East Texas Financial Services, Inc. (the ?Company?), (OTC Bulletin Board: ETFS), the holding company for First Federal Bank Texas (?Firstbank? or ?the Bank?) Tyler, Texas, today announced that the Company has rescheduled its annual shareholder meeting to February 23, 2011. The meeting will be held at 2:00 p.m. Central at the Company's offices located at 1200 S. Beckham Avenue, Tyler, Texas 75701. The voting record date for the meeting will also be moved to January 12, 2011. The Company had previously announced a meeting date of January 26, 2011.

Company President and CEO, Derrell W. Chapman, CPA stated that the decision to reschedule the meeting was due to delays in completing the Company's independent audit for the fiscal year ended September 30, 2010.

?The audit process took longer than usual this year because the Company placed greater reliance on outside independent consulting firms to assist the Company and the independent auditing firm in completing the audit and the year-end financial statements,? stated Chapman. ?Subsequent to September 30, 2010 we made the decision to engage an independent firm to perform a comprehensive review of the loan portfolio. The review and the Company's response to it, including decisions about classified loans and loan loss reserves, took longer than anticipated. In addition, because of the decline in the Company's stock price, we engaged an independent firm to perform a test for impairment of the goodwill on the Company's balance sheet. I am pleased to report that the goodwill on the Company's balance sheet was not considered impaired at September 30, 2010; the Internal Asset Review Committee and the full Board of Directors has reviewed the third party loan review and appropriate reserves and loan classifications have been made as a result of it.?

As of December 31, 2010, Firstbank will report in the Office of Thrift Supervision's quarterly call reports total assets of $220.8 million, total deposits of $126.3 million and total capital of $20.2 million. Firstbank will also report that non-performing assets were $6.9 million or 3.1% of total assets, and assets classified substandard or doubtful were $13.1 million or 5.9% of total assets.

The Bank preliminarily expects to report net income of $240,000 for the quarter ended December 31, 2010. The Company preliminarily expects to report consolidated net income of $231,000 for the same period.

As of December 31, 2010, the Bank preliminarily anticipates reporting a Tier 1 Capital ratio of approximately 8.7%, a risk-based capital ratio of approximately 13.8%, and a Tier 1 risk-based capital ratio of approximately 12.6%, and remained a well capitalized bank under regulatory guidelines.

East Texas Financial Services, Inc., is the holding Company for First Federal Bank Texas, Tyler, Texas, which operates three full service locations in the Tyler area and one full service location in Gilmer, Texas. The Company's stock is traded under the symbol ?ETFS? on the OTC Electronic Bulletin Board.

Forward-Looking Statements

When used in this press release, in other press releases or other public shareholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases ?believe,? ?could,? ?would,? ?will,? ?will likely result,? ?are expected to,? ?will continue,? ?is anticipated,? ?estimate,? ?project,? ?plans,? or similar expressions are intended to identify ?forward-looking statements? within the meaning of the federal securities laws. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date such statements are made. These statements may relate to future financial performance, strategic plans or objectives, or other financial information. By their nature, these statements are subject to numerous uncertainties that could cause actual results to differ materially from those anticipated in the statements.

Important factors that could cause actual results to differ materially from the results anticipated or projected include, but are not limited to, the following: (i) the possibility that after the audit of the Company's consolidated financial statements for the fiscal year ended September 30, 2010 is completed, the Company's actual reported results will be materially different than the preliminary results for the Bank provided in this press release; (ii) the credit risks of lending activities, including changes in the level of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; (iii) changes in the quality or composition of the Bank's loan and investment portfolios; (iv) competitive pressures among depository institutions; (v) interest rate movements and their impact on customer behavior and net interest margin; (vi) the impact of repricing and competitors' pricing initiatives on loan and deposit products; (vii) the ability to adapt successfully to technological changes to meet customers' needs and developments in the marketplace; (viii) the ability to access cost-effective funding; (ix) changes in financial markets; (x) changes in economic conditions in general and in the Company's market area in particular; (xi) the costs, effects and outcomes of litigation; (xii) new legislation or regulatory changes and other governmental initiatives affecting the financial services industry; and (xiii) changes in accounting principles, policies or guidelines.

The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date on which the forward-looking statement is made.

East Texas Financial Services, Inc.
Derrell W. Chapman, 903-593-1767
President, and CEO
www.ffbtx.com