<SEC-DOCUMENT>0000891554-01-505860.txt : 20011026
<SEC-HEADER>0000891554-01-505860.hdr.sgml : 20011026
ACCESSION NUMBER:		0000891554-01-505860
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20011019
ITEM INFORMATION:		Changes in registrant's certifying accountant
FILED AS OF DATE:		20011019

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:		1934 Act
		SEC FILE NUMBER:	000-24235
		FILM NUMBER:		1762416

	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
<FILENAME>d70624_8k.htm
<DESCRIPTION>CURRENT REPORT
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     <!-- Control Number: 70624                                                            -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Guaranty Bancshares, Inc.                                        -->
     <!-- Project Name:   8-K                                                              -->
     <!-- Firm Name:      ADP                                                              -->
     <TITLE>Guaranty Bancshares, Inc.</TITLE>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>FORM 8-K </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT REPORT </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to Section 13 or 15(d) of
the Securities and Exchange Act of 1934  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of Report: &nbsp;&nbsp;&nbsp;&nbsp;October 19, 2001  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>Guaranty Bancshares,
Inc. </B> </FONT><BR>

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<FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact name of registrant as
specified in its charter) </FONT></P>

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<TD ALIGN=CENTER WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Texas<BR>(State or other jurisdiction<BR>of incorporation) </FONT></TD>
<TD ALIGN=CENTER WIDTH=34%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0-23113<BR>(Commission<BR>File Number) </FONT></TD>
<TD ALIGN=CENTER WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75-1656431<BR>(IRS Employer<BR>Identification No.) </FONT></TD>
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<TD ALIGN=CENTER WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100 W. Arkansas Street, Mt. Pleasant, Texas<BR>(Address of principal executive offices) </FONT></TD>
<TD ALIGN=CENTER WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>75455<BR>(Zip Code) </FONT></TD>
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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Registrant&#146;s telephone
number, including area code &nbsp;&nbsp;&nbsp;&nbsp;903-572-9881   </FONT></P>



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&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;
<BR>(Former name or former address, if changed since last report)  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This report is filed
pursuant to Item 4 of Form 8-K to report the change of name of the independent
accounting firm that is utilized by the Registrant. Pursuant to General
Instruction F of Form 8-K, the following documents are incorporated herein by
reference and attached as the exhibits hereto.  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>-1-  </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX </FONT></H1>


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     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Exhibit<BR>Number </FONT><HR WIDTH=30% SIZE=1 NOSHADE></TH>
     <TH COLSPAN="2" ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Description </FONT><HR ALIGN=LEFT WIDTH=20% SIZE=1 NOSHADE></TH>
     <TH COLSPAN="2"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">Sequentially Numbered Pages </FONT><HR WIDTH=80% SIZE=1 NOSHADE></TH></TR>
<TR VALIGN="BOTTOM">
     <TD WIDTH="15%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD WIDTH="12%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD WIDTH="40%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD WIDTH="15%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> </FONT></TD>
        <TD WIDTH="14%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">1. </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Report of merger of Registrant&#146;s </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3 </FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">certifying accountant and name </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">of successor company as </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">independent accountant and </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">auditor. </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
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     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">2. </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Letter from Fisk and Robinson, </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">4 </FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">P.C. to the Securities and </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exchange Commission stating </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">information regarding merger. </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
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     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">3. </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Letter from Fisk and Robinson, </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">5 </FONT></TD>
        <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">P.C. to Registrant regarding merger, </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
<TR VALIGN="BOTTOM">
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">with copy to the Securities and </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
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     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Exchange Commission. </FONT></TD><TD ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD></TR>
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     <TD COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Guaranty Bancshares, Inc.<BR><BR>&nbsp; </FONT></TD>
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     <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
     <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By:<BR><BR>Name:<BR><BR>Title: </FONT></TD>
     <TD WIDTH=42%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>/s/ CLIFTON A. PAYNE</B><BR>
          &#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>Clifton A. Payne
          <BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
          Executive Vice President &amp; CFO
          <BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151; </FONT></TD>
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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>-2-  </FONT></P>

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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>3
<FILENAME>d70624_ex1.htm
<DESCRIPTION>REPORT OF MERGER
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     <!-- Control Number: 70624                                                            -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Guaranty Bancshares, Inc.                                        -->
     <!-- Project Name:   8-K                                                              -->
     <!-- Firm Name:      ADP                                                              -->
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GUARANTY BANCSHARES,
INC. </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form 8K </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Commission
File Number 000-24235) </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 4. Change in Registrant&#146;s
Certifying Accountant.  </FONT></P>

