Banks, a second-round pick in 2013, has seven career interceptions in 50 NFL games. All seven interceptions came in his first two seasons.
The trade was not a surprise because the 27-year-old Banks had fallen out of favor in Tampa Bay. New Buccaneers defensive coordinator Mike Smith didn't view him as good fit for the defensive scheme.
Banks expressed on social media that his stint with the Buccaneers was over before the team announced the deal.
The trade reunites Banks with cornerback Darius Slay, with whom he played at Mississippi State.