Premiere Pro CC: Loop vertical frame edge on 16mm film scan
1) Select the clip in your timeline and in the effects controls panel just adjust the 'y' position value until the line at the top is out of frame.


2) Duplicate the clip on your timeline into the second video track, and make the same adjustment but in the opposite direction so that only the content above the line is visible at the bottom of the program monitor.



3) Move the clip on video track 2 forward or back one frame to match.

Obviously my test doesn't match quite right because I only had the frame you provided, but your results should look better. It looks like there might still be some extra stuff to cut off at the bottom, so you can then select both clips, right click and nest them, then either scale that footage up in the effects control panel to fit, or apply a crop effect to remove the extra bits for cleanup.