As of 2015, San Antonio has 22 credit unions, including St. Joseph`s Credit Union, Firstmark Credit Union, Generations Community Federal Credit Union and G.P.M. Federal Credit Union, says Credit Union Access. Membership at these credit unions ranges from less than 500 to more than 950,000.
Credit unions perform the functions of banks, such as accepting deposits and making loans. However, unlike banks, they operate as nonprofits in service of members rather than corporate shareholders. Credit union members can usually expect to enjoy lower fees and more favorable interest rates than bank customers. Credit unions often restrict membership to certain communities, employees of specified companies or residents of a geographic area. Some credit unions target low-income residents when determining who can join.
As of 2012, San Antonio, TX has a higher concentration of financially weak credit unions than anywhere else in the country, reports My San Antonio. The performance of San Antonio is linked to its smaller credit unions which are less able than larger credit unions with more assets to recover from the negative impacts of bad loans. Based on assets, Security Service Federal Credit Union is the largest in the San Antonio area, and Randolph-Brooks Federal Credit Union is the second-largest. Randolph-Brooks was one of the highest rated credit unions in the state of Texas and in the country overall.