SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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

1. Name and Address of Reporting Person^*

Crawford Mark A

(Last)

(First)

(Middle)

8333 DOUGLAS AVENUE

(Street)

DALLAS

75225

(City)

(State)

(Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/14/2007

4. If Amendment, Date of 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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	12/14/2007	12/14/2007	J		1,581⁽¹⁾	A	$0.00	1,581⁽²⁾	D
Common Stock	12/14/2007	12/14/2007	J		543⁽¹⁾	A	$0.00	543⁽³⁾	I	By Trustee 401(k) Plan

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Option (right to buy)⁽⁴⁾⁽⁵⁾	$20.02	12/14/2007	12/14/2007	J		1,000		02/05/2004	02/05/2009	Common Stock	1,000	$0.00	1,000	D
Option (right to buy)⁽⁴⁾⁽⁶⁾	$18.05	12/14/2007	12/14/2007	J		1,666		02/01/2006	02/01/2012	Common Stock	1,666	$0.00	1,666	D
Option (right to buy)⁽⁴⁾⁽⁷⁾	$11.9	12/14/2007	12/14/2007	J		833		02/07/2007	02/07/2013	Common Stock	833	$0.00	833	D
Option (right to buy)⁽⁴⁾⁽⁸⁾	$20.41	12/14/2007	12/14/2007	J		1,664		02/06/2005	02/06/2014	Common Stock	1,664	$0.00	1,664	D
Option (right to buy)⁽⁴⁾⁽⁹⁾	$27.46	12/14/2007	12/14/2007	J		1,664		02/04/2006	02/04/2015	Common Stock	1,664	$0.00	1,664	D
Option (right to buy)⁽⁴⁾⁽¹⁰⁾	$36.59	12/14/2007	12/14/2007	J		1,708		02/03/2007	02/03/2016	Common Stock	1,708	$0.00	1,708	D
Option (right to buy)⁽⁴⁾⁽¹¹⁾	$41.29	12/14/2007	12/14/2007	J		2,132		02/02/2008	02/02/2010	Common Stock	2,132	$0.00	2,132	D
Restricted Stock⁽¹⁾⁽¹²⁾	⁽¹²⁾	12/14/2007	12/14/2007	J		700		⁽¹²⁾	⁽¹²⁾	Common Stock	700	$0.00	700	D
Restricted Stock⁽¹⁾⁽¹³⁾	⁽¹³⁾	12/14/2007	12/14/2007	J		875		⁽¹³⁾	⁽¹³⁾	Common Stock	875	$0.00	875	D

Explanation of Responses:

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. 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.

5. Options Vesting Schedule for Options Granted 02/05/1999 - exercise price $20.02: Options Exerciserable 02/05/2004 - 1,000.

6. Options Vesting Schedule for Options Granted 02/01/2002 - exercise price $18.05: Options Exerciserable 02/01/2005 - 833 and Options Exercisable 02/01/2006 - 833.

7. Options Vesting Schedule for Options Granted 02/07/2003 - exercise price $11.90: Exerciserable 02/07/2007 - 833.

8. Options Vesting Schedule for Options Granted 02/06/2004 - exercise price $20.41: Options Exerciserable 02/06/2005 - 416; Options Exerciserable 02/06/2006 - 416; Options Exerciserable 02/06/2007 - 416 and Options Exerciserable 02/06/2008 - 416.

9. Options Vesting Schedule for Options Granted 02/04/2005 - exercise price $27.46: Options Exerciserable 02/04/2006 - 416; Options Exerciserable 02/04/2007 - 416; Options Exerciserable 02/04/2008 - 416 and Options Exerciserable 02/04/2009 - 416.

10. 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.

11. Options Vesting Schedule for Options Granted 02/02/2007 - exercise price $41.29: Options Exerciserable 02/02/2008 - 533; Options Exerciserable 02/02/2009 - 533; Options Exerciserable 02/02/2010 - 533 and Options Exerciserable 02/02/2011 - 533.

12. 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.

13. 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:

	Scott A. Almy signed on behalf of Mark A. Crawford	12/18/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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