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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001169232-03-004259.txt : 20030723
<SEC-HEADER>0001169232-03-004259.hdr.sgml : 20030723
<ACCEPTANCE-DATETIME>20030618162356
ACCESSION NUMBER:		0001169232-03-004259
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20021231
FILED AS OF DATE:		20030618

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:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24235
		FILM NUMBER:		03748970

	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>11-K
<SEQUENCE>1
<FILENAME>d56080_11k.htm
<TEXT>
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     <!-- Control Number: 03-56080                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Guaranty Bancshares, Inc.                                        -->
     <!-- Project Name:   Form Type: 11-K                                                  -->
     <!-- Firm Name:      Guaranty Bancshares, Inc. (ADP)                                  -->
     <TITLE>Guaranty Bancshares, Inc. (ADP)</TITLE>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITIES
AND EXCHANGE COMMISSIION<BR>Washington,
D.C. 20549</FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM 11-K</FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(MARK ONE) </FONT></P>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(X) </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>ANNUAL
REPORT PURSANT TO SECTION 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 </FONT></TD>
</TR>
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<BR>



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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>For the fiscal year
ended December 31, 2002 </FONT></P>



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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>OR </FONT></P>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=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>TRANSITION
REPORT PURSUANT TO SECTION 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934 </FONT></TD>
</TR>
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<BR>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>For the transition
period from ___________ to _____________. </FONT></P>




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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Commission File Number:
000-23113 </FONT></P>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FULL
TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM THAT OF           THE
ISSUER NAMED BELOW: </FONT></TD>
</TR>
</TABLE>
<BR>

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    <TD>
      <!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
      <P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GUARANTY
        BANCSHARES, INC.<br>
        EMPLOYEE STOCK OWNERSHIP PLAN (WITH 401 (K) PROVISIONS) </FONT></P>
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</TD>
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<BR>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>B. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NAME
OF ISSUER OF THE SECURITIES HEL PURSUANT TO THE PLAN AND THE ADDRESS OF ITS
          PRINCIPAL EXECUTIVE OFFICE: </FONT></TD>
</TR>
</TABLE>
<BR>
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    <TD>
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      <P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GUARANTY
        BANCSHARES, INC.<BR>
        100 WEST ARKANSAS <br>
        MT. PLEASANT, TEXAS 75455 <br>
        </FONT></P>
      <hr size=5 NOSHADE>
<BR>
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    <TD><BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>GUARANTY
        BANCSHARES, INC. EMPLOYEE STOCK   <BR>      OWNERSHIP PLAN  <BR>      (WITH 401(K)
PROVISIONS) </i> </FONT></H1>

      <p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FINANCIAL
        STATEMENTS<BR>
        AND SUPPLEMENTAL SCHEDULES </FONT></p>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DECEMBER
        31, 2002 AND 2001 </FONT></P>
      <hr size=5 NOSHADE>
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    </TD>
</TR>
</TABLE>

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      <!-- MARKER FORMAT-SHEET="Head Minor Center Bold-TNR" FSL="Workstation" -->
      <H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i><B>GUARANTY
        BANCSHARES, INC. EMPLOYEE STOCK <BR>
        OWNERSHIP PLAN<BR>
        (WITH 401(K) PROVISIONS)<br></B>
        </i></FONT></H1>
<BR>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FINANCIAL STATEMENTS <br>
DECEMBER 31, 2002 AND
2001  </FONT></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TABLE OF CONTENTS </FONT></H1>
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</TD>
</TR>
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<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TD WIDTH=85% ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      </FONT></TD>
    <TD WIDTH=1% ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=3% ALIGN=RIGHT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=7% ALIGN=RIGHT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page(s)</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="85%" nowrap>&nbsp;</TD>
    <TD ALIGN=LEFT width="1%" nowrap>&nbsp;</TD>
    <TD ALIGN=LEFT width="2%" nowrap>&nbsp;</TD>
    <TD ALIGN=RIGHT width="3%" nowrap>&nbsp;</TD>
    <TD ALIGN=RIGHT width="7%" nowrap>
      <hr noshade size="1">
    </TD>
    <TD ALIGN=LEFT width="2%" nowrap>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="85%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#independent">Independent
      Auditors&#146; Report</A></FONT></TD>
    <TD ALIGN=LEFT width="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="85%">&nbsp;</TD>
    <TD ALIGN=LEFT width="1%">&nbsp;</TD>
    <TD ALIGN=LEFT width="2%">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="85%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#statements">Financial
      Statements:</A></FONT></TD>
    <TD ALIGN=LEFT width="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="85%">&nbsp;</TD>
    <TD ALIGN=LEFT width="1%">&nbsp;</TD>
    <TD ALIGN=LEFT width="2%">&nbsp;</TD>
    <TD ALIGN=RIGHT width="3%">&nbsp;</TD>
    <TD ALIGN=RIGHT width="7%">&nbsp;</TD>
    <TD ALIGN=LEFT width="2%">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="85%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A HREF="#statements">Statements
      of Net Assets Available for Plan Benefits</A></FONT></TD>
    <TD ALIGN=LEFT width="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="85%">&nbsp;</TD>
    <TD ALIGN=LEFT width="1%">&nbsp;</TD>
    <TD ALIGN=LEFT width="2%">&nbsp;</TD>
    <TD ALIGN=RIGHT width="3%">&nbsp;</TD>
    <TD ALIGN=RIGHT width="7%">&nbsp;</TD>
    <TD ALIGN=LEFT width="2%">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="85%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A HREF="#benefits">Statement
      of Changes in Net Assets Available for Plan Benefits</A></FONT></TD>
    <TD ALIGN=LEFT width="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="85%">&nbsp;</TD>
    <TD ALIGN=LEFT width="1%">&nbsp;</TD>
    <TD ALIGN=LEFT width="2%">&nbsp;</TD>
    <TD ALIGN=RIGHT width="3%">&nbsp;</TD>
    <TD ALIGN=RIGHT width="7%">&nbsp;</TD>
    <TD ALIGN=LEFT width="2%">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="85%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#notes">Notes
      to Financial Statements</A></FONT></TD>
    <TD ALIGN=LEFT width="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6
      - 9</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="85%">&nbsp;</TD>
    <TD ALIGN=LEFT width="1%">&nbsp;</TD>
    <TD ALIGN=LEFT width="2%">&nbsp;</TD>
    <TD ALIGN=RIGHT width="3%">&nbsp;</TD>
    <TD ALIGN=RIGHT width="7%">&nbsp;</TD>
    <TD ALIGN=LEFT width="2%">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="85%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A HREF="#schedules">Supplemental
      Schedules</A></FONT></TD>
    <TD ALIGN=LEFT width="1%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="3%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="7%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11
      -12</FONT></TD>
    <TD ALIGN=LEFT width="2%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
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<BR>
<HR SIZE=5 NOSHADE>


