Current News

Ledyard Financial Group, based in Hanover, NH, with offices in Vermont, (Ticker Symbol: LFGP) announced today a $0.03 increase to its quarterly dividend, based in Hanover, NH, with offices in Vermont. The dividend of $0.48 is payable March 3, 2015 to shareholders of record as of February 13, 2015. The dividend was last increased by $0.04 for the dividend paid during September 2014. Strength in the Company’s core businesses is supporting the ability to continue with its dividend payouts and ensure that its shareholders benefit from the Company’s improved earnings.

Ratebeer.com today released its list of the world's top brewers, with Hill Farmstead from Greensboro, Vermont, rated the world's number one brewery. The top 100 brewers in the world are ranked according to reviews taken last year and weighted by performance within and outside of style, balanced by indicators of depth. The winners here are presented by top 10 and country of origin and reflect the top performing brewers of over 19,000 listed at RateBeer. Along with Hill Farmstead, Vermont place to other brewers in the Top 100: Lawsons Finest Liquids from Warren and The Alchemist from Waterbury.

Merchants Bancshares, Inc (NASDAQ: MBVT), the parent company of Merchants Bank, today announced net income of $2.50 million, or $0.40 per basic and $0.39 per diluted share for the fourth quarter of 2014. This compares to net income of $3.82 million, or $0.61 per basic and $0.60 per diluted share for the fourth quarter of 2013. For the year ended December 31, 2014, net income totaled $12.13 million, or $1.92 per basic and $1.91 per diluted share, compared to net income of $15.13 million, or $2.40 per basic and diluted share for the year ended December 31, 2013. The return on average assets was 0.59% and 0.73% for the three months and year ended December 31, 2014, respectively, compared to 0.91% and 0.90% for the same periods in 2013.

Thomas Hark, president and CEO of Vermont Youth Conservation Corps joined Vermont Tech President Dan Smith Thursday in announcing the new Working Lands Certificate Program at the Vermont Farm Show in Essex Junction. Venture Semester, a VYCC and Vermont Tech partnership program, is designed to immerse students in agriculture, food, and leadership, as well as enhance high school graduates’ access to higher education.

Dan Smith, left, and Thomas Hark.

“I believe fervently that partnerships like this one will be the infrastructure of the next decade.” Said Dan Smith, Vermont Tech’s president. “The future is in finding ways to do more for Vermont and for students with our partners than we can each do alone.”

The Vermont Dairy Industry brings $2.2 Billion in economic activity to Vermont annually, according to a new study funded by the Vermont Dairy Promotion Council. Findings from the study were unveiled Thursday at the Vermont Farm Show in Essex. Recognizing the need for up-to-date data about dairy’s impact on Vermont’s economy, the Vermont Dairy Promotion Council partnered with the Vermont Agency of Commerce and Community Development, the Vermont Agency of Agriculture, and Castleton Polling to quantify the impact of the industry on Vermont’s economy and way of life. The study, which began in March 2014, was funded by dairy farmers through the state’s dairy check-off program.

The data has been consolidated in a new brochure called “Milk Matters: The Role of Dairy in Vermont,” which can be downloaded here http://vermontdairy.com/download/VTDairy_MilkMattersReport.pdf

How well do you know your state? If you’re in the hospitality industry, it pays to know everything you can about Vermont. The Vermont Department of Tourism and Marketing has created a new series of online classes for employees at Vermont lodgings and attractions. The online Ambassador Training program focuses on Vermont branding, state parks, history, heritage and more. Ambassador Training also offers valuable customer service tips, and insight into consumer trends such as agritourism and culinary travel. The training is free and geared specifically to Vermont’s travel and hospitality-related businesses.

Darn Tough Vermont, American manufacturer of the fastest growing collection of outdoor performance socks, has partnered with Special Olympics Vermont for the 2015 Penguin Plunge and Winter Games events. In honor of the 20^th Anniversary of the Penguin Plunge, sponsor Darn Tough Vermont will provide complimentary pairs of wool socks to Plungers who raise $520 or more. Darn Tough will also outfit all 200 Special Olympics Vermont athletes who compete in the 2015 Winter Games.

The Penguin Plunge is Special Olympics Vermont’s largest annual fundraising event, raising nearly half of the organization’s annual operating budget. Nearly 1,500 people are expected to jump into Vermont’s icy lakes in North Bennington (Jan. 31), Newport (Feb. 1) and Burlington (February 7) to raise funds and awareness for Special Olympics Vermont.

Cynthia Stuart has been named deputy commissioner of the Vermont Department of Financial Regulation’s Banking Division, Commissioner Susan L Donegan announced today. Stuart has more than 18 years of experience in both the retail and community aspects of banking and brings to the job a wealth of knowledge of current operations and senior management.

Stuart has worked at several federal community banks in New Hampshire and Vermont, including Connecticut River Bank NA in Littleton, NH, where she was senior vice president of Retail Banking and Deposit Operations and most recently Ledyard National Bank in Hanover, NH, where she was senior vice president and senior retail banking officer.

Donegan said she is pleased to welcome Stuart to the department and is delighted to have someone of her high caliber join the staff.

Vermont will receive $90,000 from Main Street Power Mail, Inc, of Sheridan, Indiana, which generated leads for insurance agents by sending direct mailings to Vermonters, many of them elderly, asking for personal information without explaining how the information would be used. Such activity is a violation of state and federal law. Under the settlement, Main Street Power Mail will pay the State $90,000 and be required to clearly disclose the purpose of its mailings in the future.

According to Attorney General William Sorrell, the settlement is the second in the past three months that imposes sanctions on companies that used Vermonters’ personal information for commercial reasons without their informed consent. “We will not tolerate businesses using deception to obtain consumers’ private information,” he said.

Vermont Business Magazine The US Department of Agriculture (USDA) has revised the US Standards for Grades of Maple Syrup. The revision defines quality factors and establishes new color determinations for Grade A. The grade of syrup will be determined based on flavor, odor, damage, and turbidity or cloudiness. Further, the spelling of the product in the standard was changed from “sirup” to “syrup.” The four new categories will be more descriptive. Vermont revised its grading system last year and the USDA likewise wants to standardize it across the nation.

The maple sugar industry in Vermont was worth nearly $50 million in 2013 and in 2014 Vermont produced 41 percent of all the syrup produced in the US. SEE TABLES BELOW

The Addison County Economic Development Corporation (ACEDC) has approved financing that will allow Middlebury-based start-up Stonecutter Spirits, based in Middlebury, to begin production. Robin Scheu, Executive Director of ACEDC, confirmed her organization will use its revolving loan funds to lend $100,000 to the local gin and whiskey manufacturer. This financing is part of a $500,000 project with additional funding coming from Opportunities Credit Union and the National Bank of Middlebury. As a result of this investment, Stonecutter Spirits expects to create 7-12 full time jobs as well as 6 part time positions over the next three years.

by Rob Roper The Vermont legislature has long been bent on saving the planet through government micromanagement of energy policy. The big issue this year appears to be passing a Renewable Portfolio Standard (RPS) that would require utilities to sell a set percentage renewable power (and thereby forcing customers buy the more expensive product). The other issue, likely debated but not moved on this year, is a Carbon Tax designed to make fossil fuel use artificially expensive.

According to a recent report by Ross Koningstein and David Fork, engineers at Google who worked on the company’s groundbreaking renewable energy project RE