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
                                                                                  
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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(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Fernandez Charles 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)
Chief Lending Officer
(Last)          (First)          (Middle)

8333 DOUGLAS AVENUE 		3. Date of Earliest Transaction (MM/DD/YYYY)

2/26/2009
(Street)

DALLAS, TX 75225
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   (1) 2/26/2009   2/26/2009   F (1)    871   (1) D $0.48   (1) 52016   D    
Common Stock   (2)                1882   I   By Trustee of 401(k) Plan  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 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)   $9.64                   2/6/2008   2/6/2014   Common Stock   416     416   D    
Option (right to buy)   $13.00                     (3) 2/4/2015   Common Stock   833     833   D    
Option (right to buy)   $17.36                     (4) 2/3/2016   Common Stock   1600     1600   D    
Option (right to buy)   $19.61                     (5) 2/2/2017   Common Stock   2133     2133   D    
Restricted Stock   (6)   (6)                 2/2/2010   2/2/2010   Common Stock   859     859   D    

Explanation of Responses:
( 1)  Payment of tax liability by withholding securities incident to the vesting of 2,667 shares of Restricted Stock on 02/26/2009.
( 2)  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.)
( 3)  Options Vesting Schedule for Options Granted 02/04/2005 - exercise price $13.00: Options Exercisable 02/04/2008 - 416 and Options Exercisable 02/04/2009 - 417.
( 4)  Options Vesting Schedule for Options Granted 02/03/2006 - exercise price $17.36: Options Exercisable 02/03/2008 - 533; Options Exercisable 02/03/2009 - 533 and Options Exerciserable 02/03/2010 - 534.
( 5)  Options Vesting Schedule for Options Granted 02/02/2007 - exercise price $19.61: Options Exercisable 02/02/2008 - 533; Options Exercisable 02/02/2009 - 533; Options Exercisable 02/02/2010 - 534 and Options Exercisable 02/02/2011 - 533.
( 6)  Restricted Shares will vest effective 02/02/2010 and will be settled for cash based on the fair market value on the vesting date.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Fernandez Charles A
8333 DOUGLAS AVENUE
DALLAS, TX 75225

Chief Lending Officer

Signatures
Scott A. Almy signed on behalf of Charles A. Fernandez 3/2/2009
** 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.
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.
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