-----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,
 Q2LYukZVkITZ2z2S3NNQL5pJm1k7V5PSCUdbO2vJgY4yciNaxN1hnK5R+dCW8Vs5
 YMx3k4lyhi8CdeE1VdeL1A==

<SEC-DOCUMENT>0000890566-99-000688.txt : 19990518
<SEC-HEADER>0000890566-99-000688.hdr.sgml : 19990518
ACCESSION NUMBER:		0000890566-99-000688
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	19990422
ITEM INFORMATION:		
ITEM INFORMATION:		
FILED AS OF DATE:		19990517

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:		8-K
		SEC ACT:		
		SEC FILE NUMBER:	000-24235
		FILM NUMBER:		99627185

	BUSINESS ADDRESS:	
		STREET 1:		100 WEST ARKANSAS
		CITY:			MT PLEASANT
		STATE:			TX
		ZIP:			75456
		BUSINESS PHONE:		9035729881

	MAIL ADDRESS:	
		STREET 1:		100 WEST ARKANSAS
		CITY:			MT PLEASANT
		STATE:			TX
		ZIP:			75456
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<TEXT>

================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 or 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


      Date of Report (Date of earliest event reported):   April 23, 1999


                            GUARANTY BANCSHARES, INC.
             (Exact name of registrant as specified in its charter)


           TEXAS                         0-23113                 75-1656431
(State or other jurisdiction of   (Commission File Number)   (I.R.S. Employer
 incorporation or organization)                              Identification No.)


           100 WEST ARKANSAS
         MOUNT PLEASANT, TEXAS                                75456
       (Address of principal executive offices)            (Zip Code)


      Registrant's telephone number, including area code:  (903) 572-9881

================================================================================

<PAGE>
       ITEM 5. OTHER EVENTS.


       On April 23, 1999, the registrant issued a press release, a copy of which
is included herewith as Exhibit 99.


       ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

            (c) Exhibits. The following material is filed as an exhibit to this
Current Report on Form 8-K:


 EXHIBIT
 NUMBER                     DESCRIPTION OF EXHIBIT
- ---------                  ------------------------
   99             Press release issued by Guaranty Bancshares,
                  Inc. on April 23, 1999.



                                      -2-

<PAGE>
                                    SIGNATURE

       Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                    GUARANTY BANCSHARES, INC.


                                    By: /s/ ARTHUR B. SCHARLACH, JR.
                                            Arthur B. Scharlach, Jr.
                                            President


Dated: May 14, 1999


                                       -3-
<PAGE>
                                  EXHIBIT INDEX


EXHIBIT                                                           PAGE
NUMBER                          DESCRIPTION                      NUMBER
- -------                        -------------                    --------
   99             Press Release issued by Guaranty                  5
                  Bancshares, Inc. on April 23, 1999.


                                       -4-
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<TEXT>

                                                                      EXHIBIT 99

                                 Press Release


                           GUARANTY BANCSHARES, INC.
                     SIGNS DEFINITIVE AGREEMENT TO ACQUIRE
                      FIRST AMERICAN FINANCIAL CORPORATION

MT. PLEASANT, TEXAS (April 23, 1999) -- Guaranty Bancshares, Inc. (Nasdaq:GNTY)
today announced that it has signed a definitive agreement to acquire privately
held First American Financial Corporation for $6.9 million in common stock and
cash.

First American Financial Corporation, headquartered in Sulphur Springs, Texas is
a bank holding company for First American Bank N.A. and First American Mortgage,
Co. and operates banks in the communities of Sulphur Springs, Texas and
Commerce, Texas. At the end of March 1999, First American Financial Corporation
had $62.9 million in total assets, $39.8 million in loans, and $57.0 million in
deposits.

"We are pleased to be in partnership with First American as co-owners dedicated
to community banking, and focused on personal service and relationships," said
Art Scharlach, president of Guaranty Bancshares. "Not only will this
transaction allow us to further penetrate our target, the Northeast Texas
market, it will also move us a step closer to achieving our desired efficiency
objectives and have an immediate positive effect on earnings.

Rusty Jones, a 25 year veteran of Guaranty Bancshares, serving the last two
years as Executive Vice President of Guaranty Bank (the operating unit of
Guaranty Bancshares), will oversee the additional locations as President. "The
merger of these two banks with Guaranty Bank is very exciting to my family and
me. We are looking forward to meeting new people and becoming part of the
Sulphur Springs community," Jones said.

"Rusty has spent a quarter century with our community-based banking system, and
this experience will serve these communities well, as he will have local
decision-making authority. We have used this policy throughout our system
because it allows our banks to respond better to community needs," added
Scharlach.

Scharlach stated, "Guaranty continues to expand its Northeast Texas customer
base as assets increased $37.2 million or 14.9% in the last twelve months to
$284.5 million and deposits increased $28.6 million or 12.7% to $253.7 million
for the same period. We continue to execute an aggressive growth strategy,
including acquisitions and adding new locations in our regional markets."

After completion of this acquisition, Guaranty Bancshares, Inc. will have a
total of 10 locations in Northeast Texas including Mt. Pleasant (two offices),
Bogata, Deport, Paris, Talco, Texarkana, Pittsburg, Sulphur Springs, and
Commerce.

This information in this press release includes certain forward-looking
statements that are based upon assumptions that in the future may prove not to
have been accurate and are subject to significant risks and uncertainties,
including statements as to the further performance of the Company. Although the
Company believes that the expectations reflected in its forward-looking
statements are reasonable, it can give no assurance that such expectations or
any of its forward-looking statements will prove to be correct. Factors that
could cause results to differ includes, but are not limited to, successful
performance of internal plans, impact of competitive services, interest rates
and general economic risks and uncertainties.

For more information about Guaranty Bancshares, Inc., please access the
Company's new web site at http://www.gnty.com.


                                    -5-

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
