Foothill to Occasionally Issue Stock as Dividends
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The Foothill Group, a commercial lender with headquarters in Agoura Hills and West Los Angeles, announced that from time to time, it will issue stock instead of cash dividends in an effort to reduce debt.
The decision, approved by the company’s board of directors Friday, means that Foothill will eliminate its fourth-quarter cash dividend normally scheduled Jan. 21 to shareholders of record as of Dec. 20.
The company said it reduced its liabilities from $86.2 million on Dec. 31 to $61.2 million as of Sept. 30.
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