Argent Financial Group announced today that Argent Trust Company, a division of Argent Financial Group (AFG), will assume responsibilities for numerous Royalty Trusts from Arkansas-based Simmons Bank. The newly formed Royalty Trust division will include six royalty trusts — Sabine Royalty Trust, Permian Basin Royalty Trust, Cross Timbers Royalty Trust, PermRock Royalty Trust, Marine Petroleum Royalty Trust, and the Westbrook-Thompson Agency—and seven employees.
“We are excited to assume the responsibilities of these trusts,” said Reid Harrell, CEO of Argent Trust Company. “Argent has a long history of both Trust and Mineral Management, so the addition of these relationships is a natural fit for us as we continue to grow and expand our book of Royalty Trust business. And we’re pleased to welcome these additional employees to Argent who will help us better serve our clients as fiduciaries and mineral trust advisors.”
Under the agreement, Argent Trust became Successor Trustee of the above-named Trusts and assumed day to day responsibilities on January 1, 2023. Additionally, Argent Trust will act as agent for Simmons Bank with respect to the Hugoton Royalty Trust pending necessary approvals to assume the successor trustee role for that trust. The newly formed group within Argent will be led by long time royalty trust veteran Ron Hooper. Hooper and his team have more than 40 years of experience managing royalty trusts.
“Argent has an outstanding reputation in this industry,” said Hooper. “Our group is eager to join the outstanding Argent team and add to the extraordinary brand of service that Argent Trust clients have already become accustomed to receiving. We look forward to contributing to the organization’s commitment to help families grow and protect their wealth.”
Argent’s Dallas office will also be expanding this year while welcoming its new employees. The office is expected to be ready for operations by the summer of 2023.