Banks and credit unions are closing for federal holidays, but many are keeping their branches open as the country commemorates June 17 as a national holiday for the first time.
President Joe Biden signed a law Thursday afternoon making National Independence Day the country’s 12th public holiday. It wasn’t enough notice for many financial institutions to mark the holiday by closing Friday or today. It is likely that many will observe the new holidays starting next year.
BBVA USA, a national bank with about 20 branches in the San Antonio area, closed its branches and offices early Friday afternoon to mark June 10, which is today.
BBVA was the only institution in a dozen or so contacted by Express-News to confirm that it will recognize the new holiday by closing.
The rest remained open on Friday. Those who are regularly open on Saturdays will also be open today. June 19 is the anniversary of the end of slavery in 1865, when news of the Emancipation Proclamation was delivered to the last American slaves in Galveston.
BBVA’s decision to close early Friday is remarkable as PNC Bank of Pittsburgh, which recently acquired the Birmingham, Alabama-based institution in an $ 11.6 billion deal, has maintained its branches. and its offices open Friday.
The federal government observed the statutory holiday on Friday, so most federal employees have taken time off. This included banking regulators with the Office of the Comptroller of the Currency and the Federal Reserve Board in Washington.
Federal Reserve employees in Dallas weren’t so lucky. It was open Friday.
The Federal Deposit Insurance Corp., which also regulates banks, on Thursday urged institutions to notify customers of their vacation plans as soon as possible.
“Given the timing, institutions are encouraged to consider the convenience and needs of their clients when making these decisions,” the FDIC said in a statement.
Frost Bank, the largest regional bank based in San Antonio, was scheduled to open on Friday and today.
“We just don’t have enough time to make the proper notifications” to shut down, Frost spokesman Bill Day said Thursday.
The Texas Department of Banking, which oversees state chartered banks, was open Friday even though Juneteenth has been a public holiday for more than 40 years.
Banks typically set their public holiday schedule at the start of each year, usually after public holidays observed by the Federal Reserve, said Charles Cooper, commissioner of the state banking agency.
“Banks technically have the option of observing this new public holiday (Friday) or Monday, but as it has just been adopted on June 17, banks must take into account adequate notice to their customers,” he said. -he declares.
The Federal Credit Union of the San Antonio Security Service also tracks Federal Reserve schedules, so the San Antonio institution is scheduled to be open on both days.
“Once the Federal Reserve adjusts its schedule to reflect the new federal holiday, so will we,” Security Services spokeswoman Brandy Ralston-Lint said in an email.
Chase Bank branches will be open today even though it’s June 15, as “a significant number of customers who cannot make it on weekdays depend on branch access on Saturdays as an essential service.” spokesman Greg Hassell said in an email.
San Antonio-based branches of Vantage Bank Texas will operate on their regular schedule today.
“We will determine later this year how to adjust our schedule to reflect the new federal holiday in the years to come,” spokesman Alex Polanco said in an email.
Live Oak’s Randolph-Brooks Federal Credit Union will also operate its regular schedule. He observed the holidays on Friday with educational videos and potlucks at branches for staff, spokesman Salvador Guerrero said in an email.
Many institutions, including Chase and Wells Fargo, are offering employees an extra personal day or floating vacation to take this year.
“Our branches and operations centers will remain open as usual on their regular hours,†Wells Fargo spokeswoman Beth Richek said in an email. “As a company, we will observe Juneteenth as a federal holiday from next year.”
Day, a spokesperson for Frost Bank, said he encouraged employees who can use one of their two “paid community days off” to volunteer in the community.
“We think Juneteenth would be an appropriate time for them to use one of them,†he added.