WASHINGTON, D.C. 20549

                                    FORM 8-K

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

        Date of Report (Date of earliest event reported): April 22, 1999

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

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

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

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


ITEM 5. OTHER EVENTS. On April 22, 1999, the registrant issued a press release, a copy of which is included herewith as Exhibit 99. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. The following material is filed as an exhibit to this Current Report on Form 8-K: EXHIBIT NUMBER DESCRIPTION OF EXHIBIT ------ ---------------------- 99 Press release issued by Guaranty Bancshares, Inc. on April 22, 1999. 2-

SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GUARANTY BANCSHARES, INC. By: /s/ ARTHUR B. SCHARLACH, JR. Arthur B. Scharlach, Jr. President Dated: May 11, 1999 3-

EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION ------ ----------- 99 Press release issued by Guaranty Bancshares, Inc. on April 22, 1999 4-

                           PITTSBURG, TEXAS LOCATION


MT. PLEASANT, TEXAS (April 22, 1999) - Guaranty Bancshares, Inc. (Nasdaq:
GNTY), the parent company of Guaranty Bank, announced today that they have
received regulatory approval from the Texas Department of Banking and the
Federal Deposit Insurance Corporation to open a new full-service banking
facility in Pittsburg, Texas. Guaranty Bank - Pittsburg will be located on
property purchased at 116 S. Greer Boulevard in Pittsburg.

Bruce T. Harwell will oversee the new bank. Harwell has over 16 years experience
in banking including lending experience for consumer, commercial, and mortgage
lending. He has a bachelor's and master's degree from East Texas State
University and is a graduate of the Louisiana State University School of

As of March 31, 1999, Guaranty Bank, chartered in 1913, reported $197.0 million
in loans, an increase of $34.0 million or 20.8% over the last 12 months. Art
Schlarlach, President of Guaranty Bancshares commented, "Guaranty Bank continues
to have a strong commitment to community banking and to remain independent
through our ongoing expansion program of diversification of markets and customer
base. We are proud to open our eighth location and are pleased to have Bruce
associated with Guaranty Bank - Pittsburg."

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

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

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

For further information contact:

Arthur B. Scharlach, Jr., President             903/ 572-9881
Clifton A. Payne, Sr. Vice President            903/ 572-9881