Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
SIPES KEVIN D
   2. Issuer Name and Ticker or Trading Symbol
REPUBLIC BANCORP INC /KY/ [RBCAA] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
EVP & Chief Financial Officer
(Last)
(First)
(Middle)
601 WEST MARKET STREET		 3. Date of Earliest Transaction (Month/Day/Year)
11/28/2006
(Street)

LOUISVILLE, KY 40202		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 11/28/2006   M   4,340 A $ 6 26,991 (1) D  
Class A Common Stock               2,072.8733 (1) (2) I By ESOP

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class B Common Stock (3)               (4)   (5) Class A Common Stock 231 (1)   231 (1) D  
Employee Stock Option (right to buy) $ 6 (6) 11/28/2006   M     4,340 (6) 10/02/2006 10/01/2007 Class A Common Stock 4,340 (6) $ 0 0 D  
Employee Stock Option (right to buy) $ 9.16 (7)             04/11/2007 04/10/2008 Class A Common Stock 11,576 (7)   11,576 (7) D  
Employee Stock Option (right to buy) $ 9.16 (7)             04/11/2008 04/10/2009 Class A Common Stock 11,576 (7)   11,576 (7) D  
Employee Stock Option (right to buy) $ 21.75 (8)             05/16/2009 05/15/2010 Class A Common Stock 4,200 (8)   4,200 (8) D  
Employee Stock Option (right to buy) $ 21.75 (8)             05/16/2010 05/15/2011 Class A Common Stock 4,200 (8)   4,200 (8) D  
Employee Stock Option (right to buy) $ 21.75 (8)             05/16/2011 05/15/2012 Class A Common Stock 4,200 (8)   4,200 (8) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SIPES KEVIN D
601 WEST MARKET STREET
LOUISVILLE, KY 40202		       EVP & Chief Financial Officer  

Signatures

 /s/ Kevin D. Sipes   11/29/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) On January 20, 2006, the Issuer declared a stock dividend, payable to all holders of record of Class A and Class B Common Stock on March 24, 2006, of .05 shares of Class A and Class B Common Stock, respectively, for each share of Class A and Class B Common Stock outstanding.
(2) Includes 343.9671 shares of Class A Common Stock allocated to the reporting person under the ESOP, based on information provided by the plan administrator.
(3) Conversion is on a share for share basis.
(4) Immediate.
(5) None.
(6) This option was previously reported as an option for 4,134 shares of common stock at an exercise price of $6.18 per share, but was adjusted to reflect the stock dividend declared by Issuer on January 20, 2006. As a result of the stock dividend, pursuant to the anti-dilution provisions of Issuer's employee stock option plan, the option entitles the reporting person to receive, upon exercise, a total of 4,340 shares of Class A Common Stock at an exercise price of $6.00 per share.
(7) This option was previously reported as an option for 11,025 shares of common stock at an exercise price of $9.62 per share, but was adjusted to reflect the stock dividend declared by Issuer on January 20, 2006. As a result of the stock dividend, pursuant to the anti-dilution provisions of Issuer's employee stock option plan, the option entitles the reporting person to receive, upon exercise, a total of 11,576 shares of Class A Common Stock at an exercise price of $9.16 per share.
(8) This option was previously reported as an option for 4,000 shares of common stock at an exercise price of $22.84 per share, but was adjusted to reflect the stock dividend declared by Issuer on January 20, 2006. As a result of the stock dividend, pursuant to the anti-dilution provisions of Issuer's employee stock option plan, the option entitles the reporting person to receive, upon exercise, a total of 4,200 shares of Class A Common Stock at an exercise price of $21.75 per share.

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