-----BEGIN PRIVACY-ENHANCED MESSAGE-----
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<SEC-DOCUMENT>0000950137-06-007422.txt : 20060629
<SEC-HEADER>0000950137-06-007422.hdr.sgml : 20060629
<ACCEPTANCE-DATETIME>20060629125320
ACCESSION NUMBER:		0000950137-06-007422
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20051231
FILED AS OF DATE:		20060629
DATE AS OF CHANGE:		20060629

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WEST BANCORPORATION INC
		CENTRAL INDEX KEY:			0001166928
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				421230603
		STATE OF INCORPORATION:			IA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49677
		FILM NUMBER:		06932667

	BUSINESS ADDRESS:	
		STREET 1:		1601 22ND ST
		CITY:			WEST DES MOINES
		STATE:			IA
		ZIP:			50266
		BUSINESS PHONE:		5152222309

	MAIL ADDRESS:	
		STREET 1:		1601 22ND ST
		CITY:			WEST DES MOINES
		STATE:			IA
		ZIP:			50266
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>c06376e11vk.txt
<DESCRIPTION>ANNUAL REPORT
<TEXT>
<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 11-K

(Mark One)

[X]  ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
     1934

     For the fiscal year ended December 31, 2005

                                       OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934

     For the transition period from _______________ to _______________

Commission File Number: 0-49677

A.   Full title of the plan and the address of the plan, if different from that
     of the issuer named below:

                            West Bancorporation, Inc.
                    Employee Savings and Stock Ownership Plan

B.   Name of issuer of the securities held pursuant to the plan and the address
     of its principal executive officer:

                            West Bancorporation, Inc.
                                1601 22nd Street
                            West Des Moines, IA 50266

<PAGE>

                              REQUIRED INFORMATION

The West Bancorporation, Inc. Employee Savings and Stock Ownership Plan is
subject to the Employee Retirement Income Security Act (ERISA). Accordingly, the
audited financial statements prepared in accordance with the instructions to
Form 11-K are provided as Exhibit 99.1 to this Form 11-K.


                                   SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees (or other persons who administer the employee benefit plan) have
duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.

West Bancorporation, Inc. Employee Savings and Stock Ownership Plan
(Registrant)


June 29, 2006                       By: /s/ Thomas E. Stanberry
Dated                                   ----------------------------------------
                                        Thomas E. Stanberry
                                        Chairman, President and
                                        Chief Executive Officer


                                        1

<PAGE>

                                  EXHIBIT INDEX

The following exhibits are filed herewith:

<TABLE>
<CAPTION>
Exhibit No.   Description
- -----------   -----------
<S>           <C>
23            Consent of Independent Registered Public Accounting Firm
99.1          Financial Statements
</TABLE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>c06376exv23.txt
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<PAGE>

                                                                      Exhibit 23

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM'S CONSENT

We consent to the incorporation by reference in Registration Statement No.
333-120089 on Form S-8 of our report dated, June 6, 2006, relating to the
statements of net assets available for benefits of the West Bancorporation, Inc.
Employee Savings and Stock Ownership Plan, as of December 31, 2005 and 2004 and
the related statement of changes in net assets available for benefits for the
year ended December 31, 2005, which report appears in the fiscal year December
31, 2005 Annual Report on Form 11-K of the West Bancorporation, Inc. Employee
Savings and Stock Ownership Plan.


                                        /s/ McGladrey & Pullen, LLP

Des Moines, Iowa
June 29, 2006
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>c06376exv99w1.txt
<DESCRIPTION>FINANCIAL STATEMENTS
<TEXT>
<PAGE>

                                                                    Exhibit 99.1

WEST BANCORPORATION, INC. EMPLOYEE
SAVINGS AND STOCK OWNERSHIP PLAN

Financial Report

December 31, 2005

(MCGLADREY & PULLEN CERTIFIED PUBLIC ACCOUNTANTS LOGO)

McGladrey & Pullen, LLP is an independent member firm of RSM International,
an affiliation of separate and independent legal entities.