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      <!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
      <P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A NAME="Independent"><b><i>INDEPENDENT
        AUDITORS&#146; REPORT</i></b></A> </FONT></P>

      <!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Trustees
        <BR>
        Guaranty Bancshares, Inc. Employee<BR>
        &nbsp;&nbsp;&nbsp;Stock Ownership Plan&nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(With 401(k) Provisions)<br>
        Mt. Pleasant, Texas </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We have audited the accompanying statement
of net assets available for benefits of Guaranty Bancshares, Inc. Employee Stock Ownership
Plan (With 401(k) Provisions) (Plan) as of December 31, 2002, and the related statement of
changes in net assets available for benefits for the year ended December 31, 2002. These
financial statements are the responsibility of the Plan&#146;s management. Our
responsibility is to express an opinion on these financial statements based on our audit.
The financial statements as of December 31, 2001 were audited by other auditors whose
report dated May 31, 2002, expressed an unqualified opinion on those statements. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We conducted our audit in accordance
with U. S. generally accepted auditing standards. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the
administrator, as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In our opinion, the 2002 financial
statements referred to above present fairly, in all material respects, the net assets
available for benefits of Guaranty Bancshares, Inc. Employee Stock Ownership Plan (With
401(k) Provisions) as of December 31, 2002, and the changes in net assets available for
benefits for the year then ended, in conformity with U. S. generally accepted accounting
principles. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our audit was performed for the
purpose of forming an opinion on the basic financial statement taken as a whole. The
accompanying supplemental Schedule of Assets Held for Investment Purposes (Schedule I) as
of December 31, 2002 and Schedule of Reportable Transactions (Schedule II) for the year
ended December 31, 2002 are presented for the purpose of additional analysis and are not a
required part of the basic financial statements, but are supplementary information
required by the Department of Security Act of 1974. These supplemental schedules are the
responsibility of the Plan&#146;s management. The supplemental schedules have been
subjected to the auditing procedures applied in our audit of the basic financial
statements and, in our opinion, are fairly stated, in all material respects, in relation
to the basic financial statements taken as a whole. </FONT></P>
<BR><BR>
<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
      <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>/s/ HENRY &amp; PETERS,
        P. C. </b></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>May 19, 2003 </FONT></P>

<HR SIZE=5 NOSHADE>


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    <TD><BR>

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      <P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><I>GUARANTY
        BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN <BR>
        (WITH 401(k) PROVISIONS) </I></b></FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A NAME="statements">STATEMENTS OF NET
ASSETS AVAILABLE-FOR-BENEFITS </A></FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DECEMBER 31, 2002 AND
2001  </FONT></P>


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<BR>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <th COLSPAN=3 nowrap></th>
    <th COLSPAN=3 nowrap></th>
    <th COLSPAN=3 nowrap><font face="Times New Roman, Times, serif" size="1">2002
       </font></th>
    <th COLSPAN=3 nowrap></th>
    <th COLSPAN=3 nowrap></th>
    <th COLSPAN=3 nowrap><font face="Times New Roman, Times, serif" size="1">2001
       </font></th>
    <th COLSPAN=3 nowrap>&nbsp;</th>
  </TR>
  <TR VALIGN=Bottom>
    <th COLSPAN=3 nowrap><font face="Times New Roman, Times, serif" size="1"> </font></th>
    <th COLSPAN=8 nowrap>
      <hr size=1 width=100% NOSHADE>
    </th>
    <th nowrap width="1"><font face="Times New Roman, Times, serif" size="1"> </font></th>
    <th COLSPAN=8 nowrap>
      <hr size=1 width=100% NOSHADE>
    </th>
    <th nowrap width="1"><font face="Times New Roman, Times, serif" size="1"> </font></th>
  </TR>
  <TR VALIGN=Bottom>
    <th COLSPAN=3 nowrap><font face="Times New Roman, Times, serif" size="1"><BR>
       </font></th>
    <th COLSPAN=2 nowrap><font face="Times New Roman, Times, serif" size="1">Participant<BR>
      Directed </font> </th>
    <th nowrap>&nbsp;</th>
    <th COLSPAN=2 nowrap><font face="Times New Roman, Times, serif" size="1">Non-<BR>
      Participant<BR>
      Directed </font></th>
    <th nowrap>&nbsp;</th>
    <th COLSPAN=2 nowrap><font face="Times New Roman, Times, serif" size="1">Total </font></th>
    <th nowrap>&nbsp;</th>
    <th COLSPAN=2 nowrap><font face="Times New Roman, Times, serif" size="1">Participant<BR>
      Directed </font></th>
    <th nowrap>&nbsp;</th>
    <th COLSPAN=2 nowrap><font face="Times New Roman, Times, serif" size="1">Non-<BR>
      Participant<BR>
      Directed </font></th>
    <th nowrap>&nbsp;</th>
    <th COLSPAN=3 nowrap><font face="Times New Roman, Times, serif" size="1">Total </font></th>
  </TR>
  <TR VALIGN=Bottom>
    <th ALIGN=LEFT nowrap WIDTH=1><font face="Times New Roman, Times, serif" size="1">
      </font></th>
    <th ALIGN=LEFT nowrap WIDTH=1><font face="Times New Roman, Times, serif" size="1">
      </font></th>
    <th ALIGN=LEFT nowrap WIDTH=1><font face="Times New Roman, Times, serif" size="1">
      </font></th>
    <th ALIGN=RIGHT colspan="2" nowrap>
      <hr size=1 width=100% NOSHADE>
    </th>
    <th ALIGN=LEFT nowrap WIDTH=1><font face="Times New Roman, Times, serif" size="1"> </font></th>
    <th ALIGN=RIGHT colspan="2" nowrap>
      <hr size=1 width=100% NOSHADE>
    </th>
    <th ALIGN=LEFT nowrap WIDTH=1><font face="Times New Roman, Times, serif" size="1"> </font></th>
    <th ALIGN=RIGHT colspan="2" nowrap>
      <hr size=1 width=100% NOSHADE>
    </th>
    <th ALIGN=LEFT nowrap WIDTH=1><font face="Times New Roman, Times, serif" size="1"> </font></th>
    <th ALIGN=RIGHT colspan="2" nowrap>
      <hr size=1 width=100% NOSHADE>
    </th>
    <th ALIGN=LEFT nowrap WIDTH=1><font face="Times New Roman, Times, serif" size="1"> </font></th>
    <th ALIGN=RIGHT colspan="2" nowrap>
      <hr size=1 width=100% NOSHADE>
    </th>
    <th ALIGN=LEFT nowrap WIDTH=1><font face="Times New Roman, Times, serif" size="1"> </font></th>
    <th ALIGN=RIGHT colspan="2" nowrap>
      <hr size=1 width=100% NOSHADE>
    </th>
    <th ALIGN=LEFT nowrap WIDTH=1><font face="Times New Roman, Times, serif" size="1"> </font></th>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size=1><b>ASSETS</b></font></TD>
    <TD ALIGN=LEFT nowrap>&nbsp;</TD>
    <TD ALIGN=LEFT nowrap>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments,
      at fair value:</FONT></TD>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Guaranty
      Bancshares, Inc. Stock Fund</FONT></TD>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 2,630,830</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 5,159,169</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 7,789,999</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 1,944,076</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 3,932,896</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 5,876,972</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Other
      collective investment funds</FONT></TD>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,295,497</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,295,497</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,536,812</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size=2>&#151;</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,536,812</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;Loans
      to participants</FONT></TD>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,460</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size=2>&#151;</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,460</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,555</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size=2>&#151;</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,555</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      investments</FONT></TD>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,929,787</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5,159,169</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,088,956</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,482,443</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,932,896</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,415,339</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      assets available for plan benefits</FONT></TD>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 4,929,787</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 5,159,169</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 10,088,956</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 4,482,443</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 3,932,896</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 8,415,339</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=LEFT nowrap>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=2 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=2 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=2 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=2 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=2 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=2 width=100% NOSHADE>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Center 10" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">-4- </FONT> </P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

