8-K

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 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) December 5, 2002.

                         Premier Financial Bancorp, Inc.
             (Exact name of registrant as specified in its charter)
            --------------------------------------------------------

          Kentucky                0-20908                 61-1206757
   ---------------------   ---------------------   ------------------------
   (State or other juris-  (Commission File No.)    (IRS Employer Identi-
   diction of corporation)                                fication No.)


                               2883 Fifth Avenue
                        Huntington, West Virginia 25702
        --------------------------------------------------------------
              (Address of principal executive offices) (Zip Code)

      Registrant's telephone number, including area code (304) 525-1600
                              ---------------------

                                 Not Applicable
  ----------------------------------------------------------------------------
          (Former name or former address, if changes since last report)






                    INFORMATION TO BE INCLUDED IN THE REPORT


Item 5.  Other Events

     On December 5, 2002, Premier Financial Bancorp, Inc. (Premier issued a
news release announcing that the fourth quarter distribution of PFBI Capital
Trust 9.75% Preferred Securities (ffC/Rust Preferred Securities") scheduled for
December 31, 2002, as well as future distributions on the Trust Preferred
Securities, will be deferred.
     The announcement by Premier follows the denial by the Federal Reserve
Bank of Cleveland of a request by Premier to continue the distributions. Premier
accordingly exercised its right to defer the payment of interest on its 9.75%
Junior Subordinated Deferrable Interest Debentures related to the Trust
Preferred Securities, for an indefinite period (which can be no longer than 20
consecutive quarterly periods).



Item 7.  Financial Statements and Exhibits

    (c) Exhibit 99.1 - Press Release dated December 5, 2002.



     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 hereunto duly authorized.


                                  PREMIER FINANCIAL BANCORP, INC.
                                  -------------------------------
                                           (Registrant)


                                   /s/ Brien M. Chase
                                  -----------------------------------
Date: December 5, 2002            Brien M. Chase, Vice President
                                     and Chief Financial Officer





                                  EXHIBIT INDEX


    Exhibit Number                     Description
    --------------                     -------------------------------------
        99.1                           Press Release dated December 5, 2002,
                                        captioned "Premier Financial Bancorp,
                                        Inc. Elects to Defer Distributions on
                                        Trust Preferred Securities".

EX-99

                                  EXHIBIT 99.1
                                  ------------

NEWS FOR IMMEDIATE RELEASE                         CONTACT: BRIEN M. CHASE, CFO
DECEMBER 5, 2002                                            304-525-1600


                         PREMIER FINANCIAL BANCORP, INC.
                          ELECTS TO DEFER DISTRIBUTIONS
                          ON TRUST PREFERRED SECURITIES

         PREMIER FINANCIAL BANCORP, INC. (PREMIER), HUNTINGTON, WEST VIRGINIA
(NASDAQ/NMS-PFBI) a community bank holding company with seven individually
managed bank subsidiaries today announced that it is electing to exercise its
right to defer the regularly scheduled quarterly distribution on its PFBI
Capital Trust 9.75% Preferred Securities (Nasdaq:PFBIP) ("Trust Preferred
Securities") scheduled for December 31, 2002, as well as future distributions
on the Trust Preferred Securities.

         As previously disclosed, pursuant to an agreement entered into with the
Federal Reserve Bank of Cleveland on September 29, 2000, Premier is required to
request approval for the payment of distributions due on the Trust Preferred
Securities. The Federal Reserve Bank of Cleveland denied Premier's request to
make the fourth quarter distribution.

         Premier has accordingly determined to exercise its right to defer the
payment of interest on its 9.75% Junior Subordinated Deferrable Interest
Debentures ("Subordinated Debentures") related to the Trust Preferred Securities
for an indefinite period (which can be no longer than 20 consecutive quarterly
periods). This and any future deferred distributions will begin to accrue
interest at an annual rate of 9.75% which will be paid when the deferred
distributions are ultimately paid. Management of Premier does not expect to
resume payments on the Subordinated Debentures or the Trust Preferred until the
Federal Reserve Bank of Cleveland determines that Premier has achieved adequate
and sustained levels of profitability to support such payments and approves such
payments.

         The Trust Preferred Securities have a cumulative provision. Therefore,
in accordance with generally accepted accounting principles, Premier intends to
continue to accrue the monthly cost of the Trust Preferred Securities as it has
since issuance. Premier's management also intends to continue to seek approval
of the Federal Reserve Bank of Cleveland for payment of the regularly scheduled
quarterly distributions on the Trust Preferred Securities and any accumulated
deferrals.

         Certain Statements contained in this news release, including without
limitation statements including the word "believes," "anticipates," "intends,"
"expects" or words of similar import, constitute "forward-looking statements"
within the meaning of section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the actual
results, performance or achievements of Premier to be materially different from
any future results, performance or achievements of Premier expressed or implied
by such forward-looking statements. Such factors include, among others, general
economic and business conditions, changes in business strategy or development
plans and other factors referenced in this press release. Given these
uncertainties, prospective investors are cautioned not to place undue reliance
on such forward-looking statements. Premier disclaims any obligation to update
any such factors or to publicly announce the results of any revisions to any of
the forward-looking statements contained herein to reflect future events or
developments.