UNITED STATES 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): August 12, 1998


                 FRANKFORT FIRST BANCORP, INC.
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(Exact name of registrant as specified in its charter)
               
        Delaware                 0-26360           61-1271129
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(State or other jurisdiction   (Commission      (I.R.S. Employer
of incorporation)              File Number)   Identification No.)



216 W. Main Street, Frankfort, Kentucky                40602
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(Address of principal executive offices)            (Zip Code)


Registrant's telephone number, including area code:(502) 223-1638
                                                   --------------


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

ITEM 5.  OTHER EVENTS
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     On August 11, 1998 the Board of Directors of the Registrant
authorized the repurchase of up to 81,000 shares of the
Registrant's common stock, $0.01 par value which may become
available for repurchase from time to time.  Such repurchases are
to be effected through open market purchases, negotiated
transactions, or in such other manner as will comply with
applicable law.

Item 7.  Financial Statements, Pro Forma Financial Information,
         and Exhibits
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     Exhibits
     
     99.1     Press Release dated August 12, 1998


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.

                             Frankfort First Bancorp, Inc. 
                                                    
                                                    
DATE:  August 12, 1998       By: /s/William C. Jennings  
                                 ------------------------------
                                 William C. Jennings
                                 Chairman, President, and Chief 
                                   Executive Officer