-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CysCswpX1Y67BltHcrVxkkzTeUwxELyaPUj1OqmkfoEDDFlkf8G6VvMELj7Tmrg1 k27Nimk5ENfEq0Fsi39r+A== 0000887919-03-000036.txt : 20030617 0000887919-03-000036.hdr.sgml : 20030617 20030617085731 ACCESSION NUMBER: 0000887919-03-000036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030619 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030617 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PREMIER FINANCIAL BANCORP INC CENTRAL INDEX KEY: 0000887919 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 611206757 STATE OF INCORPORATION: KY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20908 FILM NUMBER: 03746587 BUSINESS ADDRESS: STREET 1: 2883 FIFTH AVENUE STREET 2: NONE CITY: HUNTINGTON STATE: WV ZIP: 25702 BUSINESS PHONE: 3045251600 8-K 1 pfbi8k061603.txt BODY OF 8K JUNE 16, 2003 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) June 16, 2003 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 June 16, 2003, Premier Financial Bancorp, Inc. (Premier) issued a news release announcing that it was increasing its allowance for loan losses. The announcement by Premier is in response to an ongoing internal investigation whereby Premier has uncovered a systematic disregard for its loan approval and credit administration policies at one of its subsidiary banks, and has accepted the resignation of that bank's president. Upon discovery, Premier promptly informed its supervisory bank regulatory authorities, who have since aided in the investigation. The full text of the news release is contained in Exhibit 99.1. Item 7. Financial Statements and Exhibits (c) Exhibit 99.1 - Press Release dated June 16, 2003. 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: June 17, 2003 Brien M. Chase, Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit Number Description -------------- ------------------------------------- 99.1 Press Release dated June 16, 2003, captioned "Premier Financial Bancorp, Inc. to Increase Allowance for Loan Losses". EX-99 3 ex99061603pressrelease.txt TEXT OF PRESS RELEASE 061603 EXHIBIT 99.1 ------------ NEWS FOR IMMEDIATE RELEASE CONTACT: BRIEN M. CHASE, CFO JUNE 16, 2003 304-525-1600 PREMIER FINANCIAL BANCORP, INC. TO INCREASE ALLOWANCE FOR LOAN LOSSES PREMIER FINANCIAL BANCORP, INC. (PREMIER), HUNTINGTON, WEST VIRGINIA (NASDAQ/NMS-PFBI) a community bank holding company with seven bank subsidiaries announced today that it is increasing its allowance for loan losses. As a result of an ongoing internal investigation, Premier has uncovered a systematic disregard for its loan approval and credit administration policies at one of its subsidiary banks and has accepted the resignation of that bank's president. Upon discovery, Premier promptly informed its supervisory bank regulatory authorities, who have since aided in the investigation. As always, management is committed to cooperating fully with any additional requests made by its regulatory authorities as Premier continues with its own determination of the extent of the disregard. As such, Premier is committed to increasing its allowance for loan losses to cover any re-estimation of the probable incurred losses that may exist in the subsidiary bank's loan portfolio. Additions to the allowance for loan losses in the second quarter will also result in a charge to earnings during that quarter. 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. -----END PRIVACY-ENHANCED MESSAGE-----