Banks is located in central Pike County in the southeastern region of the state. It has a mayor/city council form of government.
The Banks area was settled early in the state’s history near the community of Monticello, which became the first seat of Pike County in 1827. The town itself was established on a line of the Alabama Midland Railroad in 1890 at a stop located approximately just east of Troy. The town, named for a local family, soon supported several general stores, a drug store, and a steam-driven cotton gin. Banks incorporated in December 1894. By 1915, the town had expanded to include several large cotton warehouses, one of which was owned by Gov. Charles Henderson (1915-19).
Banks’s population according to the 2010 Census was 179. Of that number, 69.3 percent of respondents identified themselves as white, 24.6 percent as African American, 2.8 percent as two or more races, 2.2 percent as Native American, and 1.1 percent as Hispanic or Latino. The town’s median household income, according to 2010 estimates, was $43,500, and the per capita income was $17,740.
According to 2020 Census estimates, Banks recorded a population of 171. Of that number, 62.6 percent of respondents identified themselves as white, and 37.4 percent as African American. The town’s median household income was $40,556, and the per capita income was $23,895.
According to 2020 Census estimates, the workforce in Banks was divided among the following industrial categories:
- Manufacturing (51.2 percent)
- Retail trade (19.5 percent)
- Educational services and health care and social assistance (14.6 percent)
- Professional, scientific, and management, and administrative and waste management services (10.3 percent)
- Public administration (8.5 percent)
- Agriculture, forestry, fishing and hunting, and extraction (2.4 percent)
- Finance and insurance, and real estate and rental and leasing (1.2 percent)
- Information (1.2 percent)
Schools in Banks are part of the Pike County school system; the town has approximately 345 students and 24 teachers in one K-8 school.
U.S. Highway 29/State Highway 15 runs roughly east-west through the town, and State Highway 93 runs south from the town. Brundidge Municipal Airport is located approximately eight miles south of the town and serves general aviation. CSX operates a rail line through Banks.
Farmer, Margaret Pace. One Hundred Fifty Years in Pike County, Alabama, 1821-1971. Anniston, Ala.: Higginbotham, Inc., 1973