LOUISVILLE, Ky. (WDRB) -- 12-year-old Paul Keaton won this year's Kentucky Derby Festival Spelling Bee Saturday. Keaton sealed the win by spelling the word 'chignon', a roll or knot of hair worn at the back of the head or neck. 

The 21st annual competition took place at Spalding University Saturday morning. Students from all over Kentucky and southern Indiana participate in the contest. 

Keaton is a seventh grade student at Christ Central School in Pikeville, Ky. Paul kept the Keaton family dynasty going after his older sister Emily Keaton won the bee from 2010-2013. 

"It feels great to continue something that we've been a part of for so long," said Keaton.  "I've studied a dictionary for a couple hours every day to prepare. You have to stay completely focused to do your best." 

For winning the competition, Keaton received the John & Joan Murphy Memorial Scholarship fund. The fund grants him a $10,000 U.S. Savings Bond. 

Keaton will also get to ride on the Winner's Float during the Pegasus parade on May 1. 

The runner-up, Ian Kimbell, received a $5,000 savings bond. Lauryn Grady of Jefferson County Catholic Schools finished 3rd, winning a $3,000 bond and Nupur Chhachhi of Warren County finished fourth, winning a $1,500 bond.

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