On June 20, the unitholders of Permian Basin Royalty Trust (NYSE: PBT) voted to approve the proposal appointing Southwest Bank as its new trustee, according to a press release.
Bank of America N.A. is scheduled to resign as trustee on August 29, the press release said.
An oil and gas royalty trust, Permian Basin Royalty Trust is based in Dallas. It is funded through oil and natural gas extractions from the Permian Basin.
Bank of America, the second-largest bank holding company in the U.S., provides multinational banking and financial services. ...