Is Columbus Day a National Holiday?

Are banks closed during Columbus Day? I heard that it became a federal "red day".... whatever that means. Do we get a day off? private business sector?
I want to know if it's a national holiday or not.
If it's in fact a national holiday I think it doesn't make sense because he didn't actually "find" our country, he wasn't even the first to discover the world was round.

Yes.
that's way some people don't have school or work.
According to a government website I checked, it is a Federal Holiday, meaning banks and post offices will be closed. Other businesses remain open.
I guess it's just the day that we remember the origins of our country, whether they are properly attributed or not. It's a big holiday well celebrated in New York, where there is a huge Italian Community. After all, Columbus who discovered America was an Italian.