Answer: 294

Solution:

Let the band have $n$ members, with $n = s^2 + 5$ for the square formation and $n = x(x + 7)$ for the rectangular formation with $x$ columns. Multiplying $x^2 + 7x = s^2 + 5$ by $4$ and completing the square gives $$(2x + 7)^2 - (2s)^2 = 69,$$ so $(2x + 7 - 2s)$ $\cdot (2x + 7 + 2s) = 69.$

Writing $69 = 1 \cdot 69 = 3 \cdot 23$ with the larger factor second: from $1 \cdot 69$ we get $2x + 7 = 35$ and $2s = 34,$ so $x = 14,$ $s = 17,$ and $n = 17^2 + 5 = 294.$ From $3 \cdot 23$ we get $2x + 7 = 13$ and $2s = 10,$ so $x = 3,$ $s = 5,$ and $n = 30.$

The maximum is $294,$ achieved by a $21 \times 14$ rectangle.