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'Last real bank' Merchants to become Community Bank on Monday

Fri, 05/12/2017 - 2:24pm -- tim

by Timothy McQuiston Vermont Business Magazine Merchants Bank and Community Bank, NA will formally merge this weekend, May 12-14. Branches will close at 3 pm Friday and re-open Monday morning as Community Bank. Merchants Bank was formed in 1849. Last October 22, Merchants Bancshares, based in South Burlington, and Community Bank System, Inc of Syracuse, NY, entered into a definitive agreement under which Community would acquire Merchants in a cash and stock transaction valued at $304 million. Regulators approved the deal at the end of April.

Moody’s upgrades VSAC bond ratings

Fri, 05/12/2017 - 1:31pm -- tim

Vermont Business Magazine Moody's Investors Service has upgraded the ratings of the Senior Series 2015A bonds of Vermont Student Assistance Corp, which VSAC says signals continued confidence in the performance of its Vermont Advantage loan program. VSAC said in a statement Friday that Advantage customers are successfully repaying their loans because of VSAC’s trusted customer service and affordable rates.

Condos calls Trump’s establishment of elections commission a 'flawed mandate'

Fri, 05/12/2017 - 11:59am -- tim

Vermont Business Magazine Secretary of State Jim Condos has released a statement in response to President Trump’s Executive Order Thursday establishing a Commission on Election Integrity. The Vermont secretary says it is "flawed," could cause harm to the electoral process, and "will be used to attack the voting rights of eligible voters."

Weekly unemployment claims recede

Fri, 05/12/2017 - 11:03am -- tim

Vermont Business Magazine Weekly unemployment claims fell steeply again last week after a large seasonal spike. Claims spiked to over 1,100 two weeks ago. Claims were slightly lower than they were the same time last year, which had been the trend until the spike at the end of April. For the week of May 6, 2017, there were 514 claims, down 245 from the previous week's total and 11 fewer than than they were a year ago.

Altogether 5,143 new and continuing claims were filed, a decrease of 816 from a week ago, and 407 fewer than a year ago.

College of St Joseph adds more dorms

Fri, 05/12/2017 - 9:50am -- tim

Vermont Business Magazine College of St Joseph has acquired Highland Meadows Apartments to utilize as additional dormitory space for students. The apartment complex, which is less than a mile from the main campus on Campbell Road, will add more than 100 beds for students in the coming years. The two-building, 32-unit facility was funded through the USDA Rural Development Loan program. 

Logic Supply launches ‘Be an Extrovert’ IoT contest

Fri, 05/12/2017 - 9:30am -- tim

Vermont Business Magazine Industrial PC manufacturer Logic Supply is on the hunt for innovators utilizing 4G cellular connectivity to create next generation devices -- and they're giving away free computer hardware to some of the best! The South Burlingotn-basedcompany will award free Extrovert 4G-equipped Logic Supply industrial computers to as many as five of the most exciting project proposals submitted to their "Be an Extrovert" contest, beginning today.

Vermont Gas hooks up homes in Middlebury

Thu, 05/11/2017 - 12:47pm -- tim

Vermont Business Magazine Since the completion of the Addison Natural Gas Project last month, Vermont Gas has been helping Middlebury families and businesses save money by switching to more affordable natural gas. Vermont Gas officially started serving several businesses on April 12 and recently began helping families make the switch to natural gas.

Workers Caucus opposes Scott's $26 million plan

Thu, 05/11/2017 - 10:25am -- tim

Vermont Business Magazine The Legislative Workers Caucus, a group of legislators that meets weekly during the legislative session, is opposing Governor Scott's proposal to take health insurance negotiations away from local school districts and have one teacher health insurance plan negotiated at the state level. The lawmakers say that doing so will interfere with the bargaining rights of teachers to negotiate their health insurance benefits.