Current News

Merchants Bancshares, Inc. Announces Strong 2008 Third Quarter Results
SOUTH BURLINGTON, VT - Merchants Bancshares, Inc. (NASDAQ: MBVT), the parent company of Merchants Bank, announced October 23, 2008, net income of $3.31 million, or diluted earnings per share of $0.55, for the quarter ended September 30, 2008, a $683 thousand, or 26%, increase over net income of $2.63 million for the third quarter of 2007 and a $0.12, or 28% increase over diluted earnings per share of $0.43 for the third quarter of 2007. The return on average assets for the third quarter of 2008 and 2007 was 1.01% and 0.94%, respectively. The return on average equity for the third quarter of 2008 and 2007 was 17.98% and 15.04%, respectively. Merchants declared a dividend on October 16, 2008, of 28 cents per share payable November 13, 2008, to shareholders of record as of October 30, 2008.

VEDA tops $80 million
in financing approvals
The Vermont Economic Development Authority's (VEDA's) total project financing approvals across all programs for Fiscal Year 2008 was $80.1 million, up from $77.8 million last year.

VEDA closed two hundred commercial agricultural and small business loans, totaling $46.4 million during the year. Because of this, Vermont business development projects received an additional $47.9 million in private investment.

Of the 63 commercial projects financed in Fiscal Year 2008, it's estimated that 1,980 jobs were impacted, having an average hourly wage of $20.89.

Manufacturing accounted for 30 percent of the combined portfolio of direct VEDA loans. Agriculture made up 24 percent and service-related businesses, 23 percent.

VEDA's net assets under management increased over the past ten years, from $24.9 million in 1999 to $33.6 million as of June 30, 2008.

Vermont Businesses for Social Responsibility
Recognizes Three Outstanding Legislators
VBSR will be presenting its annual legislator of the year awards to the three legislators listed below that have demonstrated bold leadership consistent with VBSR's policy priorities. VBSR will present the awards at its 2008 annual Fall Conference at the Latchis Theatre in Brattleboro, October 30th.
Legislators receiving these awards were chosen by the VBSR Board of Directors after reviewing recommendations of the VBSR Public Policy Committee made up of representatives from several VBSR member businesses. 'VBSR honors and thanks these dedicated public servants for their tireless work in commitment to making Vermont the best place to do business,' says VBSRs Executive Director, Will Patten.

Vermont Collects $205 Million Judgment to Pay Claimants and Creditors of Ambassador Insurance Co.

Johnson State College announces new faculty appointments
JOHNSON - Johnson State College has announced the appointments of three faculty members.
They include:

CHITTENDEN BANK PARTNERS WITH THE VERMONT FOODBANK
TO FIGHT HUNGER IN VERMONT
Burlington, Vermont - As we approach the winter months the need to stock our community food shelves becomes extremely important. Chittenden Bank offices across the state are participating in the bank's Share the Bounty program providing a drop-off location for non-perishable food items designated for local food shelves or community centers. Each of the 47 Chittenden branches has a collection area set up to accept donations of food or money until December 31, 2008. The Vermont Foodbank is partnering in this effort and has estimated that the need for food donations will increase by as much as 30% this year. The Vermont Foodbank is the state's largest hunger relief organization responsible for distributing close to 6.5 million pounds of food to community food pantries, soup kitchens, shelters, senior centers and after-school programs in 2007.

Cleaner New Generation of Outdoor Wood Heaters is Good News for New Englanders
(Waterbury, Vt. - Oct. 23, 2008) - Significantly cleaner models of outdoor wood-burning heaters - also called outdoor wood boilers, outdoor wood furnaces, or outdoor wood-fired hydronic heaters - will soon be available for New England families and businesses who choose to burn wood as a heat and hot water source.
Under the second phase of a voluntary partnership with EPA, several manufacturers of outdoor wood-fired heaters have already pledged to market a new generation of units that are more efficient and which will emit about 90 percent less air pollution than unqualified units.

Interstate 89 Paving Switching to Daytime Beginning this Weekend
MONTPELIER - Paving crews beginning this weekend (October 25) will limit traffic flow during the day to one lane along Interstate 89 Northbound from Exit 14 in South Burlington to Exit 16 in Colchester. Motorists should expect delays and plan accordingly.
Weather permitting, daytime paving over the weekend will take place from sun up to sun down, and continue into the evening. Daytime paving will continue into the work week as crews push to finish this 17-mile project, but traffic will not be impacted during the morning and afternoon peak commutes. Traffic during the work week will be restricted to one lane between the hours of 9 a.m. and 3 p.m. only.

LIAM MURPHY and CATHERINE KRONK of the law firm MURPHY SULLIVAN KRONK have been named by Super Lawyers magazine as two of the top attorneys in Vermont. Only five percent of the lawyers in the state are recognized by Super Lawyers. To earn this honor, lawyers are nominated by their peers and then reviewed by a research team that evaluates the nominees based on professional accomplishments and peer recognition. LIAM MURPHY maintains a broad practice grounded in all types of real estate matters, encompassing real estate transactions and litigation, land use and environmental law as well as condemnation litigation. CATHERINE KRONK maintains a practice focused on complex commercial transactions, including commercial finance transactions and real estate transactions. MURPHY SULLIVAN KRONK focuses its practice on real estate, commercial transactions and related litigation. Learn more about the firm at www.mskvt.com.

Competitive Computing (C2) Awarded GSA Schedule 70 Contract
Award enables federal customers to purchase business-critical IT solutions
COLCHESTER, VT October 15, 2008 Competitive Computing (C2), a recognized leader in strategic IT solutions for business, government and higher education institutes, announced today that they were awarded a Schedule 70 contract by the U.S. General Services Administration (GSA), the procurement arm of the federal government. The GSA Schedule is the preferred vehicle for government buyers; product and service providers who have contracts on the GSA Schedule are more likely to be selected by government purchasing agents.

Blue Cross and Blue Shield of Vermont Funds Influenza Vaccine for State's High-Risk Uninsured
Berlin, VT - Thousands of uninsured Vermonters who are at high risk for complications from influenza will receive the flu vaccine free of charge this fall thanks to a $32,000 grant from Blue Cross and Blue Shield of Vermont.
Continuing a 27-year tradition, the states largest health insurance company has once again in 2008 provided funding for purchase of vaccine that will be distributed to approximately 3,000 high-risk Vermonters between the ages of 18 and 65 by the state's eleven nonprofit home health agencies at flu shot clinics this fall.
"Influenza can be a dangerous and even life-threatening illness for people who are most vulnerable," said Blue Cross and Blue Shield of Vermont President and CEO William Milnes Jr. "We are pleased to be able to help protect those who are at highest risk."

Governor Douglas Announces Software Development Initiative
Economic Development Plan Will Grow Software, IT Sector Jobs
WINOOSKI - Governor Jim Douglas on Tuesday announced an economic development plan to create more jobs in the software development and information technology sectors.
At a press conference at the Champlain Mill in Winooski, the Governor rolled out a package of incentives and programs that will help stimulate growth in these critical high tech industries.
"These incentives will help establish the Champlain Mill - and Vermont - as a center for software development," Governor Douglas said. "The combination of Winooski's downtown re-development, Champlain College's students, and the college's commitment to this industry will create a critical mass for firms that will create good jobs and power our economy into the future."