SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON , D. C. 20549

                                    FORM 8-K

                                 CURRENT REPORT


       Pursuant to Section 13 or 15(d) of the Securities Exchange of 1934

                        Date of Report February 12, 2001


                         PREMIER FINANCIAL BANCORP, INC.
             (Exact name of registrant as specified in its charter)


          Kentucky                  0-20908                      61-1206757
(State or other jurisdiction of   (Commission                 (I.R.S. Employer
incorporation or organization)    File Number)               Identification No.)


                            115 North Hamilton Street
                           Georgetown, Kentucky 40324
               (Address of principal executive office) (Zip Code)


                                 (502) 863-1955
              (Registrant's telephone number, including area code)












Item 2.  Acquisition or Disposition of Assets

On January 26,  2001,  Premier  Financial  Bancorp,  Inc.  and its wholly  owned
subsidiary, Bank of Mt. Vernon, Mt. Vernon, Kentucky,  completed the disposition
of approximately $110 million in deposits,  approximately $92 million in certain
loans,  and $1.6 million in fixed assets,  to Community  Trust  Bancorp,  Inc.,
Pikeville,  Kentucky.  This is the  consummation  of a Purchase  and  Assumption
Agreement  entered into on November 9, 2000,  by and between  Premier  Financial
Bancorp,  Inc.,  Bank of Mt. Vernon,  and Community  Trust  Bancorp,  Inc. Final
settlement is pending per certain recourse provisions within the agreement.

As a result of this  transaction,  Bank of Mt. Vernon  relinquished  its banking
charter and Premier  Financial  Bancorp,  Inc.  has agreed not to compete in the
markets previously served by Bank of Mt. Vernon for a period of two years.





















                                   SIGNATURES


         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  corporation  has duly  caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                             PREMIER FINANCIAL BANCORP, INC.


Dated:   February 12, 2001                   /s/ Gardner E. Daniel
                                             -----------------------------------
                                             Gardner E. Daniel
                                             President & Chief Executive Officer