An apparatus (21) and method for rapid transport of elastic bands (34) from a band loading station (22) to a band unloading station (23). The apparatus (21) includes a movable arm assembly (24) having a finger (26) thereon dimensioned to loosely receive an elastic band (34) therearound. A drive assembly (36) is coupled to move the arm assembly (24) from the loading (22) to the unloading station (23). The arm assembly (24) is further movable by the drive assembly (36) from a first orientation of the finger (26) to a second orientation of the finger (26) to enable gravity assisted mounting of the band (34) on the finger (26) at the loading station (22) and gravity assisted demounting of the band (34) at the unloading station (23). During the transport of the band (34) between the loading (22) and unloading stations (23), the finger (26) is reoriented along a path maintaining the band (34) on the finger (26) against dynamic forces acting on the band (34) during transport of the arm assembly (24). The apparatus (21) includes a gear train (43, 44, 53, 62) which simultaneously pivots the arm assembly (24) between the loading (22) and unloading station (23) while it rotates the arm (24) in a direction opposed to the pivoting to maintain the band (34) on the finger (26) during pivoting of the arm (24).