Bank of America (NYSE: BAC) resigned as the trustee of Permian Basin Royalty Trust (NYSE: PBT), said Permian Jan. 9. Bank of America scheduled a meeting for unitholders, where it will nominate Southwest Bank, an independent Forth Worth, Texas-based bank, as its successor trustee, Permian added.
Unitholders will be notified regarding the meeting’s date and place, and of any materials related to it, Permian said.
Permian said the resignation will only occur if Bank of America either meets or waives several terms and conditions. These include verifying the accuracy of certain representations and warranties, and performance of certain agreements, made between Southwest Bank and Bank of America, Permian said.
The resignation will become fully effective May 30, dependent on the terms’ and conditions’ outcomes, Permian added.
"Southwest Bank's senior management has expertise in handling royalty trusts and, as the largest independent commercial bank in Tarrant County, we are excited to have the opportunity to expand the Bank's wealth management services into this line of business," Vernon Bryant, Southwest's chairman and CEO, said.
An oil and gas royalty trust, Permian Basin Royalty Trust is based in Dallas. Its funds come from the Permian Basin’s oil and natural gas extractions.
Bank of America, the second-largest bank holding company in the U.S., provides multinational banking and financial services. It is based in Charlotte, N.C.
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