EXHIBIT 23.1
CONSENT OF INDEPENDENT AUDITORS
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 July 3, 2000 on our audit of the financial statements of the
Guaranty Bancshares, Inc. Employee Stock Ownership Plan (With 401(k) Provisions)
as of December 31, 1999 and 1998 and for the years ended December 31, 1999 and
1998, which report is included in this Annual Report on Form 11-K.
ARNOLD, WALKER, ARNOLD & CO., P.C.
/s/ Arnold, Walker, Arnold & Co., P.C.
Mount Pleasant, Texas
July 12, 2000
