The keyword phrase functions as a compound noun. The core noun is "banks," which is modified by the proper noun "Massachusetts" (acting as an adjective to specify location) and the proper noun "Patriots' Day" (specifying the temporal context). The phrase collectively refers to the operational status of financial institutions within Massachusetts on the state holiday of Patriots' Day.
The key determinant of whether these institutions are open is the distinction between state and federal holidays. Patriots' Day, observed on the third Monday in April, is an official state holiday in Massachusetts. However, it is not a federal holiday. The U.S. banking system operates according to the schedule set by the Federal Reserve, which does not close for state-specific holidays. Consequently, Federal Reserve banks remain open, and transactions such as wire transfers and ACH payments are processed as on a normal business day.
In practice, this leads to a mixed response from financial institutions. While the underlying federal banking system is operational, many individual bank branches, particularly state-chartered banks and local credit unions, may close to the public in observance of the state holiday. Conversely, branches of large, national banks are more likely to remain open to align with the federal schedule. Therefore, customers must verify the specific hours of operation directly with their local branch, as there is no uniform closing policy across all banks in the state for this holiday.
