-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000899243-98-001100.txt : 19980601
<SEC-HEADER>0000899243-98-001100.hdr.sgml : 19980601
ACCESSION NUMBER:		0000899243-98-001100
CONFORMED SUBMISSION TYPE:	AW
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19980529
SROS:			NASD

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GUARANTY BANCSHARES INC /TX/
		CENTRAL INDEX KEY:			0001058867
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				751656431
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		AW
		SEC ACT:		
		SEC FILE NUMBER:	333-48959
		FILM NUMBER:		98634681

	BUSINESS ADDRESS:	
		STREET 1:		P O BOX 1158
		CITY:			MT PLEASANT
		STATE:			TX
		ZIP:			75456
		BUSINESS PHONE:		9035729881

	MAIL ADDRESS:	
		STREET 1:		PO BOX 1158
		CITY:			MT PLEASANT
		STATE:			TX
		ZIP:			75456
</SEC-HEADER>
<DOCUMENT>
<TYPE>AW
<SEQUENCE>1
<DESCRIPTION>WITHDRAWAL OF POST EFFECTIVE AMENDMENT #1
<TEXT>

<PAGE>
 
                                  May 29, 1998

                                                     VIA EDGAR
                                                     ---------

Securities and Exchange Commission
Division of Corporate Finance
450 Fifth Street, N.W.
Washington, D.C. 20549

     Re:  Withdrawal of Post-Effective Amendment filed for Guaranty Bancshares,
          Inc. (the "Company"), File No. 333-48959

Ladies and Gentlemen:

The purpose of this letter is to request withdrawal of Post-Effective Amendment
No. 1 (the "Amendment") to the Company's Registration Statement on Form S-1.
The purpose of the Amendment was to increase the number of shares to be offered
by the Company from 350,000 to 365,000.  It was later decided that the offering
would remain at 350,000 shares and, therefore, the Amendment is unnecessary.

Thank you for your assistance.  Should you have any questions, please contact me
at (713) 221-1576 or Duncan W. Stewart at (713) 221-1115.

                              Very truly yours,

                              Bracewell & Patterson, L.L.P.


                              /s/ Charlotte M. Rasche
                              --------------------------------    
                              Charlotte M. Rasche

/cmr



cc:  Mr. Devry Garrett
     Guaranty Bancshares, Inc.
     100 West Arkansas
     Mount Pleasant, Texas 75456

     Mr. William T. Luedke IV
     Bracewell & Patterson, L.L.P.
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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