Bankson T. Holcomb Jr. was born on April 14, 1908, in Wilmington, Delaware, the son of prominent insurance businessman Bankson T. Holcomb Sr. and his wife Julian Newton Holcomb. His family moved to China in 1921 and Bankson Jr. attended Peking American High School within the American Legation.
Following his 17th birthday, impressed by the local Marine detachment, Banks decided to enlist in the Marine Corps in April 1925. Holcomb served as enlisted man for next six months and was decorated with Marine Corps Good Conduct Medal for his service.
His superior recommended him for Naval Academy Preparatory School in San Diego, California. However Holcomb failed the Ancient history exam and was transferred to the private Virginia Preparatory School in Hampton Roads. He was successful the second time and was admitted to the United States Naval Academy in Annapolis, Maryland in June 1927. Four years later, Holcomb graduated with the Class of 1931 and was commissioned a second lieutenant in the Marine Corps in June 1931. Because of his knowledge of Chinese language and interest in Orient, he was nicknamed “Chink” by his classmates. Banks was also active in the track, cross country running team, Gymkhana or was a member of radio club.