EXHIBIT 11
                                
                                
            GUARANTY BANCSHARES HOLDING CORPORATION
            COMPUTATION OF EARNINGS (LOSS) PER SHARE



                                     1996      1995      1994     
 

Number of shares
   beginning of year               380,877   380,877   380,877

Issued during year                       0         0         0

Number of shares - end of year     380,877   380,877   380,877

Weighted average number of    
   shares outstanding              372,958   373,728   374,375


NOTE:     Weighted average calculated based upon actual number of 
          days outstanding for each share, exclusive of 7,452
          shares held in treasury.