Premier Financial Bancorp, Inc. Receives Approval to Pay November TARP Dividend

PREMIER FINANCIAL BANCORP

announced that it received approval from the Federal Reserve Bank of Richmond and the Federal Reserve Board of Governors to pay the regularly scheduled quarterly dividend due November 15, 2011 on Premier's Series A Preferred Stock owned by the U.S. Treasury under the Troubled Asset Relief Program. In a letter dated October 24, 2011, the FRB and Board of Governors approved Premier's October 14, 2011 request to pay the current $278,150 dividend due November 15, 2011. President and CEO Robert W. Walker commented, "We are pleased with the prompt response by the FRB to approve payment of our obligation under the TARP program. We are hopeful that as the FRB continues to analyze our company they will determine that there is no longer any need for the July 29, 2010 written agreement and it can be terminated."