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</TD>
</TR>
</TABLE>

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<TD>
<BR>


<!-- MARKER FORMAT-SHEET="Head Center Italic-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>GUARANTY BANCSHARES,
INC. EMPLOYEE STOCK OWNERSHIP PLAN      <BR>   (WITH 401(k) PROVISIONS)</B>  </I></FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A NAME="benefits">STATEMENT OF CHANGES IN
NET ASSETS AVAILABLE FOR PLAN BENEFITS</A> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FOR THE YEAR ENDED
DECEMBER 31, 2002  </FONT></P>


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</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1> </font></th>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Participant<BR>
      Directed </FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Non-<BR>
      Participant<BR>
      Directed </FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Total</FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH>&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=58% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Additions
      to net assets attributed to:</FONT></TD>
    <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=9% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=10% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD WIDTH=2% 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
      income:</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>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      appreciation in fair value of investments</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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 157,486</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 903,500</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 1,060,986</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      investment gains</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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>56,262</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100,215</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>156,477</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT colspan="2">
      <hr size=1>
    </TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT colspan="2">
      <hr size=1>
    </TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT colspan="2">
      <hr size=1>
    </TD>
    <TD ALIGN=LEFT>&nbsp;</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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>213,748</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,003,715</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,217,463</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions:</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>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant</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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>471,252</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>471,252</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollover</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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,511</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25,511</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer</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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151; </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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>470,400</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>470,400</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT>&nbsp;</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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>496,763</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>470,400</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>967,163</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      additions</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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>710,511</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,474,115</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,184,626</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>Deductions
      from net assets attributed to:</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>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefits
      paid to or for participants</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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>263,167</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>157,345</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>420,512</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative
      expenses and other</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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90,497</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>90,497</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      deductions</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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>263,167</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>247,842</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>511,009</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net increase
      in net assets available for</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>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;benefits</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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>447,344</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,226,273</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,673,617</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>Net assets
      available for benefits at</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>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;beginning
      of year</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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4,482,443</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,932,896</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>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,415,339</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net assets
      available for benefits at</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>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;end
      of year</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=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 4,929,787</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>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 5,159,169</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> 10,088,956</FONT></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=2 noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=2 noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=2 noshade>
    </td>
    <td align=LEFT>&nbsp;</td>
  </tr>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Center 10" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">-5- </FONT> </P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Workstation" -->
</TD>
</TR>
</TABLE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Workstation" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Center Italic-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>GUARANTY BANCSHARES,
INC. EMPLOYEE STOCK     <BR>           OWNERSHIP PLAN         <BR>(WITH 401(K) PROVISIONS)</B>  </I></FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><A NAME="notes">NOTES TO FINANCIAL
STATEMENTS</A>  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DECEMBER 31, 2002 AND
2001  </FONT></P>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><i>NOTE
        1 &#150; DESCRIPTION OF PLAN </i></b></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following description of the
Guaranty Bancshares, Inc. Employee Stock Ownership Plan (With 401(k) Provisions) (Plan)
provides only general information. Participants should refer to the Plan agreement for a
more complete description of the Plan&#146;s provisions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>GENERAL </i></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Plan is a defined contribution
plan whereby eligible employees of Guaranty Bancshares, Inc. (Company) are permitted to
make contributions that are tax deferred under Section 401(k) of the Internal Revenue
Code. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>CONTRIBUTIONS</i>
        </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A participant may elect to defer a
percentage (up to 15% in 2001 and 100% in 2002) of his or her pretax compensation subject
to certain maximum limitations imposed by the Internal Revenue Code ($11,000 and $10,500
for 2002 and 2001, respectively). Pursuant to Internal Revenue Code 414(v), participants
that reach age 50 before the close of the 2002 plan year, can make catch-up contributions
and their elective deferral limitation for 2002 is $12,000. Participants may also make
eligible rollover contributions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company may make two types of
contributions to the Plan: (1) A Matching Contribution of any amount up to $1.00 for every
dollar of salary deferral a participant makes up to 4% of their compensation, and (2) An
Optional Contribution (discretionary contribution made by the Company as determined by the
Board of Directors). The Company contributions are made to Guaranty Bancshares, Inc. Stock
Fund and are non-participant directed. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>VESTING AND
        PARTICIPATION </i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Employees hired after January 1, 2001
that are compensated on an hourly basis are not eligible to participate in the Plan, as
amended. Employees hired after January 1, 2001 that are not compensated on an hourly basis
will become eligible to make elective deferrals on the first day of the month coinciding
with or following their date of employment. Prior to 2001, all employees became eligible
for participation upon completing one full year of service with at least 1,000 hours of
service, as defined by the Plan. During 2001, participants completing six consecutive
months of service in which they are credited with 500 hours of service will be eligible to
receive employer contributions on the January 1st or July 1st coincident with or following
the date eligibility is met. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Employees hired after January 1, 2002
become a participant eligible to receive allocations of employer matching contributions on
the January 1st or July 1st next following or coincident with the employees date of hire. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All participant contributions,
employer basic contributions and 25% of employer matching contributions for participants
employed prior to December 31, 1997 are fully vested and nonforfeitable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Employer optional contributions, 75%
of employer matching contributions for participants employed prior to December 31, 1997,
and 100% of employer matching contributions for participants employed after December 31,
1997 vest to participants upon the following schedule: </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Workstation" -->
</TD>
</TR>
</TABLE>
<BR>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=516>
  <TR VALIGN=Bottom>
    <TH width="14%">&nbsp;</TH>
    <TH width="33%" align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Participant&#146;s
      Years of Service</FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH width="6%">&nbsp;</TH>
    <TH width="30%">&nbsp;</TH>
    <TH width="17%" align="right"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Vested
      Percentage</FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=14% ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=33% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Less
      than three years</FONT></TD>
    <TD WIDTH=6% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=30% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=17% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="14%">&nbsp;</TD>
    <TD ALIGN=LEFT width="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Three
      years</FONT></TD>
    <TD ALIGN=LEFT width="6%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="30%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="14%">&nbsp;</TD>
    <TD ALIGN=LEFT width="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Four
      years</FONT></TD>
    <TD ALIGN=LEFT width="6%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="30%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="14%">&nbsp;</TD>
    <TD ALIGN=LEFT width="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Five
      years</FONT></TD>
    <TD ALIGN=LEFT width="6%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="30%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="14%">&nbsp;</TD>
    <TD ALIGN=LEFT width="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Six
      years</FONT></TD>
    <TD ALIGN=LEFT width="6%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="30%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="14%">&nbsp;</TD>
    <TD ALIGN=LEFT width="33%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Seven
      or more years</FONT></TD>
    <TD ALIGN=LEFT width="6%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="30%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="17%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Workstation" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Para Center 10" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">-6- </FONT> </P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Workstation" -->
</TD>
</TR>
</TABLE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Workstation" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>
      <!-- MARKER FORMAT-SHEET="Head Center Italic-TNR" FSL="Workstation" -->
      <P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>GUARANTY
        BANCSHARES, INC. EMPLOYEE STOCK <br>
        OWNERSHIP PLAN<br>
        (WITH 401(K) PROVISIONS) </B> </I></FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOTES TO FINANCIAL
STATEMENTS </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DECEMBER 31, 2002 AND
2001                       <BR>              CONTINUED  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><i>NOTE
        1 &#150; DESCRIPTION OF PLAN &#150; CONTINUED </i></b></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>VESTING AND
        PARTICIPATION</i> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Allocations of employer optional
contributions and matching contributions for the Plan year beginning after December 31,
2001 vest to participants upon the following schedule: </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Workstation" -->
</TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=540>
  <TR VALIGN=Bottom>
    <TH width="8%">&nbsp;</TH>
    <TH width="23%" align="left"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Participant&#146;s
      Years of Service</FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH width="46%">&nbsp;</TH>
    <TH width="0%">&nbsp;</TH>
    <TH align="right">&nbsp;</TH>
    <TH align="right"><font face="Times New Roman, Times, Serif" size=1>Vested
      Percentage</font>
      <hr size=1 width=100% NOSHADE>
    </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=8% ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=23% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Two
      years</FONT></TD>
    <TD WIDTH=46% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=0% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=4% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=19% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="8%">&nbsp;</TD>
    <TD ALIGN=LEFT width="23%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Three
      years</FONT></TD>
    <TD ALIGN=LEFT width="46%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="0%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="8%">&nbsp;</TD>
    <TD ALIGN=LEFT width="23%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Four
      years</FONT></TD>
    <TD ALIGN=LEFT width="46%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="0%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="8%">&nbsp;</TD>
    <TD ALIGN=LEFT width="23%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Five
      years</FONT></TD>
    <TD ALIGN=LEFT width="46%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="0%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>80</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="8%">&nbsp;</TD>
    <TD ALIGN=LEFT width="23%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Six
      years</FONT></TD>
    <TD ALIGN=LEFT width="46%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="0%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="4%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="19%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>100</FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>%</FONT></TD>
  </TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Workstation" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>


