Until 1842, there was a male monastery in the village of Krasny Kutok, located six versts east of Khotmyzhsk on the right bank of the Vorskla River. It was founded under His Holiness Patriarch Nikon of Moscow and all Rus and Tsar Alexei Mikhailovich.

The monastery appeared in 1653-1654 and was dedicated to the Kursk-Root Icon of the Mother of God. In 1709, after the victory in the Battle of Poltava, eighty soldiers, having received leave from the emperor, decided to dedicate their lives to serving God and remained in the monastery. However, during one of the raids by the Crimean Tatars, the Znamenskaya monastery was desecrated, and most of the warrior-monks perished. Due to the fact that after these tragic events there were few brethren left in the monastery, it was left out of service from 1764, and in 1842 it was abolished.

The Znamenskaya church with a four-tiered bell tower, built in 1772, became a parish church. In the late 19th century, two chapels were added to the southern and northern sides, giving the building the shape of a cross. The monastery is known for having served as a place of solitude and prayerful labor for Saint Joasaph of Belgorod. The church is a monument of architecture.