Exhibit 99.2

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CASE NAME:		Guaranty Group Capital Inc.		ACCRUAL BASIS
CASE NUMBER:		09-35586
JUDGE:		Judge Houser

UNITED STATES BANKRUPTCY COURT

NORTHERN DISTRICT OF TEXAS

DALLAS DIVISION

MONTHLY OPERATING REPORT

MONTH ENDING: December 31, 2010

IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS — 1 THROUGH ACCRUAL BASIS — 7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.

RESPONSIBLE PARTY:
/s/ Dennis S. Faulkner		Chief Restructuring Officer
Original Signature of Responsible Party		Title
Dennis S. Faulkner		1/18/11
Printed Name of Responsible Party		Date
PREPARER:
/s/ Jason A. Rae		Accountant
Original Signature of Preparer		Title
Jason A. Rae		1/14/11
Printed Name of Preparer		Date

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CASE NAME:		Guaranty Group Capital Inc.		ACCRUAL BASIS — 1
CASE NUMBER:		09-35586

COMPARATIVE BALANCE SHEET		(SEE GENERAL FOOTNOTE)

		SCHEDULED				MONTH				MONTH				MONTH
ASSETS		AMOUNT				Oct-10				Nov-10				Dec-10
1. Unrestricted Cash			4,170,395				4,173,121				4,173,429				4,173,749
2. Restricted Cash
3. Total Cash			4,170,395				4,173,121				4,173,429				4,173,749
4. Accounts Receivable (Net)
5. Inventory
6. Notes Receivable
7. Prepaid Expenses
8. Other (Attach List)
9. Total Current Assets			4,170,395				4,173,121				4,173,429				4,173,749
10. Property, Plant & Equipment
11. Less: Accumulated Depreciation/Depletion
12. Net Property, Plant & Equipment
13. Due From Insiders
14. Other Assets — Net of Amortization (Attach List)
15. Other (Attach List)
16. Total Assets			4,170,395				4,173,121				4,173,429				4,173,749
POST PETITION LIABILITIES
17. Accounts Payable															950
18. Taxes Payable
19. Notes Payable
20. Professional Fees
21. Secured Debt
22. Other (Attach List)
23. Total Post Petition Liabilities															950
PRE PETITION LIABILITIES
24. Secured Debt
25. Priority Debt
26. Unsecured Debt
27. Other (Attach List)
28. Total Pre Petition Liabilities
29. Total Liabilities															950
EQUITY
30. Pre Petition Owners’ Equity							4,170,395				4,170,395				4,170,395
31. Post Petition Cumulative Profit Or (Loss)							2,726				3,034				2,404
32. Direct Charges To Equity
33. Total Equity							4,173,121				4,173,429				4,172,799
34. Total Liabilities and Equity							4,173,121				4,173,429				4,173,749

This form þ does o does not have related footnotes on Footnotes Supplement.

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CASE NAME:		Guaranty Group Capital Inc.		SUPPLEMENT TO
CASE NUMBER:		09-35586		ACCRUAL BASIS — 1

COMPARATIVE BALANCE SHEET		(SEE GENERAL FOOTNOTE)

SCHEDULED

MONTH

MONTH

MONTH

ASSETS

AMOUNT

Oct-10

Nov-10

Dec-10

A.

B.

C.

D.

E.

TOTAL OTHER ASSETS — LINE 8

A.

B.

C.

D.

E.

TOTAL OTHER ASSETS NET OF AMORTIZATION — LINE 14

A.

B.

C.

D.

E.

TOTAL OTHER ASSETS — LINE 15

POST PETITION LIABILITIES

A.

B.

C.

D.

E.

TOTAL OTHER POST PETITION LIABILITIES — LINE 22

PRE PETITION LIABILITIES

A.

B.

C.

D.

E.

