UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

                   Quarterly Report Under Section 13 or 15(d)
                     of the Securities Exchange Act of 1934



For Quarter Ended                           Commission File No. 000-25905-01
September 30, 2002


                            GUARANTY CAPITAL TRUST I


            Delaware                                             54-6422391
(State or Other Jurisdiction of                               (I.R.S. Employer
Incorporation or Organization)                               Identification No.)



                1658 State Farm Blvd., Charlottesville, VA 22911
                    (Address of Principal Executive Offices)


                                 (434) 970-1100
                (Issuer's Telephone Number, Including Area Code)

         Check whether the issuer (1) filed all reports  required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days. Yes _X_ No___

         As of November 1, 2002,  the  Registrant had 8,537 shares of its Common
Stock outstanding.

         * This Form 10-QSB also covers 276,000 shares of the Registrant's $1.75
Convertible Preferred Securities and the Guarantee with respect thereto.


<PAGE>


                                     PART I
                              FINANCIAL INFORMATION


Item 1.           Financial Statements.   (See Note Below)

Item 2.           Management's Discussion and Analysis of Financial Condition
                  and Results of Operations.

         Guaranty  Capital Trust I (the "Trust") is a statutory  business  trust
formed under the Delaware  Business  Trust Act, as amended,  pursuant to a trust
agreement,  as amended  by an amended  and  restated  declaration  of trust (the
"Declaration"),  and the  filing of a  certificate  of trust  with the  Delaware
Secretary  of State on November 21,  1997.  The Trust  exists for the  exclusive
purposes  of (i)  issuing  and  selling  trust  securities  consisting  of $1.75
Convertible  Preferred  Securities  (the  "Preferred   Securities")  and  common
securities (the "Common Securities," and together with the Preferred Securities,
the "Trust Securities"),  representing  undivided beneficial ownership interests
in the assets of the Trust,  (ii)  investing  the proceeds from such issuance in
Junior Subordinated Debt Securities (the "Junior  Subordinated Debt Securities")
of Guaranty Financial  Corporation,  a Virginia corporation (the "Corporation"),
and (iii)  engaging  in only those  other  activities  necessary,  advisable  or
incidental thereto.  The Trust's sole assets are $7,113,425  principal amount of
Junior Subordinated Debt Securities,  and payments under the Junior Subordinated
Debt  Securities  are the sole revenues of the Trust.  Ownership of the Trust is
evidenced by $6,900,000 aggregate liquidation amount of Preferred Securities and
by $213,425 aggregate liquidation amount of Common Securities,  all of which are
held by the Corporation, as of May 5, 1998. The Trust makes distributions on the
Trust Securities to the extent it receives distributions from the Corporation on
the Junior  Subordinated Debt Securities.  Distributions on the Trust Securities
are  guaranteed  by the  Corporation,  but only to the extent that the Trust has
available  funds  to  pay  such   distributions.   Each  Preferred  Security  is
convertible into a number of shares of the Corporation's common stock, $1.25 par
value,  which trades on the Nasdaq  National  Market under the symbol "GSLC," at
the  option  of the  holder  at any time  prior to  repayment  of the  Preferred
Security  either at  redemption  or maturity,  and subject to the  Corporation's
right to terminate the convertibility of the Preferred Securities.

         On May 5,  1998,  the Trust  invested  the  proceeds  from the sale and
issuance of the Trust Securities in the Junior Subordinated Debt Securities. The
Trust's ability to pay distributions to the holders of the Preferred  Securities
is dependent on its receipt of  distributions  on the Junior  Subordinated  Debt
Securities  from the  Corporation.  Therefore,  upon the receipt by the Trust of
payments from the Corporation,  the Trust will pass through such payments to the
holders of the Preferred Securities.



                                       2
<PAGE>



         In December 1999, the Corporation  repurchased  33,000 of the Preferred
Securities.  Additionally,  the  Corporation  repurchased  2,500  shares  of the
Preferred Securities in January 2000.

