SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549



                                    FORM 8-K


                                 CURRENT REPORT


                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934



                Date of Report (Date of earliest event reported)
                                   May 7, 2002


                       EAST TEXAS FINANCIAL SERVICES, INC.
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             (Exact name of Registrant as specified in its Charter)



    Delaware                         0-24848                        75-2559089
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 (State or other              (Commission File No.)               (IRS Employer
 jurisdiction of                                                  Identification
 incorporation)                                                   Number)





1200 South Beckham Avenue, Tyler, Texas                           75701-3319
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(Address of principal executive offices)                          (Zip Code)



Registrant's telephone number, including area code:              (903) 593-1767
- --------------------------------------------------------------------------------



                                       N/A
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          (Former name or former address, if changed since last report)




Item 5.  Other Events

     On May 7, 2002, the  Registrant  issued for  publication  the press release
attached  as  Exhibit  "99"  announcing  earnings  and the  declaration  of cash
dividend.

Item 7.   Financial Statements and Exhibits

     The  Exhibit  referred  to in  Item 5 of  this  Report  and  listed  on the
accompanying  Exhibit Index is filed as part of this Report and is  incorporated
herein by reference.




                                        2



 Exhibit                                                             Sequential
 Number                         Description                          Page No.
 ------                         -----------                          --------


  99             Press release published on May 7, 2002.                 6




                                        3




                                   SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                          EAST TEXAS FINANCIAL SERVICES, INC.



Date:  May 7, 2002                        By: /s/ GERALD W. FREE
                                              ----------------------------------
                                              Gerald W. Free
                                              Vice Chairman, President and CEO