The group behind a proposal to establish a community bank on the Morisset Peninsula says it could be up and running later this year if everything goes to plan.

The results of a feasibility study into the establishment of a community bank at Bonnells Bay will be released later this month after thousands of local residents were surveyed about the plans.

Bonnells Bay community bank spokesman Col Roach says the financial pledges by potential shareholders in the bank have exceeded what the group was hoping for.

"The pledge amount exceeded the amount we were shooting for and that of course is a non compulsory thing," he said.

"It's an indication of people's intention that they would take a shareholding in the bank if and when it comes to pass.

"We sent out somewhere in the area of 9,000 survey forms.

"The evaluation is carried out by someone totally independent and of course it all gets down to those final numbers.

"Capital would have to be raised, the physical establishment of the bank would happen before we could get the doors open."