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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1. Name and Address of Reporting Person * Calcote Michael D   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) Executive VP, Treasurer (Last) (First) (Middle) 8333 DOUGLAS AVENUE 3. Date of Earliest Transaction (Month/Day/Year) 01/11/2008 (Street) DALLAS, TX 75225 4. If Amendment, Date Original Filed(Month/Day/Year) 01/15/2008 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 01/11/2008 01/11/2008 M   6,764 (1) (2) A $ 12.15 8,109 (3) D   Common Stock 01/11/2008 01/11/2008 F   1,276 D $ 12.15 6,833 (3) D   Common Stock 01/11/2008 01/11/2008 J   1,664 (1) (2) D $ 12.15 5,169 (3) D   Common Stock               32 (4) I By Trustee of 401(k) Plan Common Stock               31 (4) I By Trustee of 401(k) Plan Common Stock               200 I By Spouse

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) (1) (5)

$ 9.64

02/06/2007

02/06/2014

Common Stock

833

833

D

Option (right to buy) (1) (6)

$ 13

02/04/2007

02/04/2015

Common Stock

1,250

1,250

D

Option (right to buy) (1) (7)

$ 17.36

02/03/2007

02/03/2016

Common Stock

1,708

1,708

D

Option (right to buy) (1) (8)

$ 19.61

02/02/2008

02/02/2017

Common Stock

2,133

2,133

D

Option (right to buy) (1) (9)

$ 9.64

02/06/2007

02/06/2014

Common Stock

266

266

I

By Spouse

Option (right to buy) (1) (10)

$ 13

02/04/2007

02/04/2015

Common Stock

400

400

I

By Spouse

Option (right to buy) (1) (11)

$ 17.36

02/03/2007

02/03/2016

Common Stock

546

546

I

By Spouse

Option (right to buy) (12) (13)

$ 19.61

02/02/2008

02/02/2010

Common Stock

546

546

I

By Spouse

Restricted Stock (1) (14)

(14)

(14)

(14)

Common Stock

700

700

D

Restricted Stock (1) (15)

(15)

(15)

(15)

Common Stock

875

875

D

Restricted Stock (1) (14)

(14)

(14)

(14)

Common Stock

210

210

I

By Spouse

Restricted Stock (1) (15)

(15)

(15)

(15)

Common Stock

210

210

I

By Spouse

Phantom Stock (1) (2)

(2)

01/11/2008

01/11/2008

M

6,764

(2)

(2)

Common Stock

6,764

$ 0

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Calcote Michael D 8333 DOUGLAS AVENUE DALLAS, TX 75225			Executive VP, Treasurer

Signatures

Scott A. Almy signed on behalf of Michael D. Calcote		01/17/2008
**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)	Settlement and distribution of phantom shares from deferred bonuses due to spin-off from Temple-Inland Inc.; 5,100 shares payable in stock and 1,664 shares payable in cash. Phantom shares accrued under a Temple-Inland Inc. plan, which includes a dividend reinvestment feature, to be settled upon Reporting Person's retirement or other specified date.
(3)	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.
(4)	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.)
(5)	Options Vesting Schedule for Options Granted 02/06/2004 - exercise price $9.64: Options Exerciserable Options Exerciserable 02/06/2007 - 416 and Options Exerciserable 02/06/2008 - 417.
(6)	Options Vesting Schedule for Options Granted 02/04/2005 - exercise price $13.00: Options Exerciserable 02/04/2007 - 416; Options Exerciserable 02/04/2008 - 417 and Options Exerciserable 02/04/2009 - 417.
(7)	Options Vesting Schedule for Options Granted 02/03/2006 - exercise price $17.36: 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 $19.61: Options Exerciserable 02/02/2008 - 533; Options Exerciserable 02/02/2009 - 533; Options Exerciserable 02/02/2010 - 534 and Options Exerciserable 02/02/2011 - 533.
(9)	Options Vesting Schedule for Options Granted 02/06/2004 - exercise price $9.64: Options Exerciserable Options Exerciserable 02/06/2007 - 133 and Options Exerciserable 02/06/2008 - 133.
(10)	Options Vesting Schedule for Options Granted 02/04/2005 - exercise price $13.00: Options Exerciserable 02/04/2007 - 133; Options Exerciserable 02/04/2008 - 133 and Options Exerciserable 02/04/2009 - 134.
(11)	Options Vesting Schedule for Options Granted 02/03/2006 - exercise price $17.36: Options Exerciserable 02/03/2007 - 136; Options Exerciserable 02/03/2008 - 137; Options Exerciserable 02/03/2009 - 137 and Options Exerciserable 02/03/2010 - 136.
(12)	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.
(13)	Options Vesting Schedule for Options Granted 02/02/2007 - exercise price $19.61: Options Exerciserable 02/02/2008 - 136; Options Exerciserable 02/02/2009 - 137; Options Exerciserable 02/02/2010 - 137 and Options Exerciserable 02/02/2011 - 136.
(14)	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.
(15)	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.
Remarks: Option prices and award amounts updated to reflect spin-off from Temple-Inland Inc. effective 12/28/2007.

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