Basswood Partners LLC said it intends to solicit proxies to nominate one or more of its partners to the board of Foothill Independent Bancorp of Glendora, Calif., at the banking company's upcoming annual meeting.
The plan was revealed in a Securities and Exchange Commission filing last Friday.
The New York-based investment fund, which owns 9.34% of Foothill's stock through its limited partnerships, has pressured the $459 million-asset banking company since November to sell, citing poor financial performance.
Basswood has also filed a petition in Superior Court of California seeking to obtain a detailed list of shareholders, accounting records, and boardroom minutes.
A similar request was denied by the same Southern California court last month. The court had determined that Basswood did not own the shares under the name in which it had made the request.
In a Securities and Exchange Commission petition filed March 31, Basswood wrote that "Foothill has without justification refused to comply with Basswood's request and appears to be embarked on a scheme to deprive Basswood of its voting rights under California law."