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): ~~October~~January 3027, ~~2020~~2021

KENTUCKY BANCSHARES, INC.

(Exact Name of Registrant as specified in its Charter)


Kentucky	000-52598	61-0993464
(State or other	(Commission	(IRS Employer
jurisdiction of incorporation)	File Number)	Identification No.)

P.O. Box 157, Paris, Kentucky
(Address of principal executive offices)

40362-0157
(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 (17CFR230.425)

☐☒ 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))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares	KTYB	OTCQX

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

INFORMATION TO BE INCLUDED IN THE REPORT

Item 28.0201. ~~Results~~Other ~~of Operations and Financial Condition~~Events

~~The~~On ~~Registrant~~January ~~expects~~27, to2021, ~~mail~~Kentucky toBancshares, ~~its~~Inc. ~~shareholders~~and ~~the~~Stock ~~Registrant's~~Yards ~~quarterly~~Bancorp, ~~financial~~Inc. ~~information~~(“Stock ~~for~~Yards”) ~~the~~issued ~~third~~a ~~quarter~~joint press release announcing their execution of ~~2020~~an onAgreement orand ~~about~~Plan ~~November~~of 16Merger, ~~2020. A~~dated ~~copy~~as of ~~this~~January ~~mailing~~27, is2021, ~~attached~~by asand ~~Exhibit~~among 99Stock Yards, H.1 Meyer Merger Subsidiary, Inc., a Kentucky corporation and a wholly-owned subsidiary of Stock Yards, and Kentucky Bancshares, Inc..

~~The~~Copies ~~information~~of inthe ~~this~~press ~~Form~~release ~~8-K~~ and ~~Exhibit~~overview ~~99.1~~of ~~attached~~Kentucky ~~hereto~~Bancshares, isInc. ~~being~~are ~~furnished and shall not be deemed to be “~~filed” ~~for purposes of Section 18 of the Securities Exchange Act of 1934,~~ as ~~amended~~Exhibit 99.1 ~~(the~~and ~~“Exchange~~Exhibit ~~Act”),~~99.2 ~~or otherwise subject~~ to ~~the~~this ~~liabilities~~Current ofReport ~~that~~on ~~section,~~Form ~~nor shall it be deemed incorporated by reference in any filing of the Registrant under the Securities Act of 1933~~8-K, ~~as amended~~respectively, ofand ~~the~~are ~~Exchange Act, regardless of any general incorporation language in such filing, unless expressly~~ incorporated herein by ~~specific~~ reference ~~in such filing~~.

Item 9.01. Financial Statements and Exhibits

(d)Exhibits

~~Exhibit~~The ~~No. Description~~following items are filed as exhibits to this Current Report on Form 8-K:

99 Exhibit No.~~1 Release~~ Description ~~dated October 30, 2020~~ of ~~quarterly financial information as of September 30, 2020.~~Exhibit

~~104 Cover~~ 99.1 Joint ~~Page~~press ~~Interactive~~release ~~Data~~of ~~File~~Kentucky ~~(formatted~~Bancshares, asInc. ~~inline~~and ~~XBRL~~Stock ~~and~~Yards ~~contained~~Bancorp, inInc., ~~Exhibit~~dated ~~101)~~January 27, 2021

