SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(MARK ONE)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________ to ________________.
Commission File Number: 000-23113
A. FULL TITLE OF THE PLAN AND THE ADDRESS OF THE PLAN, IF DIFFERENT FROM
THAT OF THE ISSUER NAMED BELOW:
GUARANTY BANCSHARES, INC. EMPLOYEE
STOCK OWNERSHIP PLAN (WITH 401(K) PROVISIONS)
B. NAME OF ISSUER OF THE SECURITIES HELD PURSUANT TO THE PLAN AND THE
ADDRESS OF ITS PRINCIPAL EXECUTIVE OFFICE:
GUARANTY BANCSHARES, INC.
100 WEST ARKANSAS
MOUNT PLEASANT, TEXAS 75455
<PAGE>
GUARANTY BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN WITH 401 (k) PROVISIONS
INDEX
PAGE
Independent Auditor's Report 1
Statements of Net Assets Available for Plan Benefits
As of December 31, 1999 and December 31, 1998 2-3
Statements of Changes in Net Assets Available for Plan Benefits
For the years ended December 31, 1999 and December 31, 1998 4-5
Notes to Financial Statements
For the years ended December 31, 1999 and December 31, 1998 6-10
Supplemental Schedule of Assets Held for Investment Purposes 11
Supplemental Schedule of Reportable Transactions 12
<PAGE>
[ARNOLD, WALKER, ARNOLD & CO. LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To the Administrator of the
Guaranty Bancshares, Inc.
Employee Stock Ownership Plan
with 401 (k) Provisions
We were engaged to audit the accompanying financial statements and supplemental
schedules of the Guaranty Bancshares, Inc. Employee Stock Ownership Plan with
401 (k) Provisions (the "Plan") as of December 31, 1999, and 1998, and for the
years then ended, as listed in the accompanying index. These financial
statements and supplemental schedules are the responsibility of the Plan's
management.
As permitted by 29 CFR 2520.103-8 of the Department of Labor Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974 ("ERISA"), the plan administrator instructed us not to
perform, and we did not perform, any auditing procedures with respect to the
information summarized in Note 6, which was certified by the Bank of New York,
the asset custodian of the Plan, except for comparing such information with the
related information included in the financial statements and supplemental
schedules. We have been informed by the plan administrator that the asset
custodian holds the Plan's investment assets and executes investment
transactions. The plan administrator has obtained a certification from the asset
custodian as of and for the years ended December 31, 1999 and 1998, that the
information provided to the plan administrator by the asset custodian is
complete and accurate.
Because of the significance of the information that we did not audit, we are
unable to, and do not, express an opinion on the accompanying financial
statements and supplemental schedules taken as a whole. The form and content of
the information included in the financial statements and supplemental schedules,
other than that derived from the information certified by the asset custodian,
have been audited by us in accordance with generally accepted auditing standards
and, in our opinion, are presented in compliance with the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974.
/s/ ARNOLD, WALKER, ARNOLD & CO.
Arnold, Walker, Arnold & Co., P.C.
