What is a Credit Union?
Credit union members share a common bond, such as where they work or live. SESLOC serves those who live, work, worship or attend school in San Luis Obispo and Northern Santa Barbara Counties. Our members are local, so money stays local, and SESLOC stays community focused.
Credit unions are cooperative financial institutions designed to give back to their members, not stockholders. Credit unions are not driven by profit. Credit unions have a volunteer Board of Directors, and profits are returned to members in the form of lower loan rates, higher savings rates, and lower cost services. The credit union philosophy that people are more important than profits benefits both the credit union members and their community.
Ten San Luis Obispo residents gathered in 1942 to discuss forming a credit union. They wanted to provide a way for people of ordinary means to borrow at reasonable interest rates under thoroughly honest and fair conditions.
On January 8, 1943, thirty-two San Luis Obispo County school employees were present when Superintendent Charles E. Teach called the first official meeting to order. They held the first election and began operations with assets of just $500. Six years later the acronym SESLOC was adopted, which stands for: School Employees of San Luis Obispo County.
While originally for those in education, SESLOC now offers services to everyone who lives, works, worships or attends school in San Luis Obispo and Northern Santa Barbara Counties, as well as their families. Today, with nearly 38,000 members and more than 70 years of service to the community, SESLOC retains its commitment to providing valued financial services and education with honesty and integrity.