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EXHIBIT 4.3

           Amended and Restated Bylaws of First Security Bancorp, Inc.

                           AMENDED AND RESTATED BYLAWS

                                       OF

                          FIRST SECURITY BANCORP, INC.

                                    ARTICLE I
                                     Offices

1.1  PRINCIPAL   OFFICE.   The  principal  office  of  the  Corporation  in  the
Commonwealth  of Kentucky  shall be located at 318 East Main Street,  Lexington,
Kentucky 40507.  The  Corporation may have such other offices,  either within or
without the  Commonwealth  of Kentucky,  as the business of the  Corporation may
require from time to time.

1.2 REGISTERED OFFICE. The registered office of the Corporation may be, but need
not be, identical with its principal office in the Commonwealth of Kentucky. The
address of the  registered  office may be changed from time to time by the Board
of Directors.

                                   ARTICLE II
                                  Shareholders

2.1 ANNUAL MEETINGS. The annual meeting of the shareholders shall be held on the
third  Tuesday  in May at such  time  and  place as the  Corporation's  Board of
Directors may  designate,  with the first annual  meeting to be held in the year
2001.  The purpose of such meetings  shall be the election of directors and such
other  business as may  properly  come before it. If the  election of  directors
shall  not be  held on the  day  designated  for an  annual  meeting,  or at any
adjournment  thereof, the Board of Directors shall cause the election to be held
at a  special  meeting  of  the  shareholders  as  soon  thereafter  as  may  be
practicable.

2.2 SPECIAL MEETINGS.  Special meetings of the shareholders may be called by the
Corporation's  Board of Directors,  or by any 5 or more shareholders  holding in
the aggregate  not less than  twenty-five  percent (25%) of all the  outstanding
shares of the  Corporation  entitled to vote at such meeting,  who have demanded
such special meeting in writing delivered to the Corporation's Secretary.

2.3 PLACE OF SPECIAL  MEETINGS.  The Board of Directors  may designate any place
within or without  the  Commonwealth  of  Kentucky  as the place for any special
meeting  called by the  Board of  Directors.  A waiver  of notice  signed by all
shareholders  may include a designation  of any place,  either within or without
the Commonwealth of Kentucky,  as the place for the holding of such meeting.  If
no designation is properly  made, or if a special  meeting be otherwise  called,
the place of meeting shall be at the registered office of the Corporation in the
Commonwealth of Kentucky.

2.4 NOTICE OF ANNUAL OR SPECIAL MEETINGS.  Written or printed notice stating the
place,  day and hour of the  meeting of  shareholders  and, in case of a special
meeting of  shareholders,  the  purpose  or  purposes  for which the  meeting is
called, shall be delivered not fewer than ten (l0) days nor more than sixty (60)
days before the date of the meeting,  either personally or by mail, by or at the
direction of the President or the Secretary,  or the officer or persons  calling
the meeting,  to each shareholder of record entitled to vote at such meeting. If
mailed, such notice shall be deemed to be delivered when deposited in the United
States mail in a sealed  envelope  addressed  to the  shareholder  at his or her
address as it  appears  on the stock  transfer  books of the  Corporation,  with
postage thereon prepaid.

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2.5 MEETINGS BY CONSENT OF ALL SHAREHOLDERS.  If all the shareholders shall meet
at any time and place,  either within or without the  Commonwealth  of Kentucky,
and no shareholder objects at such meeting to holding the meeting or transacting
business  therein,  such meeting shall be valid  without call or notice,  and at
such meeting, any corporate action may be taken.

2.6  WAIVER  AND  CONSENT  TO  MEETINGS  OF LESS  THAN  ALL  SHAREHOLDERS.  If a
shareholder meeting shall occur without all shareholders in attendance,  a prior
or subsequent written waiver of notice or consent to the holding of such meeting
by the absent  shareholders  shall be  equivalent  to the call and giving of any
requisite  notice,  and such meeting shall be valid without call or notice,  and
corporate action may be taken at such meeting.

2.7 CLOSING  TRANSFER  BOOKS AND FIXING OF A RECORD DATE. The Board of Directors
of the  Corporation  may  close  its  stock  transfer  books  as of a date  (and
continuing for a period) not exceeding  seventy (70) days  immediately  prior to
the date of any  meeting  of  shareholders,  or the date for the  payment of any
dividend or for the  allotment  of rights,  or to the date when any  exchange or
reclassification  of shares shall be effective,  and such date of the closing of
the stock  transfer  books of the  Corporation  shall be the record date for the
determination  of  shareholders  entitled  to  notice  of,  or to vote at,  such
meeting, or shareholders  entitled to receive payment of any such dividend or to
receive any such  allotment  of rights,  or to exercise any rights in respect of
any exchange or  reclassification  of shares;  and the shareholders of record on
such  record date shall be the  shareholders  entitled to notice of, and to vote
at, such  meeting,  or to receive  payment of such  dividend or to receive  such
allotment of rights,  or to exercise such rights, in the event of an exchange or
reclassification  of shares,  as the case may be. If the transfer  books are not
closed and no record date is fixed by the Board of Directors, the day before the
date on which  notice  of the  meeting  is  mailed,  or the  date on  which  the
resolution of the Board of Directors  declaring such dividend is adopted or such
other action is taken, as the case may be, shall be deemed to be the record date
for the  determination  of the shareholders of the Corporation and the number of
shares  owned  by them for all of the  purposes  set  forth  in the  immediately
preceding  sentence.  When a  determination  of  shareholders  has been  made as
provided in this  Section,  such  determination  shall apply to any  adjournment
thereof.

2.8 VOTING  RECORD.  The officer or agent having charge of the transfer book for
shares  of the  Corporation  shall  make a  complete  list  of the  shareholders
entitled to vote at any meeting of shareholders,  arranged in alphabetical order
by voting  group,  with the  address  of, and the number of shares held by, each
shareholder.  Such list shall be produced and be available for inspection at the
Corporation's  principal  office  beginning  five (5)  business  days before the
meeting for which the list was  prepared.  Such list shall also be  available at
the time and place of the meeting and shall be subject to the  inspection of any
shareholder during the whole course of the meeting.

2.9 QUORUM. A majority of the outstanding shares of the Corporation  entitled to
vote on a particular  matter,  or a majority of the shares entitled to vote as a
separate  voting group,  represented in person or by proxy,  shall  constitute a
quorum at any meeting of  shareholders.  If a quorum of shareholders is present,
the affirmative vote of a majority of the shares  represented at the meeting and
entitled to vote on the  subject  matter  shall be the act of the  shareholders,
unless  the vote of a greater  number or voting by classes  is  required  by the
Kentucky  Business  Corporation Act or by the Articles of Incorporation or these
Bylaws. The shareholders  present at a duly organized meeting can continue to do
business   until   adjournment,   notwithstanding   the   withdrawal  of  enough
shareholders to leave less than a quorum.

2.10 PROXIES.  At all meetings of shareholders,  a shareholder may vote by proxy
executed  in  writing  by  the   shareholder  or  his  or  her  duly  authorized
attorney-in-fact.   Such  proxy  shall  be  filed  with  the  Secretary  of  the
Corporation before or at the time of the meeting.  No proxy shall be valid after
eleven (11) months from the date of its execution,  unless otherwise provided in
the  proxy.  A  proxy,  unless  coupled  with an  interest  and  expressly  made
irrevocable,  may be revoked in writing at any time.  The effective time of such
revocation  shall be the time the  Secretary  of the  Corporation  receives  the
written notice of revocation.

2.11 VOTING OF SHARES.  Subject to the  provisions of Section 2.13 hereof,  each
outstanding  share of common stock authorized by the  Corporation's  Articles of
Incorporation  to have  voting  power  shall be  entitled  to one vote upon each
matter submitted to a vote at a meeting of shareholders.  The voting rights,  if
any, of classes of shares  other than voting  common stock shall be as set forth
in the Corporation's Articles of Incorporation or by appropriate legal action of
the Board of Directors.

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2.12 VOTING OF SHARES BY CERTAIN HOLDERS.

     (a) Shares standing in the name of another corporation may be voted by that
corporation's  president  or by proxy  appointed  by him or her or by such other
officer,  agent or proxy as the by-laws of such other corporation may prescribe,
or, in the absence of such  provision,  as the board of  directors of such other
corporation may determine.

