2

                              
                              
                              
                              
                              
             SECURITIES AND EXCHANGE COMMISSION
                              
                   Washington, D.C.  20549
                              
                              
                          FORM 8-K
                              
                       CURRENT REPORT
                              
                              
              Pursuant to Section 13 or 15 (d)
           of the Securities Exchange Act of 1934
                              
      Date of Report (Date of earliest event reported)
                      November 29,1996
                              
                              
               PIKEVILLE NATIONAL CORPORATION
   (Exact name of registrant as specified in its charter)
                              
     Kentucky             0-11129            61-0979818
     (State or other    (Commission       (IRS Employer
     jurisdiction of    File Number)     Identification
     incorporation)                           No.)

     208 North Mayo Trail
     Pikeville, Kentucky                          41501
     (Address of principal executive offices)   (Zip Code)

     Registrant's telephone number, including area code: (606) 432-1414

                       Not Applicable
     (Former name or former address, if changed since last report)


Item 5. Sale of Affiliate Banking Institution

     A definitive agreement was signed on November 29, 1996
to sell Pikeville National Corporation's wholly owned
subsidiary Commercial Bank, West Liberty, KY to Commercial
Bancshares, Inc., West Liberty, KY.

     See Exhibit 5.


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




                             Pikeville National Corporation




December 5, 1996             By: Richard M. Levy
                             Richard M. Levy
                             Executive Vice President
                             Chief Financial Officer


                      INDEX TO EXHIBITS
                              
                              
Exhibit                                       Sequentially Numbered Page

5         Pikeville National Corporation                 5
          Press Release dated November 29, 1996


Exhibit 5

FOR IMMEDIATE RELEASE
November 29, 1996

FOR  ADDITIONAL INFORMATION PLEASE CONTACT RICHARD M.  LEVY,
EXECUTIVE  VICE  PRESIDENT  AND  CHIEF  FINANCIAL   OFFICER,
PIKEVILLE NATIONAL CORPORATION AT (606) 437-3282

Burlin  Coleman,  President and CEO  of  Pikeville  National
Corporation,  today announced the signing  of  a  definitive
agreement to sell its 100% interest in Commercial Bank, West
Liberty,  Kentucky  to  Commercial  Bancshares,  Inc.,  West
Liberty, Kentucky for $10.2 million in cash.

Pikeville National Corporation is a ten bank holding company
with $1.8 billion in assets.  Commercial Bank had assets  of
$73  million,  or  4%  of the total for  Pikeville  National
Corporation  as  of September 30,1996.   In  line  with  the
company's strategic plan, this sale gives Pikeville National
Corporation  the  opportunity  to  invest  the  proceeds  in
additional acquisitions which will provide growth in new and
existing   markets.   The  sale  is  subject  to  regulatory
approvals.