The term "patriots day bank holiday" functions as a compound noun. In this grammatical structure, "Patriots' Day" and "bank" act as noun adjuncts that modify the head noun "holiday." The phrase specifically designates a public holiday recognized by financial institutions on Patriots' Day, a civic holiday observed in several U.S. states.
This observance is not a federal holiday, meaning its official recognition is limited to the state level, primarily in Massachusetts and Maine. Consequently, only state-chartered banks and credit unions in these jurisdictions are legally required to close. While federally chartered banks operating within these states are not mandated by federal law to close, most do so in observance of local custom. The holiday, which commemorates the Battles of Lexington and Concord, falls on the third Monday in April, also affecting state and local government offices, schools, and many private businesses.
The practical application of this regional holiday is significant for financial planning and commerce within the observing states. Transactions such as check clearing, wire transfers, and automated payments scheduled for this day are typically delayed until the next business day. This distinction from the federal holiday schedule illustrates the dual nature of the U.S. banking system, where state regulations can create variations in operational calendars that impact both consumers and businesses.
