Current News

For the week of October 9, 2010, there were 752 new regular benefit claims for Unemployment Insurance, a decrease of 88 from the week before. Altogether 7,405 new and continuing claims were filed, a decrease of 55 from a week ago and 2,166 fewer than a year earlier. The Department also processed 2,787 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 54 fewer than a week ago. In addition, there were 1,516 Second Tier claims for benefits processed under the EUC08 program, which is an increase of 23 from the week before. The Unemployment Weekly Report can be found at: http://www.vtlmi.info/. Previously released Unemployment Weekly Reports and other UI reports can be found at: http://www.vtlmi.info/lmipub.htm#uc

Union Bankshares, Inc. (NASDAQ ‘ UNB) today announced results for the third quarter of 2010. Net Income was $1.46 million or $0.32 per share compared to $1.44 million or $0.32 per share for 2009. Quarterly results reflect an increase in net interest income of $127 thousand, or 2.8%, a $116 thousand, or 7.7%, increase in noninterest income, and a reduction of $63 thousand in net expenses related to Other Real Estate Owned. These positive items were partially offset by a $58 thousand increase in personnel and benefit costs which is partially due to the opening of a new Loan Center in South Burlington, Vermont, in August 2010 as well as a $125 thousand increase in the loan loss provision due mainly to the growth and composition of the loan portfolio.

The Vermont State Dental Society (VSDS) received a $10,000 grant from the Northeast Delta Dental Foundation to continue its Diabetes and Oral Health Program (DOHP) that was piloted in 2008. In a collaborative effort between the VSDS, the Northeast Delta Dental Foundation, and the Vermont Department of Health, the program offers on-site courses on the connections between diabetes and oral health to dental professionals. Since the inception of the program, two dental educators, Dr. Nevin Zablotsky and Dr. Gerald Theberge, have presented the DOHP curriculum to 32 dental practices over the state, reaching 277 dental office personnel.

St Albans has been awarded a $125,000 federal grant for its ongoing streetscapes project, US Senators Patrick Leahy (D-VT), Bernie Sanders (I-VT), and US Representative Peter Welch (D-VT) announced Tuesday.
The grant, awarded by the Department of Transportation, will fund continued downtown improvements.
In FY2009, Welch secured $380,000 in funding for sidewalk, streetlight, signage and aesthetic upgrades to Main Street and Taylor Park as part of a comprehensive, local economic revitalization project, known as the streetscapes project. The project will increase accessibility and safety in an historic and economically vital corridor of the city.

South Burlington resident, Michele S Gatto, has been elected to the Board of Trustees at Vermont Law School in South Royalton, VT. Gatto is Executive Vice President – Corporate Services and Chief Legal Officer of National Life Group in Montpelier, VT.
As a member of the Board of Trustees, Gatto will serve on the Nominating and Governance Committee as well as drawing from her diverse background helping provide guidance to Vermont Law School’s future.
“We are thrilled that Michele Gatto, one of the most accomplished corporate lawyers in the country, will be joining the Vermont Law School Board of Trustees,” comments Geoffrey B. Shields, Vermont Law School President, Dean, and Professor of Law. “Her human resources acumen and wonderful contacts in the business communities in Vermont and throughout the country will serve Vermont Law School well.”

Vermont Agency of Transportation (VTrans) Secretary David Dill and New York State Department of Transportation (NYSDOT) Acting Commissioner Stanley Gee this week marked the one year anniversary of the Lake Champlain Bridge closure on October 16 of last year, noting the significant progress made to provide travelers, especially those located in the vicinity of the bridge and dependent on transportation across the lake in their daily lives, with a link across Lake Champlain between Crown Point, NY, and Addison, VT. Today, the temporary ferry service is still in place providing round-the-clock transportation across the lake at no cost to passengers, and the underwater structures for the new bridge are nearly completed.

