A dissident shareholder who had been pushing for the sale of Foothill Independent Bancorp has lost his bid for a seat on the board of the Glendora, Calif., company.

Matthew Lindenbaum, managing director of the New York hedge fund Basswood Financial Partners, received just 23% of the vote at Foothill's annual meeting last week. Basswood owns 9.34% of Foothill's stock.

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