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 18, 2004



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.)



INFORMATION TO BE INCLUDED IN THE REPORT

Item 5. Other Events and Required FD Disclosure.
On February 18, 2004, Kentucky Bancshares, Inc., announced
an increase in its dividend for the first quarter of 2004.
Attached as Exhibit 99.1 hereto is a Press Release which the
Company released on February 18, 2004 announcing this dividend.
EXHIBIT INDEX
Item No.       Description
99.1           Press Release dated February 18, 2004 announcing
the dividend for the first quarter of 2004.

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 18, 2004      By  /s/ Gregory J. Dawson
Gregory J. Dawson, C.F.O.



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{"company-data": {"conformed-name": "BOURBON BANCSHARES INC /KY/", "cik": "0001000232", "assigned-sic": "6035", "state-of-incorporation": "KY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-96358", "film-number": "04618185"}, "business-address": {"street1": "4TH & MAIN ST", "street2": "P O BOX 157", "city": "PARIS", "state": "KY", "zip": "40362-0157"}, "mail-address": {"street1": "4TH & MAIN ST", "street2": "PO BOX 157", "city": "PARIS", "state": "KY", "zip": "40362-0157"}}
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 18, 2004

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.)

INFORMATION TO BE INCLUDED IN THE REPORT

Item 5. Other Events and Required FD Disclosure.
On February 18, 2004, Kentucky Bancshares, Inc., announced
an increase in its dividend for the first quarter of 2004.
Attached as Exhibit 99.1 hereto is a Press Release which the
Company released on February 18, 2004 announcing this dividend.
EXHIBIT INDEX
Item No.       Description
99.1           Press Release dated February 18, 2004 announcing
the dividend for the first quarter of 2004.

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 18, 2004      By  /s/ Gregory J. Dawson
Gregory J. Dawson, C.F.O.

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