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

NEWS FOR IMMEDIATE RELEASE                         CONTACT:  BRIEN M. CHASE, CFO
JUNE 5, 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
June 30, 2003.

         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. The Federal Reserve
Bank of Cleveland denied Premier's request to make the quarterly distribution
scheduled for June 30, 2003.

         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. 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 continue 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.

         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.