<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Upon death, retirement, or total
disability, participants are 100% vested in all employer contributions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>PARTICIPANT
        ACCOUNTS</i> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Each participant&#146;s account is
credited with any salary deferrals as well as an allocation of the Company&#146;s
contributions, Plan earnings and forfeitures of terminated participants&#146; non-vested
accounts, and charged with an allocation of administrative expenses. Allocations of the
Company optional contributions are based on a participant&#146;s compensation. Company
matching contributions are allocated based on a participant&#146;s salary deferrals. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The benefit to which a participant is
entitled is the benefit that can be provided from the vested portion of the
participant&#146;s account. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>PLAN ADMINISTRATION</i>
        </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Plan assets are held in the custody
of The Bank of New York. Certain Plan administrative duties, such as 5500 preparation,
compliance testing, preparation of quarterly statements, and enrollment and transaction
processing, are performed by Pentegra Services, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain other administrative
functions are performed by officers or employees of the Company. However, such officers
and employees receive no compensation from the Plan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>PARTICIPANTS&#146;
        INVESTMENT OPTIONS </i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Participants must direct their salary
deferral contributions to selected investments as made available and determined by the
Plan administrator. Participants may change their investment options once per calendar
quarter throughout the year via phone, paper document, or online access to Pentegra
Services, Inc. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>PARTICIPANT
        LOANS</i> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Plan allows participants to
borrow from their participant accounts in cases of immediate and heavy financial need as
defined by the Plan. In such cases, participants may borrow up to a maximum of the lessor
of $50,000 or 50% of their vested account balance. Interest rates and terms of the loans,
not to exceed five years, are determined by the committee of Trustees. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>FORFEITURES
        </i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Any portion of the balance in a
participant&#146;s account that is not vested will become a forfeiture upon the occurrence
of a break in service. Forfeitures may be reallocated among the remaining participants of
the Plan. During the year ended December 31, 2002, $24,900 in forfeitures were allocated
to participants and are included in the caption administrative expenses and other in the
statement of changes in net assets available for plan benefits. At December 31, 2002 and
2001, unallocated forfeitures amounted to $16,367 and $44,899, respectively. </FONT></P>
<BR>


