-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 FYnmJPR2QYKV0A1nwXc/yE99+KIva0lxx1g6LYsnklmKfs9qv/8PdupXIVWd9tKh
 oOB3VstP8yCWWOfWSEuZQQ==

<SEC-DOCUMENT>0000890566-99-000188.txt : 19990215
<SEC-HEADER>0000890566-99-000188.hdr.sgml : 19990215
ACCESSION NUMBER:		0000890566-99-000188
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19990212

SUBJECT COMPANY:	

	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:		SC 13G
		SEC ACT:		
		SEC FILE NUMBER:	005-55603
		FILM NUMBER:		99536481

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JONES BILL G
		CENTRAL INDEX KEY:			0001078150
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				458385724

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		4810 QUAIL CREEK
		CITY:			MT PLEASANT
		STATE:			TX
		ZIP:			75455
		BUSINESS PHONE:		9035727169
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<TEXT>

                    SECURITIES AND EXCHANGE COMMISSION
                          WASHINGTON, D.C.  20549


                               SCHEDULE 13G


                 Under the Securities Exchange Act of 1934

                           (Amendment No. ...)*



                         GUARANTY BANCSHARES, INC.
                             (Name of Issuer)

                  COMMON STOCK $1.00 PAR VALUE PER SHARE
                      (Title of Class of Securities)

                                 400764 10 6
                              (CUSIP Number)


      *The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.

      The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
<PAGE>
CUSIP NO. 400764 10 6                13G                 Page 2 of 5 Pages

   1   NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

             BILL G. JONES


   2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                             (A) [ ]
             NONE
                                                             (B) [ ]

   3   SEC USE ONLY


   4   CITIZENSHIP OR PLACE OF ORGANIZATION

             UNITED STATES OF AMERICA

                   5  SOLE VOTING POWER
   NUMBER OF
     SHARES                    334,033
  BENEFICIALLY
    OWNED BY       6  SHARED VOTING POWER      
      EACH                                       
   REPORTING                   0                 
     PERSON 
      WITH        7   SOLE DISPOSITIVE POWER                                    

                               334,033           

                   8  SHARED DISPOSITIVE POWER
                                                 
                               0                 

   9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                               334,194

  10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES


  11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                         11.5%

  12   TYPE OF REPORTING PERSON*

           IN


                                   Page 2 of 5
<PAGE>
                                   ITEM 1(A)

Name of issuer: The name of the issuer is Guaranty Bancshares, Inc.
("Bancshares").

                                   ITEM 1(B)

Address of issuer's principal executive offices: The principal executive office
of Bancshares is 100 W. Arkansas, Mount Pleasant, Texas 75455.

                                   ITEM 2(A)

Name of person filing:  The reporting person is Bill G. Jones.

                                   ITEM 2(B)

Address or principal business office or, if none, residence: The address of Bill
G. Jones is 100 W. Arkansas, Mount Pleasant, Texas 75455.

                                   ITEM 2(C)

Citizenship:  Bill G. Jones is a citizen of the United States of America.

                                   ITEM 2(D)

Title of class of securities: The class of securities of Bancshares owned
beneficially by Bill G. Jones is common stock, $1.00 par value (the "Common
Stock").

                                   ITEM 2(E)

CUSIP Number:  400764 10 6

                                    ITEM 3

Not applicable

                                    ITEM 4

Ownership:

(a)   The amount of securities beneficially owned by Bill G. Jones is 334,194
      shares of Common Stock, which includes 2,884 shares held of record for the
      benefit of the Bill G. Jones IRA, 19,943 shares held of record by the Bill
      Jones IRA Rollover and 161 shares held of record by the wife of Mr. Jones.


                                   Page 3 of 5
<PAGE>
(b)   The percent of the class of Common Stock beneficially owned by Bill G.
      Jones is 11.5%.

(c)   Bill G. Jones has the sole power to vote or to direct the vote of 334,033
      shares of the Common Stock and the sole power to dispose or to direct the
      disposition of 334,033 shares of the Common Stock.

                                    ITEM 5

Ownership of 5 Percent or Less of a Class:  Not applicable

                                    ITEM 6

Ownership of More than 5 Percent on Behalf of Another Person:  Not applicable

                                    ITEM 7

Identification and Classification of the Subsidiary Which Acquired the Security
Being Reported on By the Parent Holding Company: Not applicable

                                    ITEM 8

Identification and Classification of Members of the Group:  Not applicable

                                    ITEM 9

Notice of Dissolution of Group:  Not applicable

                                    ITEM 10

Certification:  Not applicable



                              Page 4 of 5
<PAGE>
SIGNATURE

      After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.


                                    FEBRUARY 2, 1999
                                    (Date)


                                    /s/ BILL G. JONES
                                    (Signature)


                                    BILL G. JONES
                                    (Name/Title)



                              Page 5 of 5
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
