SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
(Under the Securities Exchange Act of 1934)
(Amendment No. 1)*
Progress Financial Corporation
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
743266108
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(Cusip Number)
This Schedule is filed according to Rule 13d-1(b).
*The remainder of this cover page shall be filled out for a reporting person's
initial filing of this Schedule with respect to the subject class of securities
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes.)
[Continued on the following page(s)]
Page 1 of 4 Pages
<PAGE>
Page 2 of 4 Pages Cusip #: 743266108
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1. Name of Reporting Person:
(Social Security or IRS. Identification # of above person):
First Financial Fund, Inc.
13-3341573
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2. Check the appropriate box if a member of a group:
(a) ( )
(b) ( )
- --------------------------------------------------------------------------------
3. SEC use only:
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4. Citizenship or Place of Organization:
Maryland
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5. Sole Voting Power
209,102
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Number of shares 6. Shared Voting Power
beneficially owned by 0
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7. Sole Dispositive Power
each Reporting Person with
0
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8. Shared Dispositive Power
209,102
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9. Aggregate amount beneficially owned by each reporting person:
209,102
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10. Check box if the aggregate amount in row (9) includes certain shares:
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11. Percent of class represented by amount in row 9:
3.74%
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12. Type of Reporting Person:
IV
<PAGE>
Page 3 of 4 Pages Cusip #: 743266108
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SCHEDULE 13G
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Item 1(a): Name of Issuer:
- ---------------------------
Progress Financial Corporation
Item 1(b): Address of Issuer's Principal Executive Offices:
- ------------------------------------------------------------
4 Sentry Parkway, Suite 200
Blue Bell, PA 19422
Item 2(a): Name of Person Filing:
- ----------------------------------
First Financial Fund, Inc.
Item 2(b): Address of Principal Business Office:
- -------------------------------------------------
Gateway Center Three
100 Mulberry Street, 9th Floor
Newark, New Jersey 07102-7503
Item 2(c): Citizenship:
- ------------------------
Maryland
Item 2(d): Title of Class of Securities:
- -----------------------------------------
Common Stock
Item 2(e): CUSIP Number:
- -------------------------
320228109
Item 3: Type of Reporting Person:
- ----------------------------------
(D) Investment Company
Item 4: Ownership:
- -------------------
(a) AMOUNT BENEFICIALLY OWNED: First Financial Fund, Inc., a
registered closed-end investment company, may be deemed the
beneficial owner of 209,102 shares of common stock of the
Issuer.
(b) PERCENT OF CLASS: 3.74%
(c) For information on voting and dispositive power with
respect to the above listed shares, please see Items 5-8 of
Page Two.
<PAGE>
Page 4 of 4 Pages Cusip #:743266108
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SCHEDULE 13G
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Item 5: Ownership of Five Percent or Less of a Class:
- ------------------------------------------------------
Not Applicable
Item 6: Ownership of More than Five Percent on Behalf of Another Person:
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Not Applicable
Item 7: Identification and Classification of the Subsidiary which Acquired the
- --------------------------------------------------------------------------------
Security Being Reported on by the Parent Holding Company:
---------------------------------------------------------
Not Applicable
Item 8: Identification and Classification of Members of the Group:
- -------------------------------------------------------------------
Not Applicable
Item 9: Notice of Dissolution of Group:
- ----------------------------------------
Not Applicable
Item 10: Certification:
- ------------------------
By signing below, I certify that, to the best of my
knowledge and belief, the securities referred to above were
acquired in the ordinary course of business and were not acquired
for the purpose of and do not have the effect of changing or
influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any
transaction having such purpose or effect.
Signature:
After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this
statement is true, complete, and correct.
Date: February 14, 2000
Signature: /s/ R. Charles Miller
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Name/Title: R. Charles Miller
Assistant Secretary
