According to a statement on Banks' website, the musician died in his London home on March 7 after suffering from heart failure. Banks was found after failing to show up at a recording session.
Banks helped form Yes in 1968 before leaving the band in 1970. He went on to form the band Flash, with whom he released three albums before forming the band Empire. He also released five solo albums over the course of his career.
"We are deeply saddened to learn about the passing of fellow bandmate and founding Yes member, Peter Banks," the band said in a statement. "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."