PORTLAND, Ore.–A credit union CEO who has accepted a new job here did so in part because he could not afford a home in the market served by his previous credit union, San Francisco.
As CUToday.info reported here, Steven Stapp has left San Francisco FCU to take over as the new CEO at Unitus Community Credit Union.
Stapp told the San Francisco Business Times that as a long-time renter, his goal was to purchase a home for himself and his family. But the City by the Bay’s sky-high home prices made that impossible, he said.
"It was a gut-wrenching decision, but economics are driving us away," Stapp told the San Francisco Business Times. "San Francisco is a great city, and I'm a big Giants fan."
Stapp acknowledged to the publication that his desire to stay inside the city limits, given the San Francisco Federal FOM, made it more costly to buy a home rather than somewhere outside the city.