The aim of the article was to explore banking service customers' brand associations with cooperative banks. The research was performed using a thematic analysis of indepth interviews conducted among representatives of three existing market segments: clients of cooperative banks, clients of other banks living in villages and small towns and clients of other banks living in large urban areas. The results indicate that the perception of cooperative banks depends on each person's relationship with this kind of institution. In the opinion of clients, cooperative banks represent trust and openness. In the view of other people, however, cooperative banks are perceived as second-class banks, resulting in a lack of trust in these institutions. These findings provide practical implications for cooperative bank marketing managers by showing them the image elements that require the greatest improvement.