UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549




                                  SCHEDULE 13G

                   (Under the Securities Exchange Act of 1934)

                               (Amendment No. 1)*



                             Mystic Financial, Inc.
                             ----------------------
                                (Name of Issuer)



                                  Common Stock
                                  ------------
                         (Title of Class of Securities)



                                    628643108
                                    ---------
                                 (CUSIP Number)



                                December 31, 2000
                                -----------------
             (Date of Event Which Requires Filing of this Statement)


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 on this form 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 2 of 4 Pages                                           CUSIP #: 628643108
                                                                     ---------
--------------------------------------------------------------------------------
1.  Name of Reporting Person:
    (I.R.S. Identification No. of above person):

    First Financial Fund, Inc.
    13-3341573

--------------------------------------------------------------------------------
2.  Check the appropriate box if a member of a group:
    (a) (  )
    (b) (  )

--------------------------------------------------------------------------------
3.  SEC use only:


--------------------------------------------------------------------------------
4.  Citizenship or Place of Organization:

    Maryland

--------------------------------------------------------------------------------
                                        5.    Sole Voting Power

                                              0
                                        ----------------------------------------
   Number of shares                     6.    Shared Voting Power

   beneficially owned by                      0
                                        ----------------------------------------
                                        7.    Sole Dispositive Power
   each Reporting Person with

                                              0
                                        ----------------------------------------
                                        8.    Shared Dispositive Power

                                              0
--------------------------------------------------------------------------------
9.  Aggregate amount beneficially owned by each reporting person:

    0

--------------------------------------------------------------------------------
10. Check if the aggregate amount in row (9) excludes certain shares:


--------------------------------------------------------------------------------
11. Percent of class represented by amount in row (9):

    0.00%

--------------------------------------------------------------------------------
12. Type of Reporting Person:

    IV





Page 3 of 4 Pages                                           CUSIP #: 628643108
                                                                     ---------
--------------------------------------------------------------------------------
                                  SCHEDULE 13G
                                  ------------

Item 1(a): Name of Issuer:
--------------------------

           Mystic Financial, Inc.

Item 1(b): Address of Issuer's Principal Executive Offices:
-----------------------------------------------------------

           60 High Street
           Medford, Massachusetts 02155

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 Person Filing Pursuant to Sec. 240.13d-1(b)
-----------------------------------------------------------
        or 240.13d-2(b) or (c):
        -----------------------

           An investment company registered under section 8 of the Investment
           Company Act of 1940 (15 U.S.C 80a-8)

Item 4: Ownership:
------------------

           (a)  AMOUNT BENEFICIALLY OWNED: First Financial Fund, Inc., a
                registered closed-end investment company, may be deemed the
                beneficial owner of 0 shares of common stock of the Issuer.

           (b)  PERCENT OF CLASS: 0.00%

           (c)  VOTING AND DISPOTIVE POWER: First Financial Fund, Inc. has sole
                power to vote or to direct the vote and shared power to dispose
                or to direct the disposition of 0 shares of common stock of the
                Issuer. First Financial Fund, Inc. has shared power to vote or
                to direct the vote and sole power to dispose or to direct the
                disposition of 0 shares of common stock of the Issuer.





Page 4 of 4 Pages                                           CUSIP #: 628643108
                                                                     ---------
--------------------------------------------------------------------------------
                                  SCHEDULE 13G
                                  ------------

Item 5: Ownership of Five Percent or Less of a Class:
-----------------------------------------------------

           As of the date hereof, First Financial Fund, Inc. has ceased to be
           the beneficial owner of more than five percent of the class of
           securities.

Item 6: Ownership of More than Five Percent on Behalf of Another Person:
------------------------------------------------------------------------

           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 and are held
           in the ordinary course of business and were not acquired and are not
           held for the purpose of or with the effect of changing or influencing
           the control of the issuer of the securities and were not acquired and
           are not held in connection with or as a participant in any
           transaction having that 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 12, 2001

                                                Signature: /s/ Arthur J. Brown
                                                          ---------------------
                                                Name/Title: Arthur J. Brown
                                                            Secretary