     (b) Shares held by an administrator,  executor, guardian or conservator may
be voted by him, either in person or by proxy, without a transfer of such shares
into his name.  Shares  standing  in the name of a trustee  may be voted by him,
either in person or by proxy,  but no trustee  shall be  entitled to vote shares
held by him without a transfer of such shares into his name.

     (c)  Shares  standing  in the  name  of a  receiver  may be  voted  by such
receiver,  and shares held by or under the control of a receiver may be voted by
such receiver  without the transfer thereof into his or her name if authority so
to do be contained in an  appropriate  order of the court by which such receiver
was appointed.

     (d) Where shares are held jointly by two or more co-owners or  fiduciaries,
if only one such  fiduciary  votes,  his or her act  shall  be  presumed  by the
Corporation to be the vote of such co-owners or  fiduciaries,  if such fiduciary
appears to be voting on behalf of all the co-owners or fiduciaries. Where shares
are held jointly by three (3) or more  fiduciaries,  the will of the majority of
such  fiduciaries  shall  control  the manner of voting or the giving of a proxy
unless the instrument or order  appointing the  fiduciaries  otherwise  directs.
Where,  in any case,  fiduciaries  are equally divided upon the manner of voting
shares  jointly held by them,  any court of  competent  jurisdiction  may,  upon
petition  filed by any of the  fiduciaries,  or by any  beneficiary,  appoint an
additional person to act with the fiduciaries in determining the manner in which
the  shares  shall  be voted  upon  the  particular  questions  as to which  the
fiduciaries are divided.

     (e) A  shareholder  whose shares are pledged shall be entitled to vote such
shares until the shares have been transferred into the name of the pledgee,  and
thereafter, the pledgee shall be entitled to vote the shares so transferred.

     (f) The  Secretary of the  Corporation  may demand  written  proof that the
person  asserting  the right to vote shares  pursuant to this Section 2.12 holds
the  position  he claims to hold and has been  properly  authorized  to vote the
shares he represents.  Such proof, if demanded,  shall be presented prior to the
voting of such shares by such person.

2.13  CUMULATIVE  VOTING.  At each  election  for  directors,  each  shareholder
entitled to vote at such election  shall have the right to cast, in person or by
proxy,  as many votes in the  aggregate  as he or she shall be  entitled to vote
under the Corporation's  Articles of Incorporation,  multiplied by the number of
directors  to be elected at such  election;  and each  shareholder  may cast the
whole number of votes for one  candidate or  distribute  such votes among two or
more candidates. Directors shall not be elected in any other manner.

2.14 ACTION BY WRITTEN CONSENT. Any action required to be taken, or which may be
taken,  at a meeting  of the  shareholders  may be taken  without a meeting if a
consent in writing, setting forth the action so taken, shall be signed by all of
the shareholders entitled to vote with respect to the subject matter thereof.

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                                   ARTICLE III
                                    Directors

3.1 GENERAL POWERS. The business and affairs of the Corporation shall be managed
by its Board of Directors.

3.2  NUMBER,  TENURE  AND  QUALIFICATIONS.   The  number  of  directors  of  the
Corporation shall be not less than five (5) nor more than twenty-five (25) (with
such number to be twenty-one  (21) until altered by a resolution of the Board of
Directors  or the  shareholders)  and may be  increased or decreased by either a
resolution of (i) the Board of Directors,  or (ii) the  shareholders,  provided,
that any  increase or decrease of the number of  directors  greater  than thirty
percent (30%) of the number of directors last approved by the shareholders shall
require  shareholder  approval and provided  further that no decrease shall have
the effect of shortening the term of any incumbent director. The directors shall
be divided into three classes with each class being as nearly equal in number as
possible.  The term of office of the first class of  directors  shall be one (1)
year and shall expire at the first  annual  meeting of the  shareholders  of the
Corporation (or until their  successors are elected and qualified);  the term of
the second  class of  directors  shall be two (2) years and shall  expire at the
second  annual  meeting  of  shareholders  of the  Corporation  (or until  their
successors  are  elected  and  qualified);  and the term of the  third  class of
directors  shall be three (3) years and shall expire at the third annual meeting
of the  shareholders of the  Corporation (or until their  successors are elected
and  qualified).  The  directors  need not be residents of the  Commonwealth  of
Kentucky, nor need they hold any shares of the capital stock of the Corporation.
The Board of  Directors  shall have  authority  to amend the Bylaws to prescribe
other qualifications for directors.

3.3 REMOVAL AND RESIGNATIONS.  At a meeting of shareholders called expressly for
that purpose,  any director or the entire Board of Directors may be removed with
cause by a vote of the holders of a majority of the shares then entitled to vote
at an election of directors. No one of the directors may be removed if the votes
cast against his removal would be  sufficient to elect him if then  cumulatively
voted at an election of the entire Board of  Directors,  or, if there be classes
of  directors,  at an election of the class of  directors of which he is a part.
Whenever  the  holders of the shares of any class are  entitled  to elect one or
more  directors  by  the  provisions  of  the  Articles  of  Incorporation,  the
provisions of this Section shall apply,  in respect to the removal of a director
or directors so elected, to the vote of the holders of the outstanding shares of
that class and not to the vote of the outstanding  shares as a whole. Any member
of the Board of Directors  may resign from the Board of Directors at any time by
giving written notice to the Corporation's Board of Directors (or its Chairman),
President or Secretary, and unless otherwise specified therein, such resignation
shall be effective upon the delivery of such notice.

3.4 REGULAR  MEETINGS.  A regular annual meeting of the Board of Directors shall
be held  immediately  after the  annual  meeting of  shareholders.  The Board of
Directors  may provide,  by  resolution,  the time and place,  either  within or
without the  Commonwealth  of Kentucky,  for the holding of  additional  regular
meetings without other notice than such resolution.

3.5 SPECIAL  MEETINGS.  Special meetings of the Board of Directors may be called
by or at the request of the President or any two directors. All special meetings
of the  Board  of  Directors  shall  be  held  at the  principal  office  of the
Corporation  or such  other  place  as may be  specified  in the  notice  of the
meeting.

3.6  MANNER  OF  CONDUCTING  BOARD  MEETINGS.  The  Board  of  Directors  of the
Corporation  may  permit any or all  directors  to  participate  in a regular or
special  meeting  by, or conduct  the  meeting  through the use of, any means of
communication by which all directors  participating may simultaneously hear each
other during the meeting.  A director  participating  in a meeting by this means
shall be deemed to be present in person at the meeting.

3.7 NOTICE.  Notice of the date,  time and place of any special meeting shall be
given at least two (2) days prior thereto by written notice delivered personally
or mailed to each director at his or her business address,  or by telegram.  Any
director may waive notice of any meeting.  The  attendance  of a director at, or
participation  in,  any  meeting  shall  constitute  a waiver  of notice of such
meeting,  except where a director  attends a meeting for the express  purpose of
objecting (at the beginning of the meeting) to the  transaction  of any business
because the meeting is not lawfully called or convened.  Neither the business to
be  transacted  at, nor the purpose  of, any  regular or special  meeting of the
Board of  Directors  need be specified in the notice or waiver of notice of such
meeting.

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3.8 QUORUM.  A majority of the number of directors  fixed by, or  determined  in
accordance  with,   Section  3.2  hereof  shall  constitute  a  quorum  for  the
transaction of business at any meeting of the Board of Directors.

3.9 VOTING.  The act of the  majority of the  directors  present at a meeting at
which a quorum is  present  shall be the act of the Board of  Directors,  unless
otherwise required by the Articles of Incorporation.

3.10 VACANCIES. Any vacancy occurring in the Board of Directors may be filled by
the  shareholders  or by the Board of Directors.  If the directors  remaining in
office constitute fewer than a quorum of the Board, they may fill the vacancy by
the affirmative vote of a majority of all directors  remaining in office. If the
vacancy was held by a director elected by a voting group of  shareholders,  only
the holders of shares of that voting group shall be entitled to vote to fill the
vacancy  if it is filled by the  shareholders.  A vacancy  that will  occur at a
specific later date may be filled before the vacancy occurs but the new director
may not take office until the vacancy occurs.

