``Niche Market Plan'' Pays Dividends.GLENDORA, Calif.--(BUSINESS WIRE)--Sept. 29, 1999-- Foothill Independent Bancorp (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on \NMS See NetWare Management System. :FOOT) a local community bank, with a "Niche Market Plan," maintains the courage to be different and continues to create value for shareholders, customers, and the communities it serves. Foothill shareholders saw a 50% increase in net earnings for the quarter ending 3/31/99 as compared with the first quarter of 1998. For the quarter ended 6/30/99, FIB fib n. An insignificant or childish lie. intr.v. fibbed, fib·bing, fibs To tell a fib. See Synonyms at lie2. again posted record earnings, with a 37% increase over the same previous period. Shareholders continue to support the vision, and implementation of the strategic plan, developed by the company's board of directors and management. This plan for success has yielded not only outstanding profit but also significant industry recognition, which focuses on safety, soundness, and overall performance of financial institutions. A 5 Star rating by Bauer financial Reports, 4 Diamond rating from California Research Corp., and Premier Performance rating from Findley Reports are examples of the industry awards Foothill has received. George Langley, president & chief executive officer of the company stated, "Our strong performance as well as our outlook for the future, influenced the Board of Directors to announce today the first in a series of quarterly cash dividends to be paid by the company." Langley further stated, "Our approach to our market, guided by the local ownership, and knowledge of local directors, we believe, has led to the success of the company and will continue to propel the company into the future." A cash dividend of $0.08 per share, payable Oct. 27, 1999 to shareholders of record as of Oct. 14, 1999 has been declared. Shareholders who have previously joined the dividend reinvestment program A dividend reinvestment program or dividend reinvestment plan (DRIP) is an equity investment option offered directly from the underlying company. The investor does not receive quarterly dividends directly as cash; instead, the investor's dividends are directly reinvested in , will have dividends directed accordingly. Any shareholder wishing to become part of the reinvestment program may do so by contacting investor relations Investor relations The process by which the corporation communicates with its investors. at 626/963-8551 or 909/599-9351. Foothill Independent Bancorp is a one-bank holding company, which, through Foothill Independent Bank, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , currently operates 11 commercial banking offices in Los Angeles, San Bernardino, and Riverside Counties. At June 30, 1999 the company had total assets of $468,674,000 and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $47,987,000. |
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