The show will focus on a criminal with martial arts expertise who poses as a murdered sheriff to dish out his own brand of justice.
House director Greg Yaitanes will helm the pilot episode and will also serve as executive producer, according to Deadline.
Jonathan Tropper and David Schickler have scripted the first episode and will also exec produce alongside Ball and Peter Macdissi.
Banshee will begin filming in and around Charlotte, North Carolina this spring. The show is expected to premiere on Cinemax in 2013.
Ball will also work on the fifth season of True Blood and is developing new medical drama Wichita for HBO.
Other projects in development at Cinemax include a new season of action-drama Strike Back, BBC co-production Nemesis starring Melissa George and an adaptation of the Transporter film franchise.
> Strike Back exec working on new Cinemax drama
> Ridley Scott's The Sector dropped by Cinemax