As 2021 comes to a close, we are looking back at the many accomplishments of our credit union and community. We launched Level Up Member Benefits and I am pleased to see so many of you taking advantage of not just your Everyday Member Benefits, which we’ve always offered, but new benefits including discounted rates on eligible loans and select fee waivers.
I will be the first to admit that I’m not the most technically-savvy credit union employee. I am a frequent visitor to our IT Help Desk. And while I knew SESLOC had launched Pay with Points as part of the SESLOC Rewards program in August, it was a few weeks before I signed up to see what it was all about.
Welcome to spring on the Central Coast! A fresh, new season brings cautious optimism regarding the pandemic as more vaccines are made available; a light at the end of the tunnel for our local businesses and communities.
You have probably heard the saying “fresh start for a new year.” Never have we all collectively been more excited for a new year than in 2021! In the last quarter, we surpassed a monumental milestone of $1 billion in assets. Our growth is especially significant at a time when financial institution mergers and acquisitions are prevalent; SESLOC’s growth has been achieved organically, building healthy relationships with you and our community over decades.
If we had 20/20 perfect vision, we might have skipped to the year 2021. Never have we seen more disruption to life on a daily basis and to how we socialize. It is the ultimate irony that in 2019 we couldn’t allow you to cover your face or head while conducting business in the branch. And now in 2020, with the order from the state of California, we are are requiring masks to be worn. We greatly appreciate your mutual consideration of others.
So much has happened in the last few months—almost every SESLOC member has been impacted from the pandemic, the swift collapse of the economy and the strain of social unrest due to inequality. The cooperative philosophy of credit unions has always supported the notion of equality for all members: one member, one vote, one voice. There are no stockholders. Our earnings are used to keep rates competitive and fees low, and to provide financial access to all.
This note is being written on March 25, and the one thing I know is that our situation will likely be different the day you are reading this. News and caution regarding the COVID-19 pandemic has grown and changed every day. These are unsettling times that we haven’t experienced before.
Happy New Year! Can you believe we just entered into a new decade? As I reflect on the past 10 years, it has been filled with many changes in the credit union industry. All banks and credit unions were recovering from The Great Recession in the early years of the last decade as well as responding to new regulations being imposed on institutions.
I’d like to start by saying thank you for your generous support throughout August to help raise funds for Jack’s Helping Hand, a local nonprofit that offers programs for special needs children and their families. Over the last five years, you’ve contributed over $35,000 to help build the Jack Ready Imagination Park, a universally accessible playground where special needs children can play along-side able-bodied children in a safe, sunny environment. It was truly an honor to walk into our branches and see the walls covered with handprints as a display of your support.
We’re halfway through 2019 and what an exciting year it has been. Your credit union posted its highest month of loan fundings in April at $25 million. Your credit union is in good financial health, and we are helping to make living on the Central Coast more attainable and enjoyable for our members—whether it be financing a car, a new home or a college education. Thank you to our new and existing members for bringing it home to SESLOC.
We want to share with you how SESLOC and other credit unions stand out as a reliable and secure option for consumers and small businesses in our local communities.
We partner with GreenPath Financial Wellness to offer unbiased, empathetic, one-on-one financial advisement to our members. GreenPath’s certified credit counselors offer free assistance with budgeting, general financial wellness, debt counseling, foreclosure prevention and support, and student loan payment. GreenPath also offers a Debt Management Program where they negotiate with creditors on behalf of members enrolled in the program to reduce interest rates and help them repay debts faster. In 2021, GreenPath’s certified counselors assisted 8 SESLOC members with a combined $161,488 in debt pay off $55,656 through the program — that’s a reduction of outstanding debt by 34% in under a year!
SESLOC members are saving — and winning! Since the program launched, more than $20,000 in prizes have been awarded.
80 years of People & Place. 1 Year of Absolute Awesome.
As we celebrate our 80th anniversary, we’re building a more sustainable community for the next 80 years by doing 80 local acts that have a global impact.
