Publishing magnate Walter H. Annenberg has taken a 5.7% stake in First Fidelity Bancorp for "investment purposes" only, according to his lawyer, William Henrich Jr.

Mr. Annenberg began amassing shares in September, paying $45 for his initial purchases. On Monday, he notified the Securities and Exchange Commission that he had paid a total of $206.8 million for 4.7 million shares of First Fidelity. (Investors who take a 5% or greater stake in a public company must, by law, notify the SEC,)

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