Committee spokesman Col Roach said the Bendigo Bank scheme had reached a significant milestone with $500,000 in pledges of support from residents in Bonnells Bay and surrounding districts.

"The next step is a feasibility study. If that proves positive, then a prospectus will be issued and those who have pledged will have the first opportunity to buy shares in the company which will be set up to run the franchise," Mr Roach said.

Mr Roach encouraged more people to get behind the campaign and make the pledge.

"Our target is $750,000 and a minimum pledge of just $500 can be lodged. I would stress that the money is not required at this early stage," he said.

"Even if people can't make a pledge just now, their support for the scheme is still needed to build our case on proven community interest."

Mr Roach said the Community Bank would provide a unique income stream for local projects and district shareholders.

"There are more than 250 Community Bank branches in Australia and so far the network has returned more than $37 million to local groups with a further $12 million paid in dividends to some 60,000 shareholders," he said.

"If we can prove there is community interest to back the scheme, the Community Bank will provide a full range of banking facilities and services including 530 customer service outlets, around 800 ATMs and 10,000 eftpos machines."

A public information session will be held at the Bonnells Bay Youth and Community Centre on March 24 at 7.30pm.