8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 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) October 11, 2006

PREMIER FINANCIAL BANCORP, INC.

(Exact name of registrant as specified in its charter)

Kentucky	61-1206757
(State or other jurisdiction of incorporation organization)	(I.R.S. Employer Identification No.)
2883 Fifth Avenue Huntington, West Virginia	25702
(Address of principal executive offices)	(Zip Code)
Registrant’s telephone number (304) 525-1600

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):

oWritten communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

(17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

(17 CFR 240.13e-4(c))

PREMIER FINANCIAL BANCORP, INC,

INFORMATION TO BE INCLUDED IN THE REPORT

Item 8.01.Other Events

On October 11, 2006, Premier issued a press release announcing that it intends to redeem the remaining $8,250,000 (330,000 shares) of its PFBI Capital Trust 9.75% Preferred Securities (NASDAQ:PFBIP) as of November 10, 2006. The full text of that press release is furnished as Exhibit 99.1.

Item 9.01.Financial Statements and Exhibits

(c) Exhibit 99.1 - Press Release dated October 11, 2006.

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: October 11, 2006     Brien M. Chase, Vice President

 and Chief Financial Officer

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated October 11, 2006, captioned “Premier Financial Bancorp, Inc. To Redeem Final $8,250,000 of Trust Preferred Securities.”

EX-99

EXHIBIT 99.1

NEWS FOR IMMEDIATE RELEASE	CONTACT:	BRIEN M. CHASE, CFO
OCTOBER 11, 2006		304-525-1600

PREMIER FINANCIAL BANCORP, INC.

TO REDEEM FINAL $8,250,000

ON 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 intends to redeem the final $8,250,000 (330,000 shares) of its 9.75% Trust Preferred Securities (NASDAQ/NMS-PFBIP) as of November 10, 2006. The proceeds to redeem the Trust Preferred Securities will come from internal funds and a $6,500,000 adjustable sub-prime interest rate bank borrowing, currently at 7.25%. The redemption will include interest on the remaining 333,000 shares from October 1, 2006 through the redemption date.

The goal of the redemption and refinancing is to reduce Premier’s overall interest cost by lowering the rate on its total outstanding debt and by lowering its total outstanding debt via scheduled monthly loan payments of approximately $100,000. The redemption and refinancing will reduce Premier’s interest cost by approximately $333,000 per year assuming a constant 7.25% interest rate. If the prime interest rate rises, these savings will decrease. However, if the prime interest rate declines the savings from the refinancing will increase. As a result of the early redemption, Premier will accelerate the amortization of approximately $293,000 of the remaining Trust Preferred Securities issuance costs into the fourth quarter of 2006.

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.