The name Marjoribanks is associated with Lady Marjorie Bruce, the daughter of King Robert the Bruce and is derived from lands near the village of Lochmaben in Dumfriesshire which were called terre de Marjoriebankis in Lady Marjorie's honour. The story has been told for many years that these lands were granted to her by her father on the occasion of her marriage in 1315 to Walter Stewart but this explanation has not been confirmed historically.

It was the custom of the day for occupants of lands to take their name from their property and those who occupied the Dumfriesshire lands called themselves -- with some slight changes in spelling -- Marjoribanks.