EXHIBIT 99.1
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NEWS FOR IMMEDIATE RELEASE                          CONTACT: BRIEN M. CHASE, CFO
MARCH 10, 2005                                               304-525-1600

                         PREMIER FINANCIAL BANCORP, INC.
                               ANNOUNCES APPROVAL
                      OF PAYMENT OF DEFERRED DISTRIBUTIONS
                          OF TRUST PREFERRED SECURITIES

         PREMIER FINANCIAL BANCORP, INC. (PREMIER), HUNTINGTON, WEST VIRGINIA
(NASDAQ/NMS-PFBI) a community bank holding company with five bank subsidiaries
today announced that it received approval from the Federal Reserve Bank of
Cleveland (FRB) to pay the deferred distributions on its 9.75% Trust Preferred
Securities issued by PFBI Capital Trust (NASDAQ/NMS-PFBIP) including the current
distribution scheduled for March 31, 2005. Shareholders of record on March 15,
2005 will receive $5.484375 per share of deferred dividends plus approximately
$0.71375 per share interest on the deferral and $0.609375 per share for the
regularly scheduled quarterly distribution due March 31, 2005.

         President and CEO Robert W. Walker commented, "We are certainly pleased
with the opportunity to pay the cumulative distributions through March 31 and
the relationship we have developed with the Federal Reserve Bank of Cleveland.
The timing of this payment should permit the parent company to retain sufficient
cash reserves of approximately $4.5 million at quarter-end."

         Beginning with the December 31, 2002 distribution, Premier 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 pending approval by the FRB to pay the quarterly
distributions. Any deferred distributions began to accrue interest at an annual
rate of 9.75% from their regularly scheduled payment date which will also be
remitted when the deferred distributions are paid on March 31, 2005. Under 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 the Trust Preferred
Securities. Although the FRB has given its approval to pay the deferred and
current distributions through March 31 ,2005, Premier is still bound by the
Written Agreement and will be required to request the FRB's approval to pay
future distributions. Management intends to seek the FRB's approval for payment
of future regularly scheduled quarterly distributions on the Trust Preferred
Securities but no assurance can be given that the FRB will grant such approval.

         The Trust Preferred Securities have a cumulative provision. Therefore,
in accordance with generally accepted accounting principles, Premier continued
to accrue the monthly cost of the Trust Preferred Securities (including the
interest due on the deferrals) throughout the deferral period as it has since
issuance. Therefore, the March 31, 2005 payment will have no direct impact on
the earnings or shareholders' equity of Premier. However, the payment of the
deferred distributions will halt the accrual of interest on the deferral, which
will reduce Premier's future interest expense by approximately $119,000 per
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.