"I thought it was the coolest thing in the world," said Hanks, who admitted he wasn't in attendance at the event because, he "didn't know anything about it."
The long-awaited reunion saw Tom Everett Scott (who starred as drummer Guy Patterson), Johnathon Schaech (who played lead singer Jimmy Mattingly) and Ethan Embry (who played the unnamed bassist), take to the Roxy stage to perform the band's titular hit single, "That Thing You Do."
The film, which was set in the summer of 1964, tells the comedic tale of a small band's rise to fame off the strength of a single song, and their eventual legacy as a one-hit wonder. Hanks starred as Mr. White, an A&R talent manager who plays a role in reshaping the band to make them more commercial.
Hanks described his time working on the celebrated comedy as "magic," and praised the film for its lasting popularity.
"That was a very special movie I think for everybody," Hanks said. "The fact that the guys still like the subject matter enough to get back together again -- and they didn't even lip sync! They actually sang the song themselves. So God bless them."
Despite the nostalgia for the film and his fond memories, Hanks said that he doesn't think there's any way a sequel could work.
"I don't know that a sequel would make sense because you'd be in a whole different era, you know?" he explained. "You'd have to take The Wonders into what? 1966? How do you do that? I think the window was closed on that era."