Our conservative fiscal policies have maintained the safety and soundness of the credit union for more than 65 years.

President's Report

2008 is a year we will long remember, both for the economic upheaval, as well as for our members' steadfast commitment
and trust in the Credit Union. Times like these remind us that it was economic hardship that gave rise to the credit union movement as people sought a safe and reasonable way to borrow and save money. It's good to be reminded that credit unions are autonomous, self-help organizations controlled by their members. They were founded on principles of sound savings practices and fair lending practices, and these have never changed.

SESLOC has never engaged in risky lending practices. When members entrust their savings to us, they expect us to maintain high lending standards to protect those funds. Our conservative fiscal policies have held us in good stead for more than 65 years and protected credit union assets. Unfortunately, even though we've operated in a fiscally responsible manner, we are affected by the fallout from the economy and other's negligent practices.

As we saw the financial crisis worsen, members more and more frequently asked me, "How is SESLOC doing?" and "Will things get better in 2009?" While we can't know the future, at SESLOC, we plan to stay the course until the severity of the crisis can be fully analyzed. We have tightened our lending policies, postponed discretionary expenses, and worked toward greater efficiencies in order to maintain the safety and soundness of the credit union. SESLOC is debt-free, which gives us additional financial stability during these economic storms.

Because education is the best investment we can make in our members' financial futures, in 2008 our staff presented numerous financial wellness workshops at Cal Poly University and Cuesta College. We continue to provide individual financial counseling for members, as well as loan workout programs to help members get through financial difficulties.

Recently a long-time member told me, "I trust SESLOC. Right now,
this is the only place I want my money to be." We appreciate the trust and confidence of our members and will work hard to continue earning
your trust.

Bertha Foxford
President / CEO