A director  elected to fill a vacancy shall be elected for the unexpired term of
his  predecessor  in  office.  Any  directorship  to be  filled  by reason of an
increase in the number of directors  may be filled by the Board of Directors for
a term of office  continuing  only until the next  election of  directors by the
shareholders.

3.11 COMPENSATION. By resolution of the Board of Directors, each director may be
paid his  expenses,  if any,  of  attendance  at each  meeting  of the  Board of
Directors,  a stated  stipend as director or a fixed sum for  attendance at each
meeting of the Board of Directors,  or both, and any other benefits as the Board
of Directors may  determine.  No such payment  shall  preclude any director from
serving  the  Corporation  in any  other  capacity  and  receiving  compensation
therefore.

3.12 ACTION BY WRITTEN CONSENT.  Any action required or permitted to be taken by
the Board of Directors at a meeting may be taken  without a meeting if a consent
in  writing,  setting  forth the action so taken,  shall be signed by all of the
directors.

3.13 CHAIRMAN AND VICE-CHAIRMAN OF THE BOARD. The Board of Directors may appoint
one of its members  Chairman of the Board of  Directors.  The Board of Directors
may also appoint one of its members as  Vice-Chairman of the Board of Directors,
and such individual  shall serve in the absence of the Chairman and perform such
additional duties as may be assigned to him or her by the Board of Directors.

                                   ARTICLE IV
                                    Officers

4.1 OFFICERS. The officers of the Corporation shall be a President,  one or more
Vice-Presidents,  a Secretary and a Treasurer,  each of whom shall be elected by
the Board of Directors.  Such other  officers and  assistant  officers as may be
deemed necessary may be elected or appointed by the Board of Directors.  Any two
or more offices may be held by the same person.

4.2  ELECTION  AND TERM OF OFFICE.  The  officers  of the  Corporation  shall be
elected by the Board of Directors at the first and,  thereafter at each,  annual
meeting of the Board of Directors. If the election of officers shall not be held
at any  such  meeting,  such  election  shall be held as soon  thereafter  as is
convenient.  Vacancies  may be filled or new  offices  created and filled at any
meeting of the Board of  Directors.  Each  officer  shall hold office  until his
successor  shall have been duly  elected and shall have  qualified  or until his
death or until  he  shall  resign  or shall  have  been  removed  in the  manner
hereinafter provided.

4.3 REMOVAL AND  RESIGNATIONS.  Any officer or agent elected or appointed by the
Board of  Directors  may be removed by the Board of  Directors,  with or without
cause, whenever, in its judgment, the best interests of the Corporation would be
served  thereby,  but such  removal  shall be without  prejudice to the contract
rights, if any, of the person so removed.  Election or appointment of an officer
or agent  shall  not of  itself  create  contract  rights.  Any  officer  of the
Corporation  may resign at any time by giving written notice to the President or
Secretary  of the  Corporation,  and unless  otherwise  specified  therein,  the
acceptance of such resignation shall not be necessary to make it effective.

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4.4 VACANCIES. A vacancy in any office because of death,  resignation,  removal,
disqualification  or otherwise  may be filled by the Board of Directors  for the
unexpired portion of the term.

4.5  PRESIDENT.  The  President  shall be the  chief  executive  officer  of the
Corporation.  If no  chairman  has been  appointed  or,  in the  absence  of the
chairman (and vice-chairman if one has been appointed),  he shall preside at all
meetings of the  shareholders  and of the Board of Directors.  He may sign, with
the  Secretary  or  any  other  proper  officer  of  the  Corporation  thereunto
authorized  by  the  Board  of  Directors,   certificates   for  shares  of  the
Corporation,  any deeds, mortgages,  bonds, contracts or other instruments which
the Board of Directors has authorized to be executed,  except in cases where the
signing and  execution  thereof  shall be  expressly  delegated  by the Board of
Directors or by these Bylaws to some other officer or agent of the  Corporation,
or shall be required by law to be otherwise signed or executed; and, in general,
shall  perform  all duties  incident to the office of  President  and such other
duties as may be prescribed by the Board of Directors from time to time.  Unless
otherwise ordered by the Board of Directors, the President shall have full power
and  authority  on  behalf of the  Corporation  to  attend,  act and vote at any
meetings of  shareholders  of any  corporation in which the Corporation may hold
stock, and at any such meeting,  shall hold and may exercise all rights incident
to the ownership of such stock which the Corporation,  as owner,  might have had
and  exercised if present.  The Board of Directors may confer like powers on any
other person or persons.

4.6 VICE  PRESIDENT.  In the  absence of the  President,  or in the event of his
inability or refusal to act, a  Vice-President  shall  perform the duties of the
President and when so acting, shall have all powers of and be subject to all the
restrictions upon the President. Any Vice-President may sign, with the Secretary
or an Assistant  Secretary,  certificates  for shares of the  corporation  whose
issuance has been authorized by the Board of Directors.  A Vice-President  shall
also  perform  such other  duties as may from time to time be assigned to him by
the President or by the Board of Directors.

4.7 TREASURER. The Treasurer shall have charge and custody of and be responsible
for all funds and securities of the  Corporation;  receive and give receipts for
monies  due and  payable to the  Corporation  from any  source  whatsoever,  and
deposit all such  monies in the name of the  Corporation  in such  banks,  trust
companies and other  depositories  as shall be selected in  accordance  with the
provisions of ARTICLE V of these Bylaws; and, in general, perform all the duties
incident to the office of  Treasurer  and such other duties as from time to time
may be assigned to him by the Chairman of the Board,  the President or the Board
of Directors. If required by the Board of Directors,  the Treasurer shall give a
bond for the  faithful  discharge of his duties in such sum and with such surety
or sureties as the Board of Directors shall determine.

4.8  SECRETARY.  The Secretary  shall (a) keep the minutes of the  shareholders'
meetings and of the Board of Directors'  meetings in one or more books  provided
for that purpose; (b) see that all notices are duly given in accordance with the
provisions  of these  Bylaws or as  required  by law;  (c) be  custodian  of the
corporate  records  and of the  seal,  if any,  of the  Corporation;  (d) keep a
register  of the Post  Office  address  of each  shareholder;  (e) sign with the
President or Vice-President certificates for shares of stock of the Corporation;
(f) have general charge of the stock transfer books of the Corporation;  and, in
general,  perform all duties  incident to the office of Secretary and such other
duties as from time to time may be assigned to him by the Chairman of the Board,
the President or by the Board of Directors.

4.9 ASSISTANT TREASURERS AND ASSISTANT SECRETARIES.

     (a) The Assistant Treasurer,  if that office be created and filled,  shall,
if required by the Board of Directors,  give bond for the faithful  discharge of
his  duty in such sum and with  such  surety  as the  Board of  Directors  shall
determine.

     (b) The Assistant  Secretary,  if that office be created and filled, and if
authorized  by  the  Board  of  Directors,  may  sign,  with  the  President  or
Vice-President, certificates for shares of the Corporation.

     (c) The Assistant Treasurers and Assistant  Secretaries,  in general, shall
perform such additional  duties as shall be assigned to them by the Treasurer or
the Secretary,  respectively,  or by the Chairman of the Board, the President or
the Board of Directors.

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4.10 COMPENSATION.  The compensation of the officers of the Corporation shall be
fixed  from  time to time by the Board of  Directors,  and no  officer  shall be
prevented from receiving such compensation by reason of the fact that he is also
a director of the Corporation.

                                    ARTICLE V
                      Contracts, Loans, Checks and Deposits

5.1  CONTRACTS.  The Board of Directors  may  authorize any officer or officers,
agent or  agents,  to enter  into any  contract  and  execute  and  deliver  any
instruments in the name of and on behalf of the Corporation.  Such authority may
be general or confined to specific instances.

5.2 CHECKS,  DRAFTS, ETC. All checks,  drafts or other orders for the payment of
money,  notes or  other  evidences  of  indebtedness  issued  in the name of the
Corporation shall be signed by such officer or officers,  or agent or agents, of
the Corporation and in such manner as shall, from time to time, be determined by
resolution of the Board of Directors.