July 3, 2000
<PAGE>
GUARANTY BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
(WITH 401(k) PROVISIONS)
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
DECEMBER 31, 1999 AND 1998
<TABLE>
<CAPTION>
DECEMBER 31, 1999
--------------------------------------
NON-
PARTICIPANT PARTICIPANT
DIRECTED DIRECTED TOTAL
----------- ----------- ---------
<S> <C> <C> <C>
ASSETS
Investments at Fair Value:
Guaranty Bancshares, Inc. Common Stock ..... 1,628,025 2,442,038 4,070,063
Common Collective Trusts ................... 2,546,877 113,876 2,660,753
----------- ----------- ---------
TOTAL INVESTMENTS ........................ 4,174,902 2,555,914 6,730,816
----------- ----------- ---------
TOTAL ASSETS ............................. 4,174,902 2,555,914 6,730,816
----------- ----------- ---------
LIABILITIES
Participant benefits payable ............... 414 622 1,036
----------- ----------- ---------
TOTAL LIABILITIES ........................ 414 622 1,036
----------- ----------- ---------
NET ASSETS AVAILABLE FOR PLAN BENEFITS ..... 4,174,488 2,555,292 6,729,780
=========== =========== =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
-2-
<PAGE>
GUARANTY BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
(WITH 401(k) PROVISIONS)
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (CONTINUED)
DECEMBER 31, 1999 AND 1998
DECEMBER 31, 1998
-------------------------------------
NON-
PARTICIPANT PARTICIPANT
DIRECTED DIRECTED TOTAL
----------- ----------- ---------
ASSETS
Investments at Fair Value:
Guaranty Bancshares, Inc. Common Stock 1,420,521 2,221,838 3,642,359
Common Collective Trusts ............. 2,015,197 92,801 2,107,998
----------- ----------- ---------
TOTAL INVESTMENTS .................. 3,435,718 2,314,639 5,750,357
----------- ----------- ---------
TOTAL ASSETS ....................... 3,435,718 2,314,639 5,750,357
----------- ----------- ---------
LIABILITIES
Participant benefits payable ......... 6,842 10,701 17,543
----------- ----------- ---------
TOTAL LIABILITIES .................. 6,842 10,701 17,543
----------- ----------- ---------
NET ASSETS AVAILABLE FOR PLAN BENEFITS 3,428,876 2,303,938 5,732,814
=========== =========== =========
The accompanying notes are an integral part of these financial statements.
-3-
<PAGE>
GUARANTY BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
(WITH 401(k) PROVISIONS)
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<CAPTION>
DECEMBER 31, 1999
-------------------------------------
NON-
PARTICIPANT PARTICIPANT
DIRECTED DIRECTED TOTAL
----------- ----------- ---------
<S> <C> <C> <C>
Additions to Net Assets Attributed to:
Investment income
Net investment gain (loss) .............. 364,278 94,642 458,920
Interest and dividends .................. 58,010 68,433 126,443
----------- ----------- ---------
TOTAL INVESTMENT INCOME ............... 422,288 163,075 585,363
----------- ----------- ---------
Contributions:
Employee Salary Deferral Contributions .. 278,250 -- 278,250
Employee Rollover Contributions ......... 10,812 -- 10,812
Employer Matching Contributions ......... -- 152,634 152,634
Employer Optional Contributions ......... 141,592 -- 141,592
----------- ----------- ---------
TOTAL CONTRIBUTIONS ................... 430,654 152,634 583,288
----------- ----------- ---------
TOTAL ADDITIONS ......................... 852,942 315,709 1,168,651
----------- ----------- ---------
Deductions from Net Assets Attributed to:
Benefits Paid to Participants ........... 73,918 37,559 111,477
Administrative Expenses ................. 33,412 26,796 60,208
----------- ----------- ---------
TOTAL DEDUCTIONS ........................ 107,330 64,355 171,685
----------- ----------- ---------
NET INCREASE PRIOR TO
INTERFUND TRANSFERS ................... 745,612 251,354 996,966
Interfund Transfers ..................... -- -- --
----------- ----------- ---------
NET INCREASE (DECREASE) ................. 745,612 251,354 996,966
Net Assets Available for Plan Benefits:
Beginning of Year ..................... 3,428,876 2,303,938 5,732,814
----------- ----------- ---------
End of Year ........................... 4,174,488 2,555,292 6,729,780
=========== =========== =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
-4-
<PAGE>
GUARANTY BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
(WITH 401(k) PROVISIONS)
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (CONTINUED)
YEARS ENDED DECEMBER 31, 1999 AND 1998
<TABLE>
<CAPTION>
DECEMBER 31, 1998
----------------------------------------
NON-
PARTICIPANT PARTICIPANT
DIRECTED DIRECTED TOTAL
