EXHIBIT 99.1

PRESS RELEASE

Kentucky Bancshares, Inc. Completes Acquisition and Merger

PARIS, KENTUCKY (November 7, 2003) - Kentucky Bancshares, Inc.
(OTC BB: KTYB), Paris, Kentucky announced today completion of
the acquisition of Kentucky First Bancorp, Inc. (AMEX: KYF),
Cynthiana, Kentucky and its wholly owned subsidiary, First
Federal Savings Bank.  First Federal was immediately merged into
the acquiring institution's commercial bank, Kentucky Bank.
Kentucky Bancshares paid Kentucky First Bancorp stockholders
$23.25 in cash per share of common stock.
Buckner Woodford, President and CEO of Kentucky Bancshares made
the announcement: "We are extremely pleased to serve a larger
base of customers in Cynthiana. This is a wonderful community in
a region that is doing well economically. It is an extremely
good fit with the rest of our franchise. Our thanks go to the
employees of both banks who have worked so hard to make a smooth
transition. The reception we have received from First Federal
customers has been gratifying."

Kentucky Bancshares was advised by Professional Bank Services,
Inc. and Frost Brown Todd LLC. Kentucky First Bancorp was
advised by Trident Securities, a division of McDonald
Investments, Inc., and Stradley Ronon Stevens & Young, LLP.

Kentucky Bancshares is a financial services holding company and
is the parent of Kentucky Bank, a Kentucky state chartered
commercial bank and trust company.  Kentucky Bank is
headquartered in Paris, and has additional offices in Paris,
North Middletown, Winchester, Georgetown, Versailles,
Nicholasville, Wilmore and Cynthiana, Kentucky. With the
completion of the acquisition, the combined companies have total
assets of approximately $500 million.

Other than historical information set forth herein, this
announcement may contain forward-looking statements with respect
to the financial condition, results of operations and business
of Kentucky Bancshares following the consummation of the merger
that involve risks and uncertainties. Actual results could be
materially different from those discussed in this announcement.
Factors that could cause actual results to differ from the
results discussed in the forward-looking statements include, but
are not limited to:  economic conditions (both generally and
more specifically in the markets in which Kentucky Bancshares
and Kentucky First Bancorp and their respective banks operate);
competition for customers from other providers of financial and
mortgage services; government legislation and regulation (which
change from time to time and over which Kentucky Bancshares has
no control); changes in interest rates (both generally and more
specifically mortgage interest rates); material unforeseen
changes in liquidity, results of operations, or financial
condition of customers; and other risks detailed in Kentucky
Bancshares filings with the SEC, all of which are difficult to
predict and many of which are beyond the control of Kentucky
Bancshares.  Kentucky Bancshares undertakes no obligation to
republish or revise forward-looking statements to reflect events
or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.

Contacts:

Buckner Woodford IV
Kentucky Bancshares, Inc.
4th & Main Streets
P. O. Box 157
Paris, Kentucky  40362
(859) 987-1795






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