5.3  DEPOSITS.  All funds of the  Corporation  not otherwise  employed  shall be
deposited,  from time to time, to the credit of the  Corporation  in such banks,
trust companies and other depositories as the Board of Directors may select.

                                   ARTICLE VI
                   Certificates for Shares and Their Transfer

6.1 CERTIFICATES FOR SHARES. Certificates representing shares of the Corporation
shall be in such form as may be  determined by the Board of Directors and by the
laws of the Commonwealth of Kentucky.  Such certificates shall be signed (either
manually  or in  facsimile)  by the  President  or a  Vice-President  and by the
Secretary or an assistant  secretary,  and may bear the seal of the Corporation,
or a facsimile  thereof.  All  certificates  for shares  shall be  consecutively
numbered. The name of the person owning the shares represented thereby, with the
number  of  shares  and date of  issue,  shall be  entered  on the  books of the
Corporation.  All certificates surrendered to the Corporation for transfer shall
be  canceled  and  no  new  certificates   shall  be  issued  until  the  former
certificates  for a like  number  of shares  shall  have  been  surrendered  and
canceled, except that, in case of a lost, destroyed or mutilated certificate,  a
new one may be issued therefore upon such terms and indemnity to the Corporation
as the Board of Directors may prescribe.

6.2 TRANSFER OF SHARES. Transfer of shares of the Corporation shall be made only
on the books of the  Corporation by the  registered  holder  thereof,  or by his
legal representative who shall furnish proper evidence of authority to transfer,
or by his attorney  thereunto  authorized by power of attorney duly executed and
filed with the Secretary of the  Corporation,  and on surrender for cancellation
of the certificate for such shares. The person in whose name shares stand on the
books of the  Corporation  shall be deemed the owner thereof for all purposes as
regards the Corporation.

                                   ARTICLE VII
                                   Committees

The board of  directors  shall have  authority  to, by  resolution  adopted by a
majority  of all  directors  then in  office,  create  and form  from  among its
members,  from  time to  time,  such  committees  (consisting  of at  least  one
director) as the board may consider  necessary or convenient  for the conduct of
its business.  Any such committee shall have the full power and authority as the
board of directors may, from time to time,  legally  establish for it,  provided
that no committee shall authorize or approve distributions,  except according to
a formula or method,  or within  limits,  prescribed  by the board of directors;
approve or propose to shareholders action that the Kentucky Business Corporation
Act  requires  be  approved  by  shareholders;  fill  vacancies  on the board of
directors  or on any  committee  of the  board  of  directors  (other  than  the
appointment of an alternative  committee  member to act in place of an absent or
disqualified  committee member to the extent permitted by the Kentucky  Business
Corporation Act); or adopt, amend or repeal the Bylaws. The rules and procedures
governing the conduct of any such  committee  shall be the same as the standards
established  in this  Article III for such  matters  with  respect to the entire
board of directors.

                                  Page 79 of 96

<PAGE>

                                  ARTICLE VIII
                                 Indemnification

8.1 Definitions. As used in this Article VIII:

     (a) "Proceeding" means any threatened, pending or completed action, suit or
proceeding,  whether  civil,  criminal,  administrative  or  investigative,  and
whether formal or informal;

     (b)  "Party"  includes a person who was, is or is  threatened  to be made a
named defendant or respondent in a Proceeding;

     (c) "Expenses" include attorneys' fees;

     (d)  "Officer"  means  any  person  serving  as  Chairman  of the  Board of
Directors, President, Vice-President,  Treasurer, Secretary or any other officer
of the Corporation; and

     (e)  "Director"  means  an  individual  who  is or  was a  director  of the
Corporation or an individual who, while a director of the Corporation, is or was
serving at the  request of the  Corporation  as a  director,  officer,  partner,
trustee,   employee  or  agent  of  another  foreign  or  domestic  corporation,
partnership,   limit  ed  liability   company,   registered   limited  liability
partnership,  joint venture, association,  trust, employee benefit plan or other
entity.  A Director shall be considered  serving an employee benefit plan at the
request of the Corporation if his duties to the  Corporation  also impose duties
on, or otherwise  involve  services by, him to the plan or to participants in or
beneficiaries  of the plan.  "Director"  includes,  unless the context  requires
otherwise, the estate or personal representative of a director.

8.2 Indemnification by Corporation.

     (a) The  Corporation  shall indemnify any Officer or Director who is made a
Party to any  Proceeding  by reason  of the fact  that such  person is or was an
Officer or Director if:

          (1) Such Officer or Director conducted himself in good faith; and

          (2) Such Officer or Director reasonably believed:

               (i) In the case of  conduct  in his  official  capacity  with the
          Corporation,  that  his  conduct  was in  the  best  interests  of the
          Corporation; and

               (ii) In all  other  cases,  that his  conduct  was at  least  not
          opposed to the best interests of the Corporation; and

          (3) In the case of any criminal Proceeding, he had no reasonable cause
     to believe his conduct was unlawful.

     (b) A Director's  conduct  with  respect to an employee  benefit plan for a
purpose he reasonably  believes to be in the interest of the participants in and
beneficiaries  of the plan shall be conduct that  satisfies the  requirement  of
Section 8.2 (a)(2)(ii) of these Bylaws.

                                  Page 80 of 96

<PAGE>

     (c)  Indemnification  shall be made against  judgments,  penalties,  fines,
settlements and reasonable Expenses, including legal Expenses, actually incurred
by such Officer or Director in connection with the Proceeding, except (1) if the
Proceeding was by or in the right of the Corporation,  indemnification  shall be
made only against such  reasonable  Expenses and shall not be made in respect of
any  Proceeding in which the Officer or Director  shall have been adjudged to be
liable to the Corporation,  and (2)if the Proceeding  charged improper  personal
benefit to the Officer or Director  and the  Officer or  Director  was  adjudged
liable on the basis that improper  personal  benefit was improperly  received by
him,  indemnification  shall not be made.  The  termination of any Proceeding by
judgment, order, settlement, conviction or upon a plea of nolo contendere or its
equivalent,  shall not, by itself, be determinative that the Officer or Director
did not meet the requisite standard of conduct set forth in this Section 8.2.

     (d) (1) Reasonable  Expenses  incurred by an Officer or Director as a Party
to a  Proceeding  with respect to which  indemnity is to be provided  under this
Section 8.2 shall be paid or  reimbursed  by the  Corporation  in advance of the
final disposition of such Proceeding provided:

               (i) The  Corporation  receives (I) a written  affirmation  by the
          Officer  or  Director  of his good  faith  belief  that he has met the
          requisite  standard of conduct set forth in this Section 8.2, and (II)
          the Corporation  receives a written undertaking by or on behalf of the
          Officer or  Director to repay such  amount if it shall  ultimately  be
          determined that he has not met such standard of conduct; and

               (ii) The  Corporation's  Board of Directors (or other appropriate
          decision  maker for the  Corporation)  determines  that the facts then
          known to the Board of Directors (or decision maker) would not preclude
          indemnification under Kentucky law.

          (2) The  undertaking  required  herein shall be an  unlimited  general
     obligation  of the Officer or Director  but shall not require any  security
     and shall be accepted  without  reference to the  financial  ability of the
     Officer or Director to make repayment.

          (3)  Determinations  and authorizations of payments under this Section
     8.2(d)  shall be made in the manner  specified  in Section  8.2(e) of these
     Bylaws.

     (e) (1) The  Corporation  shall not indemnify an Officer or Director  under
     this  Section  8.2  unless   authorized   in  the  specific  case  after  a
     determination has been made that indemnification of the Officer or Director
     is  permissible  in the  circumstances  because he has met the  standard of
     conduct set forth in this Section 8.2.

