In 2004, December 25th falls on a Saturday. The Fed indicates it will be open the Friday before. I anticipate that banks that are open on Saturday, you will observe the holiday and be closed on Saturday. Will any of observe the holiday on Friday, or perhaps offer a float day to your employees?

rumor mill at my bank has that we will be closed on saturday and be given a float day. (as well as close at 1pm on friday)

According to the calendar I received showing the holidays observed by the Federal Reserve there is a footnote to December 25, 2004 that states "Holiday falls on a Saturday; the Board is closed on the preceding Friday...the days that the Board will be closed are December 24, 2004, December 31, 2004 and November 10, 2006." So the Fed will be closed on Friday (Christmas Eve).

We will get a floating holiday. Although the Federal Reserve Board will be closed on Christmas Eve, the Federal Reserve Banks will be open.

Quote of the footnote: "For holidays falling on Saturday, Federal Reserve Banks and branches will be open the preceding Friday, however, the Board of Governors will be closed."

We will be given a floating day in 2004 for Christmas. And a floating day in 2005 for New Years Day (also a Saturday).