Exhibit 99.1

FOR IMMEDIATE RELEASE:  May 23, 2008

Kentucky Bancshares, Inc. Announces Expansion of Stock Repurchase Program

Paris, KY - Kentucky Bancshares, Inc. (OTC BB:KTYB.OB) announced today that
its Board of Directors has expanded its previously announced stock repurchase
program by an additional 100,000 shares of outstanding common stock.

The Company's prior stock purchase plans were announced on October 25, 2000
for the purchase of 100,000 shares and on November 12, 2002 for the purchase
of an additional 100,000 shares.  Under these previously announced plans
199,161 shares have been purchased.

"This expansion of our repurchase program re-emphasizes the confidence
management and the Board of Directors have in the Company and in our
prospects for the future," said Louis Prichard, Kentucky Bancshares's
President and CEO.  "We believe the current quoted valuation of the Company's
stock presents an investment opportunity, that we believe can further enhance
returns to our shareholders."

The Company's stock repurchase plan will permit purchases to take place
selectively from time to time in open market purchases through a broker or in
privately negotiated transactions.  The purchases will be dependent upon
market prices and other conditions and there is no guarantee as to the exact
number of shares to be purchased by the Company.

Kentucky Bancshares, Inc. is a financial services holding company and is the
parent of Kentucky Bank, a commercial bank and trust company.  Kentucky Bank
is headquartered in Paris and also has offices in Cynthiana, Georgetown,
Morehead, Nicholasville, North Middletown, Sandy Hook, Versailles, Wilmore
and Winchester.

Contact: Louis Prichard or Gregory J. Dawson (859) 987-1795.

All statements, other than statements of historical facts, included in this
news release, including the objectives and expectations of management for
future operating results are forward-looking statements under the Private
Securities Litigation Reform Act of 1995 that involve risks and
uncertainties.   These forward-looking statements are based on the Company's
current expectations.  Although the Company believes that the assumptions
underlying the forward-looking statements contained herein are reasonable,
any of the assumptions could be inaccurate, and therefore, there can be no
assurance that the forward-looking statements included herein will prove to
be accurate.  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, including the tobacco market, in which the Company and its bank
operate); competition for the Company's customers from other providers of
financial and mortgage services; government legislation, regulation and
monetary policy (which changes from time to time and over which the Company
has no control); changes in interest rates (both generally and more
specifically mortgage interest rates); material unforeseen changes in the
liquidity, results of operations, or financial condition of the Company's
customers; and other risks detailed in the Company's filings with the
Securities and Exchange Commission, all of which are difficult to predict and
many of which are beyond the control of the Company.  The Company undertakes
no obligation to republish revised forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.