----------- ----------- ----------
<S> <C> <C> <C>
Additions to Net Assets Attributed to:
Investment income
Net investment gain (loss) .............. 71,804 (168,649) (96,845)
Interest and dividends .................. 99,056 61,316 160,372
----------- ----------- ----------
TOTAL INVESTMENT INCOME (LOSS) ........ 170,860 (107,333) 63,527
----------- ----------- ----------
Contributions:
Employee Salary Deferral Contributions .. 256,499 -- 256,499
Employee Rollover Contributions ......... 3,889 -- 3,889
Employer Matching Contributions ......... -- 141,295 141,295
Employer Optional Contributions ......... -- 125,771 125,771
----------- ----------- ----------
TOTAL CONTRIBUTIONS ................... 260,388 267,066 527,454
----------- ----------- ----------
TOTAL ADDITIONS ......................... 431,248 159,733 590,981
----------- ----------- ----------
Deductions from Net Assets Attributed to:
Benefits Paid to Participants ........... 305,569 82,003 387,572
Administrative Expenses ................. 13,477 8,191 21,668
----------- ----------- ----------
TOTAL DEDUCTIONS ........................ 319,046 90,194 409,240
----------- ----------- ----------
NET INCREASE PRIOR TO
INTERFUND TRANSFERS ................... 112,202 69,539 181,741
Interfund Transfers ..................... (159,103) 159,103 --
----------- ----------- ----------
NET INCREASE (DECREASE) ................. (46,901) 228,642 181,741
Net Assets Available for Plan Benefits:
Beginning of Year ..................... 3,475,777 2,075,296 5,551,073
----------- ----------- ----------
End of Year ........................... 3,428,876 2,303,938 5,732,814
=========== =========== ==========
</TABLE>
The accompanying notes are an integral part of these financial statements.
-5-
<PAGE>
GUARANTY BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN WITH 401 (k) PROVISIONS
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
NOTE 1. PLAN DESCRIPTION
The following description of the Guaranty Bancshares, Inc. and Guaranty
Bank, ("Company") 401 (k) Plan ("Plan") provides only general information.
Participants should refer to the Plan agreement for a more complete
description of the Plan's provisions.
General
The Plan is a defined contribution plan covering all employees of the
Company who are employed in a position requiring at least 1000 hours of
service during the plan year. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA) and the Internal
Revenue Code of 1986.
Contributions
The Company may make three types of contributions to the Plan: (1) Basic
Contributions (discretionary contributions made for all non-highly
compensated participants in order to satisfy the nondiscrimination
requirements of the Internal Revenue Code), (2) Matching Contributions
(Company matches up to a certain percentage of Salary Reduction
Contributions made by the participant), and (3) Optional Contributions
(additional discretionary contributions made by the Company as determined
by the Board of Directors).
The employee participant may make Salary Reduction Contributions and
eligible Rollover Contributions.
Participant accounts
Each participant's account is credited with any salary deferrals as well as
an allocation of (a) the Company's contribution, (b) Plan earnings and (c)
forfeitures of terminated participants' non-vested accounts. Allocations of
Company Basic and Optional Contributions is based on a participant's
compensation. Company Matching contributions are allocated based on a
participant's Salary Reduction Contributions. A participant must be
employed by the Company on December 31 of the Plan year to be eligible to
receive an allocation of Company Basic or Optional Contributions. The
Optional Account and 75% of the Match Account are subject to vesting
provisions. For those participants employed after December 31, 1997, 25% of
the Match Account additionally is subject to vesting provisions.
Vesting
Vesting is based on years of service. Vesting commences after three years
of credited service, at which time the participant is 20 percent vested. A
participant is 100 percent vested after seven years of credited service
from the date of employment. Upon death, retirement, or total disability a
participant is also 100 percent vested. A participant is always 100 percent
vested in any salary deferral, rollover, basic, and 25% of matching
contributions except for those employed after December 31, 1997 whose 25%
of matching contributions are subject to a schedule of vesting at the same
rate as mentioned at the opening of this caption.
