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) July 31, 2003
Premier Financial Bancorp, Inc.
(Exact name of registrant as specified in its charter)
--------------------------------------------------------
Kentucky 0-20908 61-1206757
--------------------- --------------------- ------------------------
(State or other juris- (Commission File No.) (IRS Employer Identi-
diction of corporation) fication No.)
2883 Fifth Avenue
Huntington, West Virginia 25702
--------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (304) 525-1600
---------------------
Not Applicable
----------------------------------------------------------------------------
(Former name or former address, if changes since last report)
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events
On July 31, 2003, Premier Financial Bancorp, Inc. (Premier) issued a
news release announcing that it was charging off approximately $6.2 million of
loans and increasing its allowance for loan losses to over $8.7 million at its
subsidiary Farmers Deposit Bank (the "Bank").
The announcement by Premier is in response to an ongoing internal
investigation previously announced by Premier whereby it has uncovered a
systematic disregard for its loan approval and credit administration policies
at the Bank, and accepted the resignation of the Bank's president. The initial
investigation results indicate that the Bank's former president had engaged in
conduct which subverted the Bank's internal controls and credit administration
policies. The full text of the news release is contained in Exhibit 99.1.
Item 7. Financial Statements and Exhibits
(c) Exhibits
99.1 - Press Release dated July 31, 2003.
Item 12. Results of Operations and Financial Condition
On July 31, 2003, Premier issued a press release regarding material
non-public information which will impact its second quarter and year-to-date
operating results. The full text of that press release is furnished as
Exhibit 99.1.
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: July 31, 2003 Brien M. Chase, Vice President
and Chief Financial Officer
EXHIBIT INDEX
Exhibit Number Description
-------------- -------------------------------------
99.1 Press Release dated July 31, 2003,
captioned "Premier Financial Bancorp,
Inc. Charges Off Loans and Increases
Allowance for Loan Losses at Farmers
Deposit Bank".