2010 Census data

As of the 2010 Census Banks had a population of 179. The racial and ethic composition of the population was 69.3% white, 24.6% black or African American, 2.2% Native American, 1.1% from some other race, 2.8% reporting two or more races and 1.1% Hispanic or Latino from any race.^[9]

2000 Census data

As of the census^[10] of 2000, there were 224 people, 92 households, and 62 families residing in the town. The population density was 111.3 inhabitants per square mile (43.0/km²). There were 102 housing units at an average density of 50.7 per square mile (19.6/km²). The racial makeup of the town was 84.82% White, 10.27% Black or African American, 1.79% Native American, 0.89% from other races, and 2.23% from two or more races. 0.89% of the population were Hispanic or Latino of any race.

There were 92 households, out of which 29.3% had children under the age of 18 living with them, 53.3% were married couples living together, 12.0% had a female householder with no husband present, and 32.6% were non-families. 29.3% of all households were made up of individuals, and 15.2% had someone living alone who was 65 years of age or older. The average household size was 2.43 and the average family size was 3.02.

In the town, the population dispersal was 25.4% under the age of 18, 9.4% from 18 to 24, 28.6% from 25 to 44, 20.1% from 45 to 64, and 16.5% who were 65 years of age or older. The median age was 38 years. For every 100 females, there were 94.8 males. For every 100 females age 18 and over, there were 92.0 males.

The median income for a household in the town was $21,719, and the median income for a family was $32,500. Males had a median income of $25,417 versus $26,500 for females. The per capita income for the town was $15,601. About 4.8% of families and 10.0% of the population were below the poverty line, including 10.9% of those under the age of eighteen and 11.3% of those 65 or over.