          (2) Such determination shall be made:

               (i) By the Corporation's Board of Directors by majority vote of a
          quorum  consisting  of  directors  not  at  the  time  Parties  to the
          Proceeding;

               (ii) If a quorum cannot be obtained under Section 8.2(e)(2)(i) of
          these Bylaws,  by majority vote of a committee duly  designated by the
          Corporation's  Board of Directors (in which designation  directors who
          are Parties  may  participate),  consisting  solely of two (2) or more
          directors not at the time Parties to the Proceeding; or

               (iii) By special legal counsel:

                    [1] Selected by the Corporation's  Board of Directors or its
               committee in the manner  prescribed in Sections  8.2(e)(2)(i) and
               (ii) of these Bylaws; or

                                  Page 81 of 96

<PAGE>

                    [2] If a quorum of the Board of Directors cannot be obtained
               under Section 8.2(e)(2)(i) of these Bylaws and a committee cannot
               be  designated  under  Section  8.2(e)(2)(ii)  of  these  Bylaws,
               selected by a majority  vote of the full Board of  Directors  (in
               which selection directors who are Parties may participate); or

                    [3] By the  shareholders,  provided  that shares owned by or
               voted under the control of Directors  who are at the time Parties
               to the Proceeding shall not be voted on the determination.

          (3)   Authorization   of   indemnification   and   evaluation   as  to
     reasonableness  of  Expenses  shall  be  made  in the  same  manner  as the
     determination  that  indemnification  is  permissible,  except  that if the
     determination   is  made  by  special  legal  counsel,   authorization   of
     indemnification  and evaluation as to  reasonableness  of Expenses shall be
     made by those  entitled  under  Section  8.2(e)(2)(iii)  of these Bylaws to
     select counsel.

8.3 FURTHER  INDEMNIFICATION.  Notwithstanding any limitation imposed by Section
8.2 of these  Bylaws or  elsewhere  and in addition to the  indemnification  set
forth in  Section  8.2 of these  Bylaws,  the  Corporation,  to the full  extent
permitted by law, may agree by contract or otherwise to indemnify any Officer or
Director  and  hold  him  harmless  against  any  judgments,  penalties,  fines,
settlements and reasonable Expenses actually incurred or reasonably  anticipated
in connection  with any  Proceeding in which any Officer or Director is a Party,
provided the Officer or Director was made a Party to such  Proceeding  by reason
of the fact that he is or was an Officer or  Director of the  Corporation  or by
reason of any  inaction,  nondisclosure,  action  or  statement  made,  taken or
omitted  by or on  behalf  of  the  Officer  or  Director  with  respect  to the
Corporation  or by or on behalf of the Officer or Director in his capacity as an
Officer or Director.

8.4 INSURANCE. The Corporation may, in the discretion of the Board of Directors,
purchase  and  maintain or cause to be  purchased  and  maintained  insurance on
behalf of all Officers and Directors against any liability asserted against them
or  incurred  by them in their  capacity  or arising  out of their  status as an
Officer or Director, to the extent such insurance is reasonably available.  Such
insurance  shall  provide such  coverage  for the Officers and  Directors as the
Board of Directors may deem appropriate.

                                   ARTICLE IX
                                  Miscellaneous

9.1  AMENDMENTS.  The Board of Directors  shall have the power and  authority to
alter, amend or repeal these Bylaws at any regular or special meeting at which a
quorum is present by the vote of a majority  of the entire  Board of  Directors,
subject always to the power of the shareholders  under Kentucky law to change or
repeal these Bylaws.

9.2 FISCAL YEAR.  The Board of  Directors  shall have the power to fix, and from
time to time change, the fiscal year of the Corporation.  Unless otherwise fixed
by the Board, the calendar year shall be the fiscal year.

9.3 DIVIDENDS.  The Board of Directors may, from time to time, declare,  and the
Corporation may pay,  dividends on its outstanding shares in the manner and upon
the terms and conditions provided by law and its Articles of Incorporation.

9.4 SEAL.  The Board of  Directors  may adopt a  corporate  seal which  shall be
circular in form and shall have inscribed  thereon the name of the  Corporation,
the state of incorporation, and the word "SEAL".

9.5 WAIVER OF NOTICE.  Whenever  any notice is  required  to be given  under the
provisions  of  these  Bylaws,  or under  the  provisions  of the  Corporation's
Articles of  Incorporation,  or under the provisions of the corporation  laws of
the Commonwealth of Kentucky, a waiver thereof in writing,  signed by the person
or persons  entitled  to such  notice,  whether  before or after the time stated
therein, shall be equivalent to the giving of such notice.

9.6  CONSTRUCTION.  Unless the  context  specifically  requires  otherwise,  any
reference  in these Bylaws to any gender shall  include all other  genders;  any
reference to the singular  shall  include the plural;  and any  reference to the
plural shall include the singular.

                                  Page 82 of 96<PAGE>

EXHIBIT 10.11

EMPLOYMENT  AGREEMENT  BETWEEN  FIRST  SECURITY  BANCORP,  INC.  AND R.  DOUGLAS
HUTCHERSON

                              EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT  AGREEMENT (this "Agreement") is made and entered into this
1st day of December,  2003 by and between the FIRST  SECURITY  BANCORP,  INC., a
Kentucky corporation  headquartered in Lexington,  Kentucky ("Holding Company"),
FIRST SECURITY BANK OF LEXINGTON,  a Kentucky corporation authorized to transact
a  banking  business  in  Kentucky  and  headquartered  in  Lexington,  Kentucky
("Bank"), and R. DOUGLAS HUTCHERSON ("Executive").

     WHEREAS, Holding Company is the holding company of Bank; and

     WHEREAS,  Executive and Bank and Holding  Company desire to enter into this
Agreement to set out the terms under which  Executive  is being  employed as the
President and Chief Executive Officer of Bank and Holding Company.

     NOW,  THEREFORE,  in  consideration  of the  premises  and  of  the  mutual
covenants and conditions  contained  herein,  and intending to be legally bound,
the parties hereby agree as follows:

     1.  EMPLOYMENT.  Bank hereby  employs  Executive to serve as President  and
Chief Executive Officer of Bank and Holding Company,  and Executive accepts such
employment and agrees to devote his full time, attention and best efforts to the
business  and  affairs of Bank and  Holding  Company  and to perform  his duties
faithfully  and in a  manner  consistent  with  and in  furtherance  of the best
interests of Bank and Holding  Company.  Executive's  duties  shall  include the
management and supervision of Bank's  operations and such other duties as may be
reasonably  determined  and  assigned to  Executive by the Board of Directors of
Bank from time to time.

     2. TERM OF  EMPLOYMENT.  This  Agreement  shall be  effective  for a period
commencing  as of December l, 2003,  through and  including  November  30, 2006,
subject to termination as  hereinafter  provided.  On December 1, 2004, and each
December 1  thereafter,  this  Agreement  shall  automatically  be extended  for
successive one (1) year terms unless Bank gives to Executive a written notice of
intent to cancel  this  Agreement  at least  sixty  (60)  calendar  days  before
December 1 of any year.

     3. COMPENSATION, AND BENEFITS.

          A.  During the term of this  Agreement,  Bank shall pay  Executive  as
compensation  for his services  hereunder a per annum salary of $150,000,  or at
such higher salary as may be  established  annually by the Board of Directors of
Bank each year (provided the annual salary fixed by the Board of Directors shall
not be less  than the  salary  paid for the  immediately  preceding  year)  (the
"Salary").  The Salary shall be payable in accordance  with the regular  payroll
practices of the Bank.

          B. In  addition,  Bank  will  purchase  and  maintain  life  insurance
insuring the life of Executive, the proceeds of which will be split between Bank
and Executive's  designated  beneficiary in the event of Executive's  death. The
proceeds under that insurance  policy are intended (i) to provide death benefits
to Bank in an amount sufficient to cover the premium costs and expenses incurred
by Bank to maintain that insurance  policy and the after-tax cost to Bank of the
benefits  paid  or  payable  to  Executive  (or  his   beneficiary   or  estate)
(collectively, the "cost recovery amount") and (ii) to provide death benefits of
$500,000,  a portion of which is payable to Bank and the  remainder  of which is
payable to Executive's  designated beneficiary by endorsement to the policy. The
portion of the death benefits payable to Executive's  designated  beneficiary is
$250,000  as of the date of this  Agreement.  The  portion of the  keyman  death
benefits  payable to Bank is $250,000 as of the date of this Agreement.  Bank is
the owner of such  insurance  policy,  and  agrees to  continue  such  insurance
coverage in effect during the term of this Agreement.

