shares of common  stock  issued and  outstanding,  and
consolidated total assets of over $168 million.