Plan Administration
Effective January 1, 1998, certain Plan administration duties were
transferred to Pentegra Services, Inc. (Pentegra). Pentegra was contracted
to provide such administrative services as 5500 preparation, performance of
Top Heavy and Code Section 415 analysis, processing of all enrollments and
transactions, and preparation of quarterly member benefit statements and
fund performance summaries. All plan assets were transferred from Guaranty
Bank Trust Department to the custody of The Bank of New York during 1998.
-6-
<PAGE>
GUARANTY BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN WITH 401 (k) PROVISIONS
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
NOTE 1. PLAN DESCRIPTION - (Continued)
Investment options
Participants may direct employee contributions in multiples of 1 percent in
any of ten investment options.
MONEY MARKET FUND-Funds are invested in short-term investments
issued by banks, corporations, and the U.S. Government and its
Agencies. These investments include certificates of deposit and U.S.
Treasury bills.
STABLE VALUE FUND-Funds are invested primarily in Guaranteed
Investment Contracts (GICS) and Synthetic Guaranteed Investment
Contracts (SGICS). The Fund may also invest in Bank Investment
Contracts (BICS).
GOVERNMENT BOND FUND-Funds are invested in U.S. Treasury bonds with
a maturity of 20 years or more.
S&P 500 STOCK FUND-Funds are invested in the stocks of a broad array
of established U.S. companies.
S&P MIDCAP STOCK FUND-Funds are invested in the stocks of mid-size
U.S. companies.
INTERNATIONAL STOCK FUND-Funds are invested in over 1,000 foreign
stocks in 20 countries.
ASSET ALLOCATION FUND--INCOME PLUS-This fund invests approximately
80% of its portfolio in a combination of stable value investments
and U.S. bonds. The balance is invested in U.S. and international
stocks.
ASSET ALLOCATION FUND--GROWTH & INCOME-Funds are invested in U.S.
domestic and international stocks, U.S. domestic bonds, and stable
value investments.
ASSET ALLOCATION FUND--GROWTH-This fund invests the majority of its
assets in stocks-domestic as well as international. Approximately
55% of the portfolio is in the U.S. stock market. Approximately 20%
of the portfolio is in international stocks. The other 25% is
invested in a flexible component of U.S. stocks, bonds and money
market instruments.
GUARANTY BANCSHARES, INC. STOCK FUND-Funds are invested primarily in
company stock.
Payment of benefits
On termination of service, participants may elect to receive their benefits
in whole shares of Company stock, cash or a combination of both.
Forfeited accounts
Any portion of the final balances in a participant's accounts which is not
vested (and does not become a part of their Capital Accumulation) will
become a forfeiture upon the occurrence of a break in service. Forfeitures
may be reallocated among the remaining participants of the Plan. As of
December 31, 1999, the forfeitures account contained a balance of $9,055.
-7-
<PAGE>
GUARANTY BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN WITH 401 (k) PROVISIONS
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
NOTE 1. PLAN DESCRIPTION - (Continued)
Plan amendments
On August 26, 1999, the Plan was amended to entitle former Employees of
First American Bank in Sulphur Springs who are employed by Guaranty
Bancshares, Inc. and/or Guaranty Bank (collectively "Guaranty") to be
eligible to participate in the Plan based upon the Employees' original date
of employment with First American Bank in Sulphur Springs.
Former Employees of the First American Bank in Sulphur Springs who had
satisfied the Plan's eligibility requirements as of August 26, 1999 were
enrolled immediately in the Plan. Former Employees of the First American
Bank in Sulphur Springs who had not satisfied the Plan's eligibility
requirements as of August 26, 1999 will be enrolled in the Plan on the next
January 1st or July 1st, whichever the case may be, following the date that
the Employee completes one (1) full year of Service in which the Employee
is credited with at least 1,000 Hours of Service.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of accounting
The accompanying financial statements are prepared on the accrual basis of
accounting.