<!-- MARKER FORMAT-SHEET="Para Center 10" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">-7- </FONT> </P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Workstation" -->
</TD>
</TR>
</TABLE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Workstation" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Center Italic-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>GUARANTY BANCSHARES,
INC. EMPLOYEE STOCK           <BR>                       OWNERSHIP PLAN<BR>
                            (WITH 401(K) PROVISIONS)</B>  </I></FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOTES TO FINANCIAL
STATEMENTS  </FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DECEMBER 31, 2002 AND
2001                          <BR>          CONTINUED  </FONT></P>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>NOTE 1 &#150;
        DESCRIPTION OF PLAN &#150; CONTINUED</b> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>PAYMENT OF
        BENEFITS </i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On termination of service,
participants may elect to receive an amount equal to the value of the participant&#146;s
vested interest in his or her account in whole shares of Company stock, cash or a
combination of both. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>PLAN AMENDMENT
        </i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During 2001, the Plan was amended to
change eligibility requirements for participation in the Plan, as mentioned in vesting and
participation. The Plan was amended and restated for the plan year beginning 2002 to
reflect certain provisions of the Economic Growth and Tax Relief Reconciliation Act of
2001. As mentioned in Note 4 a favorable determination letter was obtained by the Company
for these amendments. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>PLAN TERMINATION
        </i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Although it has not expressed any
intent to do so, the Company has the right under the Plan to discontinue its contributions
at any time and to terminate the Plan subject to the provisions of ERISA. In the event of
Plan termination, participants shall become 100% vested in their respective accounts. </FONT></P>

      <!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
      <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><i>NOTE 2 &#150;
        SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </i></b></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The financial statements of the Plan
are prepared under the accrual method of accounting in accordance with U. S. generally
accounting principles.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>ESTIMATES </i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The preparation of financial
statements requires the Custodian and the Trustee to make estimates and assumptions that
affect certain reported amounts and disclosures. Accordingly, actual results may differ
from those estimates. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>INVESTMENT
        VALUATION AND INVESTMENT INCOME </i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Plan&#146;s investments are
stated at fair value. Quoted market prices are used to value investments. Shares of
collective investment funds are valued at quoted market prices which represent the net
asset value of shares held by the Plan at year end. Purchases and sales of investments are
recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>BENEFITS PAID
        TO OR FOR PARTICIPANTS </i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Benefits are recorded when paid. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>ADMINISTRATIVE
        EXPENSES </i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Administrative expenses are paid by
the Plan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>PARTIES-IN-INTEREST
        </i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Parties-in-interest are defined under
Department of Labor regulations as any fiduciary to the Plan, any party rendering services
to the Plan, the employer, and certain others. As such, transactions conducted with
Guaranty Bancshares, Inc., The Bank of New York, and Pentegra Services, Inc. qualify as
exempt party-in-interest transactions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>RECLASSIFICATIONS
        </i></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain amounts previously reported
have been reclassified to conform to the current format. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Center 10" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">-8- </FONT> </P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Workstation" -->
</TD>
</TR>
</TABLE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Workstation" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>


<!-- MARKER FORMAT-SHEET="Head Center Italic-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><B>GUARANTY BANCSHARES,
INC. EMPLOYEE STOCK              <BR>                    OWNERSHIP PLAN<BR>
                            (WITH 401(K) PROVISIONS)        </B>               <BR></I></FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NOTES TO FINANCIAL
STATEMENTS  </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DECEMBER 31, 2002 AND
2001                                <BR>    CONTINUED  </FONT></P>

<BR>
      <!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
      <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><i>NOTE 3 &#150;
        INVESTMENTS</i></b> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Plans investments at December
31, 2002 and 2001 were as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Workstation" -->
</TD>
</TR>
</TABLE>
<BR>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1> </font></th>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2002</FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH width="20">&nbsp;</TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2001</FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH width="9">&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT WIDTH=414><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments
      in Collective Investment Funds:</FONT></TD>
    <TD ALIGN=LEFT WIDTH=4><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT WIDTH=28><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=11><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=54><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD ALIGN=LEFT WIDTH=20><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=7><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT WIDTH=53><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
    <TD ALIGN=LEFT WIDTH=9><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="414"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Participant
      directed:</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="28"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="414"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="28"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>410,691</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="7"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>426,171</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="414"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="28"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      2,508,135</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="7"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      2,450,664</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="414"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair
      value (including loans of $3,460 and $1,555 for</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="28"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,298,957</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="7"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,538,267</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="414"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002
      and 2001, respectively)</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="28"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="414">&nbsp;</TD>
    <TD ALIGN=LEFT width="4">&nbsp;</TD>
    <TD ALIGN=LEFT width="28">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="414"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investments
      in Guaranty Bancshares, Inc. Stock Fund:</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="28"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="414"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Participant
      directed:</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="28"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="414"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="28"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>136,181</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="7"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>125,276</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="414"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="28"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      1,333,164</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="7"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      1,124,641</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="414"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair
      value</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="28"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,630,830</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="7"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,944,076</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="414">&nbsp;</TD>
    <TD ALIGN=LEFT width="4">&nbsp;</TD>
    <TD ALIGN=LEFT width="28">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="414"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Non-participant
      directed:</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="28"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="414"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="28"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>267,056</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="7"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>253,436</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="414"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="28"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      2,614,392</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="7"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      2,267,756</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="414"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair
      value</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="28"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      5,159,169</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="7"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="53"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,932,896</FONT></TD>
    <TD ALIGN=LEFT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<BR>
<!-- MARKER FORMAT-SHEET="Page Width Begin" FSL="Workstation" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The fair values of investment at
December 31, 2002 and 2001 are summarized below. Investments that represent 5% or more of
the Plan&#146;s net assets are separately identified. </FONT></P>
<!-- MARKER FORMAT-SHEET="Page Width End" FSL="Workstation" -->
</TD>
</TR>
</TABLE>
<BR>