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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
October 12, 2001, Guaranty Bancshares, Inc. (Company) was notified that the partners and
employees of Fisk &amp; Robinson, P.C. had merged with McGladrey &amp; Pullen, LLP and that the
accounting firm of Fisk &amp; Robinson, P.C. would no longer exist and, therefore, would no
longer be the independent auditor for the Registrant. McGladrey &amp; Pullen, LLP was
appointed as the Registrant&#146;s new auditor.  </FONT></TD>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
auditor&#146;s report from Fisk &amp;Robinson, P.C. for the Registrant&#146;s past fiscal
year ended December 31, 2000 (years prior to 2000 were audited by other auditors) did not
contain an adverse opinion or a disclaimer of opinion, and was not qualified or modified
as to uncertainty, audit scope, or accounting principles.   </FONT></TD>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
decision to engage McGladrey &amp; Pullen, LLP was approved by the board of directors of the
Company.  </FONT></TD>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4. </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During
the Registrant&#146;s two most recent fiscal years and the subsequent interim period
preceding the change, there have been no disagreements with Fisk &amp; Robinson, P.C. on
any matter of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure.   </FONT></TD>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Registrant has requested Fisk &amp; Robinson, P.C. to furnish a letter addressed to the
Commission stating whether it agrees with the statements made in this Item. Such letter
is included in an exhibit to this Form 8K.  </FONT></TD>
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<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>4
<FILENAME>d70624_ex2.htm
<DESCRIPTION>LETTER FROM FISK AND ROBINSON, P.C. TO THE SEC
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     <!-- Control Number: 70624                                                            -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Guaranty Bancshares, Inc.                                        -->
     <!-- Project Name:   8-K                                                              -->
     <!-- Firm Name:      ADP                                                              -->
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<H2 ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Exhibit 2 </FONT></H2>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 19, 2001  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Securities and Exchange
Commission<BR>Washington, D.C. 20549  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Gentlemen:  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We were previously the
independent accountants for Guaranty Bancshares, Inc. (Commission File Number
000-24235), and on February 8, 2001 we reported on the consolidated financial
statements of Guaranty Bancshares, Inc. and Subsidiaries as of and for the year
ended December 31, 2000. On October 12, 2001, we informed Guaranty Bancshares,
Inc. that our partners and employees had merged with McGladrey &amp; Pullen, LLP
and we would no longer be the independent auditor for Guaranty Bancshares, Inc.
We have read the Guaranty Bancshares, Inc. statements included under Item 4 of
its Form 8-K dated October 19, 2001, and we agree with such statements.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fisk &amp; Robinson, P.C.<BR>Dallas, Texas<BR>
October 19, 2001  </FONT></P>


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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>-4-  </FONT></P>

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<TYPE>EX-3
<SEQUENCE>5
<FILENAME>d70624-ex3.htm
<DESCRIPTION>LETTER FROM FISK AND ROBINSON, P.C. TO REGISTRANT
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     <!-- Control Number: 70624                                                            -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Guaranty Bancshares, Inc.                                        -->
     <!-- Project Name:   8-K                                                              -->
     <!-- Firm Name:      ADP                                                              -->
     <TITLE>Exhibit 3</TITLE>
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<H2 ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Exhibit 3 </FONT></H2>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[LETTERHEAD OF FISK ROBINSON]  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>October 12, 2001  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Clifton A. Payne<BR>Guaranty
Bancshares, Inc.<BR>100 W. Arkansas<BR>Mount Pleasant, Texas 75455  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dear Mr. Payne:  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On October 5, 2001, the partners and
employees of Fisk &amp; Robinson, P.C. officially merged with McGladrey &amp; Pullen, LLP. As a
result of this transaction, the client-auditor relationship between Guaranty Bancshares,
Inc. (Commission File Number 000-24235) and the accounting firm of Fisk &amp; Robinson, P.C.
has terminated.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sincerely,  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ Fisk &amp; Robinson </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Fisk &amp; Robinson, P.C.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Via Fax and Regular Mail  </FONT></P>

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     <TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>cc: </FONT></TD>
     <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Officer of the Chief Accountant
          <BR>SECPS Letter File<BR>Securities and Exchange Commission<BR>Mail Stock 11-3
          <BR>450 Fifth Street, N.W.<BR>Washington, D.C. 20549<BR>Fax 202-942-9656 </FONT></TD>
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