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, according to two industry sources. In May, Foothill Securities chairman John Burroughs said that Foothill, an adviser-owned firm with 220 registered reps under its roof, was in serious discussions to be acquired by a larger firm. Securities America was one of the firms Mr. Burroughs identified at the time to be in the running to buy the firm. Mr. Burroughs could not be reached to comment. Steve Chipman, president and CEO of Foothill, did not return a call on Wednesday to comment. Natalie Hadley, a spokeswoman for Securities America, said the firm declined to comment. Details of the acquisition were unclear as of Wednesday afternoon. Foothill Securities in 2015 generated $39.8 million in total revenue and posted a loss of $674,000, according to its annual audited financial statement filed with the Securities and Exchange Commission. Securities America's acquisition of Foothill comes at a time when the common wisdom in the securities industry is that small and mid-sized broker-dealers such as Foothill are facing extinction-like pressures.

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