TOTAL OTHER PRE PETITION LIABILITIES — LINE 27

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CASE NAME:		Guaranty Group Capital Inc.		ACCRUAL BASIS — 2
CASE NUMBER:		09-35586

INCOME STATEMENT		(SEE GENERAL FOOTNOTE)

MONTH

MONTH

MONTH

QUARTER

REVENUES

Oct-10

Nov-10

Dec-10

TOTAL

1. Gross Revenues

2. Less: Returns & Discounts

3. Net Revenue

COST OF GOODS SOLD

4. Material

5. Direct Labor

6. Direct Overhead

7. Total Cost Of Goods Sold

8. Gross Profit

OPERATING EXPENSES

9. Officer / Insider Compensation

10. Selling & Marketing

11. General & Administrative

950

950

12. Rent & Lease

13. Other (Attach List)

14. Total Operating Expenses

950

950

15. Income Before Non-Operating Income & Expense

(950

)

(950

)

OTHER INCOME & EXPENSES

16. Non-Operating Income (Att List)

319

309

319

947

17. Non-Operating Expense (Att List)

18. Interest Expense

19. Depreciation / Depletion

20. Amortization

21. Other (Attach List)

22. Net Other Income & Expenses

319

309

319

947

REORGANIZATION EXPENSES

23. Professional Fees

24. U.S. Trustee Fees

325

325

25. Other (Attach List)

26. Total Reorganization Expenses

325

325

27. Income Tax

28. Net Profit (Loss)

(6

)

309

(631

)

(328

)

This form o does þ does not have related footnotes on Footnotes Supplement.

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CASE NAME:		Guaranty Group Capital Inc.		SUPPLEMENT TO
CASE NUMBER:		09-35586		ACCRUAL BASIS — 2

INCOME STATEMENT

MONTH

MONTH

MONTH

QUARTER

OPERATING EXPENSES

Oct-10

Nov-10

Dec-10

TOTAL

A.

B.

C.

D.

E.

F.

G.

H.

I.

J.

K.

TOTAL OTHER OPERATING EXPENSES — LINE 13

OTHER INCOME & EXPENSES

A. Interest Income

319

309

319

947

B.

C.

D.

TOTAL NON-OPERATING INCOME — LINE 16

319

309

319

947

A.

B.

C.

D.

TOTAL NON-OPERATING EXPENSE — LINE 17

REORGANIZATION EXPENSES

A.

B.

C.

D.

E.

TOTAL OTHER REORGANIZATION EXPENSES — LINE 25

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CASE NAME:		Guaranty Group Capital Inc.		ACCRUAL BASIS — 3
CASE NUMBER:		09-35586

CASH RECEIPTS AND		MONTH				MONTH				MONTH				QUARTER
DISBURSEMENTS		Oct-10				Nov-10				Dec-10				TOTAL
1. Cash — Beginning Of Month			4,173,127				4,173,121				4,173,429				4,173,127
RECEIPTS FROM OPERATIONS
2. Cash Sales
COLLECTION OF ACCOUNTS RECEIVABLE
3. Pre Petition
4. Post Petition
5. Total Operating Receipts
NON-OPERATING RECEIPTS
6. Loans & Advances (Attach List)
7. Sale of Assets
8. Other (Attach List)			319				309				319				947
9. Total Non-Operating Receipts			319				309				319				947
10. Total Receipts			319				309				319				947
11. Total Cash Available			4,173,446				4,173,429				4,173,749				4,174,074
OPERATING DISBURSEMENTS
12. Net Payroll
13. Payroll Taxes Paid
14. Sales, Use & Other Taxes Paid
15. Secured / Rental / Leases
16. Utilities
17. Insurance
18. Inventory Purchases
19. Vehicle Expenses
20. Travel
21. Entertainment
22. Repairs & Maintenance
23. Supplies
24. Advertising
25. Other (Attach List)
26. Total Operating Disbursements
REORGANIZATION DISBURSEMENTS
27. Professional Fees
28. U.S. Trustee Fees			325												325
29. Other (Attach List)
30. Total Reorganization Expenses			325												325
31. Total Disbursements			325												325
32. Net Cash Flow			(6	)			309				319				622
33. Cash — End of Month			4,173,121				4,173,429				4,173,749				4,173,749

This form o does þ does not have related footnotes on Footnotes Supplement.

