8-K

                                 UNITED STATES
                       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) March 10, 2005


                         Premier Financial Bancorp, Inc.
            --------------------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)

                                    Kentucky
            --------------------------------------------------------
                 (State or Other Jurisdiction of Incorporation)

                  0-20908                     61-1206757
            --------------------------------------------------------
            (Commission File No.)   (IRS Employer Identification No.)


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

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

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

     Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2 below):

  |_|  Written communication pursant to Rule 425 under the Securities Act
       (17 CFR 230.425)

  |_|  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
       (17 CFR 240.14a-12)

  |_|  Pre-commencement communications pursant to Rule 14d-2(b) under the
       Exchange Act (17 CFR 240.14d-2(b))

  |_|  Pre-commencement communications pursuant to Rule 13e-4(c) under the
       Exchange Act (17 CFR 240.13e-4(c))




                    INFORMATION TO BE INCLUDED IN THE REPORT


Item 7.01.  Regulation FD Disclosure

     On March 10, 2005, Premier issued a press release announcing the Federal
Federal Reserve Bank of Cleveland's (FRB) approval of Premier's request to
pay all deferred distributions and the current quarterly distribution of the
Company's 9.75% Trust Preferred Securities on March 31, 2005 payable to
shareholders of record on March 15, 2005.

     Beginning with the December 31, 2002 distribution, Premier 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 pending approval by the FRB to pay the quarterly
distributions. Any deferred distributions began to accrue interest at an annual
rate of 9.75% from their regularly scheduled payment date which will also be
remitted when the deferred distributions are paid on March 31, 2005. Under a
previously disclosed Written Agreement entered into with the 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.


Item 9.01.  Financial Statements and Exhibits

    (c) Exhibit 99.1 - Press Release dated March 10, 2005.



     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: March 10, 2005               Brien M. Chase, Vice President
                                     and Chief Financial Officer





                                  EXHIBIT INDEX


    Exhibit Number                     Description
    --------------                     -------------------------------------
        99.1                           Press Release dated March 10, 2005,
                                        captioned "Premier Financial Bancorp,
                                        Inc. Announces Approval of Payment of
                                        Deferred Distributions of Trust
                                        Preferred Securities".

EX-99

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

NEWS FOR IMMEDIATE RELEASE                          CONTACT: BRIEN M. CHASE, CFO
MARCH 10, 2005                                               304-525-1600

                         PREMIER FINANCIAL BANCORP, INC.
                               ANNOUNCES APPROVAL
                      OF PAYMENT OF DEFERRED DISTRIBUTIONS
                          OF TRUST PREFERRED SECURITIES

         PREMIER FINANCIAL BANCORP, INC. (PREMIER), HUNTINGTON, WEST VIRGINIA
(NASDAQ/NMS-PFBI) a community bank holding company with five bank subsidiaries
today announced that it received approval from the Federal Reserve Bank of
Cleveland (FRB) to pay the deferred distributions on its 9.75% Trust Preferred
Securities issued by PFBI Capital Trust (NASDAQ/NMS-PFBIP) including the current
distribution scheduled for March 31, 2005. Shareholders of record on March 15,
2005 will receive $5.484375 per share of deferred dividends plus approximately
$0.71375 per share interest on the deferral and $0.609375 per share for the
regularly scheduled quarterly distribution due March 31, 2005.

         President and CEO Robert W. Walker commented, "We are certainly pleased
with the opportunity to pay the cumulative distributions through March 31 and
the relationship we have developed with the Federal Reserve Bank of Cleveland.
The timing of this payment should permit the parent company to retain sufficient
cash reserves of approximately $4.5 million at quarter-end."

         Beginning with the December 31, 2002 distribution, Premier 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 pending approval by the FRB to pay the quarterly
distributions. Any deferred distributions began to accrue interest at an annual
rate of 9.75% from their regularly scheduled payment date which will also be
remitted when the deferred distributions are paid on March 31, 2005. Under a
previously disclosed Written Agreement entered into with the 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. Although the FRB has given its approval to pay the deferred and
current distributions through March 31 ,2005, Premier is still bound by the
Written Agreement and will be required to request the FRB's approval to pay
future distributions. Management intends to seek the FRB's approval for payment
of future regularly scheduled quarterly distributions on the Trust Preferred
Securities but no assurance can be given that the FRB will grant such approval.

         The Trust Preferred Securities have a cumulative provision. Therefore,
in accordance with generally accepted accounting principles, Premier continued
to accrue the monthly cost of the Trust Preferred Securities (including the
interest due on the deferrals) throughout the deferral period as it has since
issuance. Therefore, the March 31, 2005 payment will have no direct impact on
the earnings or shareholders' equity of Premier. However, the payment of the
deferred distributions will halt the accrual of interest on the deferral, which
will reduce Premier's future interest expense by approximately $119,000 per
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.