<PAGE>

CONTENTS

<TABLE>
<S>                                                                        <C>
Report of Independent Registered Public Accounting Firm                        1
Financial Statements
   Statements of Net Assets Available for Benefits,
      December 31, 2005 and 2004                                               2
   Statement of Changes in Net Assets Available for Benefits,
      Year Ended December 31, 2005                                             3
   Notes to Financial Statements                                           4 - 7
Supplemental Schedule
   Schedule H - Part IV, Line 4i - Schedule of Assets (Held
      at End of Year), December 31, 2005                                       8
</TABLE>

<PAGE>

(MCGLADREY & PULLEN CERTIFIED PUBLIC ACCOUNTANTS LOGO)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Administrative Committee and Participants
West Bancorporation, Inc. Employee Savings and Stock Ownership Plan
West Des Moines, Iowa

We have audited the accompanying statements of net assets available for benefits
of West Bancorporation, Inc. Employee Savings and Stock Ownership Plan as of
December 31, 2005 and 2004, and the related statement of changes in net assets
available for benefits for the year ended December 31, 2005.These financial
statements are the responsibility of the Plan's management.Our responsibility is
to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards of the Public
Company Accounting Oversight Board (United States).Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements.An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial status of West Bancorporation, Inc.
Employee Savings and Stock Ownership Plan as of December 31, 2005 and 2004, and
the changes in financial status for the year ended December 31, 2005, in
conformity with accounting principles generally accepted in the United States of
America.

Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole.The supplemental schedule of assets (held
at end of year) as of December 31, 2005 is presented for the purpose of
additional analysis and is not a required part of the basic financial
statements, but is supplementary information required by the United States
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974.The supplemental schedule is
the responsibility of the Plan's management.The supplemental schedule has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.


                                        /s/ McGladrey & Pullen, LLP

Des Moines, Iowa
June 6, 2006


                                       1

<PAGE>

WEST BANCORPORATION, INC. EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 2005 AND 2004
SEE ACCOUNTANT'S REPORT

<TABLE>
<CAPTION>
                                                                   2005          2004
                                                               -----------   -----------
<S>                                                            <C>           <C>
ASSETS
Investments (Notes 4 and 7)                                    $15,375,255   $14,468,904
Receivables, employer contributions                                392,773       402,554
                                                               -----------   -----------
   TOTAL ASSETS                                                 15,768,028    14,871,458
LIABILITIES                                                             --            --
                                                               -----------   -----------
NET ASSETS AVAILABLE FOR BENEFITS                              $15,768,028   $14,871,458
                                                               ===========   ===========
</TABLE>

See Notes to Financial Statements.


                                       2

<PAGE>

WEST BANCORPORATION, INC. EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 2005
SEE ACCOUNTANT'S REPORT

<TABLE>
<S>                                                            <C>           <C>
Additions to net assets attributed to:
   Investment income:
      Interest and dividends                                   $   144,647
      Net appreciation in fair value of investments (Note 4)       902,458   $ 1,047,105
                                                               -----------
   Contributions:
      Employer                                                     549,134
      Participants                                                 495,380
      Amounts rolled over from other plans                         181,484     1,225,998
                                                               -----------
   Other                                                                           6,656
                                                                             -----------
         TOTAL ADDITIONS                                                       2,279,759
                                                                             -----------
Deductions from net assets attributed to:
   Benefits paid to participants                                               1,383,084
   Administrative expenses                                                           105
                                                                             -----------
         TOTAL DEDUCTIONS                                                      1,383,189
                                                                             -----------
         NET INCREASE                                                            896,570
Net assets available for benefits:
   Beginning of year                                                          14,871,458
                                                                             -----------
   End of year                                                               $15,768,028
                                                                             ===========
</TABLE>

See Notes to Financial Statements.


                                       3
<PAGE>

WEST BANCORPORATION, INC. EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN

NOTES TO FINANCIAL STATEMENTS
SEE ACCOUNTANT'S REPORT

NOTE 1.  PLAN DESCRIPTION

The following description of the West Bancorporation, Inc. Employee Savings and
Stock Ownership Plan (the Plan) provides only general information.Participants
should refer to the Plan agreement for a more complete description of the Plan's
provisions.

     General and eligibility: The Plan is a defined contribution plan covering
     substantially all employees of West Bancorporation, Inc. (the
     Company).Employees of the Company are eligible to participate in the Plan
     upon completing three months of service and attaining age 21.To be entitled
     to employer contributions, a participant must be 21 or older and complete
     one year of service during the Plan year, defined by the Plan as 1,000
     hours during the Plan year.Participants are entitled to employer
     contributions on the first day of the quarter following the participant
     becoming eligible.Participants are entitled to discretionary profit sharing
     contributions if actively employed on the last day of the Plan year, have
     been employed one year, and completed 1,000 hours of service. The Plan is
     subject to the provisions of the Employee Retirement Income Security Act of
     1974 (ERISA).

