Ownership Submission
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 *
Crawford Mark A
   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)
Sr Exec VP, Chief Risk Officer
(Last)
(First)
(Middle)
8333 DOUGLAS AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
08/05/2008
(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 08/05/2008 08/05/2008 P   7,500 (1) A $ 3.75 8,863 (2) D  
Common Stock 08/06/2008 08/06/2008 P   32 A $ 4.08 8,895 (2) D  
Common Stock               1,159 (3) I By Trustee 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) $ 9.45             02/05/2004 02/05/2009 Common Stock 1,000   1,000 D  
Option (right to buy) (4) (6) $ 8.51             02/01/2006 02/01/2012 Common Stock 1,666   1,666 D  
Option (right to buy) (4) (7) $ 5.57             02/07/2007 02/07/2013 Common Stock 833   833 D  
Option (right to buy) (4) (8) $ 9.64             02/06/2005 02/06/2014 Common Stock 1,666   1,666 D  
Option (right to buy) (4) (9) $ 13             02/04/2006 02/04/2015 Common Stock 1,666   1,666 D  
Option (right to buy) (4) (10) $ 17.36             02/03/2007 02/03/2016 Common Stock 1,708   1,708 D  
Option (right to buy) (4) (11) $ 19.61             02/02/2008 02/02/2010 Common Stock 2,133   2,133 D  
Restricted Stock (4) (12) (12)               (12)   (12) Common Stock 700   700 D  
Restricted Stock (4) (13) (13)               (13)   (13) Common Stock 875   875 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Crawford Mark A
8333 DOUGLAS AVENUE
DALLAS, TX 75225		       Sr Exec VP, Chief Risk Officer  

Signatures

 Scott A. Almy signed on behalf of Mark A. Crawford   08/07/2008
**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) The price reported is a weighted average purchase price. The purchase price ranged from $3.60 to $3.95. Reporting Person provided Issuer full information regarding the number of shares purchased at each separate price. Issuer will provide, upon receipt of a request, a copy of this information to the SEC staff or a security holder of the issuer.
(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 Guaranty Financial Group Inc. 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) Shares acquired in a pro rata distribution by Temple-Inland Inc. through a spin-off on or around December 28, 2007.
(5) Options Vesting Schedule - exercise price $9.45: Options Exerciserable 02/05/2004 - 1,000.
(6) Options Vesting Schedule - exercise price $8.51: Options Exerciserable 02/01/2005 - 833 and Options Exercisable 02/01/2006 - 833.
(7) Options Vesting Schedule - exercise price $5.57: Exerciserable 02/07/2007 - 833.
(8) Options Vesting Schedule - exercise price $9.64: Options Exerciserable 02/06/2005 - 416; Options Exerciserable 02/06/2006 - 417; Options Exerciserable 02/06/2007 - 417 and Options Exerciserable 02/06/2008 - 416.
(9) Options Vesting Schedule - exercise price $13.00: Options Exerciserable 02/04/2006 - 416; Options Exerciserable 02/04/2007 - 417; Options Exerciserable 02/04/2008 - 417 and Options Exerciserable 02/04/2009 - 416.
(10) Options Vesting Schedule - 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.
(11) Options Vesting Schedule - 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.
(12) Restricted Stock Units that vest effective 02/03/2009 and will be settled for cash based on the fair market value on the vesting date.
(13) Restricted Stock Units that vest effective 02/02/2010 and will be settled for cash based on the fair market value on the vesting date.

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