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PNC Bank, National Association has resigned as a trustee of the Houston-based San Juan Basin Royalty Trust after just two years, saying it determined that the administration of royalty trusts are not part of its long-term strategy.
The Pittsburgh-based bank entered into an agreement of conditional resignation with Argent Trust Co., a Tennessee chartered trust company, making Argent the successor trustee.
PNC assumed the administration of the trust in 2021 after acquiring BBVA USA Bancshares Inc.
In a statement, PNC said all unit holders will be provided with proxy materials and information regarding a special meeting of unit holders in December.
“PNC has appreciated the opportunity to serve as trustee of the San Juan Basin Royalty Trust over the past two years and welcomes collaborating with Argent in the transition as successor trustee,” PNC said in its press release.
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