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)
                                 August 23, 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 18, 1999,  the Registrant  adopted a resolution  amending its
By-Laws. A revised copy of the Company By-Laws is attached as Exhibit "3(ii)".

         On August 23, 1999, the  Registrant  issued for  publication  the press
release attached as Exhibit "99" announcing the completion of a stock repurchase
program.



Item 7.  Financial Statements and Exhibits

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


Exhibit
Number                      Description


3(ii)             Revised Company By-Laws

99                Press release, published on August 23, 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.

                                             EAST TEXAS FINANCIAL SERVICES, INC.



Date:  August 23, 1999                      By: /s/ DERRELL W. CHAPMAN
                                                ----------------------
                                                Derrell W. Chapman
                                                Vice President/COO/CFO