Investments
The Plan's investments are stated at fair value. Quoted market prices are
used to value investments. Shares of mutual 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 securities are recorded on a trade-date basis.
Dividends are recorded on the ex-dividend date.
Employer contributions
Employer Company contributions were accrued during the plan year to which
the contribution is attributed by the Employer Company's Board of
Directors.
Estimates
The preparation of financial statements in conformity with generally
accepted accounting principle requires the plan administrator to make
estimates and assumptions that affect certain reported amounts and
disclosures. Accordingly, actual results may differ from those estimates.
Payment of benefits
Benefits are recorded when paid.
-8-
<PAGE>
GUARANTY BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN WITH 401 (k) PROVISIONS
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
NOTE 3. PLAN TERMINATION
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 will become 100 percent vested in their
respective accounts.
NOTE 4. INCOME TAX STATUS
The Internal Revenue Service has ruled that the Plan qualifies under
Section 401(a) of the Internal Revenue Code and, therefore, the Plan's
trust is not subject to tax under present income tax laws.
NOTE 5. RELATED PARTY TRANSACTIONS
During 1999 and 1998 the Plan purchased 30,126 shares, and 61,983 shares of
employer securities at a cost of $302,504 and $865,110 respectively.
NOTE 6. INFORMATION CERTIFIED BY ASSET CUSTODIAN
The corporate trustee of the Plan holds the Plan's investment assets and
executes transactions therein. Financial information relating to those
assets is included in the accompanying financial statements based on
information provided by the trustee. That information, which has not been
audited by independent accountants, is summarized as follows:
FAIR VALUE OF ACCOUNT AS OF DECEMBER 31, 1999 1998
---------------------------------------------------- ---------- ----------
The Bank of New York
Money Market Fund .................................. 247,566 245,443
Stable Value Fund .................................. 116,810 69,350
Government Bond Fund ............................... 74,138 104,319
S&P 500Stock Fund .................................. 568,520 400,825
S&P Midcap Stock Fund .............................. 205,432 143,768
International Stock Fund ........................... 28,270 22,490
Asset Allocation Fund-Income Plus .................. 220,391 220,438
Asset Allocation Fund-Growth & Income .............. 226,199 169,316
Asset Allocation Fund-Growth ....................... 749,975 579,917
Stock Fund ......................................... 4,292,479 3,776,948
---------- ----------
Total ............................................ 6,729,780 5,732,814
========== ==========
NET INCREASE IN THE ACCOUNT FOR THE YEAR
ENDED DECEMBER 31, 1999 1998
---------------------------------------------------- ---------- ----------
Net unrealized appreciation (depreciation) in assets 453,953 (235,857)
Net income received ................................ 131,410 299,384
Deferrals and contributions received during the year 583,288 527,454
Benefits paid directly to participants ............. (111,477) (387,572)
Administrative expenses ............................ (60,208) (21,668)
---------- ----------
Net increase ....................................... 996,966 181,741
Beginning total .................................... 5,732,814 5,551,073
---------- ----------
Ending total ....................................... 6,729,780 5,732,814
========== ==========
-9-
<PAGE>
GUARANTY BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN WITH 401 (k) PROVISIONS
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
NOTE 7. INVESTMENTS
The following tables present the fair values of investments at December 31,
1999 and 1998. Investments that represent 5 percent or more of the Plan's
net assets are separately identified. Also presented is the Plan's
investments' appreciated values for the years then ended.