                                  Page 83 of 96

<PAGE>

          C. In addition,  during the term of this  Agreement,  Bank shall cause
Executive to  participate  or to be furnished the  opportunity to participate in
employee  benefit  or  welfare  plans in  effect,  including  any  group  health
insurance benefits,  disability insurance benefits, life insurance benefits, 401
(k) plans, and other fringe  benefits,  in the same manner and on the same basis
as shall be furnished to other executive management personnel of Bank generally,
subject to the terms and  conditions  of the plans under which the  benefits are
provided.  Bank  reserves  the right to modify or  terminate  any such  plans or
benefits or change the terms of eligibility at any time. In the event  Executive
is not  immediately  eligible to  participate in the 401 (k) plan, the Bank will
pay directly to him (or to an IRA he establishes)  the amount that would be paid
to his 401 (k) account if he were participating.

          D. In 2003, Executive shall be entitled to five days of paid vacation.
Thereafter,  Executive  shall be entitled to three  weeks of paid  vacation  per
year.  The  scheduling of such vacation  shall be first  approved by Bank. It is
understood  and agreed that it may not be possible for such vacation to be taken
all at once, and Executive  agrees that he may be required to take such vacation
intermittently.

          E.  Executive  shall be entitled to a car allowance of $500 per month,
and an allowance for monthly dues for the Lexington Country Club.

          F. Upon  termination of this  Agreement,  other than  termination  for
cause, Bank shall pay to Executive any severance benefits to which Executive may
be entitled pursuant to Section 8.

          G.  Executive  will not be entitled  to  additional  compensation  for
service as a director of Bank or Holding Company or any of their affiliates.

          H. Bank shall be authorized  to deduct and withhold  from  Executive's
compensation (including any severance benefits) such sums as are required by law
to be deducted and withheld.

          I. Bank  shall  review  Executive's  performance  on an annual  basis.
Contingent upon satisfactory performance, Executive shall be eligible for annual
salary  increases,  bonuses,  and/or additional stock options as approved by the
Board of  Directors of Bank at its  discretion.  While the Bank does not have in
place a formal  executive  incentive  compensation  plan, it has  represented to
Executive  that if the annual  budget of Bank is achieved,  the  Executive  will
receive a bonus  consistent with previous  Presidents of the Bank and the amount
of the  bonus  will be  based  upon the  extent  to which  the  budget  has been
exceeded.  It is the  intention  of Bank to put into  place a  formal  executive
incentive compensation plan.

          J. Bank has agreed to  compensate  Executive  for any loss suffered by
Executive  if he is  unable to sell his  current  residence  at 4514 Wolf  Creek
Parkway, Louisville, Kentucky ("residence") at a price less than its fair market
value. For purposes of determining the residence's fair market value,  both Bank
and  Executive  shall  obtain from a qualified  real estate  appraiser a written
appraisal of the  residence no later than  January 30,  2004.  Those  appraisals
shall be  exchanged  and the  average  between  the two shall be the fair market
value of the residence for purposes of this Agreement.  (Provided,  however,  if
either party  determines  that there has been a material  change in the value of
the  residence  after  the  initial  appraisals,  it or he  may  commission  the
appraiser originally selected by that party to do a new appraisal to be provided
to the other party no later than April 1, 2004,  and, at that point in time, the
party  receiving  that  appraisal  may  choose  to have the  appraiser  he or it
originally  selected do a new appraisal  within  fourteen (14) days. The average
between the two new appraisals  shall be its fair market value if this option is
selected).  In the event Executive does not have an executed Contract of Sale of
the residence by April 1, 2004, and the residence is sold thereafter, Bank shall
pay to Executive the difference between the fair market value and the gross sale
price of the residence. That payment shall be made within five (5) business days
from the closing of the residence's sale.

          K. Beginning  December 1, 2003, and extending  through April 30, 2004,
Bank  shall  pay on  Executive's  behalf  his  costs of  housing  in  Lexington,
Kentucky,  provided  that he has not received the proceeds  from the sale of the
residence.  This housing allowance shall be paid directly to the party from whom
Executive  leases the housing unit, or if Executive has purchased a residence to
the first mortgage holder. In no event shall Bank's obligation exceed $1,400 per
month,  nor shall Bank's  obligation to pay the housing  allowance  extend for a
period longer than five (5) months or Executive  sells his residence,  whichever
first occurs.

                                  Page 84 of 96

<PAGE>

          L.  Executive  is  currently  employed  by Bank One, N. A. In order to
prevent  Executive from being exposed to any potential loss of benefits from, or
claims for  reimbursement  by, Bank One, N.A., Bank will not employ,  or solicit
for employment, any of Bank One N.A.'s employees prior to January 1, 2005.

     4. SIGNING BONUS. On the first day this Agreement is effective,  Bank shall
pay  Executive a cash bonus equal to  $50,000.  Bank shall also pay  Executive's
reasonable  moving expenses from  Louisville,  Kentucky to Lexington,  Kentucky.
Bank's  payments shall be made directly to the provider of the moving  services.
Executive shall obtain an estimate for the cost of the moving expenses and shall
submit it to Bank before committing the Bank to pay those expenses.

     5. STOCK COMPENSATION.  On the date this Agreement is effective,  Executive
is granted non-qualified stock options to purchase up to 20,000 shares of common
stock of Holding Company at a purchase price of $14.00 per share under the First
Security Bancorp,  Inc. Stock Award Plan (the "Stock Award Plan), subject to the
following  terms and  conditions  and the terms and  conditions set forth in the
Stock Award Plan:

          A. Vesting and Term.

              (1) The option to purchase shares shall vest in five installments
                  as follows:

                  o  the first  installment  of 4,000  shares  shall  vest on
                     September  15, 2004,  provided  Executive is employed  with
                     Bank and Holding Company on that date;

                  o  an additional 4,000 shares shall vest on September 15,
                     2005,  provided Executive is employed with Bank and Holding
                     Company on that date;

                  o  an additional 4,000 shares shall vest on September 15,
                     2006,  provided Executive is employed with Bank and Holding
                     Company on that date;

                  o  an additional 4,000 shares shall vest on September 15,
                     2007,  provided Executive is employed with Bank and Holding
                     Company on that date; and

                  o  the remaining 4, 000 shares shall vest on September 15,
                     2008,  provided Executive is employed with Bank and Holding
                     Company on that date.

                  If this Agreement is terminated, this options shall lapse, and
                  terminate,  with respect to any shares to the extent the right
                  and  option  to  purchase  those  shares  has  not  vested  in
                  accordance  with  the  above  provisions  as of the  date  the
                  Agreement is terminated. The option cannot be exercised before
                  vesting, and no installment shall be exercisable more than ten
                  years after the date it has vested.  Notwithstanding any other
                  provision  of  this  Agreement,   in  the  event   Executive's
                  employment is terminated by Bank without cause,  or Bank gives
                  notice  that  the  Agreement  will  not  be  renewed,  all  of
                  Executive's  remaining  options will vest and may be exercised
                  within 30 days after the last date of his employment by Bank.

              (2) This option  shall  expire on the  earliest of the  following
                  events: [i] the expiration of ten years from the date on which
                  such option was granted;  [ii] the  expiration of three months
                  from the date of  termination  of this  Agreement  pursuant to
                  Section  6.A.  or 6.D.;  [iii] the  expiration  of six  months
                  following the issuance of letters  testamentary  or letters of
                  administration  to the executor or administrator of Executive,
                  if  Executive's  death  occurs and this  Agreement  terminates
                  pursuant to Section 7 or if  Executive's  death occurs  during
                  the  three-month  period  following  the  termination  of this
                  Agreement  pursuant  to Section  6.A or 6,D.,  but in no event
                  later  than  one  year  after  Executive's   death;  [iv]  the
                  termination of this Agreement pursuant to Section 6.B. or 6.D;
                  or [v] Executive's  breach of the  nondisclosure or noncompete
                  provisions of Sections 9 or10.

     6. TERMINATION. This Agreement will automatically terminate as of the close
of business on the last day of the term of this  Agreement,  as may be extended,
or upon the Executive's death pursuant to Section 7. In addition, this Agreement
may be terminated by Bank or Executive as follows:

                                  Page 85 of 96

<PAGE>

          A. TERMINATION BY BANK. Bank, by action of its Board of Directors, may
terminate this Agreement, and Executive's employment hereunder, at any time.

