Current News

Vermont Business Magazine Union Bankshares, Inc (NASDAQ - UNB) today announced results for the three and twelve months ended December 31, 2019. Net income was $2.8 million and $10.6 million for the three and twelve months ended December 31, 2019, resulting in earnings per share of $0.61 and $2.38 for the same periods, respectively. The Board of Directors also declared a cash dividend of $0.32 per share for the quarter, an increase of 3.2% from the cash dividend of $0.31 paid in recent prior quarters, payable February 6, 2020 to shareholders of record as of January 27, 2020.

Vermont Business Magazine The Agency of Natural Resources Department of Environmental Conservation has announced that Two Go Dry Cleaning, Inc, owner of Greers Dry Cleaners in Burlington, was fined $8,000 for failing to maintain a dry-cleaning system that prevents leaks of the toxic solvent perchloroethylene, and for mismanaging contaminated waste materials.

Vermont Business Magazine Sugarbush Resort continues to expand its fleet of electric vehicle charging stations, this time adding nine new chargers to Mt Ellen. As with past charging station installation, Sugarbush Resort has partnered with Apex Solar Power and Green Mountain Power to install the chargers. All nine of the universal level 2 chargers are free for public use. Of the nine, eight are located in Lot 3 and the ninth is handicap accessible next to the Mt. Ellen Base Lodge.

by Senator Patrick Leahy On Thursday morning, hours before senators were sworn in to serve on President Trump’s impeachment trial, an independent, nonpartisan government watchdog confirmed what I have long suspected: When Trump froze congressionally appropriated military aid to Ukraine as part of an effort to compel Ukraine to investigate his political rival, he broke the law. That’s because a central feature of our republic, defined by its separation of powers among the three branches of government, is that Congress, not the president, controls the “power of the purse.”

Vermont Business Magazine The Agency of Natural Resources Department of Environmental Conservation (DEC) announced today that Fairmont Farms, Inc, and Fairmont Dairy, LLC, were fined $8,400 for burning construction material and demolition waste at the Fairmont Farm in East Montpelier, in violation of Vermont’s air pollution and solid waste management regulations.

Vermont Business Magazine Vail Resorts, Inc (NYSE: MTN) today reported certain ski season metrics for the comparative periods from the beginning of the ski season through January 5, 2020, and for the prior year period through January 6, 2019. Vail owns Stowe, Mount Snow and Okemo in Vermont. But Vail's disappointing early season results are attributed to poor conditions at Whistler, one of the world's largest ski resorts, north of Vancouver, Canada. Across its vast platform, Vail reported skier visits down nearly 8 percent from the same period last year.

The reported ski season metrics are for Vail's North American destination mountain resorts and regional ski areas, including the results of Peak Resorts in both periods and excluding the results of its Australian ski areas in both periods. The data mentioned in this report is interim period data and is subject to fiscal quarter end review and adjustments.

Vermont Business Magazine Julia Phillips, a highly accomplished and renowned physicist who has held top leadership positions at national laboratories and scientific organizations, will serve as the University of Vermont’s first President’s Distinguished Scholar. Phillips currently serves on the executive committee of the National Science Board, which sets National Science Foundation policy, and chairs its science and engineering policy committee. She also is the home secretary of the National Academy of Engineering, and acts as a consultant for Sandia National Laboratories, Los Alamos National Laboratory and Pacific Northwest National Laboratory.

by Timothy McQuiston, Vermont Business Magazine The governor and key legislators received, as expected, good tax revenue news today. Economists Jeff Carr (for the Administration) and Tom Kavet (for the Legislature) issued their consensus projections showing that General Fund revenues should be $18.4 million ahead of the current year expectations and $15.5 million ahead for next year. While Carr (Economic & Policy Resources of Williston) and Kavet (Kavet Rockler & Associates LLC of Williamstown) acknowledged that a recession will come at some point, they noted that, unlike the scare of just one year ago, there is no downturn likely in the near term nor one apparently lurking on the horizon.

Vermont Business Magazine People's United Financial, Inc (NASDAQ: PBCT) today reported results for the fourth quarter and full year 2019. They also announced that its Board of Directors 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, 2020 to shareholders of record at the close of business on March 1, 2020.

Vermont Business Magazine Strong financial performance contributed to a rating upgrade from AA to AA+ for Vermont Housing Finance Agency (VHFA)'s multiple purpose bonds from Fitch Ratings last week. AA+ is the second highest possible rating from Fitch. The rating applies to all outstanding long-term debt under the multiple purpose program and should help lower the cost of affordable housing financing through VHFA.

VHFA’s Executive Director Maura Collins praised the ratings change, remarking, “This announcement from Fitch reflects increasing confidence in the strength and stability of VHFA’s bond offerings, and the long-term stewardship of the agency’s financials. The upgraded rating will allow the Agency to give more Vermonters access to safe and affordable homes.”

Vermont Business Magazine Winooski-based Marathon Health and OurHealth from Indianapolis, each a leading provider of onsite and nearsite health centers for employers, has announced a strategic combination of the two companies that brings together patient-focused primary care capabilities to serve employees and their families across the United States. The combined company will leverage the proven onsite and nearsite health center strategies of Marathon Health and OurHealth, including OurHealth’s MyClinics, a network of clinics available in several markets today, to serve employer populations of all sizes. General Atlantic, a leading global growth equity firm and existing investor in Marathon Health, will be the majority shareholder of the combined organization

Vermont Business Magazine A newly released report from the Agency of Natural Resources shows water quality improvement in Vermont as a result of public investment over the past four years. The Vermont Clean Water Initiative 2019 Performance Report details state investment in water quality projects, totaling $138 million, to support projects on 28,000 acres of agricultural lands, 169 miles of municipal roads and 222 acres of pavement or other hard surfaces. These investments also helped to conserve or restore nearly 2,000 acres of river corridors, floodplains, lakeshores, forests and wetlands.