8-K

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): February 27, 2009



                       KENTUCKY BANCSHARES, INC.
          (Exact Name of Registrant as specified in Charter)


   Kentucky                   33-96358              61-0993464
 (State or other            (Commission            (IRS Employer
  jurisdiction of           File Number)        Identification No.)
  incorporation)


P.O. Box 157, Paris, Kentucky                          40362-0157
(Address of principal executive offices)               (Zip code)


(859)987-1795
(Registrant's telephone number, including area code)

N/A
(Former name or former address, if changed since last report.)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:

?  Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

?  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)

?  Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

?  Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
INFORMATION TO BE INCLUDED IN THE REPORT

  Item 8.01. Other Events

      On February 27, 2009 the Registrant announced the quarterly cash
dividend to shareholders.  The dividend will be 20 cents per share, a
decrease from 28 cents per share for the previous quarter.  This
payment will be made March 31, 2009, to shareholders of record March
20, 2009.


  Item 9.01.  Financial Statements and Exhibits

Exhibit 99.1 - Press release dated February 27, 2009, announcing
the dividend for the first quarter of 2009.


SIGNATURE

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.

KENTUCKY BANCSHARES, INC.



Date: February 27, 2009              By      /s/ Gregory J. Dawson___
         Gregory J. Dawson
         Chief Financial Officer

EX-99

Exhibit 99.1

February 27, 2009

Press Release

Kentucky Bank Parent Announces Dividend

Paris, Kentucky - Kentucky Bancshares, Inc., parent holding company for
Kentucky Bank, announced today the quarterly dividend to shareholders.
The payout will be 20 cents per share, down from 28 cents for the
previous quarter.  This payment will be made March 31 to shareholders
of record March 20, 2009.

Kentucky Bank is headquartered in Paris and also has offices in
Cynthiana, Georgetown, Morehead, Nicholasville, North Middletown, Sandy
Hook, Versailles, Wilmore, and Winchester.  At year-end assets totaled
$679 million.  It ranks 16th in size among the state's 179 banks. Shares
of the parent holding company trade over the counter and are reported
on the OTC Bulletin Board.  The symbol is KTYB.OB.

Contact:  Gregory J. Dawson
          Chief Financial Officer