         In  October  2000,  both  the  Corporation  and its  primary  operating
subsidiary,  Guaranty  Bank,  entered into a written  agreement with the Federal
Reserve Bank of Richmond ("FRB") and the Bureau of Financial Institutions of the
Commonwealth  of Virginia  ("BFI").  The  agreement  provides  that  neither the
Corporation  nor Guaranty Bank shall  declare or pay any  dividends  without the
prior  written  approval of the FRB and the BFI.  Dividend  income from Guaranty
Bank is the sole source of revenue of the Corporation.  The interest payments on
the Junior  Subordinated Debt Securities are the sole revenues of the Trust. The
Trust makes distributions on the Trust Securities to the extent that it receives
distributions from the Corporation on the Junior Subordinated Debt Securities.

         On  October  18,  2002,  the FRB and the  BFI  terminated  the  written
agreement.  Accordingly,  Guaranty Bank is no longer required to obtain approval
by the  FRB  and  the  BFI to pay  dividends  to the  Corporation  in an  amount
sufficient  for the  Corporation  to make its  interest  payment  on the  Junior
Subordinated Debt Securities.

ITEM 3.  Controls and Procedures

Disclosure Controls and Procedures

         The  Trust  maintains  disclosure  controls  and  procedures  that  are
designed to provide  assurance that information  required to be disclosed by the
Trust in the reports that it files or submits under the Securities  Exchange Act
of 1934 is recorded, processed,  summarized and reported within the time periods
required by the  Securities  and Exchange  Commission.  Within the 90 day period
prior to the filing of this report,  an evaluation of the  effectiveness  of the
design and  operation  of the Trust's  disclosure  controls and  procedures  was
carried out under the  supervision  and with the  participation  of  management,
including the Trust's  Administrative  Trustees.  Based on and as of the date of
such  evaluation,   the  aforementioned  trustees  concluded  that  the  Trust's
disclosure  controls and procedures were effective.  In addition,  there were no
significant  changes to the Trust's  internal  controls or in other factors that
could  significantly  affect those  controls  subsequent to the date of the most
recent evaluation by the Trust's Administrative Trustees.



         NOTE:  Because the Trust is a special purpose  financing entity with no
separate  business  operations  and the only  assets of the Trust are the Junior
Subordinated  Debt  Securities,  the  Trust  does  not  believe  that  financial
statements for the Trust are meaningful.  Accordingly,  financial statements and
related  financial  information have not been included in this Form 10-QSB.  For
further information  concerning the Corporation,  including financial statements
and other financial  information,  see the  Corporation's  Annual Report on Form
10-KSB for the year ended  December 31, 2001,  and the  Corporation's  Quarterly
Reports on Form 10-QSB for the quarters ended March 31, 2002,  June 30, 2002 and
September 30, 2002, as filed with the Securities and Exchange Commission, copies
of which may be obtained from the Corporate Secretary of the Corporation at 1658
State Farm Boulevard, Charlottesville, Virginia 22911.


                                       3
<PAGE>


                                     PART II
                                OTHER INFORMATION

Item 1.           Legal Proceedings.

                  None.

Item 2.           Changes in Securities and Use of Proceeds.

                  None.

Item 3.           Defaults Upon Senior Securities.

                  None.

Item 4.           Submission of Matters to a Vote of Security Holders.

                  None.

Item 5.           Other Information.

                  None.

Item 6.           Exhibits and Reports on Form 8-K.

                  (a) Exhibits.

                           None.

                  (b) Reports on Form 8-K.

                           None.

                                       4
<PAGE>


                                   SIGNATURES

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

                                    GUARANTY CAPITAL TRUST I
                                    (Registrant)



Date:    November 14, 2002          /s/ William E. Doyle, Jr.
                                    -----------------------------------
                                    Name:   William E. Doyle, Jr.
                                    Title:  Administrative Trustee
                                            (as principal executive officer and
                                            on behalf of the Registrant)



Date:    November 14, 2002          /s/ Thomas F. Crump
                                    ------------------------------------
                                    Name:   Thomas F. Crump
                                    Title:  Administrative Trustee
                                            (as principal financial officer)






                                       5
<PAGE>
                                 CERTIFICATIONS

         I, William E. Doyle, Jr., certify that:

