Contact:  Ms. Betty J. Long
          President
          (606)  234-1440
                                          FOR IMMEDIATE RELEASE

                                          Date: July 25, 1997


                  KENTUCKY FIRST BANCORP, INC.
               ANNOUNCES STOCK REPURCHASE PROGRAM


     Kentucky First Bancorp, Inc. (AMEX:KYF), headquartered in
Cynthiana, Kentucky, announced today that it had received the
approval of the Office of Thrift Supervision to repurchase an
additional 5.0% of its issued and outstanding shares of common
stock, approximately 65,959 shares.  The program will be
dependent upon market conditions and there is no guarantee as to
the exact number of shares to be repurchased by the Corporation.

     Betty J. Long, President of the Corporation, stated that the
Board of Directors has authorized the repurchase program, which
is expected to be completed within six months.  Ms. Long
explained that the Board of Directors considers the Corporation's
common stock to be an attractive investment. Repurchased shares
will be held as treasury stock and used for future issuances in
connection with the exercise of stock options.

     According to Ms. Long, the repurchases generally would be
effected through open market purchases.

     Kentucky First Bancorp, Inc. is the holding company for
First Federal Savings Bank, which conducts business through two
banking offices in Cynthiana, Kentucky.