     Contributions and investment options: Each year, participants may
     contribute up to 100% of pretax annual compensation as defined by the Plan,
     subject to qualified limitations.Participants may also contribute amounts
     representing distributions from other qualified defined benefit or
     contribution plans.The Company, at its sole discretion, can provide
     matching and profit sharing contributions in amounts determined annually by
     the Company.The amounts contributed by the participants and the Company are
     deposited into one or more of 18 investment options at the participant's
     discretion.Participants may change their allocation on a daily basis.

     Participant accounts: Each participant's account is credited with the
     participant's contribution and an allocation of (a) the Company matching
     contribution, (b) the Company discretionary contribution and (c) Plan
     earnings.Allocations are based on participant earnings or account balances,
     as defined.The benefit to which a participant is entitled is the benefit
     that can be provided from the participant's vested account.

     Vesting: Participants are immediately vested in their contributions plus
     actual earnings thereon.Vesting in the Company's matching contributions or
     discretionary contributions is based on years of completed service.Vesting
     begins after one year of service and a participant becomes 100% vested
     after six years of service.

     Payment of benefits: Participants (or the beneficiary, if the participant
     is deceased) will be eligible to receive their benefit on the earlier of
     retirement, death, disability or termination due to any other reason.If the
     benefit is less than $5,000, the participant receives the vested benefit in
     a lump sum amount.If the benefit is greater than $5,000, the participant
     may elect to receive the benefit as a lump sum or in installment payments.

     Forfeited accounts: Forfeitures from nonvested accounts will be an
     additional employer contribution.During the year ended December 31, 2005,
     forfeitures for nonvested account balances that will be an additional
     employer contribution in 2006 totaled approximately $18,000.


                                       4
<PAGE>

WEST BANCORPORATION, INC. EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN

NOTES TO FINANCIAL STATEMENTS
SEE ACCOUNTANT'S REPORT

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

Basis of accounting:The financial statements of the Plan are prepared under the
accrual method of accounting.

Valuation of investments and income recognition:Investments are stated at fair
value.The fair value of the interest-bearing cash and certificates of deposit
are determined to be equal to cost.Shares of registered investment companies
(mutual funds) are reported at fair value based on the quoted market price of
the fund, which represents the net asset value of the shares held by the fund at
year-end.The fair value of the Plan's investment in the Company's common stock
is based on the quoted market price.Investments in common/collective trusts and
pooled separate accounts are reported at the value reported to the Plan by the
insurance company, which represents approximate fair value of the underlying
investments comprising the trusts or accounts.

Purchases and sales of securities are recorded on a trade-date basis.Interest
income is recorded on the accrual basis.Dividends are recorded on the
ex-dividend date.

Payments of benefits:Benefits are recorded when paid.

Accounting estimates and assumptions:The preparation of financial statements in
conformity with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of assets,
liabilities and changes therein and disclosure of contingent assets and
liabilities.Actual results could differ from those estimates.

NOTE 3. ADMINISTRATIVE EXPENSES

Certain administrative functions are performed by officers and employees of the
Company.No such officer or employee receives compensation from the Plan.Certain
other administrative expenses are paid directly by the Plan or the Company.


                                       5

<PAGE>

WEST BANCORPORATION, INC. EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN

NOTES TO FINANCIAL STATEMENTS
SEE ACCOUNTANT'S REPORT

NOTE 4. INVESTMENTS

The following table presents Plan investments that represent 5% or more of the
Plan's net assets:

<TABLE>
<CAPTION>
                                                                 DECEMBER 31,
                                                           -----------------------
                                                              2005         2004
                                                           ----------   ----------
<S>                                                        <C>          <C>
Mutual fund, Fidelity Advisors Small-Cap T Fund            $1,253,130   $1,071,984
Common/collective trust, Principal Stable Value Fund            *          837,840
Pooled separate accounts:
   Principal Large-Cap Stock Index Separate Account         1,049,731      969,504
   Principal Lifetime Strategic Income Separate Account       862,175      870,673
   Principal Partners Large-Cap Value Separate Account      1,905,167    2,082,602
   Principal Partners Mid-Cap Value Separate Account          924,768        *
   Principal Partners Small-Cap Value I Separate Account      873,673      841,504
Common stock, West Bancorporation, Inc.                     4,317,001    3,971,953
</TABLE>

*    Balance less than 5% of Plan's net assets.

