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: May 14, 1997
                        (Date of earliest event reported)



                         GUARANTY FINANCIAL CORPORATION
             (Exact Name of Registrant as Specified in its Charter)



          Virginia                     33-76064                54-1786496
(State or Other Jurisdiction   (Commission File Number)      (IRS Employer
      of Incorporation)                                   Identification No.)

          1658 State Farm Boulevard                         22911
          Charlottesville, Virginia                      (Zip Code)
   (Address of Principal Executive Offices)



               Registrant's telephone number, including area code:
                                 (804) 970-1100







<PAGE>



Item 8.  Change in Fiscal Year.

         By  unanimous  written  consent  of  the  Board  of  Directors  of  the
Registrant  on  May  14,  1997,  the  Board  of  Directors   resolved  that  the
Registrant's  fiscal  year be changed  from the period from July 1 to June 30 to
the period from January 1 to December 31, effective March 31, 1997.

         The  transition  period from July 1, 1996 to December  31, 1996 will be
reported in the Registrant's Transition Report on Form 10-KSB for the year ended
December 31, 1996.


                                      -2-
<PAGE>


                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended,  the  registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.


                                  GUARANTY FINANCIAL CORPORATION
                                           (Registrant)



Date:  May 14, 1997               By:  /s/ Thomas P. Baker
                                      ------------------------------------------
                                           Thomas P. Baker
                                           President and Chief Executive Officer
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{"company-data": {"conformed-name": "GUARANTY FINANCIAL CORP /VA/", "cik": "0000919967", "assigned-sic": "6035", "irs-number": "541786496", "state-of-incorporation": "VA", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-76064", "film-number": "97608592"}, "business-address": {"street1": "1700 SEMINOLE TRAIL", "city": "CHARLOTTESVILLE", "state": "VA", "zip": "22901", "phone": "8049741100"}, "mail-address": {"street1": "1700 SEMINOLE TRAIL", "city": "CHARLOTTESVILLE", "state": "VA", "zip": "22901"}}
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: May 14, 1997
                        (Date of earliest event reported)

                         GUARANTY FINANCIAL CORPORATION
             (Exact Name of Registrant as Specified in its Charter)

          Virginia                     33-76064                54-1786496
(State or Other Jurisdiction   (Commission File Number)      (IRS Employer
      of Incorporation)                                   Identification No.)

          1658 State Farm Boulevard                         22911
          Charlottesville, Virginia                      (Zip Code)
   (Address of Principal Executive Offices)

               Registrant's telephone number, including area code:
                                 (804) 970-1100
Item 8.  Change in Fiscal Year.

         By  unanimous  written  consent  of  the  Board  of  Directors  of  the
Registrant  on  May  14,  1997,  the  Board  of  Directors   resolved  that  the
Registrant's  fiscal  year be changed  from the period from July 1 to June 30 to
the period from January 1 to December 31, effective March 31, 1997.

         The  transition  period from July 1, 1996 to December  31, 1996 will be
reported in the Registrant's Transition Report on Form 10-KSB for the year ended
December 31, 1996.

                                      -2-
SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended,  the  registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.

                                  GUARANTY FINANCIAL CORPORATION
                                           (Registrant)

Date:  May 14, 1997               By:  /s/ Thomas P. Baker
                                      ------------------------------------------
                                           Thomas P. Baker
                                           President and Chief Executive Officer