EXHIBIT 99.1

NEWS FOR IMMEDIATE RELEASE                         CONTACT:  BRIEN M. CHASE, CFO
DECEMBER 15, 2003                                            304-525-1600


                         PREMIER FINANCIAL BANCORP, INC.
                        CONTINUES TO DEFER DISTRIBUTIONS
                          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 is continuing to exercise its
right to defer the regularly scheduled quarterly distribution on its 9.75% Trust
Preferred Securities (NASDAQ/NMS-PFBIP) including the distribution scheduled for
December 31, 2003.

         The decision to continue the deferral was based on management's desire
to hold available funds as part of its recapitalization plan for its subsidiary,
Farmers Deposit Bank (the "Bank"). As previously disclosed, Premier has
increased the Bank's loan loss provisions as a result of an investigation into
the conduct of the Bank's former President. As part of the investigation,
Premier has developed a plan in conjunction with the FDIC to inject capital at
the Bank as needed to maintain certain equity to asset ratios.

         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. Under a previously disclosed Written Agreement entered into with the
Federal Reserve Bank of Cleveland (FRB) on January 29, 2003, Premier is required
to request approval for the payment of quarterly distributions and any
accumulated deferrals due on the Trust Preferred Securities. 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 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 at a time when it feels Premier has met the profitability desired by
the FRB.

         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.