Western Equipment Finance, a bank-owned equipment finance company, promoted Chad Palmer to president.

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

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.

In his new role, Palmer will lead growth strategies for the company, continue to guide the business development and sales development teams, and oversee the company’s vendor, franchisor and customer relationship development.

“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.”

“Chad is ready for this leadership role,” Brian Houkom, CEO 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.”