SESLOC Federal Credit Union is expanding its service area to include northern Santa Barbara County. The stalwart 73-year old San Luis Obispo County financial institution has received approval from the National Credit Union Administration (NCUA) to begin serving members in Santa Maria, Lompoc and other Santa Barbara County communities located north of the Gaviota Tunnel.
SESLOC Federal Credit Union was founded in 1942 to serve the financial needs of SLO County’s educational community. In 2001, SESLOC was awarded a “communitywide” charter from NCUA, enabling membership to be extended to anyone living, working, or attending school within the county.
In 2014 and in recognition of the market growth between the counties of San Luis Obispo and Santa Barbara, SESLOC again approached NCUA for a change in its charter, requesting approval to extend service into northern Santa Barbara County. SESLOC’s application noted the geographic, business and agricultural commonalities the communities share as well the potential crossover in staffing and commuting due to geographic proximity. SESLOC was notified last month that the NCUA request had been approved.
According to Geri LaChance, SESLOC president and CEO, the market expansion is a benefit for consumers who have seen locally-owned financial institution options in northern Santa Barbara County decline through mergers and acquisitions. “SESLOC has a seven-decade history of financial stability on the Central Coast and has members who live and work in Santa Maria and other nearby communities. The expansion is a natural augmentation to provide quality credit union products and services to families and small businesses on the Central Coast of California.”
SESLOC plans to open a new branch in Santa Maria located at 2506 S. Broadway in January 2016.