A statement on Banks' website said he died on March 7 and was found in his home after he failed to show up for a recording session.
Widely considered a pioneer of progressive rock guitar, his loss was mourned in a statement by fellow band members from Yes, which was formed in 1968. "We are deeply saddened to learn about the passing of fellow bandmate and founding Yes member, Peter Banks," the statement said.
"He was a huge piece of the fabric that made Yes what it is, and our thoughts, sincere condolences and prayers are with him and his family. Peter, we shall miss you greatly," the statement said.
According to an official press release, Banks performed on the first two albums from Yes, which was known for its symphonic style and complex instrumentation.
Banks went on to form Flash and released three well-received albums with that group before forming another new band called Empire.
He released five solo albums over the course of his career.
(Reporting by Tom Brown; Editing by Todd Eastham)
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