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FIRST FINANCIAL FUND ANNOUNCES REVISED DIVIDEND POLICY

 FIRST FINANCIAL FUND ANNOUNCES REVISED DIVIDEND POLICY
 NEW YORK, Sept. 2 /PRNewswire/ -- First Financial Fund, Inc.


(NYSE: FF) announced today that while the capital appreciation of its net assets has exceeded 40 percent for the eight month period ended Aug. 31, 1992, dividend and interest income has declined.
 As a result, the board of directors of the fund determined today not to declare a dividend for the quarter ending Sept. 30, 1992. The board further determined to consider the declaration of distributions of net investment income and any net capital gains at least annually to satisfy Internal Revenue Code requirements, rather than to consider dividend declarations each quarter.
 First Financial Fund, Inc. is a diversified closed-end management investment company whose primary investment objective is long-term capital appreciation through investment in a portfolio of securities issued by savings and banking institutions and their holding companies. The fund's investment adviser is Wellington Management Company, an independent investment management firm. Additional information on the fund is contained in the report for three months ended June 30, 1992. For further information call 617-951-5542.
 -0- 9/2/92
 /CONTACT: Carol Turner of Prudential Securities, 212-214-3957, for First Financial Fund/
 (FF) CO: First Financial Fund, Inc. ST: New York IN: FIN SU:


SM-PS -- NY072 -- 6143 09/02/92 17:50 EDT
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Date:Sep 2, 1992
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