Guaranty Federal Bank in Austin, Tex., has hired Mellon Bank's Kenneth R. Dubuque as president and chief executive officer.

The $10.7 billion-asset thrift is owned by Temple-Inland Inc. of Diboll, Tex., most of whose revenue comes from packaging and from construction products.

Mr. Dubuque was Mellon's executive vice president for international asset management. Earlier he was chairman, president, and CEO of Mellon Bank Maryland, which includes the company's Virginia and Washington operations. He has 20 years of banking experience.

He will join the Texas thrift Oct. 15, succeeding Kenneth M. Jastrow 2d, who became president and chief operating officer of its parent company in February.

Mr. Jastrow will become chairman of Guaranty Federal, a post now held by Clifford J. Grum, chairman and CEO of Temple-Inland.

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