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CASE NAME:		Guaranty Group Capital Inc.		SUPPLEMENT TO
CASE NUMBER:		09-35586		ACCRUAL BASIS — 3

CASH RECEIPTS AND DISBURSEMENTS

MONTH

MONTH

MONTH

QUARTER

NON-OPERATING RECEIPTS

Oct-10

Nov-10

Dec-10

TOTAL

A.

B.

C.

D.

E.

TOTAL LOANS & ADVANCES— LINE 6

A. Interest

319

309

319

947

B.

C.

D.

E.

TOTAL OTHER NON-OPERATING RECEIPTS — LINE 8

319

309

319

947

OPERATING DISBURSEMENTS

A.

B.

C.

D.

E.

F.

G.

H.

TOTAL OTHER OPERATING DISBURSEMENTS — LINE 25

REORGANIZATION DISBURSEMENTS

A.

B.

C.

D.

E.

TOTAL OTHER REORGANIZATION DISBURSEMENTS — LINE 29

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CASE NAME:		Guaranty Group Capital Inc.		ACCRUAL BASIS — 4
CASE NUMBER:		09-35586		(SEE GENERAL FOOTNOTE)

SCHEDULED

MONTH

MONTH

MONTH

ACCOUNTS RECEIVABLE AGING

AMOUNT

Oct-10

Nov-10

Dec-10

1. 0 - 30

2. 31 - 60

3. 61 - 90

4. 91 +

5. Total Accounts Receivable

6. (Amount Considered Uncollectible)

7. Accounts Receivable (Net)

MONTH: December-10

AGING OF POST PETITION TAXES AND PAYABLES

0 - 30

31 - 60

61 - 90

91 +

TAXES PAYABLE

DAYS

DAYS

DAYS

DAYS

TOTAL

1. Federal

2. State

3. Local

4. Other (Attach List)

5. Total Taxes Payable

6. Accounts Payable

950

950

MONTH: December-10

STATUS OF POST PETITION TAXES

BEGINNING TAX

AMOUNT WITHHELD

ENDING TAX

FEDERAL

LIABILITY *

AND/OR ACCRUED

(AMOUNT PAID)

LIABILITY

1. Withholding **

2. FICA — Employee **

3. FICA — Employer **

4. Unemployment

5. Other — Misc Adj

6. Other— Earned Income Credit

7. Total Federal Taxes

—

—

—

—

STATE AND LOCAL

8. Withholding

9. Sales

10. Excise

11. Unemployment

12. Real Property

13. Personal Property

14. Other (Attach List)

—

15. Total State And Local

—

16. Total Taxes

—

This form o does þ does not have related footnotes on Footnotes Supplement.

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CASE NAME:		Guaranty Group Capital Inc.		ACCRUAL BASIS — 5
CASE NUMBER:		09-35586

The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary.

MONTH: December-10

BANK RECONCILIATIONS

Account # 1

Account # 2

Account # 3

Other Accounts

A. BANK:

Bank of America

(Attach List)

B. ACCOUNT NUMBER:

4429005310

TOTAL

C. PURPOSE (TYPE):

Money Market

1. Balance Per Bank Statement

4,173,749

4,173,749

2. Add: Total Deposits Not Credited

3. Subtract: Outstanding Checks

4. Other Reconciling Items

5. Month End Balance Per Books

4,173,749

—

4,173,749

6. Number of Last Check Written

N/A

INVESTMENT ACCOUNTS

DATE OF

PURCHASE

CURRENT

BANK, ACCOUNT NAME & NUMBER

PURCHASE

TYPE OF INSTRUMENT

PRICE

VALUE

7.

8.

9.

10. (Attach List)

11. Total Investments

CASH

12. Currency On Hand
13. Total Cash — End of Month			4,173,749

This form o does þ does not have related footnotes on Footnotes Supplement.

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CASE NAME:		Guaranty Group Capital Inc.		ACCRUAL BASIS — 6
CASE NUMBER:		09-35586

MONTH: December-10   

PAYMENTS TO INSIDERS AND PROFESSIONALS

Of the Total Disbursements shown for the month, list the amount paid to Insiders (as defined in Section 101 (31) (A) — (F) of the U.S. Bankruptcy Code) and to Professionals. Also, for payments to Insiders, identify the type of compensation paid (e.g. salary, bonus, commissions, insurance, housing allowance, travel, car allowance, etc.). Attach additional sheets if necessary.

