EXHIBIT 99.1

NEWS FOR IMMEDIATE RELEASE                         CONTACT: BRIEN M. CHASE, CFO
DECEMBER 2, 2004                                                   304-525-1600

                         PREMIER FINANCIAL BANCORP, INC.
                              TO REDEEM $1,000,000
                          OF TRUST PREFERRED SECURITIES

         PREMIER FINANCIAL BANCORP, INC. (PREMIER), HUNTINGTON, WEST VIRGINIA
(NASDAQ/NMS-PFBI) a community bank holding company with six bank subsidiaries
today announced that it intends to redeem $1,000,000 (40,000 shares) of its
9.75% Trust Preferred Securities (NASDAQ/NMS-PFBIP) as of December 31, 2004.

         In a letter dated November 22, 2004, Premier requested permission from
the Federal Reserve Bank of Cleveland ("FRB") to redeem an additional $1,000,000
of Trust Preferred Securities. The FRB has granted Premier permission to redeem
the $1,000,000 of the outstanding Trust Preferred Securities. A partial early
redemption requires Premier to pay all of the current and deferred distributions
owed on the $1,000,000 to be redeemed. Accordingly, Premier will continue to
exercise its right to defer distributions on the remaining $20,250,000 Trust
Preferred Securities outstanding after the partial redemption.

         Pursuant to a previously disclosed Written Agreement entered into with
the FRB on January 29, 2003, Premier is required to request approval for the
payment of quarterly distributions and any accumulated deferrals due on its
Trust Preferred Securities. 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.

         The goal of the redemption is to use a portion of Premier's outstanding
cash on hand to reduce its total outstanding debt and corresponding interest
cost, thus improving profitability. The redemption will reduce Premier's
interest cost by approximately $120,000 per year. As a result of the early
redemption, Premier will accelerate the amortization of approximately $38,000 of
the Trust Preferred Securities issuance costs into the fourth quarter of 2004.

         Management of Premier does not expect to resume payments on the
Subordinated Debentures or the Trust Preferred Securities 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. Future early redemptions, if any, will also require Federal Reserve
approval.

         The Trust Preferred Securities have a cumulative provision. Therefore,
in accordance with generally accepted accounting principles, Premier will
continue to accrue the monthly cost of the Trust Preferred Securities as it has
since issuance.

         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.