EXHIBIT 99.1
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NEWS FOR IMMEDIATE RELEASE                         CONTACT: BRIEN M. CHASE, CFO
FEBRUARY 24, 2002                                           304-525-1600

                         PREMIER FINANCIAL BANCORP, INC.
                              TO REDEEM $3,000,000
                          OF 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 intends to redeem $3,000,000
(120,000 shares) of its 9.75% Trust Preferred Securities (NASDAQ/NMS-PFBIP) as
of March 31, 2003.

        As part of a Debt Reduction and Profitability plan presented on
January 6, 2003 to the Federal Reserve Bank of Cleveland ("Federal Reserve"),
Premier requested and received approval from the Federal Reserve to redeem
$3,000,000 of the $28,750,000 outstanding Trust Preferred Securities. The goal
of the redemption is to use a portion of Premier's outstanding cash on hand to
reduce its total interest cost and thus improve profitability. The redemption
will reduce Premier's interest cost by approximately $292,000 per year. Future
early redemptions, if any, will also require Federal Reserve approval, pursuant
to a previously disclosed Written Agreement entered into with the Federal
Reserve Bank of Cleveland on January 29, 2003,

        Under that same agreement, Premier is required to request approval for
the payment of quarterly distributions and any accumulated deferrals due on the
Trust Preferred Securities. In response to a separate letter, The Federal
Reserve Bank of Cleveland denied Premier's request to make the first quarter
2003 distribution (including the accumulated deferral) on the remaining Trust
Preferred Securities outstanding.

        Beginning with the December 31, 2002 distribution, Premier has exercised
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). Any deferred distributions begin to accrue
interest at an annual rate of 9.75% from their regularly scheduled payment date
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.