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Preston, also known as Preston Bend, is an unincorporated community and census-designated place located on the Red River in Grayson County, Texas, United States. It grew in the 19th century at the intersection of several military and trade roads and was an important crossing on the Shawnee cattle trail. Preston lost prominence after the MK&T railroad bypassed the town to the east, leading to a decline in traveler and cattle drive traffic. Much of its former town site is submerged beneath the waters of Lake Texoma. As of the 2020 census, Preston had a population of 2,101.