During the year ended December 31, 2005, the Plan's investments (including
investments bought, sold and held during the year) appreciated in value as
follows:

<TABLE>
<CAPTION>
                           Net Appreciation
                             in Fair Value
                           ----------------
<S>                        <C>
Mutual funds                   $138,081
Common/collective trust          21,884
Pooled separate accounts        502,070
Common stock                    240,423
                               --------
                               $902,458
                               ========
</TABLE>

NOTE 5. PLAN TERMINATION

Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA.In the event of Plan termination,
participants will become 100% vested in their accounts.

NOTE 6. INCOME TAX STATUS

The IRS has determined and informed the Company, by letter dated June 20, 1995,
that the Plan is qualified and the trust established under the Plan is
tax-exempt under the appropriate sections of the Internal Revenue Code
(Code).The Plan has been amended since receiving the determination
letter.However, the Plan administrator believes the Plan is designed and is
currently being operated in compliance with the applicable requirements of the
Code.


                                       6

<PAGE>

WEST BANCORPORATION, INC. EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN

NOTES TO FINANCIAL STATEMENTS
SEE ACCOUNTANT'S REPORT

NOTE 7. RELATED-PARTY TRANSACTIONS

The Plan held 230,856 and 225,551 shares of West Bancorporation, Inc.'s common
stock as of December 31, 2005 and 2004, respectively, with a fair value of
$4,317,001 and $3,971,953, respectively.The Plan also held West Bancorporation,
Inc.'s money market accounts totaling none and $28,690, as of December 31, 2005
and 2004, respectively.

During the year ended December 31, 2005, the Plan had purchases of $418,405 and
sales of $458,401 from the Company's common stock.Dividend income from the
Company's common stock totaled $144,621.The Plan also had withdrawals of $28,716
from money market accounts of the Company.Interest income from those money
market accounts totaled $26.

Certain Plan investments are common/collective trusts and pooled separate
accounts managed by Principal Life Insurance Company.Principal Life Insurance
Company is the custodian as defined by the Plan and, therefore, these
transactions qualify as party-in-interest transactions.


                                       7
<PAGE>

                                                   SCHEDULE H - PART IV, LINE 4I

WEST BANCORPORATION, INC. EMPLOYEE SAVINGS AND STOCK OWNERSHIP PLAN

SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2005

<TABLE>
<CAPTION>
                                                                  Number of
                                                               Shares/Units or
Description                                                   Principal Amount    Fair Value
- -----------                                                   ----------------   -----------
<S>                                                           <C>                <C>
Pooled separate accounts:
   *Principal Government and High Quality Bond Securities
      Separate Account                                              27,680       $   536,126
   *Principal Large-Cap Stock Index Separate Account                22,861         1,049,731
   *Principal Lifetime Strategic Income Separate Account            64,329           862,175
   *Principal Lifetime 2010 Separate Account                        37,111           507,732
   *Principal Lifetime 2020 Separate Account                        17,909           251,387
   *Principal Lifetime 2030 Separate Account                         2,174            30,213
   *Principal Lifetime 2040 Separate Account                         2,696            37,972
   *Principal Lifetime 2050 Separate Account                         2,959            39,440
   *Principal Partners Large-Cap Value Separate Account            138,844         1,905,167
   *Principal Partners Mid-Cap Value Separate Account               57,025           924,768
   *Principal U.S. Property Separate Account                           367           195,812
   *Principal Partners Large-Cap Growth II Separate Account         77,785           667,154
   *Principal Partners Small-Cap Value I Separate Account           44,690           873,673
   *Principal Partners International Separate Account               26,150           787,933

Common/collective trust, *Principal Stable Value Fund               29,987           457,808

Mutual funds:
   American Century Vista Adv Fund                                  43,688           678,033
   Fidelity Advisor Small Cap T Fund                                51,023         1,253,130

Common stock, *West Bancorporation, Inc.                           230,856         4,317,001
                                                                                 -----------
                                                                                 $15,375,255
                                                                                 ===========
</TABLE>

*    Represents a party-in-interest.


                                        8

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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