Arvest Equipment Finance, a division of Arvest Bank, said it has continued double-digit growth in 2011.

AEF’s 2011 net assets were up $46 million, or 62%, from the previous year for a record $121 million in loans and leases. New business volume was also up more than $47 million over 2010 to $76 million, or a 160% increase.

Kyle W. Gilliam, president of Arvest Equipment Finance, said, “Companies were careful during the recession to extend the life of their equipment by making repairs instead of purchasing new products, but after several years of repairs, many businesses simply could not afford to delay replacing old equipment any longer. This replacement cycle helped the substantial increase in business in 2011.”

He also noted that in addition to AEF’s increase in business from the manufacturing and medical sectors, lease financing for county and municipal governments remained strong: “Multiple industries are looking to conserve their financial resources by seeking out available leasing and financing options.”

In June 2011, MonitorDaily ranked AEF 96th on the Monitor 100 list of the largest equipment finance and leasing companies in the United States in terms of 2010 assets. The company is poised to move up that list in 2012. “This year is off to a good start. We have approximately $12 million in our pipeline to be closed in the first quarter of the year,” stated Gilliam.

Arvest Bank operates more than 230 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a network of 16 locally managed banks, each with its own board of directors and management team.