<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1> </font></th>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2002 </FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH width="20">&nbsp;</TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2001 </FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH width="16">&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=402 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Guaranty
      Bancshares, Inc. Stock Fund * </FONT></TD>
    <TD WIDTH=3 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=32 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=9 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD WIDTH=54 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      7,789,999</FONT></TD>
    <TD WIDTH=20 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=9 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD WIDTH=55 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      5,876,972</FONT></TD>
    <TD WIDTH=16 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402">&nbsp;</TD>
    <TD ALIGN=LEFT width="3">&nbsp;</TD>
    <TD ALIGN=LEFT width="32">&nbsp;</TD>
    <TD ALIGN=RIGHT width="9">&nbsp;</TD>
    <TD ALIGN=RIGHT width="54">&nbsp;</TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT width="9">&nbsp;</TD>
    <TD ALIGN=RIGHT width="55">&nbsp;</TD>
    <TD ALIGN=LEFT width="16">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Money
      Market Fund</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="32"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>235,110</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>258,948</FONT></TD>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Stable
      Value Fund</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="32"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>239,981</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>201,138</FONT></TD>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Government
      Bond Fund</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="32"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>121,507</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>148,368</FONT></TD>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S&amp;P
      500 Stock Fund</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="32"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>480,308</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>549,911</FONT></TD>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S&amp;P
      400 MidCap Stock Fund</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="32"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>315,480</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>347,778</FONT></TD>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>International
      Stock Fund</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="32"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30,073</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33,215</FONT></TD>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income
      Plus Fund</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="32"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>134,163</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>160,945</FONT></TD>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Growth
      and Income Fund</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="32"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>247,096</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>273,714</FONT></TD>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Growth
      Fund</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="32"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>324,254</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>399,188</FONT></TD>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S&amp;P
      500/Value Stock Fund</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="32"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,965</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60,138</FONT></TD>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S&amp;P
      500/Growth Stock Fund</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="32"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>76,328</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>77,192</FONT></TD>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Russell
      2000 Stock Fund</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="32"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,232</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26,277</FONT></TD>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402">&nbsp;</TD>
    <TD ALIGN=LEFT width="3">&nbsp;</TD>
    <TD ALIGN=LEFT width="32">&nbsp;</TD>
    <TD ALIGN=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </TD>
    <TD ALIGN=LEFT width="20">&nbsp;</TD>
    <TD ALIGN=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </TD>
    <TD ALIGN=LEFT width="16">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Total
      other collective investment funds</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="32"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,295,497</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,536,812</FONT></TD>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT width="402">&nbsp;</td>
    <td align=LEFT width="3">&nbsp;</td>
    <td align=LEFT width="32">&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </td>
    <td align=LEFT width="20">&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </td>
    <td align=LEFT width="16">&nbsp;</td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loans
      to participants (interest rates 5.75 - 10.5%)</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="32"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,460</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,555</FONT></TD>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT width="402">&nbsp;</td>
    <td align=LEFT width="3">&nbsp;</td>
    <td align=LEFT width="32">&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </td>
    <td align=LEFT width="20">&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1 width=100% NOSHADE>
    </td>
    <td align=LEFT width="16">&nbsp;</td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="402"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;Total</FONT></TD>
    <TD ALIGN=LEFT width="3"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="32"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      10,088,956</FONT></TD>
    <TD ALIGN=LEFT width="20"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="9"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      8,415,339</FONT></TD>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT width="402">&nbsp;</td>
    <td align=LEFT width="3">&nbsp;</td>
    <td align=LEFT width="32">&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=2 width=100% NOSHADE>
    </td>
    <td align=LEFT width="20">&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=2 width=100% NOSHADE>
    </td>
    <td align=LEFT width="16">&nbsp;</td>
  </tr>
</TABLE>
<BR>


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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> A portion
of which is non-participant directed (see Note 1). </FONT></TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><i>NOTE
        4 &#150; TAX STATUS </i></b></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Internal Revenue Service has
determined and informed the Company by letter dated April 1, 2003, that the Plan is
designed in accordance with applicable sections of the Internal Revenue Code (IRC). </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Center 10" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">-9- </FONT> </P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

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</TD>
</TR>
</TABLE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>


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      <P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><i><A NAME="schedules">SUPPLEMENTAL
        SCHEDULES </A></i></b></FONT></P>


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

<HR SIZE=5 COLOR=GRAY NOSHADE>

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</TD>
</TR>
</TABLE>

<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD align="left"> <BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
      <P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Schedule
        I </i></FONT></P>

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      <P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><b>GUARANTY
        BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN <BR>
        (WITH 401(k) PROVISIONS)</b></I></FONT></P>


      <P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> SCHEDULE
        H, PART IV, 4(I) - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES<br>
        <BR>
        DECEMBER 31, 2002 </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name of Plan Sponsor:  Guaranty
Bancshares, Inc. <BR>Employer Identification Number:  75-1656431 <BR>Three Digit Plan Number:
  001 </FONT></P>
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</TD>
</TR>
</TABLE>
<BR>