If this Agreement and Executive's  employment hereunder,  is terminated pursuant
to this  Section 6. A.,  Executive  shall be  entitled  to  severance  pay under
Section  8.A.,  in  accordance  with Section 8, subject to  compliance  with the
continuing covenants under Sections 9 and 10.

          B.  TERMINATION  BY BANK FOR  CAUSE.  Bank,  by action of its Board of
Directors,  may terminate this Agreement,  and Executive's employment hereunder,
at any time for cause. As used in this  Agreement,  "cause" means the occurrence
of one or more of the following events:

               (1)  Executive's  conviction for a felony or of any crime
                    involving moral turpitude;

               (2)  Executive's engaging in any illegal conduct or willful
                    misconduct in the  performance of his employment  duties for
                    the Bank;

               (3)  Executive's engaging in fraudulent or dishonest conduct in
                    his dealings with, or on behalf of, the Bank;

               (4)  Executive's failure or refusal to follow the lawful
                    instructions  of the  Directors of the Bank, if such failure
                    or refusal  continues for a period of five (5) calendar days
                    after  the Bank  delivers  to  Executive  a  written  notice
                    stating  the  instructions  which  Executive  has  failed or
                    refused to follow;

               (5)  Executive's intentional violation of any applicable banking
                    law  or  regulation  in  the   performance   of  Executive's
                    employment  duties for the Bank or willful  violation of the
                    cease-and-desist order applicable to Executive or Bank;

               (6)  The issuance of a directive by the Kentucky Department of
                    Financial  Institutions or any federal  authority  requiring
                    Bank to dismiss Executive from office or removing  Executive
                    as executive officer and/or director of the Bank; or

               (7)  A civil action is initiated against the Bank as a result of
                    an improper act by Executive that is  inconsistent  with his
                    duties and responsibilities.

               If this  Agreement,  and  Executive's  employment  hereunder,  is
terminated  pursuant to this Section  6.B.,  Executive  shall not be entitled to
severance-pay under Section 8.

          C.  TERMINATION  BY  EXECUTIVE.  At any time  during  the term of this
Agreement,  Executive may terminate this Agreement and his employment  with Bank
upon 90 days prior written notice.

If this Agreement, and Executive's employment hereunder,  is-terminated pursuant
to this Section  6.C.,  Executive  shall not be entitled to severance  pay under
Section 8.

          D.  TERMINATION BY EXECUTIVE AT OR AFTER CHANGE OF CONTROL.  Executive
may terminate this Agreement if at the time of or after a Change of Control, (i)
Bank  and  Holding  Company  materially  breach  their  obligations  under  this
Agreement or,  without  Executive's  consent,  alter the duties,  authority,  or
responsibilities of Executive to such an extent that Executive no longer has the
duties, authority, or responsibilities  customarily attendant to the position of
President and Chief Executive Officer of Bank and Holding Company, and (ii) Bank
and Holding  Company  fail to remedy the same within  thirty (30) days after the
date Executive delivers written notice to Bank, to the attention of its board of
directors,  describing the material  breach or alteration in reasonable  detail.
Termination  pursuant to this Section 6.D.  will be effective as of the close of
business on the last day of such thirty  (30) day period  unless,  prior to such
time,  Bank and Holding  Company have remedied the material breach or alteration
of Executive's duties, authority; and/or responsibilities.

If this Agreement,  and Executive's employment hereunder, is terminated pursuant
to this  Section  6.D.  at the time of or after a Change of  Control,  Executive
shall be entitled to (1) severance  pay under  Section 8.B., in accordance  with
Section 8, subject to compliance with the continuing  covenants under Sections 9
and 10.

                                  Page 86 of 96

<PAGE>

For purposes of this Section 6.D., "Change in Control" means:

     [1] any share,  exchange or merger or consolidation of Bank if, as a result
of the transactions  contemplated by such plan agreement of exchange,  merger or
consolidation,  Holding  Company will not own 100% of the shares of voting stock
of the  surviving or acquiring  entity  outstanding  immediately  following  the
effective date of such transactions;

     [2] any share  exchange  or merger  Holding  Company if either [a]  Holding
Company will not be the surviving or acquiring  corporation,  or [b] as a result
of the transactions contemplated by such plan or agreement of exchange or merger
the persons who are  shareholders of Holding Company,  immediately  prior to the
effective date of such  transactions,  will not own, in  substantially  the same
proportions,  at least a  majority  of the  shares  of voting  stock of  Holding
Company   outstanding   immediately   following  the  effective   date  of  such
transactions;

     [3] any sale,  lease,  exchange,  transfer other  disposition of all or any
substantial  part of the assets of Holding  Company or a  subsidiary  of Holding
Company (including Bank) followed by a liquidation of Holding Company;

     [4] the Board or the  shareholders  of  Holding  Company  or Bank  approve,
adopt,  agree to recommend,  or accept any agreement,  contract,  offer or other
arrangement  providing for, or any series of  transactions  resulting in, any of
the transactions described in [1], [2], or [3]; or

     [5] a change in the  membership  of the "board" of directors of either Bank
or  Holding  Company  such  that a  majority  of the  members  of such  board of
directors are not Continuing  Directors,  where the term  "Continuing  Director"
means  any  person  serving  on the  board of  directors  as of the date of this
Agreement and any successor to such  Continuing  Director who was recommended or
elected by a majority of the Continuing Directors at a meeting at which a quorum
consisting of a majority of the Continuing Directors is present.

     7. EXECUTIVE'S DEATH OR PERMANENT DISABILITY.  If Executive dies or becomes
permanently  disabled during the term of this Agreement;  this Agreement and the
obligations of Bank hereunder shall  terminate.  "Permanent  disability" as used
herein,  shall mean when  Executive is deemed  disabled in  accordance  with the
long-term  disability  insurance policy of the Bank in effect at the time of the
illness or injury causing the disability and Executive has begun to receive full
benefits  from  that  disability  policy.  If this  Agreement,  and  Executive's
employment hereunder,  is terminated pursuant to this Section 7, Executive shall
not be entitled to any severance pay or benefits.

     8.  SEVERANCE  PAY.  In  consideration  of  the  continuing  covenants  and
obligations of Executive under Sections 9 and 10, Executive shall be entitled to
severance pay as follows upon termination of this Agreement:

          A. If this  Agreement is terminated in accordance  with the provisions
of Section  6.A.,  Bank shall  continue  to pay to  Executive  the Salary he was
earning  immediately prior to the termination of the Agreement,  for a period of
nine (9) months.  Such severance  benefits  shall be payable in accordance  with
Bank's regular payroll practices as a continuation of Executive's Salary for the
applicable period.

In addition,  for a period of nine (9) months or until  Executive  obtains other
employment,  whichever  is  earlier,  Bank  shall  pay  the  COBRA  premium  for
Executive's  continued  coverage under those group health,  life, and disability
plans under which he was covered at the time this  Agreement  terminated and for
which he timely elect to receive COBRA  continuation  coverage.  Executive shall
continue to pay his  co-payment  then in effect for coverage  under those plans.
Bank shall also  continue to pay  Executive's  car  allowance  and country  club
allowance  described  in Section  3.E.  for a period of nine (9) months or until
Executive obtains other employment, whichever is earlier.

          B. If this  Agreement  is  terminated  pursuant to Section 6.D. at the
time of or after a Change of Control (as defined  therein),  Bank shall continue
to pay  to  Executive  the  Salary  he  was  earning  immediately  prior  to the
termination  of the  Agreement,  through and  including  November 30,  2006,  or
through the end of the extended term of this Agreement,  whichever occurs later.
Such  severance  benefits  shall be payable in  accordance  with Bank's  regular
payroll  practices,  as a continuation of Executive's  salary for the applicable
period.

                                  Page 87 of 96

<PAGE>

In  addition,  for a period  of six  months  or until  Executive  obtains  other
employment,  whichever  is  earlier,  Bank  shall  pay  the  COBRA  premium  for
Executive's  continued  coverage under those group health,  life, and disability
plans under which he was covered at the time this  Agreement  terminated and for
which he timely elects to receive COBRA continuation  coverage.  Executive shall
continue to pay his  co-payment  then in effect for coverage  under those plans.
Bank shall also  continue to pay  Executive's  car  allowance  and country  club
allowance  described  in  Section  3.E.  for a  period  of six  months  or until
Executive obtains other employment, whichever is earlier.