Fletcher Allen reported an operating income of $17.3 million for the first three quarters of the 2010 fiscal year. This includes an operating income of approximately $10.3 million for the third quarter. The third quarter covers the period beginning April 1 and ending June 30.
Third Quarter Results
Operating income for the third quarter was $4.1 million above budget and $1.2 million below the corresponding quarter in FY 2009. Net operating revenues for the quarter were $222.8 million, $1.6 million above budgeted revenues. The organization's operating expenses for the quarter were $212.5 million, $2.6 million under budget, resulting in an operating income of approximately $10.3 million and an operating margin of 4.6% for the third quarter. By comparison, the organization produced an income from operations of $11.5 million in the third quarter of FY 2009.
Year-to-date Results

During a tour of MSA’s (Mine Safety Appliances Company) Newport factory on Tuesday, US Senator Patrick Leahy announced three new orders, under competitively bid contracts totaling $21 million, for the Army’s Advanced Combat Helmets (ACH). Leahy visited the facility to meet again with employees and to see the new work being done by MSA after a slowdown following the expiration of $6.4 million in earlier contract work secured by Leahy in 2008 and 2009.
‘It is truly gratifying to see MSA bounce back so strongly,’ said Leahy, who, as a senior member of the Senate Appropriations Committee and of its Defense Subcommittee, has championed earlier investments in the firm.

Vermont seniors will have a new option for Medicare supplemental insurance coverage beginning January, 2011. Blue Cross and Blue Shield of Vermont today announced a new, competitively-priced plan designed to provide coverage for Medicare deductibles, coinsurance and other out-of-pocket costs to newly-retired Medicare recipients.
The new Vermont Medigap Blue plan will be offered through Blue Cross and Blue Shield of Vermont’s affiliate, The Vermont Health Plan.
“This product offers attractive rates, discounts on health, travel and other supplies and services through Blue 365 and the peace of mind that comes with membership in Blue Cross and Blue Shield, the most trusted name in health coverage,” explained Dana Houlihan, product manager at Blue Cross and Blue Shield of Vermont’s individual products department. “We want more Vermonters to make the best out of retirement, without worrying about health care costs.”

The Vermont Agency of Transportation (VTrans) today closed a section of Route 36 in Fairfield just east of Swamp Road due to a failed culvert. The road is expected to be closed into November until the Agency can erect a temporary bridge.
The average daily traffic for this section of Route 36, which is located 1.7 miles east of the St. Albans/Fairfield town line, is about 2,700 vehicles per day. Motorists are encouraged to seek alternate routes, and to leave additional time to reach their destination.
“There are two culverts under the road in this location, and both are failing,” said VTrans Secretary David Dill. “Our inspectors determined that it is unsafe for the road to remain open, so we closed the roadway. Engineers have already been dispatched to assess what it will take to erect a temporary bridge, and we will restore traffic as quickly as possible.”

The Vermont Chronic Care Initiative (VCCI) was honored by the Care Continuum Alliance (CCA) as the winner of the “Outstanding Government Program” award at the organizations annual meeting in Washington D.C. The CCA Leadership Awards and Quality Impact Awards recognize leaders in health care for their efforts promoting health, reducing health risks and increasing the quality of care, particularly for those with chronic conditions. VCCI was recognized for its success in mitigating the impact of chronic conditions and increasing medication adherence among Medicaid beneficiaries.
“Vermont is proud to be recognized for our efforts by the Care Continuum Alliance,” said Governor Jim Douglas. “The Chronic Care Initiative is central to our efforts to improve the lives of Vermonters, while controlling health care costs. This award is another example of how Vermont is leading the nation in reforming our system of health care responsibly and effectively.”

Rock of Ages Corporation (NASDAQ:ROAC), based in Barre, announced Monday that it has entered into a definitive merger agreement with Swenson Granite Company LLC, based in Concord, NH. Shareholders of Rock of Ages will receive $5.25 per share in cash, valued at about $39 million, and Swenson Granite will acquire 100 percent ownership of Rock of Ages.
What this means for employment in Vermont is unknown at this time. Rock of Ages employs 230, according to Vermont Business Magazine. Net revenues in 2009 were $21,682,316. Net income was $802,324, or $.11 per share. The company lost over $2 million in 2008, or $.28 per share.