<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(a) </font></th>
    <TH width="4">&nbsp;</TH>
    <TH width="4">&nbsp;</TH>
    <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Identity<BR>
      (b) of Issuer </font></th>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Description<BR>
      (c) of Investment </font></th>
    <TH>&nbsp;</TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>(d) Cost </font></th>
    <TH width="11">&nbsp;</TH>
    <TH COLSPAN=2><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Current<BR>
      (e) Value </font></th>
    <TH width="13">&nbsp;</TH>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT width="16">
      <hr size=1>
    </td>
    <td align=LEFT width="4">&nbsp;&nbsp;&nbsp;</td>
    <td align=LEFT width="4">&nbsp;</td>
    <td align=LEFT width="265">
      <hr size=1>
    </td>
    <td align=LEFT width="4">&nbsp;</td>
    <td align=LEFT width="4">&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT width="11">&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT width="13">&nbsp;</td>
  </tr>
  <TR VALIGN=Bottom>
    <TD WIDTH=16 ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=4 ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=4 ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=265 ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=4 ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=4 ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=47 ALIGN=RIGHT>&nbsp;</TD>
    <TD WIDTH=79 ALIGN=RIGHT>&nbsp;</TD>
    <TD WIDTH=17 ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=14 ALIGN=left>&nbsp;</TD>
    <TD WIDTH=55 ALIGN=RIGHT>&nbsp;</TD>
    <TD WIDTH=11 ALIGN=LEFT>&nbsp;</TD>
    <TD WIDTH=13 ALIGN=left>&nbsp;</TD>
    <TD WIDTH=54 ALIGN=right>&nbsp;</TD>
    <TD WIDTH=13 ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=16 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=4 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=265 ALIGN=LEFT><i><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Guaranty
      Bancshares, Inc</FONT></b></i></TD>
    <TD WIDTH=4 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=47 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=79 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      </FONT></TD>
    <TD WIDTH=17 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=14 ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=55 ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      </FONT></TD>
    <TD WIDTH=11 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=13 ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=54 ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      </FONT></TD>
    <TD WIDTH=13 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;*</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Guaranty
      Bancshares, Inc. Stock Fund</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <td align=RIGHT width="79"><font face="Times New Roman, Times, Serif" size=2>403,237
      units</font></td>
    <td align=LEFT width="17"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left width="14"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=RIGHT width="55"><font face="Times New Roman, Times, Serif" size=2>
      3,947,556</font></td>
    <td align=LEFT width="11"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td align=left width="13"><font face="Times New Roman, Times, Serif" size=2>$</font></td>
    <td align=right width="54"><font face="Times New Roman, Times, Serif" size=2>
      7,789,999</font></td>
    <td align=LEFT width="13"><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16">&nbsp;</TD>
    <TD ALIGN=LEFT width="4">&nbsp;</TD>
    <TD ALIGN=LEFT width="4">&nbsp;</TD>
    <TD ALIGN=LEFT width="265">&nbsp;</TD>
    <TD ALIGN=LEFT width="4">&nbsp;</TD>
    <TD ALIGN=LEFT width="4">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><i><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;
      </FONT></b></i></TD>
    <TD ALIGN=LEFT width="4"><i><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></i></TD>
    <TD ALIGN=LEFT width="4"><i><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></b></i></TD>
    <TD ALIGN=LEFT width="265"><i><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pentegra
      Group:</FONT></b></i></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;*</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Money
      Market Fund</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="79"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>235,110
      units</FONT></TD>
    <TD ALIGN=LEFT width="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>235,110</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>235,110</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;*</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Stable
      Value Fund</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="79"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17,093
      units</FONT></TD>
    <TD ALIGN=LEFT width="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>209,249</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>239,981</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;*</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Government
      Bond Fund</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="79"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,064
      units</FONT></TD>
    <TD ALIGN=LEFT width="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>92,792</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>121,507</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;*</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S
      &amp; P 500 Stock Fund</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="79"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40,227
      units</FONT></TD>
    <TD ALIGN=LEFT width="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>611,037</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>480,308</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;*</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S
      &amp; P 400 MidCap Stock Fund</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="79"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19,792
      units</FONT></TD>
    <TD ALIGN=LEFT width="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>312,916</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>315,480</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;*</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>International
      Stock Fund</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="79"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,343
      units</FONT></TD>
    <TD ALIGN=LEFT width="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36,422</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30,073</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;*</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Income
      Plus Fund</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="79"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10,400
      units</FONT></TD>
    <TD ALIGN=LEFT width="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>119,059</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>134,163</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;*</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Growth
      and Income Fund</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="79"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20,994
      units</FONT></TD>
    <TD ALIGN=LEFT width="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>260,673</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>247,096</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;*</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Growth
      Fund</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="79"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31,542
      units</FONT></TD>
    <TD ALIGN=LEFT width="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>396,233</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>324,254</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;*</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S
      &amp; P 500/Value Stock Fund</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="79"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8,391
      units</FONT></TD>
    <TD ALIGN=LEFT width="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>83,008</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>66,965</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;*</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>S
      &amp; P 500/Growth Stock Fund</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="79"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11,671
      units</FONT></TD>
    <TD ALIGN=LEFT width="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>118,674</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>76,328</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;*</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Russell
      2000 Stock Fund</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="79"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,603
      units</FONT></TD>
    <TD ALIGN=LEFT width="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29,502</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24,232</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16">&nbsp;</TD>
    <TD ALIGN=LEFT width="4">&nbsp;</TD>
    <TD ALIGN=LEFT width="4">&nbsp;</TD>
    <TD ALIGN=LEFT width="265">&nbsp;</TD>
    <TD ALIGN=LEFT width="4">&nbsp;</TD>
    <TD ALIGN=LEFT width="4">&nbsp;</TD>
    <TD ALIGN=RIGHT width="47">&nbsp;</TD>
    <TD ALIGN=RIGHT width="79">&nbsp;</TD>
    <TD ALIGN=LEFT width="17">&nbsp;</TD>
    <TD ALIGN=left colspan="2">
      <hr size=1>
    </TD>
    <TD ALIGN=LEFT width="11">&nbsp;</TD>
    <TD ALIGN=left colspan="2">
      <hr size=1>
    </TD>
    <TD ALIGN=LEFT width="13">&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;
      </FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      </FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="79"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      </FONT></TD>
    <TD ALIGN=LEFT width="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,504,675</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,295,497</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT width="16">&nbsp;</td>
    <td align=LEFT width="4">&nbsp;</td>
    <td align=LEFT width="4">&nbsp;</td>
    <td align=LEFT width="265">&nbsp;</td>
    <td align=LEFT width="4">&nbsp;</td>
    <td align=LEFT width="4">&nbsp;</td>
    <td align=RIGHT width="47">&nbsp;</td>
    <td align=RIGHT width="79">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=left colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT width="11">&nbsp;</td>
    <td align=left colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT width="13">&nbsp;</td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;*</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Loans
      to participants</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="79"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      </FONT></TD>
    <TD ALIGN=LEFT width="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#151;
      </FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=right width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3,460</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT width="16">&nbsp;</td>
    <td align=LEFT width="4">&nbsp;</td>
    <td align=LEFT width="4">&nbsp;</td>
    <td align=LEFT width="265">&nbsp;</td>
    <td align=LEFT width="4">&nbsp;</td>
    <td align=LEFT width="4">&nbsp;</td>
    <td align=RIGHT width="47">&nbsp;</td>
    <td align=RIGHT width="79">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=left colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT width="11">&nbsp;</td>
    <td align=left colspan="2">
      <hr size=1>
    </td>
    <td align=LEFT width="13">&nbsp;</td>
  </tr>
  <TR>
    <TD COLSPAN=15>&nbsp; </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;
      </FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total
      investments</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="79"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      </FONT></TD>
    <TD ALIGN=LEFT width="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      6,452,231</FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=left width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>$</FONT></TD>
    <TD ALIGN=right width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      10,088,956</FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr valign=Bottom>
    <td align=LEFT width="16">&nbsp;</td>
    <td align=LEFT width="4">&nbsp;</td>
    <td align=LEFT width="4">&nbsp;</td>
    <td align=LEFT width="265">&nbsp;</td>
    <td align=LEFT width="4">&nbsp;</td>
    <td align=LEFT width="4">&nbsp;</td>
    <td align=RIGHT width="47">&nbsp;</td>
    <td align=RIGHT width="79">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=RIGHT colspan="2">
      <hr size=2 noshade>
    </td>
    <td align=LEFT width="11">&nbsp;</td>
    <td align=left colspan="2">
      <hr size=2 noshade>
    </td>
    <td align=LEFT width="13">&nbsp;</td>
  </tr>
  <TR>
    <TD COLSPAN=15>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT width="16"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      </FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="265"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*
      Parties-in-interest to Plan.</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=LEFT width="4"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="47"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="79"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      </FONT></TD>
    <TD ALIGN=LEFT width="17"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="55"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      </FONT></TD>
    <TD ALIGN=LEFT width="11"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD ALIGN=RIGHT width="54"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
      </FONT></TD>
    <TD ALIGN=LEFT width="13"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
</TABLE>

<BR>

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<TR VALIGN=TOP>
<TD>
<BR>

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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">-11- </FONT> </P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

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</TD>
</TR>
</TABLE>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<BR>