DECEMBER 31,
-----------------------
1999 1998
--------- ---------
Investments at Fair Value as Determined by
Quoted Market Price
Common Stocks:
Guaranty Bancshares, Inc. Common Stock,
434,140 and 407,514 shares, respectively ......... 4,070,063 3,642,359
Pooled Funds & Mutual Funds ........................ 2,660,753 2,107,998
--------- ---------
6,730,816 5,750,357
========= =========
-10-
<PAGE>
SUPPLEMENTARY INFORMATION
<PAGE>
GUARANTY BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
(WITH 401 (k) PROVISIONS)
LINE 27A-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1999
EIN#75-1656431 PLAN #001
<TABLE>
<CAPTION>
(a) (b) (c) (d)
Description of investment including maturity
Identity of issue, borrower, date, rate of interest, collateral, par or
lessor, or similar party maturity value Cost Current value
---------------------------- --------------------------------------------- ----------- -------------
<S> <C> <C> <C>
Money Market Fund Participation in pooled separate account
which invests in money market obligations
(CD's) and short-term U.S. government
debt issues. 247,566 247,566
Stable Value Fund Participation in pooled separate account
which invests in Guaranteed Investment
Contracts (GICS), Synthetic Guaranteed
Investment Contracts (SGICS), and Bank
Investment Contracts (BICS) 109,577 116,810
Government Bond Fund Participation in pooled separate account
which invests in long-term U.S.
government debt issues. 73,530 74,138
S&P 500 Stock Fund Participation in pooled separate account
which invests in common stocks 438,829 568,520
S&P Midcap Fund Participation in pooled separate account
which invests in common stocks 172,671 205,432
International Stock Fund Participation in pooled separate account
which invests in foreign common stocks 21,868 28,270
Asset Allocation Participation in pooled separate account
Fund--Income Plus which invests mainly in Stable Value
investments and U.S. government debt issues 196,660 220,391
Asset Allocation Participation in pooled separate account
Fund--Growth & Income which invests mainly in U.S. and
International common stocks 189,414 226,199
Asset Allocation Participation in pooled separate account
Fund-Growth which invests mainly in U.S. and International
common stocks with a small mix of
U.S. government debt issues and money
market instruments 564,857 749,975
Guaranty Bancshares, Inc. Common Stock-434,140 shares 4,779,004 4,070,063
Bank of New York Short-term investments 222,416 222,416
</TABLE>
-11-
<PAGE>
GUARANTY BANCSHARES, INC.
EMPLOYEE STOCK OWNERSHIP PLAN
(WITH 401 (k) PROVISIONS)
LINE 27D-SCHEDULE OF REPORTABLE TRANSACTIONS
DECEMBER 31, 1999
EIN#75-1656431 PLAN #001
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e)
Description of asset
(including interest rate
Identity of party involved and maturity ) Purchase price Selling price Lease rental
-------------------------------- -------------------------- -------------- ------------- ------------
<S> <C> <C> <C> <C>
Guaranty Bancshares, Inc. Tex. Common Stock 302,504 32,539 N/A
Collective Short Term Invest Fd. Short Term Investment 524,986 453,827 N/A
<CAPTION>
(a) (f) (g) (h) (i)
Current value of
Expense incurred asset on Net gain
Identity of party involved with transaction Cost of asset transaction date or (loss)
-------------------------------- ---------------- ------------- ---------------- ---------
<S> <C> <C> <C> <C>
Guaranty Bancshares, Inc. Tex. N/A 45,438 -- (12,899)
Collective Short Term Invest Fd. N/A 453,827 -- --
</TABLE>
-12-
<PAGE>
SIGNATURES
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.
July 12, 2000 GUARANTY BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP
PLAN (WITH 401(K) PROVISIONS)
/S/ DEVRY W. GARRETT
Devry W. Garrett
Trustee
/S/ BILL G. JONES
Bill G. Jones
Trustee
/S/ WELDON MILLER
Weldon Miller
Trustee
/S/ CLIFTON A. PAYNE
Clifton A. Payne
Trustee
/S/ RICHARD PERRYMAN
Richard Perryman
Trustee
/S/ D. R. ZACHRY
D. R. Zachry
Trustee
<PAGE>
INDEX TO EXHIBITS
NUMBER EXHIBIT
23.1 Consent of Arnold, Walker, Arnold & Co., P.C.
