-----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,
 G5tF/Wio40HvOfzyvPmIlRS8d/RngLTtDVdgrUICE4AzSZ19PFLKtkp3LjPsMSvn
 O4M/cPgoICU5gnt5e2UY4g==

<SEC-DOCUMENT>0000890566-99-001257.txt : 19990909
<SEC-HEADER>0000890566-99-001257.hdr.sgml : 19990909
ACCESSION NUMBER:		0000890566-99-001257
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19990901
ITEM INFORMATION:		
ITEM INFORMATION:		
FILED AS OF DATE:		19990908

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:		99708012

	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): September 1, 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 September 1, 1999, Guaranty Bancshares, Inc. ("Guaranty") completed
its previously announced acquisition ("Acquisition") of First American Financial
Corporation, a Texas corporation and registered bank holding company ("First
American"). Pursuant to the Agreement and Plan of Reorganization dated April 23,
1999 between Guaranty and First American, ("Agreement"), Guaranty issued an
aggregate of 351,736 shares of its common stock $1.00 par value per share
("Guaranty Common Stock"), and paid $3,379,620 in cash to the former
shareholders of First American. The shares of Guaranty Common Stock issued were
registered under the Securities Act of 1933, as amended, on a Registration
Statement on Form S-4 (Registration No. 333-81881).

       In connection with the Acquisition, First American Bank, National
Association, a wholly-owned subsidiary of First American, was merged with and
into Guaranty Bank, a wholly-owned subsidiary of Guaranty. The two former
banking locations of First American Bank, National Association in Sulphur
Springs and Commerce, Texas will be operated as branches of Guaranty Bank. The
operations of First American Mortgage Company, a wholly-owned subsidiary of
First American, will be continued by Guaranty under the name Guaranty Mortgage
Company.


       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

  2.1                   Agreement and Plan of Reorganization between First
                        American Financial Corporation and Guaranty Bancshares,
                        Inc. dated April 23, 1999 (incorporated herein by
                        reference to Exhibit 2.1 to Guaranty's Registration
                        Statement on Form S-4 (Registration No. 333-81881) (the
                        "Registration Statement")).

  2.2                   First Amendment to the Agreement and Plan of
                        Reorganization between First American Financial
                        Corporation and Guaranty Bancshares, Inc. dated April
                        23, 1999 (incorporated herein by reference to Exhibit
                        2.2 to the Registration Statement).

  2.3                   Second Amendment to the Agreement and Plan of
                        Reorganization between First American Financial
                        Corporation and Guaranty Bancshares, Inc. dated April
                        23, 1999 (incorporated herein by reference to Exhibit
                        2.3 to the Registration Statement).


                                       -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.



Dated: September 8, 1999                    By: /s/ ARTHUR B. SCHARLACH, JR.
                                                    Arthur B. Scharlach, Jr.
                                                    President


                                       -3-
<PAGE>
                                  EXHIBIT INDEX


EXHIBIT
NUMBER               DESCRIPTION

  2.1         Agreement and Plan of Reorganization between First American
              Financial Corporation and Guaranty Bancshares, Inc. dated April
              23, 1999 (incorporated by reference to Exhibit 2.1 to Guaranty's
              Registration Statement on Form S-4 (Registration No. 333-81881)
              (the "Registration Statement")).

  2.2         First Amendment to the Agreement and Plan of Reorganization
              between First American Financial Corporation and Guaranty
              Bancshares, Inc. dated April 23, 1999 (incorporated herein by
              reference to Exhibit 2.2 to the Registration Statement).

  2.3         Second Amendment to the Agreement and Plan of Reorganization
              between First American Financial Corporation and Guaranty
              Bancshares, Inc. dated April 23, 1999 (incorporated herein by
              reference to Exhibit 2.3 to the Registration Statement).


                                       -4-
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
