Abstract: A parking brake is incorporated in a power shift transmission having an input assembly, an idle assembly and an output assembly housed within a transmission housing, the input assembly provided with an input shaft, an input gear fixedly secured to the input shaft for rotation therewith in unison and an output gear selectively couplable to the input gear. The parking brake includes a brake drum extending from the output gear toward the input gear in a coaxial relationship with the input shaft and having a cylindrical outer circumference. A brake band is wrapped around the outer circumference of the brake drum and has a stationary end secured to the transmission housing and a movable end displaceable with respect to the stationary end. A band actuator is operatively associated with the movable end of the brake band for selectively tightening the brake band into frictional contact with the brake drum and loosening the brake band out of contact with the brake drum.