Devils Lake, N.D. – Laurie Bakke, President of Western Equipment Finance, today announced she will retire at the end of 2022. Bakke will transition to a senior advisory role with the company beginning in 2023, and she will remain on the Board of Directors for Western State Bank and its related entities. Chad Palmer will become President of Western Equipment Finance in January 2023.
“I have been fortunate to work with so many amazing individuals throughout my 30-year career, and I am thankful for my time in the equipment finance industry,” Bakke said. “I am especially grateful for the opportunity to lead Western Equipment Finance for the past 13 years. Our company has grown significantly, our team members continue to impress the industry, and we have a great foundation for future success.”
Since Bakke joined the company in 2009, Western Equipment Finance has continually expanded its market share, gained industry recognition and delivered consistent growth. She is a champion of Western’s culture and has built a strong team to ensure the company’s ongoing success.
“We thank Laurie for guiding Western Equipment Finance’s growth over the past 13 years,” said Brian Houkom, Chief Executive Officer of Western State Bank. “She is a tremendous leader who lives our core values every day, and we are grateful that she will remain with our company as an advisor and board member.”
Before joining Western, Bakke held various leadership roles with Huntington Equipment Finance, Irwin Commercial Finance and NordBanken, AB. Bakke is actively involved with the Equipment Leasing and Finance Association, including a term on the Board of Directors. She also served on the Board of Trustees for the Equipment Leasing and Finance Foundation. Bakke graduated from the University of North Dakota in Grand Forks, N.D.
Palmer joined Western in 1998 and currently serves as Senior Vice President/Business and Strategic Development. He guides the business development and sales development teams. Palmer also oversees the company’s relationship development with vendors, franchisors and customers. He graduated from Minot State University in Minot, N.D.
“Chad has the experience, skills and commitment to lead Western Equipment Finance,” Houkom said. “He is well-respected within the industry, and he has been a big part of our growth as a company. We look forward to supporting him in this new role.”
ABOUT WESTERN EQUIPMENT FINANCE
Western Equipment Finance is a bank-owned equipment finance company. It offers full-service commercial financing and leasing options throughout the United States. Western Equipment Finance serves several primary industry segments including agriculture, amusement, audio/visual, carnival, construction, family entertainment, fitness, franchise, funeral, gaming, laundry, lawn and tree care, rental, and waste management.
Western Equipment Finance consistently ranks among the top 100 equipment finance companies in the nation. According to the Monitor industry publication, Western Equipment Finance is the 71st largest equipment finance company in the country. In the same Monitor rankings, the company is the 62nd top equipment finance company by new business volume.
To learn more about the company, visit http://www.westernequipmentfinance.com.
Western Equipment Finance is based in Devils Lake, ND, with additional team members working from locations across the country. It is a division of Western State Bank, a full-service community bank with ten locations in North Dakota and Arizona. Western State Bank is employee-owned with nearly $1.7 billion in assets and approximately 275 team members. It has a five-star superior rating by Bauer Financial, a trusted and independent research firm. The five-star rating is their highest rating for financial stability and strength.