INSIDERS
		TYPE OF								TOTAL PAID
NAME		PAYMENT				AMOUNT PAID				TO DATE
1.
2.
3.
4.
5.
6.
7.
8. (Attach List)
9. Total Payments To Insiders

PROFESSIONALS

DATE OF COURT

ORDER

TOTAL

AUTHORIZING

AMOUNT

AMOUNT

TOTAL PAID

INCURRED

NAME

PAYMENT

APPROVED

PAID

TO DATE

& UNPAID *

1.

2.

3.

4.

5. (Attach List)

6. Total Payments To Professionals

POST PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS

SCHEDULED

AMOUNTS

MONTHLY

PAID

TOTAL

PAYMENTS

DURING

UNPAID POST

NAME OF CREDITOR

DUE

MONTH

PETITION

1.

$

—

2.

3.

5. (Attach List)

6. TOTAL

$

—

$

—

This form o does þ does not have related footnotes on Footnotes Supplement.

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CASE NAME:		Guaranty Group Capital Inc.		ACCRUAL BASIS — 7
CASE NUMBER:		09-35586
				MONTH: December-10

QUESTIONNAIRE

				YES		NO
1.		Have any Assets been sold or transferred outside the normal course of business this reporting period?				X
2.		Have any funds been disbursed from any account other than a debtor in possession account?				X
3.		Are any Post Petition Receivables (accounts, notes, or loans) due from related parties?				X
4.		Have any payments been made on Pre Petition Liabilities this reporting period?				X
5.		Have any Post Petition Loans been received by the debtor from any party?				X
6.		Are any Post Petition Payroll Taxes past due?				X
7.		Are any Post Petition State or Federal Income Taxes past due?				X
8.		Are any Post Petition Real Estate Taxes past due?				X
9.		Are any other Post Petition Taxes past due?				X
10.		Are any amounts owed to Post Petition creditors delinquent?				X
11.		Have any Pre Petition Taxes been paid during the reporting period?				X
12.		Are any wage payments past due?				X

If the answer to any of the above questions is “Yes”, provide a detailed explanation of each item. Attach additional sheets if necessary.

INSURANCE

				YES		NO
1.		Are Worker’s Compensation, General Liability and other necessary insurance coverages in effect?		X
2.		Are all premium payments paid current?		X
3.		Please itemize policies below.

If the answer to any of the above questions is “No”, or if any policies have been canceled or not renewed during this reporting period, provide an explanation below. Attach additional sheets if necessary.

INSTALLMENT PAYMENTS

						PAYMENT
						AMOUNT &
TYPE OF POLICY		CARRIER		PERIOD COVERED		FREQUENCY
General Liability		Burlington Insurance		07/01/10 — 07/01/11		Paid in Full
General Liability-Mortgagee in Possession		Lexington		10/27/08 — 10/27/11		Paid in Full

This form o does þ does not have related footnotes on Footnotes Supplement.

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CASE NAME:		Guaranty Group Capital Inc.		FOOTNOTES
CASE NUMBER:		09-35586		ACCRUAL BASIS

MONTH: December-10     

ACCRUAL BASIS		LINE
FORM NUMBER		NUMBER				FOOTNOTE / EXPLANATION
General						The Office of Thrift Supervision appointed the FDIC as receiver for Guaranty Bank, an indirect subsidiary of the Guaranty Financial Group Inc. on August 21, 2009. The Debtor subsequently filed its petition with the U.S. Bankruptcy Court on August 27, 2009.
Accrual 1			1			Pursuant to the Order Implementing the Requirements of Section 345(B) of the Bankruptcy Code and the Region VI, Northern District of Texas, Guidelines for Chapter 11 Debtors-In-Possession filed on September 3, 2009, the Debtor’s transferred cash to its debtor-in-possession bank accounts.