It does. I've only seen a few, but I have learned one of life's important lessons- do not walk barefoot after it rains in the Pacific Northwest. That slug may have had red eyes after I met it, come to think of it. Not too many banana slugs in Buffalo that I've seen yet, which may explain why they think that looks like a buffalo. I do have a University of Santa Cruz Banana Slug T shirt, though.
UC Santa Cruz - Campus Mascot