The club also announced it had waived rookie safety Ryan McMahon, an undrafted free agent from Sacramento State.
Hines (6-0, 215) caught 23 passes for 242 yards and two TDs as a senior at Florida in 2012. The Ravens waived him last week after signing him as an undrafted free agent in May.
Banjo (5-10, 204) was waived last week by the Jaguars. An SMU product, Banjo signed with Jacksonville in April. He had tryouts with Oakland and Pittsburgh in 2012.