Terence Banks, the brother of two top city officials who’s a target in a wide-ranging federal probe, is an old family friend of Mayor Eric Adams, it was revealed Tuesday.
“Terence Banks’ family, the dad was one of my lieutenants and a mentor,” Adams said during a virtual press conference from Gracie Mansion, where he’s recuperating from a recently-announced COVID infection.
“I’ve known the Banks families for years,” the mayor continued. “And my knowing someone, I hold them to the same standard that I hold myself to. But I’ve known the family for a long period of time.”
Terence is the younger brother of Deputy Mayor for Public Safety Phil Banks and Schools Chancellor David Banks, both of whom were appointed by Adams and also raided by the feds last week, according to law-enforcement sources.
A former MTA official who retired in 2023 after 25 years on the job, Terence Banks more recently appeared to work as a consultant, but scrubbed the website for his business, The Pearl Alliance, after the feds raided his home.
Several clients purportedly represented by Banks — who is not a registered lobbyist — had millions of dollars’ worth of contracts with the city, according to public records.
Sources said investigators, out of the Southern District of New York, are investigating corruption and influence peddling. They are said to be looking into whether Phil Banks had a hand in steering city contracts to his brother’s clients, according to the sources.
The connection to Adams appears to extend beyond familial ties.
Terence Banks reportedly raised mountains of cash for Hizzoner’s campaign, according to Gothamist.
He hosted five events that collected nearly 250 donations worth just under $92,000 — all of which went straight into Adams’ campaign coffers for his 2021 mayoral run, the outlet said.
Some of those were later flagged by a campaign watchdog as unreported, in-kind donations, Gothamist added.
The Banks brothers were among those thrust into the spotlight following a series of stunning federal raids last week in which agents showed up at the homes of several of Adams’ top lieutenants and political allies with warrants, demanding electronic devices and other evidence.
Also raided were Police Commissioner Edward Caban and his twin brother, James Caban, an ex-cop with a checkered past who allegedly worked as a “fixer” for troubled nightclubs who were having problems with the police, according to sources.
“I don’t know James Caban that well,” Adams said during the briefing. “I know he’s the brother of the police commissioner, and we exchange pleasantries when we see each other, as I do with everyone.”
No one has been charged with any crime. Neither the Banks nor Caban brothers have returned repeated requests for comment.
Timothy D. Sini, a lawyer for Terence Banks, told the New York Times in a statement Tuesday: “We have been assured by the government that Mr. Banks is not a target of this investigation.”
Phil Banks lawyer Benjamin Brafman told the Times he believes his client: “has zero criminal liability in this case — zero.”
David Banks confirmed he was “cooperating with a federal inquiry” in a statement Friday, but said he could not comment further.
