MODIFICATION AND EXTENSION AGREEMENT

Extension Agreement

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PREMIER FINANCIAL BANCORP INC | Citizens Deposit Bank & Trust, Inc | Farmers Deposit Bank | PREMIER FINANCIAL BANCORP, INC

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Title: MODIFICATION AND EXTENSION AGREEMENT
Date: 12/23/2008
Industry: Regional Banks Sector: Financial

EXHIBIT 10.1

MODIFICATION AND EXTENSION AGREEMENT

Note #300757

This MODIFICATION AND EXTENSION AGREEMENT (the "Agreement') is made this 22nd day of December the year 2008 by and between:

THE BANKERS' BANK OF KENTUCKY

107 Progress Drive

P.O. Box 713

Frankfort, Ky. 40601 ("Lender')

And

PREMIER FINANCIAL BANCORP, INC.

2883 5 ^TH Avenue

Huntington, WV 25702 ("Borrower')

Whereas, Borrower is indebted to Lender as of the date hereof in the amount of $4,709,390.00 evidenced by a term note from Borrower to Lender in the original face amount of six million five hundred thousand and 00/100 dollars ($6,500,000.00), dated November 10, 2006 (the "Note"), which is secured by 559,800 shares of Citizens Deposit Bank & Trust, Inc., Vanceburg, Kentucky (“Citizens”) stock and 18,750 shares of Farmers Deposit Bank, Eminence, Kentucky (“Farmers”) stock.

Now, Therefore, for good and valuable consideration, the receipt and sufficiency of which is hereb

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