FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Hickenbottom Jerry W   2. Issuer Name and Ticker or Trading Symbol Guaranty Financial Group Inc. [GFG] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) EVP, Chief Information Officer (Last) (First) (Middle) 8333 DOUGLAS AVENUE 3. Date of Earliest Transaction (Month/Day/Year) 12/14/2007 (Street) DALLAS, TX 75225 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 12/14/2007 12/14/2007 J   766 (1) A $ 0 766 (2) D   Common Stock 12/14/2007 12/14/2007 J   275 (1) A $ 0 275 (3) I By Trustee of 401(k) Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Option (right to buy) (4) (5)

$ 20.41

12/14/2007

12/14/2007

J

416

02/06/2008

02/06/2014

Common Stock

416

$ 0

416

D

Option (right to buy) (5) (6)

$ 27.46

12/14/2007

12/14/2007

J

832

02/04/2008

02/04/2015

Common Stock

832

$ 0

832

D

Option (right to buy) (5) (7)

$ 36.59

12/14/2007

12/14/2007

J

1,708

02/03/2007

02/03/2016

Common Stock

1,708

$ 0

1,708

D

Option (right to buy) (5) (8)

$ 41.29

12/14/2007

12/14/2007

J

1,708

02/02/2008

02/02/2017

Common Stock

1,708

$ 0

1,708

D

Restricted Stock (1) (9)

(9)

12/14/2007

12/14/2007

J

700

(9)

(9)

Common Stock

700

$ 0

700

D

Restricted Stock (1) (10)

(10)

12/14/2007

12/14/2007

J

700

(10)

(10)

Common Stock

700

$ 0

700

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Hickenbottom Jerry W 8333 DOUGLAS AVENUE DALLAS, TX 75225			EVP, Chief Information Officer

Signatures

Scott A. Almy signed on behalf of Jerry W. Hickenbottom		12/18/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Shares acquired in a pro rata distribution by Temple-Inland Inc. through a spin-off on or around December 28, 2007.
(2)	In accordance with the Rights Agreement adopted by the Company on December 11, 2007, Preferred Stock Purchase Rights are deemed to be attached to the shares of Common Stock.
(3)	Reporting Person acquired additional shares through on-going acquisitions under 401(k) plan. By trustee of the Temple-Inland Savings and Retirement Plan according to the latest report of the Plan Administrator. (Note: Trustee uses unit accounting; therefore, share equivalents may fluctuate slightly from month to month.)
(4)	Options Vesting Schedule for Options Granted 02/06/2004 - exercise price $20.41: Options Exerciserable 02/06/2008 - 416.
(5)	Shares acquired in a pro rata distribution by Temple-Inland Inc. through a spin-off on or around December 28, 2007. Option exercise price shown is Temple-Inland Inc.'s exercise price that will be adjusted to reflect Guaranty Financial Group Inc.'s option exercise price upon the spin-off and pro rata distribution of shares on or around December 28, 2007.
(6)	Options Vesting Schedule for Options Granted 02/04/2005 - exercise price $27.46: Options Exerciserable 02/04/2008 - 416 and Options Exerciserable 02/04/2009 - 416.
(7)	Options Vesting Schedule for Options Granted 02/03/2006 - exercise price $36.59: Options Exerciserable 02/03/2007 - 427; Options Exerciserable 02/03/2008 - 427; Options Exerciserable 02/03/2009 - 427 and Options Exerciserable 02/03/2010 - 427.
(8)	Options Vesting Schedule for Options Granted 02/02/2007 - exercise price $41.29: Options Exerciserable 02/02/2008 - 427; Options Exerciserable 02/02/2009 - 427; Options Exerciserable 02/02/2010 - 427 and Options Exerciserable 02/02/2011 - 427.
(9)	Restricted Shares granted on 02/03/2006 that will vest effective 02/03/2009. Restricted Shares will be settled for cash based on the fair market value on the vesting date.
(10)	Restricted Shares granted on 02/02/2007 that will vest effective 02/02/2010. Restricted Shares will be settled for cash based on the fair market value on the vesting date.

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