Banks was born in Washington, D. C. His mother was Elena Adams Banks (October 13, 1917 – September 16, 2012). He graduated from Northwood High School in Silver Spring, MD in 1966, [unreliable source?] and attended Indiana University Bloomington, where he was a classmate of actor Kevin Kline. During that time, they participated in a production of The Threepenny Opera together. Banks dropped out of the university to join a touring company of Hair as a stage manager. He toured Australia with the Hair company.
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