San Juan Basin Royalty Trust Announces PNC Bank, National Association Signs an Agreement of Conditional Resignation with Argent Trust Company
PNC Bank, National Association (“PNC”), as the trustee (the “Trustee”) of the San Juan Basin Royalty Trust (the “Trust”) (NYSE: SJT), announced that it has entered into an Agreement of Conditional Resignation with Argent Trust Company, a Tennessee chartered trust company (“Argent”), pursuant to which the Trustee will be resigning as trustee of the San Juan Basin Royalty Trust, and will nominate Argent as successor trustee.
- PNC Bank, National Association (“PNC”), as the trustee (the “Trustee”) of the San Juan Basin Royalty Trust (the “Trust”) (NYSE: SJT), announced that it has entered into an Agreement of Conditional Resignation with Argent Trust Company, a Tennessee chartered trust company (“Argent”), pursuant to which the Trustee will be resigning as trustee of the San Juan Basin Royalty Trust, and will nominate Argent as successor trustee.
- PNC assumed the administration of the Trust in 2021 through the acquisition of BBVA USA Bancshares, Inc. PNC’s decision to resign is based on its determination that the administration of royalty trusts, such as the Trust, is not part of its long-term strategy.
- 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.
- The Trustee’s resignation as Trustee, and Argent’s appointment as successor trustee, are subject to certain conditions set forth in the Agreement of Conditional Resignation, which include the Unit Holders’ appointment of Argent as successor trustee and the approval of any amendments to the San Juan Basin Royalty Trust Indenture necessary to permit Argent to serve as successor trustee.