October 24, 2003


FOR IMMEDIATE RELEASE:


CONTACT:
      Betty J. Long, President
      Kentucky First Bancorp, Inc.
      308 North Main Street
      Cynthiana, Kentucky    41031


Kentucky First Bancorp, Inc. Announces Shareholder Approval of Merger


CYNTHIANA,  KENTUCKY - Kentucky First Bancorp, Inc. (the "Company") (AMEX: KYF),
the holding company for First Federal Savings Bank,  Cynthiana,  Kentucky,  held
its annual  meeting of  shareholders  on October 23, 2003.  At the meeting,  the
shareholders  of the Company  approved  and adopted  the  Agreement  and Plan of
Merger  dated July 8, 2003,  pursuant to which the  Company  will be acquired by
Kentucky  Bancshares,  Inc.  Prior to the  holding of the  annual  shareholders'
meeting,  the Company and  Kentucky  Bancshares  received  all  applicable  bank
regulatory  approvals  with  respect  to the  merger  of  the  Company  and  the
subsequent merger of First Federal Savings Bank with and into Kentucky Bank, the
wholly-owned banking subsidiary of Kentucky Bancshares.

     It is expected that the merger of the Company with Kentucky Bancshares, and
the closing of the transactions  contemplated by the Agreement, will occur on or
about Friday, November 7, 2003.

     Betty  Long,  President  and  CEO  of  Kentucky  First  Bancorp,  made  the
announcement,  that "our  shareholders  approved  the  agreement  by a very wide
margin. Our customers have also responded  favorably.  Many are already familiar
with Kentucky Bank because of their local presence. Kentucky Bank is a community
bank that  offers a number  of  convenience  products  along  with the  personal
service. Our customers have already received information about Kentucky Bank. We
are very happy to be joining them."

     First  Federal's  main  office at 308 North Main  Street  will be  Kentucky
Bank's  downtown  location.  The First  Federal  branch  at Ladish  Road will be
consolidated into the nearby Kentucky Bank branch at 939 U. S. 27 South.

     Mrs. Long will be retiring as CEO, but remaining  with Kentucky  Bancshares
as a director.  Many of the employees  will remain in Cynthiana,  and a few have
accepted  positions  with Kentucky Bank offices.  Ms. Long  explained  that "the
placement  process went extremely  well. Our employees were offered a wide range
of  opportunities,  and all  ended up with a job they  like.  In  addition  both
Cynthiana  locations  will be  staffed  by a  mixture  of  employees  from  each
institution."

     Statements  contained in this press release that are not  historical  facts
constitute  forward-looking  statements  as that term is defined in the  Private
Securities  Litigation  Reform  Act of 1995 (the  "Act").  Such  forward-looking
statements  are subject to risks and  uncertainties.  The Company  intends  such
forward-looking  statements  to be covered  by the safe  harbor  provisions  for
forward-looking  statements in the Act, and is including  this statement for the
purpose of invoking  these safe harbor  provisions.  Factors which could have an
effect on the timing of the closing of the merger of the  Company  and  Kentucky
Bancshares,  include,  but are not limited to,  unanticipated  developments that
could have a material adverse effect on the Company or Kentucky  Bancshares,  or
unexpected  developments affecting the ability of either the Company or Kentucky
Bancshares to satisfy any conditions to closing.