Current News

Vermont Business Magazine Senator Patrick Leahy (D-Vermont), Senator Bernie Sanders (I-Vermont) and Representative Peter Welch (D-Vermont) have joined in introducing legislation to shield farmworkers from deportation and to open for them a path toward earned legal status and eventual citizenship.

The bill was introduced Wednesday in both the Senate and the House.  Senator Dianne Feinstein (D-Calif.), the Ranking Member of the Judiciary Committee, is the chief Senate sponsor, and Representative Zoe Lofgren (D-Calif.) is the chief House sponsor.  Leahy is a leading member and former chairman of the Judiciary Committee, which has jurisdiction over immigration laws.  Leahy also is a leading member and former chairman of the Agriculture Committee.  Senator Bernie Sanders (I-Vt.) and Representative Peter Welch (D-Vt.) are also cosponsors.

by Timothy McQuiston, Vermont Business Magazine The Vermont Department of Labor today released the seasonally-adjusted statewide unemployment rate for December of 2.7 percent, tied for fifth lowest in the nation. This reflects no change from the revised November rate. Embedded in this calculation is the monthly estimate of the Vermont labor force, which decreased compared to the previous month’s estimate. December marks the sixth consecutive month with a decrease to the labor force. The labor force overall has lost ground over the last year. The number of employed, however, has increased slightly. For December, Vermont businesses reported large seasonal gains to employment in industries related to tourism.

Vermont Business Magazine WhistlePig, the Shoreham-based Number 1 distiller in the fast growing, ultra-premium and luxury rye whiskey category, has announced a partnership with BDT Capital Partners of New York. BDT will become a minority equity partner. As part of this investment, Raj Bhakta, one of the original founders, has been bought out and is no longer involved with the company. BDT invested through a structured equity investment that includes a significant minority common equity stake. Financial terms were not disclosed.

Vermont Business Magazine Weekly unemployment claims fell modestly last week, as the holiday layoff spike appears over. For the week of January 12, 2019, there were 674 claims, 25 fewer than they were the previous week, and 50 fewer than they were a year ago. The holiday season usually sees wild swings in claims, as retailers in particular hire and layoff workers in spikes in November and December and then levels off in January.

Vermont Business Magazine  Sugarbush Resort is hosting twenty separate events for the upcoming MLK Weekend, from culinary events to torchlight parades and fireworks. The fun kicks off on Saturday, January 19^th with Guided Outback Snowshoe Tours at 10:00 AM and 1:00 PM at Lincoln Peak. Guests can celebrate NSAA Safety Month with Meet the Ski Patrol & Toboggan Rides at 3:30 PM on the Welcome Mat at Lincoln Peak. There will also be a Local Artisan Market from 12:00 – 6:00 PM in Rumble’s Kitchen. At 3:30 PM in the Lincoln Peak Courtyard, there will be a free S’Mores Cookout. A Mad River Distillers Tasting will take place outside the Castlerock Pub from 2:00 – 6:00 PM featuring their 60^thAnniversary Barrel Aged Bourbon. Apres music will be rocking in all restaurants from 3:00 - 6:00 PM. 

Vermont Business Magazine With their purchases of Nutty Steph’s Chocolate Vulvas Vermonters and chocolate lovers everywhere can help fund Planned Parenthood of Northern New England’s essential work empowering individuals to make independent, informed decisions about their sexual and reproductive health. Nutty Steph’s will donate $1 to the organization for every Chocolate Vulva box sold. Included with each purchase will be one of nine collector’s cards illustrated by artist Hilde Atalanta of The Vulva Gallery, a global educational movement which celebrates vulva diversity. Jaquelyn Rieke, founder and product designer at Nutty Steph’s, anticipates the campaign to raise $100,000 for Planned Parenthood and $25,000 for The Vulva Gallery.

Vermont Business Magazine Berkshire Bank has announced a  loan modification program and financial coaching service designed to help its current customers who are federal employees needing special assistance and options during the US Government shutdown. Berkshire Bank has branches in southwestern Vermont. Begun January 16, qualified federal government employees may apply for a 1-3 month loan payment deferral.  This temporary benefit is available to Berkshire Bank customers with a Berkshire Bank loan product, including mortgages, equity loans, equity lines, and consumer or auto loans.

Vermont Business Magazine In 1998, to provide area community organizations with blankets to help Vermonters in need, New England Federal Credit Union (NEFCU) conducted its first Blankets of Hopeä  Drive. The drive has collected and distributed thousands of blankets to organizations including the Committee on Temporary Shelter (COTS), Spectrum Youth & Family Services, Samaritan House, and others.

2018 marked the 20^th Blankets of Hope Driveä . As in years past, the drive began on December 1 and ended on December 31. Over 150 blankets were collected and cleaned by Greer’s Professional Fabricare. This year’s blankets were delivered to:

• Spectrum Youth & Family Services
• Tim’s House
• Howard Center
• Lund Family Center
• COTS

Source: Williston VT—NEFCU 1.17.2019

Vermont Business Magazine Attorney General TJ Donovan announced that Chelsea Hoadley of Greensboro Bend, Vermont, a Tax Examiner with the Vermont Department of Taxes, was arraigned today in Washington County Criminal Court on four felony counts of embezzlement in violation of 13 V.S.A. § 2537, and on four felony counts of identity theft in violation of 13 V.S.A. § 2030(a).  Ms. Hoadley, represented by attorney Maggie K. Vincent, Esq, entered a plea of not guilty.

Vermont Business Magazine People's United Financial, Inc. (NASDAQ: PBCT) today reported results for the fourth quarter and full year 2018. The Board also declared a quarterly cash dividend of $0.3515625 per share on the Company's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock.  The dividend is payable on March 15, 2019 to shareholders of record at the close of business on March 1, 2019.

- Operating Earnings of $0.36 per Common Share

- Announced the acquisition of BSB Bancorp and acquired VAR Technology Finance.

- Return on average assets of 1.11 percent and return on average tangible common equity of 14.9 percent.

- Efficiency ratio of 55.1 percent, an improvement of 160 basis points linked-quarter, reflecting continued revenue growth and well-controlled expenses.

- Net interest margin of 3.17 percent, expanded two basis points linked-quarter.

Vermont Business Magazine Attorney General TJ Donovan announced today that the State of Vermont will receive $2,941,047 million as a result of four different settlements. The settlements announced today are the results of consumer and environmental protection actions taken by the Vermont Attorney General’s Office. “These settlements are good news for Vermonters and the State. I am proud of our team for their hard work in holding these companies accountable.”

The settlement details are as follows:

Public Assets Institute In his Inaugural Address, Governor Phil Scott described a state of 251 towns, cities, and villages, where  “the good” of Vermont “lives in each and every one of our communities.” But the administration also released this month a vision for the future of education in Vermont: one Greatly Simplified School District (GSSD) that would abolish local school boards and districts and run the education system out of Montpelier. Apparently, the people in those towns and villages are not good enough to run their schools.

Governor Scott's inaugural speech January 10, 2019.VBM photo.