Arvest division reaches $100 million mark for first time

Arvest Equipment Finance, a division of Fayetteville-chartered Arvest Bank, closed more than $100 million in new production in 2017. On Tuesday (March 6), the bank announced the achievement was a first for the division.

In 2017, the division completed $106.6 million in new production, and a key to reaching this amount was the doubling of its vendor production to $18.8 million in 2017, from $7 million in 2016, AEF president Eric Bunnell said.

“We continued to see strong support from the commercial lenders throughout the Arvest footprint, and were able to help structure equipment transactions for many bank customers,” Bunnell said. “I am also excited about our growth in vendor production. We continue to expand our external salesforce and inform the dealers about what we have to offer.”

In 2017, the division’s total portfolio increased 5.9% to $248.6 million. Total contracts rose 19.4% to 2,168.

Also, sales support specialist Aaron Loum earned the Certified Lease & Finance Professional (CLFP) designation. The division employs nine of the more than 500 people with this designation in the United States and Canada, and the division has the eighth-highest number of CLFPs among all companies, according to a news release.

“We have at least four more associates working toward CLFP designation,” Bunnell said. “Having so many associates who have worked hard to expand their knowledge base and meet these lofty industry standards is not only a great reflection of the values here at Arvest Equipment Finance, but a benefit to all the customers we serve every day.” Bunnell was recently named secretary of the CLFP Board of Directors.