After slow progress in July and August, the proposal is now back on its feet and has been given approval to move onto the next stage.

In a bid to breathe new life into the campaign, members of the Goolwa Community Bank Steering Committee conducted a spring blitz, bombarding letterboxes with newsletters, appearing on community radio, prowling Goolwa Shopping Centre and visiting businesses.

Their persistence paid off, with the committee raising $160,000 in pledges of financial support in two months.

This brings its total to $640,000 since the campaign was first launched in January this year.

Community Banks are franchised businesses of Bendigo Adelaide Bank, owned and operated by the local community.

Bendigo will receive 50 per cent of profits, while a share of the other half will be split among dividend local shareholders and community projects.

The non-binding pledges indicate the level of financial support from the community and were required to establish whether the project will be viable.

A pledge target of $700,000 from over 300 people was needed for the bank to be given the go ahead, but committee chairperson Carol Gaston said this is likely to be met over the coming weeks.

"We are still urging people to send their pledging forms in, however Bendigo Bank has said it looks like it is definitely a goer and has given us approval to go onto the next stage, which is very exciting," she said.

The committee will now concentrate its efforts on the feasibility study, which is being part funded by the Alexandrina Council.

Ratepayers in Goolwa, Middleton, Port Elliot, Currency Creek, Clayton and Milang will find a survey in their letterboxes in January.

The surveys will help gauge whether residents will purchase shares or if they will are likely to use the bank.

The feasibility study is expected to be completed by early February before a final decision is made.

"Then the steering committee will sit down and decide whether it is a yes or a no," Ms Gaston said.

"We are all pretty confident it will be a yes."

If this is the case, the steering committee will put together a prospectus in late February and approach potential shareholders.