          C. If this Agreement is terminated  and  Executive's  employment  with
Bank is  terminated  for any reason,  Bank shall have no  obligation to continue
payment of any  insurance  premiums  under the  insurance  policy  described  in
Section 3 B. Within fifteen (15) days of the date of termination, Executive may,
by  delivery  of written  notice to Bank,  elect to pay all  premiums  and costs
thereafter  due under such policy,  in which case Bank will continue to own, and
Executive  shall pay all  premiums  and costs  required  to keep in force,  such
insurance in an amount sufficient to provide death benefits to Bank equal to the
expected  cost recovery  amount (as  determined in good faith by Bank) and death
benefits to Executive's  designated  beneficiary in an amount equal to $500,000.
In that event, Bank, as owner of the insurance policy,  shall continue in effect
the  endorsement of death benefits  payable under such policy to the beneficiary
designated by Executive (above the cost recovery amount).

          D. Bank may condition any payment of severance or other benefits under
this  Section 8 on the  receipt  of a  written  release;  in form and  substance
reasonably  satisfactory to Bank,  pursuant to which Executive releases Bank and
its affiliates, from any claims Executive might have against Bank arising out of
Executive's  employment  with Bank  except for accrued  compensation  under this
Agreement,  amounts payable under this Section 8 and any accrued indemnification
rights  Executive  might have  under  Bank's  charter  or  bylaws.  In any case,
Executive's  rights to  severance  or other  benefits  under this  Section 8 are
conditioned on Executive's  compliance with his obligations under Sections 9 and
10.

          E. It is the  intention  of the parties  that none of the  payments to
which  Executive  is entitled  under this  Agreement  will  constitute a "golden
parachute  payment"  within  the  meaning  of 12 U.S.C.  Section  1828(k)(3)  or
implementing regulations of the OCC or FDIC, the payment of which is prohibited.
Any payments made by Bank or Holding  Company to or for the benefit of Executive
pursuant to this Agreement,  or otherwise,  are subject to and conditioned  upon
their compliance with 12 U.S.C. Section 1828(k) and any regulations  promulgated
thereunder.

     9. NON-COMPETE.  Executive acknowledges the services Executive is to render
are of a special and unusual  character with a unique value to Bank, the loss of
which cannot  adequately be  compensated by damages in an action at law. In view
of the unique value to Bank of Executive's services and as a material inducement
to Bank to enter into this  Agreement and to pay to Executive  the  compensation
provided for herein Executive covenants and agrees that during the employment of
Executive  hereunder  and  thereafter  during the  Non-compete  Term, as defined
below,  Executive shall not, as a proprietor,  shareholder,  officer,  director,
partner, employee,  principal, agent, consultant,  advisor, organizer, or in any
other  capacity,  for his own benefit or for or with any other  person,  firm or
corporation  whatsoever  (other than Bank or an affiliate of Bank),  directly or
indirectly,  work for, make a substantial investment, in or in any manner assist
any  financial  institution  located or being  organized to conduct  business in
Bank's Market Area, as defined below, nor shall Executive, directly or indirect,
solicit  customers or business in Bank's  Market Area on behalf of any financial
institution,  regardless of where such financial institution is located. As used
in this Section 9:

          A. The term  "Non-compete  Term" means the period  following  the date
Executive's  employment  under this  Agreement  is  terminated  and during which
Executive is receiving a salary or severance benefits under Section 8.B. and

          B. The term "Bank's Market Area" means any county in which Bank has an
office and any county  contiguous  thereto;  provided the term shall not include
any county in which Bank first  opens an office  after the  termination  of this
Agreement.

Executive acknowledges that there is not adequate remedy at law in favor of Bank
for breach of this  Agreement by Executive  and that Bank, in addition all other
rights that may be available,  shall have the right of specific  performance  in
the event of breach, or of injunction in the event of any threatened breach.

                                  Page 88 of 96

<PAGE>

     10. NONDISCLOSURE OF CONFIDENTIAL  INFORMATION.  Executive shall not at any
time or in any manner, directly or indirectly,  use or disclose to any party any
confidential  information or proprietary data of Bank,, or any of its affiliates
learned or  obtained  by  executive  while an  employee  of Bank,  except (1) as
required by  judicial  or  administrative  process;  (2) after the  confidential
information  has become  generally  available to the public through no breach of
this agreement by Executive;  or (3) with the prior written  consent of Bank. In
the event Executive violates this Section,  and such violation is detrimental to
Bank,  Bank shall be entitled to pursue all  remedies at law or in equity in any
action or proceeding to enforce this  Section.  For purposes of this  agreement,
"confidential information" means material information of Bank, or it affiliates,
disclosed to or known by Executive as a consequence  of  Executive's  employment
with Bank and not  generally  known in the  financial  services  industry,  that
directly relates to Bank's business and that is detrimental to the Bank.

     11.  REASONABLENESS  OF  RESTRICTION.  Executive  has  carefully  read  and
considered  the provision of Section 9 and 10, and,  having done so, agrees that
the  restriction  set forth in this section,  including,  but to limited to, the
time period of restriction,  are fair and reasonable and are reasonably required
for the protection of Bank's interests.  In the event that,  notwithstanding the
foregoing, any of the provisions of Section 9 and 10 shall be held in be invalid
or  unenforceable,  the remaining  provision shall  nevertheless  continue to be
valid and enforceable as though the invalid or unenforceable  parts had not been
included  therein.  In the event that any provision of Section 9 and 10 relating
to the time period, the geographical  restrictions  and/or related aspects shall
be  declared  by a  court  of  competent  jurisdiction  to  exceed  the  maximum
restrictiveness the court deems reasonable and enforceable by the court shall be
the  maximum  restriction  in such  regard  and  the  restriction  shall  remain
enforceable to the fullest extent deemed reasonable by the court.

     12.  NOTICES.  Any notice to be given hereunder by either party shall be in
writing and delivered  personally or sent by certified  mail,  postage  prepaid,
return receipt requested, addressed as follows:

          If to Bank:         First Security Bank of Lexington
                              318 East Main Street
                              Lexington, Kentucky 40507
                              Attention: Chairman of the Board

          If to Executive:    R. Douglas Hutcherson
                              4514 Wolf Creek Parkway
                              Louisville, Kentucky 40241

Executive shall notify Bank of his change of address when he moves to Lexington,
Kentucky.

     13. SUCCESSORS AND ASSIGNS.  This Agreement shall be binding upon and inure
to the  benefit  of Bank and the  successors  and  assigns of Bank  (whether  by
merger,  acquisition,  or consolidation).  This Agreement may not be assigned by
Executive.

     14. ENTIRE AGREEMENT.  This Agreement  contains the entire agreement of the
parties thereto with respect to the subject matter hereof and may not be amended
or modified or supplemented except in writing signed by the parties hereto.

     15. WAIVER;  SUBSEQUENT  BREACH. The failure of either Bank or Executive to
enforce any  provision of this  Agreement  shall not be construed as a waiver of
such provision or the right thereafter to enforce the same, and no waiver of any
breach shall be construed as an agreement to waive any subsequent  breach of the
same or any other provision.

     16. GOVERNING LAW. This Agreement shall be construed in accordance with and
governed by the laws of the Commonwealth of Kentucky.

     17. SECTION  HEADINGS.  The section headings  contained herein are inserted
for convenience of reference only and shall not control or affect the meaning or
construction of any of the provisions hereof.

                                  Page 89 of 96

<PAGE>

IN WITNESS  WHEREOF,  the parties have executed this Agreement as of the day and
year first above written.

FIRST SECURITY BANCORP, INC.

/s/ Len Aldridge
-----------------------------------
BY:  Len Aldridge
TITLE:  Chairman of the Board

FIRST SECURITY BANK OF LEXINGTON, INC.

/s/ Len Aldridge
-----------------------------------
BY:  Len Aldridge
TITLE:  Chairman of the Board

/s/ R. Douglas Hutcherson
-----------------------------------
BY:  R. DOUGLAS HUTCHERSON

                                  Page 90 of 96

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