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: February 28, 2011

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		03/10/11
Printed Name of Responsible Party		Date
PREPARER:
/s/ Jason A. Rae		Accountant
Original Signature of Preparer		Title
Jason A. Rae		03/09/11
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

Jan-11

Feb-11

Mar-11

1. Unrestricted Cash

4,170,395

4,173,743

4,173,743

2. Restricted Cash

3. Total Cash

4,170,395

4,173,743

4,173,743

4. Accounts Receivable (Net)

5. Inventory

6. Notes Receivable

7. Prepaid Expenses

8. Other (Attach List)

9. Total Current Assets

4,170,395

4,173,743

4,173,743

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

4,173,743

4,173,743

POST PETITION LIABILITIES

17. Accounts Payable

950

950

18. Taxes Payable

19. Notes Payable

20. Professional Fees

21. Secured Debt

22. Other (Attach List)

23. Total Post Petition Liabilities

950

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

950

EQUITY

30. Pre Petition Owners’ Equity

4,170,395

4,170,395

31. Post Petition Cumulative Profit Or (Loss)

2,398

2,398

32. Direct Charges To Equity

33. Total Equity

4,172,793

4,172,793

34. Total Liabilities and Equity

4,173,743

4,173,743

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		Jan-11		Feb-11		Mar-11
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

Jan-11

Feb-11

Mar-11

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

12. Rent & Lease

13. Other (Attach List)

14. Total Operating Expenses

15. Income Before Non-Operating Income & Expense

OTHER INCOME & EXPENSES

16. Non-Operating Income (Att List)

319

0

319

17. Non-Operating Expense (Att List)

18. Interest Expense

19. Depreciation / Depletion

20. Amortization

21. Other (Attach List)

22. Net Other Income & Expenses

319

0

319

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

)

0

(6

)

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

Jan-11

Feb-11

Mar-11

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

0

319

B.

C.

D.

TOTAL NON-OPERATING INCOME — LINE 16

319

0

319

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

Jan-11

Feb-11

Mar-11

TOTAL

1. Cash — Beginning Of Month

4,173,749

4,173,743

4,173,749

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

319

9. Total Non-Operating Receipts

319

319

10. Total Receipts

319

319

11. Total Cash Available

4,174,068

4,173,743

4,174,068

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

)

(6

)

33. Cash — End of Month

4,173,743

4,173,743

4,173,743

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

Jan-11

Feb-11

Mar-11

TOTAL

A.

B.

C.

D.

E.

TOTAL LOANS & ADVANCES — LINE 6

A. Interest

319

319

B.

C.

D.

E.

TOTAL OTHER NON-OPERATING RECEIPTS — LINE 8

319

319

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

Jan-11

Feb-11

Mar-11

1. 0 - 30

2. 31 - 60

3. 61 - 90

4. 91 +

5. Total Accounts Receivable

6. (Amount Considered Uncollectible)

7. Accounts Receivable (Net)

AGING OF POST PETITION TAXES AND PAYABLES

MONTH:

February-11

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:

February-11

STATUS OF POST PETITION TAXES

BEGINNING TAX

AMOUNT WITHHELD AND/OR

ENDING TAX

FEDERAL

LIABILITY *

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

—

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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:

February-11

BANK RECONCILIATIONS

Account # 1

Account # 2

Account # 3

Other Accounts

TOTAL

A. BANK:

Bank of America

(Attach List)

B. ACCOUNT NUMBER:

4429005310

C. PURPOSE (TYPE):

Money Market

1. Balance Per Bank Statement

4,173,743

4,173,743

2. Add: Total Deposits Not Credited

3. Subtract: Outstanding Checks

4. Other Reconciling Items

5. Month End Balance Per Books

4,173,743

—

4,173,743

6. Number of Last Check Written

N/A

INVESTMENT ACCOUNTS
BANK, ACCOUNT NAME & NUMBER		DATE OF PURCHASE		TYPE OF INSTRUMENT		PURCHASE PRICE		CURRENT VALUE
7.
8.
9.
10. (Attach List)
11. Total Investments

CASH
12. Currency On Hand
13. Total Cash — End of Month			4,173,743

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:		February-11
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
NAME		TYPE OF PAYMENT				AMOUNT PAID				TOTAL PAID TO DATE
1.
2.
3.
4.
5.
6.
7.
8. (Attach List)
9. Total Payments To Insiders

PROFESSIONALS
		DATE OF COURT ORDER								TOTAL INCURRED &
NAME		AUTHORIZING PAYMENT		AMOUNT APPROVED		AMOUNT PAID		TOTAL 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 MONTHLY				AMOUNTS PAID DURING				TOTAL UNPAID POST
NAME OF CREDITOR		PAYMENTS 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:		February-11

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:		February-11

ACCRUAL BASIS FORM				LINE
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.
General								Effective February 1, 2011, all Bank of America Money Market Saving accounts over $250,000 were converted to Non-Interest Bearing accounts. This policy change was approved by the U.S. Trustee’s office.
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.