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
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
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)
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   1,345 (1) A $ 0 1,345 (2) D  
Common Stock 12/14/2007 12/14/2007 J   24 (1) A $ 0 24 (3) I By Trustee of 401(k) Plan
Common Stock 12/14/2007 12/14/2007 J   23 (1) A $ 0 17 (3) I By Trustee of 401(k) Plan
Common Stock 12/14/2007 12/14/2007 J   200 (1) A $ 0 200 I By Spouse

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

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   832   02/06/2007 02/06/2014 Common Stock 832 $ 0 832 D  
Option (right to buy) (5) (6) $ 27.46 12/14/2007 12/14/2007 J   1,248   02/04/2007 02/04/2015 Common Stock 1,248 $ 0 1,248 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   2,132   02/02/2008 02/02/2017 Common Stock 2,132 $ 0 2,132 D  
Option (right to buy) (5) (9) $ 20.41 12/14/2007 12/14/2007 J   266   02/06/2007 02/06/2014 Common Stock 266 $ 0 266 I By Spouse
Option (right to buy) (5) (10) $ 27.46 12/14/2007 12/14/2007 J   399   02/04/2007 02/04/2015 Common Stock 399 $ 0 399 I By Spouse
Option (right to buy) (5) (11) $ 36.59 12/14/2007 12/14/2007 J   544   02/03/2007 02/03/2016 Common Stock 544 $ 0 544 I By Spouse
Option (right to buy) (5) (12) $ 41.29 12/14/2007 12/14/2007 J   544   02/02/2008 02/02/2010 Common Stock 544 $ 0 544 I By Spouse
Restricted Stock (1) (13) (13) 12/14/2007 12/14/2007 J   700     (13)   (13) Common Stock 700 $ 0 700 D  
Restricted Stock (1) (14) (14) 12/14/2007 12/14/2007 J   875     (14)   (14) Common Stock 875 $ 0 875 D  
Restricted Stock (1) (13) (13) 12/14/2007 12/14/2007 J   210     (13)   (13) Common Stock 210 $ 0 210 I By Spouse
Restricted Stock (1) (14) (14) 12/14/2007 12/14/2007 J   210     (14)   (14) Common Stock 210 $ 0 210 I By Spouse
Phantom Stock (1) (15) (15) 12/14/2007 12/14/2007 J   5,100     (15)   (15) Common Stock 5,100 $ 0 5,100 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   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 Options Exerciserable 02/06/2007 - 416 and 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 02/04/2007 - 416; 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 - 533; Options Exerciserable 02/02/2009 - 533; Options Exerciserable 02/02/2010 - 533 and Options Exerciserable 02/02/2011 - 533.
(9) Options Vesting Schedule for Options Granted 02/06/2004 - exercise price $20.41: 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 $27.46: Options Exerciserable 02/04/2007 - 133; Options Exerciserable 02/04/2008 - 133 and Options Exerciserable 02/04/2009 - 133.
(11) Options Vesting Schedule for Options Granted 02/03/2006 - exercise price $36.59: Options Exerciserable 02/03/2007 - 136; Options Exerciserable 02/03/2008 - 136; Options Exerciserable 02/03/2009 - 136 and Options Exerciserable 02/03/2010 - 136.
(12) Options Vesting Schedule for Options Granted 02/02/2007 - exercise price $41.29: Options Exerciserable 02/02/2008 - 136; Options Exerciserable 02/02/2009 - 136; Options Exerciserable 02/02/2010 - 136 and Options Exerciserable 02/02/2011 - 136.
(13) 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.
(14) 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.
(15) Phantom shares accrued under a Company plan, which includes a dividend reinvestment feature, to be settled upon Reporting Person's retirement or other specified date.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.