PFBI EXHIBIT 10.1, MODIFICATION AND EXTENSION AGREEMENT

Extension Agreement

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PREMIER FINANCIAL BANCORP INC | BANKERS' BANK OF KENTUCKY | PREMIER FINANCIAL BANCORP, INC

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Title: PFBI EXHIBIT 10.1, MODIFICATION AND EXTENSION AGREEMENT
Date: 11/26/2007
Industry: Regional Banks Sector: Financial

Exhibit 10.1

MODIFICATION AND EXTENSION AGREEMENT

Note # UNFUNDED

This MODIFICATION AND EXTENSION AGREEMENT (the “Agreement”) is made this 9th day of November the year 2007 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 $0.00 evidenced by a promissory note from Borrower to Lender in the original face amount of three million five hundred thousand and 00/100 ($ 3,500,000.00 ), dated November 10, 2006 (the “Note”), which is secured by 559,800 shares of Citizens Deposit Bank & Trust (Vanceburg) stock and 18,750 shares of Farmers Deposit Bank (Eminence) stock.

Now, Therefore, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Lender and Borrower hereby agree as follows:

1.	Amendment of Terms. Borrower and Lender desire to modify, renew and/or extend the Note by amending The terms thereof as follows, to be effective from and after the date hereof:

The Maturity Date of the Note, at which time all unpaid principal, accrued interest and other charges, fees and expenses shall be due and payable in full, shall be November 9, 2008 .

Interest shall accrue on the outstanding principal balance of the Note, based on the actual number of days elapsed over an assumed year of 360 days, at the rate per annum of 1.00% below the JP Morgan Chase Co. Prim

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