Current News

Vermont Business Magazine People's United Financial, Inc (NASDAQ: PBCT), the holding company for People's United Bank, NA, announced Monday an agreement to acquire United Financial Bancorp, Inc (NASDAQ: UBNK), the holding company for United Bank, in a 100% stock transaction valued at approximately $759 million. Completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals and the approval of United Financial Bancorp, Inc shareholders.

Vermont Business Magazine Governor Phil Scott today announced an additional $1.5 million in funding to further enhance school safety and security. The Department of Public Safety is now accepting applications for grants to further build school security infrastructure. This second round of funding for the School Safety and Security Grant (SSSG) Program was included in the Capital Bill (Act 42), passed during this year’s legislative session and signed by Scott.

The $1.5 million will allow Vermont schools and supervisory unions to purchase enhancements to existing security systems or school infrastructure, as well as new school security systems or technology to enhance school safety.

by Lisa Ventriss, President of the Vermont Business Roundtable Early in my time at the Vermont Business Roundtable we authored a report titled Having the Courage to Change; it targeted our state’s looming workforce crisis. That was 2006. Children who were entering kindergarten that year are now graduating from high-school and the workforce crisis is no longer looming. As every employer knows, it’s here. And last week, a second major credit rating agency downgraded Vermont’s bond rating, citing the state’s aging population and shrinking workforce.

Vermont Business Magazine The Board of Directors of the Vermont Ski and Snowboard Museum in Stowe has selected Abby Chafee as their new Executive Director. "We anticipate that her infectious enthusiasm for skiing and riding, her extensive leadership and fundraising experience will mesh well with the Museum's goals for the future," say Board Co-Chairs Poppy Gall and Greg Morrill.

Vermont Business Magazine Community Capital of Vermont is looking for an executive director. If you know how to run a non-profit and have financial, economic development, or small business experience, you might be Community Capital's next Executive Director. The application deadline is July 24.

Vermont Business Magazine Weekly unemployment numbers fell last week as claims recede after a steep spike, which is typical for the end of school. Summer usually then brings low claim levels. Initial claims for the week of July 6, 2019, totaled 538, down 65 from last week. Claims were 68 more than they were at this time last year.

Altogether 3,748 new and continuing claims were filed, an increase of 53 from a week ago, and 22 fewer than a year ago.

Vermont Business Magazine Vermont’s Killington Resort, the largest ski and snowboard destination in Eastern North America and part of POWDR, announced the advancement of Amy Laramie as director of communications, events and special projects, Dave Beckwith as director of snow sports and Jordan Spear as director of marketing, sales and reservations. Amy, Dave and Jordan succeed Director of Sales & Marketing, Rob Megnin, and Director of Special Projects, Tracy Taylor - both recently retired. Amy, Dave and Jordan will lead their teams who are primarily responsible for driving growth in mountain sport participation and visits. They join the executive team in the midst major transformation at Killington and Pico, both of which are set to reimagine the guest experience.

Vermont Business Magazine Green Mountain Power President and CEO Mary Powell joined Governor Phil Scott, members of his administration and other energy leaders today at a news conference highlighting state efforts to expand the adoption of electric vehicles and further the electrification of Vermont’s transportation sector to reduce carbon. Powell issued the following statement in support of the state’s work:

“We commend Governor Scott and state leaders for their ‘all-in’ commitment to reducing emissions from transportation. Transportation accounts for the largest source of carbon emissions in Vermont and that means in order to meet our state’s energy goal, we must focus our efforts on bold and aggressive strategies to make electric vehicles available to more Vermonters.

Vermont Business Magazine Vermont State Treasurer Beth Pearce and Governor Phil Scott issued the following statement after Fitch Ratings, Inc. announced their decision on the State’s bond rating.

“Fitch Ratings has downgraded the general obligation credit rating of the State of Vermont from AAA to AA+ with a stable outlook, its second highest rating. This outcome is not unexpected, and while it is not the outcome we’d aimed for, Fitch’s report also noted many positives. Those include the State’s continued strong financial management, sound reserves, the leveling of Medicaid spending, and modest steps taken towards reducing our pension liabilities, including a path to prefunding for our state employee and teacher other post-employment benefits (OPEB).

Vermont Business Magazine Vermont is the 14^th best state to retire, according to a new Bankrate.com report. The study examined 11 public and private datasets related to the life of a retiree, comprised into five categories (weightings in parentheses): affordability (40%), wellness (25%), weather (15%), culture (15%) and crime (5%). While Vermont finished 1^st in wellness, tied with North Dakota for 1^st in crime and checked in with a 3^rd for culture, it did not fare so well in weather (7^th worst) and affordability (9^th worst), according to Bankrate.

The top 5 states to retire are: Nebraska, Iowa, Missouri, South Dakota and Florida.

The 5 worst states to retire are: Maryland, New York, Alaska, Illinois and Washington.

Vermont Business Magazine Renewable Energy Vermont (REV) joined Governor Phil Scott at today’s press conference on vehicle electrification and offered the following statement.

“Recognizing the need for lower cost and carbon free transportation solutions, the Governor smartly proposed the State’s first incentive for electric vehicles and continued investments in necessary public charging stations.  As one of the only states in New England without a statewide customer incentive for EVs, Vermont needed this to get back on track.

The low carbon transportation investments being made by the state today to help more Vermonters access electric vehicles result in saving Vermonters more than $4 million.  For every $1 invested in EV incentives Vermonters save more than $3 on gas, car maintenance, and health bills.  The monetary savings for Vermonters in gas over 15 years would be an estimated $9,375,000.