Chad Palmer has been promoted to President at Western Equipment Finance, a bank-owned equipment finance company that offers full-service commercial financing and leasing options throughout the United States.

Palmer was named President following the recent retirement of Laurie Bakke, who led the company since 2009. Bakke has transitioned to a senior advisory role with the company, and she will remain on the Board of Directors for Western State Bank and its related entities.

In his new role, Palmer will lead growth strategies for the company. He will continue to guide the business development and sales development teams, and oversee the company’s vendor, franchisor and customer relationship development. He will also work closely with the Western Equipment Finance leadership team to guide the company’s overall strategic direction.

“I’m excited and grateful to serve in this new role,” Palmer said. “We have an amazing culture and team at Western Equipment Finance, and we’re looking forward to another year of growth in 2023.”

Most recently, Palmer served as Senior Vice President – Business and Strategic Development. He joined Western in 1998 and previously served in consumer loan, credit management, and third-party origination roles. He is a graduate of Minot (ND) State University.

“Chad is ready for this leadership role,” said Brian Houkom, Chief Executive Officer of Western State Bank. “In his nearly 25 years with the company, he has earned the respect and trust of his colleagues across the industry. He lives our values every day, and we look forward to supporting him in this new role.”

Western Equipment Finance, based in Devils Lake, ND, 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. It is a division of Western State Bank.