99.2 Overview of Kentucky Bancshares, Inc.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101)

Forward-Looking Statements

~~Except~~Certain ~~for~~statements ~~historical~~contained ~~information~~in ~~contained~~this ~~herein~~communication, ~~the~~which ~~discussion~~are innot ~~this~~statements ~~Report~~of ~~may~~historical ~~include~~fact, ~~certain~~constitute forward -looking statements ~~based~~within ~~upon~~the ~~management~~meaning ~~expectations. Actual~~of ~~results~~the ~~and~~Private ~~experience~~Securities ~~could~~Litigation ~~differ~~Reform ~~materially~~Act ~~from~~of ~~the~~1995. ~~anticipated~~Such ~~results~~statements orinclude, ~~other~~but ~~expectations~~are ~~expressed~~not inlimited ~~the~~to, ~~forward-looking~~certain ~~statements. Factors~~plans, ~~which~~expectations, ~~could~~goals, ~~cause~~projections ~~future~~and ~~results~~benefits relating to ~~differ~~the ~~from~~proposed ~~these~~merger ~~expectations~~transaction ~~include~~between ~~the~~Stock ~~following: change~~Yards inand ~~economic~~Kentucky ~~conditions~~Bancshares, inwhich ~~the~~are ~~markets~~subject weto ~~serve;~~numerous ~~changes~~assumptions, inrisks ~~laws~~and oruncertainties. ~~regulatory~~Words ~~enforcement;~~or ~~monetary~~phrases ~~and~~such ~~fiscal~~as ~~policies~~“anticipate,” of“believe,” ~~the~~“aim,” ~~federal~~“can,” ~~government;~~“conclude,” ~~changes~~“continue,” ~~in interest~~“could,” ~~rates;~~“estimate,” ~~demand~~“expect,” ~~for~~“foresee,” ~~financial~~“goal,” ~~services;~~“intend,” ~~the~~“may,” ~~impact~~“might,” of“outlook,” ~~our~~“possible,” ~~continuing~~“plan,” ~~growth~~“predict,” ~~strategy;~~“project,” ~~and~~“potential,” ~~other~~“seek,” ~~factors~~“should,” ~~including~~“target,” ~~various~~“will,” “~~risk~~will ~~factors~~likely,” ~~set~~“would,” ~~forth~~or inthe ~~our~~negative ~~most~~of ~~recent~~these ~~annual~~terms ~~report~~or onother ~~Form~~comparable 10terminology, as well as similar expressions, are intended to identify forward-Klooking ~~and~~statements inbut ~~other~~are ~~reports~~not wethe ~~file~~exclusive ~~from~~means ~~time~~of identifying such statements. Please refer to ~~time~~each ~~with~~of ~~the~~Stock ~~Securities~~Yards’ and ~~Exchange~~Kentucky ~~Commission. Our~~Bancshares' ~~annual~~Annual ~~report~~Report on Form 10-K for the year ended December 31, 2019, and, ~~these~~in ~~other~~the ~~reports~~case ~~are~~of ~~available~~Stock ~~publicly~~Yards, its Quarterly Report on Form 10-Q for the ~~SEC~~three ~~website~~months ended September 30, ~~www.sec.gov~~2020, ~~and~~as onwell as their other filings with the ~~Company's~~SEC ~~website~~for a more detailed discussion of risks, ~~www~~uncertainties and factors that could cause actual results to differ from those discussed in the forward-looking statements.~~kybank.com.~~

Forward-looking statements are not historical facts but instead express only management’s beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of the management’s control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. In addition to factors disclosed in reports filed by Stock Yards and Kentucky Bancshares with the SEC, risks and uncertainties for Stock Yards, Kentucky Bancshares and the combined company include, but are not limited to: the possibility that any of the anticipated benefits of the proposed merger will not be realized or will not be realized within the expected time period; the risk that integration of Kentucky Bancshares’ operations with those of Stock Yards will be materially delayed or will be more costly or difficult than expected; the parties’ inability to meet expectations regarding the timing, completion and accounting and tax treatments of the merger; the inability to complete the merger due to the failure of Kentucky Bancshares’ shareholders to adopt the merger agreement; the failure to satisfy other conditions to completion of the merger, including receipt of required regulatory and other approvals; the failure of the proposed transaction to close for any other reason; diversion of management's attention from ongoing business operations and opportunities due to the merger; the challenges of integrating and retaining key employees; the effect of the announcement of the merger on Stock Yards’, Kentucky Bancshares’ or the combined company's respective customer and employee relationships and operating results; the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; dilution caused by Stock Yards’ issuance of additional shares of Stock Yards common stock in connection with the merger; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and the business, results of operations and financial condition of Stock Yards, Kentucky Bancshares and the combined company; and general competitive, economic, political and market conditions and fluctuations. All forward-looking statements included in this communication are made as of the date hereof and are based on information available at that time. Except as required by law, neither Stock Yards nor Kentucky Bancshares assumes any obligation to update any forward-looking statement to reflect events or circumstances that occur after the date the forward-looking statements were made.

