SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549




                                    FORM 8-K
                                Amendment No. 1


                                 CURRENT REPORT



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



                Date of Report (Date of earliest event reported)
                                 August 4, 1999




                       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
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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 August 4, 1999,  the  Registrant  issued for  publication  the press
release attached as Exhibit "99" announcing  earnings for the quarter ended June
30, 1999 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.

Exhibit
Number                       Description
- ------                       -----------

  99           Press release, published on August 4, 1999.

                                   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.




Date:  August 10, 1999                           By: /s/ GERALD W. FREE
                                                     ---------------------------
                                                     Gerald W. Free
                                                     Vice Chairman, President
                                                     And Chief Executive Officer