In 1808, Thomas Mellersh (an attorney and solicitor), Robert Moline senior (grocer and corn dealer) and James Weale founded Godalming bank. The business was located in the building that currently houses the Godalming branch of Lloyds Bank.

In 1814, Robert Moline split from the partnership to set up his own rival bank. Godalming Bank now traded as Mellersh & Co., with Thomas Mellersh in partnership with Benjamin Keen. Thomas Mellersh continued to run the bank until he died in 1870, aged 87, forming partnerships with Benjamin Keen’s son William and later with his own sons.

In about 1841 the bank absorbed the business of the failed Moline & Woods. Between 1874 and 1881, the bank opened a branch in Guildford High Street, and between 1887 and 1889 a branch was opened in Haslemere. The Guildford branch (whose entrance was actually within Tunsgate) was open on Tuesdays, 11 till 1 and Saturdays 2.30 till 4.30; the Haslemere branch was attended only on alternate Tuesdays. In 1893 Godalming Bank was taken over by Capital & Counties Bank.