Additional Information Regarding the Proposed Transaction

This communication is being made in respect of the proposed merger transaction between Stock Yards and Kentucky Bancshares. Stock Yards will file a registration statement on Form S-4 with the SEC in connection with the proposed transaction. The registration statement will include a proxy statement of Kentucky Bancshares that also constitutes a prospectus of Stock Yards which, when finalized, will be sent to the shareholders of Kentucky Bancshares seeking their approval of the merger-related proposals. This document is not a substitute for the proxy statement/prospectus or registration statement or any other document that Stock Yards or Kentucky Bancshares may file with the SEC. KENTUCKY BANCSHARES’ SHAREHOLDERS ARE ADVISED TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE RELATED PROXY STATEMENT/PROSPECTUS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT STOCK YARDS, KENTUCKY BANCSHARES AND THE PROPOSED TRANSACTION. When filed, the registration statement, the definitive proxy statement/prospectus and other documents relating to the merger transaction filed by Stock Yards and

Kentucky Bancshares can be obtained free of charge from the SEC’s website at www.sec.gov. These documents also can be obtained free of charge by accessing Stock Yards’ website at www.syb.com under the tab “Investors Relations” and then under “SEC Filings.” Alternatively, these documents, when available, can be obtained free of charge from Stock Yards upon written request to Stock Yards, Attention: Chief Financial Officer, 1040 East Main Street, Louisville, Kentucky 40206 or by calling (502) 582-2571, or to Kentucky Bancshares, Attention: Chief Financial Officer, 339 Main Street, Paris, Kentucky 40361 or by calling (859) 987-1795.

Participants in the Solicitation

Stock Yards, Kentucky Bancshares and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Kentucky Bancshares’ shareholders in connection with the proposed transaction. Information about the directors and executive officers of Stock Yards and their ownership of Stock Yards common stock is set forth in the definitive proxy statement for Stock Yards’ 2020 annual meeting of shareholders, as previously filed with the SEC on March 13, 2020, and Stock Yards’ Annual Report on Form 10-K for the year ended December 31, 2019, as previously filed with the SEC on February 28, 2020, as well as other documents filed with the SEC. Information about the directors and executive officers of Kentucky Bancshares and their ownership of Kentucky Bancshares common stock is set forth in the definitive proxy statement for Kentucky Bancshares’s 2020 annual meeting of shareholders, as previously filed with the SEC on May 11, 2020, and Kentucky Bancshares’ Annual Report on Form 10-K for the year ended December 31, 2019, as previously filed with the SEC on March 10, 2020, as well as other documents filed with the SEC. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by securities holdings or otherwise, will be included in the proxy statement/prospectus and other relevant documents regarding the proposed transaction to be filed with the SEC when they become available. You may obtain free copies of these documents from Stock Yards or Kentucky Bancshares using the sources indicated above.

No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. This communication is also not a solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise. No offer of securities or solicitation will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Non-GAAP Measures

This communication contains certain non-GAAP financial measures of Stock Yards and Kentucky Bancshares determined by methods other than in accordance with generally accepted accounting principles. We use non-GAAP financial measures to provide meaningful supplemental information regarding our performance. We believe these non-GAAP measures are beneficial in assessing our operating results and related trends, and when planning and forecasting future periods. These non-GAAP disclosures should be considered in addition to, and not as a substitute for or preferable to, financial results determined in accordance with GAAP. The non-GAAP financial measures we use may differ from the non-GAAP financial measures other financial institutions use to measure their results of operations.

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.

April
	KENTUCKY BANCSHARES, INC.


Date: October 30, 2020	By	/s/ Gregory J. Dawson
Date: January 27, 2021	By	/s/ Gregory J. Dawson
		Gregory J. Dawson
		Chief Financial Officer

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