SESLOC Federal Credit Union - Financial Focus Annual Report

President's Report

This year SESLOC celebrated 65 Years of Strength, Vision and Growth. During 2007, we continued a steady growth rate, while keeping expenses low and maintaining the safety and soundness of the Credit Union.

Members are the backbone of the credit union, without whose support the credit union would not exist. In 2007, we rewarded borrowers with a 25% interest refund on vehicles financed in 2007, depositing over $221,000 to 1,583 member accounts, while maintaining high savings rates.

This year saw an increase in attempted fraud, including consumer scams and a well-publicized database breech at a major retailer, which compromised millions of credit and debit cards. We immediately replaced over 1,000 cards to protect member accounts. SESLOC made a substantial investment in new technology and security systems this year, taking proactive measures to protect your accounts and your online security. We continue to educate members about protecting personal information and reinforced our policy to never ask for personal information in an e-mail.

Our April Youth Week celebration invited youngsters to 'Stash Your Cash' at the Credit Union, and many responded. This is the first step toward financial health for life – our goal for all our members. Through the efforts of our outstanding staff and the vision of our volunteer Board of Directors, SESLOC has kept its commitment to help members achieve their
financial goals.

Bertha Foxford, President / CEO

"Members are the backbone of the credit union, without whose support the credit union would not exist."

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