EXHIBIT 21.1

Subsidiaries of Guaranty Bancshares, Inc.
Name	Jurisdiction of Organization
Guaranty Bank & Trust, N.A.	United States
Guaranty (TX) Capital Trust III	Delaware
DCB Financial Trust I	Delaware
Subsidiaries of Guaranty Bank & Trust, N.A.
Name	Jurisdiction of Organization
Guaranty Company, Inc.	Texas
GB Com, Inc.	Texas
2800 South Texas Avenue, LLC	Texas
Pin Oak Realty Holdings, Inc.	Texas
Guaranty Bank & Trust Political Action Committee	Texas
White Oak Aviation, LLC	Texas
Caliber Guaranty Private Account, LLC	Texas
Subsidiaries of Pin Oak Realty Holdings, Inc.
Name	Jurisdiction of Organization
Pin Oak Asset Management, LLC	Texas