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)
                                December 10, 1998


                       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 Number)
 incorporation                                             
   


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


Item 5.  Other Events

         On December 10, 1998, the Registrant  issued for  publication the press
release  attached as Exhibit "99" announcing  earnings for the fiscal year ended
September 30, 1998.

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.












































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Exhibit                                                               Sequential
Number                       Description                                 Page
- ------                       -----------                                 ----


  99             Press release, published on December 10, 1998.            6












































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                                   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:  December 10, 1998               By: /s/ GERALD W. FREE
                                           ------------------
                                           Gerald W. Free
                                           Vice Chairman, President
                                           And Chief Executive Officer







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                                  EXHIBIT "99"

















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