Banking has been identified as one of the effective methods using which memory energy can be reduced. We propose a novel approach that improves the energy effectiveness of a banked memory architecture by performing extra computations if doing so makes it unnecessary to reactivate a bank which is in the low-power operating mode. More specifically, when an access to a bank, which is in the low-power mode, is to be made, our approach first checks whether the data required from that bank can be recomputed by using the data that are currently stored in already active banks. If this is the case, we do not turn on the bank in question, and instead, recalculate the value of the requested data using the values of the data stored in the active banks. Given the fact that the contribution of the leakage consumption to overall energy budget keeps increasing, the proposed approach has the potential of being even more attractive in the future. Our experimental results collected so far clearly show that this recomputation based approach can reduce energy consumption significantly.