         1. I have  reviewed  this  quarterly  report on Form 10-QSB of Guaranty
Capital Trust I;

         2. Based on my knowledge,  this  quarterly  report does not contain any
untrue  statement of a material fact or omit to state a material fact  necessary
to make the  statements  made,  in light of the  circumstances  under which such
statements  were made, not misleading with respect to the period covered by this
quarterly report;

         3. Based on my knowledge, the financial statements, and other financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

         4. The registrant's other certifying officers and I are responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

                  a) designed such disclosure  controls and procedures to ensure
         that material  information  relating to the  registrant,  including its
         consolidated  subsidiaries,  is made known to us by others within those
         entities, particularly during the period in which this quarterly report
         is being prepared;

                  b) evaluated the effectiveness of the registrant's  disclosure
         controls and procedures as of a date within 90 days prior to the filing
         date of this quarterly report (the "Evaluation Date"); and

                  c) presented in this quarterly  report our  conclusions  about
         the  effectiveness  of the disclosure  controls and procedures based on
         our evaluation as of the Evaluation Date;

         5. The  registrant's  other  certifying  officers and I have disclosed,
based on our most recent evaluation,  to the registrant's auditors and the audit
committee  of  registrant's  board  of  directors  (or  persons  performing  the
equivalent functions):

                  a) all significant  deficiencies in the design or operation of
         internal controls which could adversely affect the registrant's ability
         to  record,  process,  summarize  and  report  financial  data and have
         identified  for the  registrant's  auditors any material  weaknesses in
         internal controls; and

                  b)  any  fraud,   whether  or  not  material,   that  involves
         management  or  other  employees  who  have a  significant  role in the
         registrant's internal controls; and

         6. The registrant's  other certifying  officers and I have indicated in
this quarterly report whether or not there were significant  changes in internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date:  November 14, 2002              /s/ William E. Doyle, Jr.
                                      --------------------------------------
                                      William E. Doyle, Jr.
                                      Administrative Trustee

<PAGE>

                                 CERTIFICATIONS

         I, Thomas F. Crump, certify that:

         1. I have  reviewed  this  quarterly  report on Form 10-QSB of Guaranty
Capital Trust I;

         2. Based on my knowledge,  this  quarterly  report does not contain any
untrue  statement of a material fact or omit to state a material fact  necessary
to make the  statements  made,  in light of the  circumstances  under which such
statements  were made, not misleading with respect to the period covered by this
quarterly report;

         3. Based on my knowledge, the financial statements, and other financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

         4. The registrant's other certifying officers and I are responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

                  a) designed such disclosure  controls and procedures to ensure
         that material  information  relating to the  registrant,  including its
         consolidated  subsidiaries,  is made known to us by others within those
         entities, particularly during the period in which this quarterly report
         is being prepared;

                  b) evaluated the effectiveness of the registrant's  disclosure
         controls and procedures as of a date within 90 days prior to the filing
         date of this quarterly report (the "Evaluation Date"); and

                  c) presented in this quarterly  report our  conclusions  about
         the  effectiveness  of the disclosure  controls and procedures based on
         our evaluation as of the Evaluation Date;

         5. The  registrant's  other  certifying  officers and I have disclosed,
based on our most recent evaluation,  to the registrant's auditors and the audit
committee  of  registrant's  board  of  directors  (or  persons  performing  the
equivalent functions):

                  a) all significant  deficiencies in the design or operation of
         internal controls which could adversely affect the registrant's ability
         to  record,  process,  summarize  and  report  financial  data and have
         identified  for the  registrant's  auditors any material  weaknesses in
         internal controls; and

                  b)  any  fraud,   whether  or  not  material,   that  involves
         management  or  other  employees  who  have a  significant  role in the
         registrant's internal controls; and

         6. The registrant's  other certifying  officers and I have indicated in
this quarterly report whether or not there were significant  changes in internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date:  November 14, 2002              /s/ Thomas F. Crump
                                      -------------------------------------
                                      Thomas F. Crump
                                      Administrative Trustee