2011 Outstanding Women in Banking: Rachael Petersen

It took some chutzpah for Jerry Baack, Jeff Shellberg, and Rachael Petersen to start Bridgewater Bank, from scratch in 2005, when economists and finance experts aplenty were claiming that there were too many banks..Six years and 23 profitable quarters later, however, their boldness has paid off. Bridgewater Bank, in Bloomington, Minn., is now a $380 million, two-branch bank well-positioned to continue growing, which makes Rachael Petersen a natural choice for inclusion among this year's Outstanding Women in Banking selections.."I was always fascinated with numbers," Petersen said, so it made sense to study accounting at Concordia College in Moorhead, Minn., while working as a teller in her hometown, Detroit Lakes, over the summer. She landed a job as an examiner with the FDIC right out of college and got to see "many different ways of doing things in a bank" over the next five years – and worked with fellow examiners Baack and Shellberg. In 1995, she joined the leadership team of Sunrise Community Bank, overseeing its finance and compliance services..Ten years later, Petersen got the unconventional call from Baack. "I was happy and challenged at Sunrise, so I was reluctant to leave," she said. "But I just couldn't pass up the once-in-a-lifetime opportunity to build a bank from the ground up.".Petersen's official title at Bridgewater is chief financial officer, but she actually wears several hats. She is unofficially, in no particular order, manager of human resources, chief technology officer, compliance officer, bank secrecy officer, and manager of financial operations..Thus, she has recently overseen the installation of a new phone system, screened and hired vendors for compliance work, and helped convert the bank to a new core processor – in addition to performing standard day-to-day work such as preparing monthly and quarterly statements, gathering information for the next board meeting, learning new regulatory requirements, and thinking ahead to the next exam..Petersen enjoys her multi-faceted role. "It's one of the reasons I joined Jerry and Jeff," she said. "We all wanted a bank where people did a number of different tasks so that we could keep employee numbers down and employees could cover for each other.".Petersen also loves working with young staff as she goes about her duties. "It's great to pass on knowledge and provide opportunities, of course, but I often get questions from them that make me stop and think, "Why are we doing it that way?' It helps me stay committed to constant improvement.".Mary Jayne Crocker, a Bridgewater senior vice president, recognizes Petersen's devotion to Bridgewater Bank's multi-disciplinary approach. "With Rachael's leadership and ability to effectively multi-task," she notes, several technical projects which normally demand four or five people working over six months "are being completed by a much smaller cast and appear to be on track with scheduled completions over the next couple of weeks.".Crocker also notes that Petersen's demeanor helps the multi-disciplinary approach work. "Rachael maintains a level head and offers support to others as tasks become more demanding," she said. "There is no such thing as my job, your job – Rachael will help out with any task no matter how small. I have been the fortunate recipient of her coaching and support on several occasions.".According to Petersen, a key to her banking success has been her devotion to her family. She helps out with the financial statements of her husband's insurance company, and she is chief driver and devoted mom to her two daughters (ages 10 and 12). "I leave work at 3:45 every day so that I can pick up the girls, and I try to never take work home. I find that home time helps me be refreshed and focused for the next day at work," she said. Regular trips to a cabin on Lake Minnewawa – near McGregor, Minn. – for "fishing, Jet-skis, and other water fun" also help recharge her work batteries..Given Bridgewater's track record of stability and growth, those batteries have clearly been put to good use..Other 2011 Outstanding Women in Banking include:Cleo Bykonen, American Bank Center, Stanley, N.D.Vicki Monsen, McKenzie County Bank, Watford City, N.D.Robin Loftus, Security Bank, Springfield, Ill.Rachel Nesheim, First Community Bank, Newell, IowaSue Sjoselius, Northeast Bank, Minneapolis, Minn.