Nine community groups and projects benefited from the bank's 2010 grant program but the biggest beneficiary is the proposed multi-purpose facility for local sports groups next to the Cummins School Community Complex, which will include replacing ageing changerooms and the canteen.

The grant money will be combined with a $100,000 commitment from the Lower Eyre Peninsula District Council and $150,000 in cash and in kind support from local stakeholder groups to apply for a Community Recreation and Sport Facilities Program grant from the Office of Recreation and Sport.

The steering committee is hopeful the state government will match the $500,000 raised locally, giving it $1 million to get the project started.

Committee convenor and Cummins District Community Bank director Wendy Holman said the most critical part of the project was refurbishing the swimming pool changerooms.

"If we're successful getting the sport and rec grant and other grants we will apply for, the community will have confidence to go on with the project," she said.

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The bank last night handed out just over $280,000 in grants.

Under the Bendigo Bank model the bank retains 50 per cent of its profits to operate the bank, including employing local people, and to give back to the community through its grant program.

"We've proved the model works and can also say it's been to our community's huge benefit," Mrs Holman said.

"Being a director, it just gives you such a buzz, being able to support the community the way we can."

In its first 10 years the bank has already given out more than $1 million in grants and Mrs Holman said the board saw the potential to increase business further.

"The business that people bring to the bank is what drives the profit margin.