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Merchants Bancshares announces 28 cent dividend, added to Russell 3000 Index

Fri, 07/17/2009 - 6:27am -- tim

Merchants Bancshares, Inc. (Nasdaq: MBVT), the parent company of Merchants Bank, announced July 16, 2009, that its Board of Directors declared a dividend of 28 cents per share, payable August 13, 2009, to shareholders of record as of July 30, 2009. Merchants plans to release earnings on or about July 29, 2009. In addition, Merchants announced that it was added to the broad-market Russell 3000 Index when Russell Investments reconstituted its comprehensive set of U.S. and global equity indexes on June 26, 2009.

Copley, Gifford, Porter hospitals create shared services network to reduce costs

Fri, 07/17/2009 - 6:23am -- tim

Three community hospitals have formed the not-for-profit Vermont Hospital Shared Service Network (VEHSSN). The Presidents and Board of Trustees of Copley Hospital in Morrisville, Gifford Medical Center in Randolph and Porter Medical Center in Middlebury created VEHSSN to enhance collaboration and the development of shared services among the three not-for-profit, rural Community Access Hospitals as permitted by law.

Vermont Tax Amnesty Program begins July 20

Thu, 07/16/2009 - 11:56am -- tim

Do you owe back state taxes? The Vermont Tax Amnesty Program, or VTAP, offers a rare opportunity to pay those taxes and have the late payment penalty waived. The last amnesty program for Vermont taxes ran in 1990.
“We understand in this current economic climate, many otherwise compliant taxpayers may have fallen behind in their payments. Since late payment penalties can be up to 25% of the tax amount, this could be a significant savings for some people and help them settle up their tax obligations,” said Acting Commissioner of Taxes Ellen Tofferi.

Entergy files motion in New York requesting action on nuclear spin-off

Wed, 07/15/2009 - 1:59pm -- tim

The owner of the Entergy Vermont Yankee nuclear plant in Vernon and four other such plants has met with New York regulators to make a more attractive financial offer in its effort to spin off those reactors into a new company called Enexus. The new proposal, which the company said would reduce the debt of the new company by $1 billion, while increasing capitalization by $350 million, would likely require further federal and Vermont regulatory approval. The other plants are Pilgrim (Plymouth, MA), Indian Point 1&2 (New York), FitzPatrick (New York), and Palisades (Michigan).

JD Power and Associates ranks CVPS second in the East

Wed, 07/15/2009 - 1:13pm -- tim

J.D. Power and Associates has ranked Central Vermont Public Service second in the East for customer satisfaction among midsized utilities. In J.D. Power and Associates study results released today, CVPS also ranked second in the East Midsize segment for the corporate citizenship and communications factors. The company ranked above the regional average for midsized utilities in all J.D. Power and Associates factors, including customer service, billing & payment, communications, power quality & reliability, price and corporate citizenship.

Union Bankshares announces second quarter results, dividend

Wed, 07/15/2009 - 11:12am -- tim

Union Bankshares, Inc. (NASDAQ – UNB) today announced net income for the quarter ended June 30, 2009 was $1.23 million or $0.28 per share compared to $1.19 million or $0.27 per share for the same period in 2008.  Net Income year to date was $2.50 million or $0.56 per share for 2009 compared to $2.60 million or $0.58 per share for 2008. Total Assets have grown $29.3 million, or 7.4%, to $424.9 million at June 30, 2009 from $395.6 at June 30, 2008 while total deposits have grown $27.1 million, or 8.5%, to $347.9 million at June 30, 2009 from $320.8 million at June 30, 2008.

Weekly unemployment claims jump up

Wed, 07/15/2009 - 10:12am -- tim

For the Week of 07/11/2009. There were 1,163 new regular benefit claims for Unemployment Insurance last week, an increase of 136 from the week before. Altogether 14,491 new and continuing claims were filed, 833 more than a week ago and 7,352 more than a year earlier. The Department also processed 3,525 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 269 more than a week ago. In addition, there were 703 Second Tier claims for benefits processed under the EUC08 program, which is an increase of 9 from the week before.

Vermonter to head FairPoint's northern operation after organizational shakeup

Wed, 07/15/2009 - 9:34am -- tim

Related Company: FairPoint CommunicationsFairPoint Communications, Inc. (NYSE: FRP) announced today a number of organizational changes. David Hauser, chairman and chief executive officer of FairPoint Communications, announced that effective immediately he is making several organizational changes in order to position the company to better tackle the integration issues of its systems in northern New England. Executive Vice President Jeff Allen of Essex Junction, Vermont, will now oversee all of FairPoint’s Northern New England Operations.

Barre's Northern Power Systems to receive $683,000 in recovery funds

Wed, 07/15/2009 - 8:33am -- tim

US Senator Patrick Leahy (D-Vt.), US Senator Bernie Sanders (I-Vt.), and US Representative Peter Welch (D-Vt.) on Wednesday announced $683,388 in recovery funding for Barre, Vermont's Northern Power Systems. Northern Power was one of just 28 wind energy projects nationwide to receive nearly $13.8 million in Department of Energy funding intended for research, testing and analysis. The federal investment was made possible by the American Recovery and Reinvestment Act.

Vermont revenue report delivered Thursday

Wed, 07/15/2009 - 7:47am -- tim

State officials are hinting that the revised revenue expectations for the current fiscal year (FY 2010) will be downgraded when the Vermont Emergency Board meets Thursday with the economists representing the Douglas Administration and the Legislature. Already Speaker of the House Smith is asking legislators to look at efficiencies to save upwards of $30 million this fiscal year, while Administration Secretary Lunderville is looking at saving $15 million to $30 million by holding back payments to departments an average of 2 percent (the range he said would be 0-3 percent).