After leaving Bolton, he played non-league football for Altrincham and then for Bangor City in Wales.
Following his retirement, Banks returned to live in his hometown of Farnworth and he was diagnosed with dementia in 2022.
Bolton said in a statement on the club’s website, external: “The thoughts and condolences of everyone at Bolton Wanderers are with Tommy’s family and friends.
“As a mark of respect, the club will lower the flags outside the Toughsheet Community Stadium to half-mast from tomorrow morning (Friday, 14 June). Arrangements for Tommy’s funeral will be communicated in due course.”