<!-- MARKER FORMAT-SHEET="Head Right-TNR" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><i>Schedule         II</i> </FONT></P>


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      <P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I><b>GUARANTY
        BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN <BR>
        (WITH 401(k) PROVISIONS) </b></I></FONT></P>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULE H, PART IV,
4(J) - SCHEDULE OF REPORTABLE TRANSACTIONS </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>YEAR ENDED DECEMBER 31,
2002  </FONT></P>

<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name of Plan Sponsor:  Guaranty
Bancshares, Inc.<BR> Employer Identification Number:  75-1656431<BR> Three Digit Plan Number:
  001 </FONT></P>
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</TD>
</TR>
</TABLE>
<BR>







<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=700>
  <TR VALIGN=Bottom>
    <TH nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Identity of<BR>
      (a) Party Involved </FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH nowrap>&nbsp;</TH>
    <TH nowrap>&nbsp;</TH>
    <TH nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Description<BR>
      (b) of Asset </FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH nowrap>&nbsp;</TH>
    <TH COLSPAN=2 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Purchase<BR>
      (c) Price </FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH nowrap>&nbsp;</TH>
    <TH COLSPAN=2 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Selling<BR>
      (d) Price </FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH nowrap>&nbsp;</TH>
    <TH COLSPAN=2 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Lease<BR>
      (e) Rental </FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH nowrap>&nbsp;</TH>
    <TH COLSPAN=2 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Expense<BR>
      Incurred<BR>
      with<BR>
      (f) Transaction </FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH nowrap>&nbsp;</TH>
    <TH COLSPAN=2 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Cost
      of<BR>
      (g) Asset </FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH nowrap>&nbsp;</TH>
    <TH COLSPAN=2 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Current<BR>
      Value on<BR>
      Transaction<BR>
      (h) Date </FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH nowrap>&nbsp;</TH>
    <TH COLSPAN=2 nowrap><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Net<br>
      Gain or<BR>
      (i) (loss) </FONT>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">Guaranty
      Bancshares, Inc.</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">Common
      Stock</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">$</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">
      559,830</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">$</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">
      &#151;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN=left nowrap><font face="Times New Roman, Times, serif" size="2">$</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&#151;
      </font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN=left nowrap><font face="Times New Roman, Times, serif" size="2">$</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&#151;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">$</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&#151;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN=left nowrap><font face="Times New Roman, Times, serif" size="2">$</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">
      559,830</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN=left nowrap><font face="Times New Roman, Times, serif" size="2">$</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&#151;
      </font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;11
      purchases</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2"></font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2"></font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font size="2"></font></TD>
    <TD ALIGN=LEFT nowrap><font size="2"></font></TD>
    <TD ALIGN=LEFT nowrap><font size="2"></font></TD>
    <TD ALIGN=LEFT nowrap><font size="2"></font></TD>
    <TD ALIGN=LEFT nowrap><font size="2"></font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">Guaranty
      Bancshares, Inc.</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">Collective
      Short-term</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Investment
      Fund</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;55
      purchases</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">778,527</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&#151;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&#151;
      </font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&#151;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&#151;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">778,527</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&#151;
      </font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;45
      sales</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&#151;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">828,291</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&#151;
      </font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&#151;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">828,291</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&#151;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></TD>
    <TD ALIGN=RIGHT nowrap><font face="Times New Roman, Times, serif" size="2">&#151;
      </font></TD>
  </TR>
</TABLE>
<BR>
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<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">-12- </FONT> </P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Plan, Pursuant to the
requirements of the Securities Exchange Act of 1934, the trustees (or other persons who
administer the employee benefit plan) have duly caused this annual report to be signed in
its behalf by the undersigned hereunto duly authorized. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>June 17, 2003 </FONT></P>

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</TD>
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<TD ALIGN=LEFT WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>GUARANTY BANCSHARES, INC. <BR>EMPLOYEE OWNERSHIP<BR> PLAN (WITH 401(K) PROVISIONS)</FONT></TD>
</TR>
</TABLE>
<BR>





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<TD ALIGN=LEFT WIDTH=40%><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>/s/ Bill G. Jones</B><BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>Bill G. Jones<BR>
Trustee</FONT></FONT></TD>
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<BR>
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<TD ALIGN=LEFT WIDTH=40%><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>/s/ Clifton A. Payne</B><BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>Clifton A. Payne<BR>
Trustee</FONT></FONT></TD>
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</TABLE>
<BR>
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<TD ALIGN=LEFT WIDTH=40%><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>/s/ Weldon Miller</B><BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>Weldon Miller<BR>
Trustee</FONT></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD ALIGN=LEFT WIDTH=40%><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>/s/ Kirk Lee</B><BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>Kirk Lee<BR>
Trustee</FONT></FONT></TD>
</TR>
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<BR>









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<TD ALIGN=LEFT WIDTH=40%><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>/s/ Richard Perryman</B><BR>
&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>Richard Perryman<BR>
Trustee</FONT></FONT></TD>
</TR>
</TABLE>
<BR>


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

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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">NUMBER</FONT></FONT> </TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
<TD WIDTH=87% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">EXHIBIT</FONT></FONT></TD>
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<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.1 </FONT></TD>
<TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
<TD WIDTH=84% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent from Henry &amp; Peters, P.C. </FONT></TD>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>d56080_ex23-1.htm
<DESCRIPTION>CONSENT
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+ 1.2b) -->
     <!-- Project:        X:\JOBS\03-56080\d03-56080.eep                                   -->
     <!-- Control Number: 03-56080                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    Guaranty Bancshares, Inc.                                        -->
     <!-- Project Name:   Form Type: 11-K                                                  -->
     <!-- Firm Name:      Guaranty Bancshares, Inc. (ADP)                                  -->
     <TITLE>Guaranty Bancshares, Inc. (ADP)</TITLE>
</HEAD>
<BODY>
<BR>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EXHIBIT 23.1 </B></FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONSENT OF INDEPENDENT
AUDITORS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We hereby consent to the
incorporation by reference in the Registration Statement on Form S-8 of Guaranty
Bancshares, Inc. (File No. 333-77783) of our report dated May&nbsp;19, 2003 on our audit
of the financial statements of the Guaranty Bancshares, Inc. Employee Stock Ownership Plan
(With 401(k) Provisions) as of December 31, 2002 and for the year ended December 31, 2002,
which is included in this Annual Report on Form 11-K. </FONT></P>
<BR>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ HENRY &amp; PETERS,
P.C. </FONT></H1>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tyler, Texas<BR>June 12,
2003 </FONT></P>
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</SEC-DOCUMENT>
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