Frankfort First Bancorp, Inc.

For Immediate Release June 10, 1997
Contact:          William C. Jennings, President
                  (502) 223-1638
                  216 West Main Street
                  P.O. Box 535
                  Frankfort, KY  40602


                 FRANKFORT FIRST BANCORP, INC. 
         CLARIFIES PAYMENT DATE OF SPECIAL DIVIDEND AND 
         DELAYS EFFECTIVE DATE FOR REVERSE STOCK SPLIT

     Frankfort First Bancorp, Inc. (NASDAQ:FKKY) headquartered in
Frankfort, Kentucky, announced today that it had been informed by
the Nasdaq Stock Market that, due to the size of the Company's
previously-announced $4.00 special cash distribution in relation
to the trading price of its common stock; the common stock would
not trade as "ex-dividend" (or without the right to receive the
special dividend) until the first business day following the
payment of the special dividend or June 25, 1997.  Consequently,
parties purchasing shares of common stock through the Nasdaq
Stock Market during the period between June 18, 1997 and June 24,
1997 will be entitled to receive the special distribution in lieu
of the seller.  Such payment will come from the seller, not the
Company.  Normally, the common stock trades "ex-dividend"
beginning two business days prior to the record date for the
dividend and purchasers of the common stock during the ex-
dividend period are not entitled to receive the dividend. 
Individuals transacting in the common stock of the Company during
the period between the record date for the special distribution
and the payment date should consult their brokers for further
information.

     Also, in order to obtain shareholder approval for the
previously-announced one-for-two reverse stock split, the Company
announced that it had delayed the effective date of the reverse
stock split from July 15, 1997 to a date to be determined but
expected to occur in the second quarter of fiscal year 1998,subject to 
shareholder approval at the Company's 1997 annual 
meeting.

     Frankfort First Bancorp, Inc. is the holding company of
First Federal Savings Bank of Frankfort, which conducts its
business through its main office and two branch offices located
in Frankfort, Kentucky.