EXHIBIT 99.1
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NEWS FOR IMMEDIATE RELEASE                        CONTACT:  BRIEN M. CHASE, CFO
JUNE 16, 2003                                               304-525-1600


                         PREMIER FINANCIAL BANCORP, INC.
                      TO INCREASE ALLOWANCE FOR LOAN LOSSES

         PREMIER FINANCIAL BANCORP, INC. (PREMIER), HUNTINGTON, WEST VIRGINIA
(NASDAQ/NMS-PFBI) a community bank holding company with seven bank subsidiaries
announced today that it is increasing its allowance for loan losses.

         As a result of an ongoing internal investigation, Premier has uncovered
a systematic disregard for its loan approval and credit administration policies
at one of its subsidiary banks and has accepted the resignation of that bank's
president. Upon discovery, Premier promptly informed its supervisory bank
regulatory authorities, who have since aided in the investigation. As always,
management is committed to cooperating fully with any additional requests made
by its regulatory authorities as Premier continues with its own determination of
the extent of the disregard. As such, Premier is committed to increasing its
allowance for loan losses to cover any re-estimation of the probable incurred
losses that may exist in the subsidiary bank's loan portfolio. Additions to the
allowance for loan losses in the second quarter will also result in a charge to
earnings during that 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.