Western Equipment Finance Recognized As a Top 100 Equipment Finance Company in the U.S.

Devils Lake, N.D. – Western Equipment Finance has again been recognized by the industry’s leading publication.

In the Monitor 100 report for 2024, Western Equipment Finance was ranked the 62nd largest equipment finance company in the United States, 55th largest by new business, and 35th largest by volume. Western Equipment Finance was ranked 31st among the Top 50 Banks in equipment finance by volume.

Western Equipment Finance increased its new business volume from $495.2 million in 2022 to $576.9 million in 2023, according to the Top 100 report. Assets increased from $875.4 million in 2022 to $1.07 billion in 2023, and the company increased its vendor channel new business volume from $410.0 million to $486.5 million.

The Monitor is a primary publication for the equipment finance industry. Its annual report, Monitor 100, analyzes equipment finance company performance in the previous year.

“I’m incredibly proud of our team’s ongoing growth and the impact we’re making in the industry,” said Chad Palmer, President of Western Equipment Finance. “Continuing to appear on the Monitor’s ‘Top 100’ list is a significant accomplishment and a testament to our dedication and hard work.”

ABOUT WESTERN EQUIPMENT FINANCE

Western Equipment Finance is a bank-owned equipment finance company.  The company offers full-service commercial financing and leasing options throughout the United States. It serves several primary industry segments including agriculture, construction, franchise, funeral, laundry, lawn and tree care, rental and waste management. 

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 over $2.0 billion in assets and approximately 300 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.

For more information, contact:
Anna Benson, Sr. Marketing Strategist/Writer
Western State Bank
701-499-6259
Anna.benson@westernbanks.com