Current News

Vermont Business Magazine This afternoon, Representative Peter Welch (D-Vermont) spoke on the House floor in support of a five-year compromise farm bill hammered out by House and Senate negotiators over the last several weeks. Welch touted the overall benefits of the bill for Vermont, including provisions that benefit the dairy, maple, organic and hemp industries. He also applauded the jettisoning of draconian cuts to nutrition programs for children and low income Vermonters.

The agreement was overwhelmingly approved by the House 369-47 and by the Senate yesterday on a vote of 87-13. President Trump is expected to sign the $867 billion measure.

Vermont Business Magazine Vail Resorts, Inc (NYSE: MTN) today announced that the company plans to invest approximately $175 million to $180 million in the guest experience in time for the 2019-20 winter ski and snowboard season across its network of 18 resorts, including at Okemo in Vermont. This latest investment is in addition to approximately $150 million invested for this season, bringing the company's industry-leading resort investment total to more than $1.2 billion over the last decade.

by Janet McLaughlin Recent coverage of the Child Care and Prekindergarten Capacity Baseline Report by the Vermont Legislative Joint Fiscal Office has largely misread the findings of that study. We do have a child care crisis in Vermont—the shortage of early educators and lack of spaces affect nearly every aspect of life in our state. It is a situation that will only get worse if we fail to address it.

Vermont Business Magazine Champlain College Online, a leader in career-focused adult higher education, on Tuesday reported that Fall 2018 enrollment in its bachelor’s degree programs grew 19 percent over the previous year, following the not-for-profit college’s decision this past spring to reduce its online undergraduate tuition by 50 percent. “The response to our undergraduate tuition reduction has been overwhelmingly positive, and it is reflected in our enrollment numbers,” said Donald J. Laackman, president of Champlain College. “Our bold decision to reduce tuition was driven by our desire to help eliminate one of the top barriers many working adults face in returning to school—cost. It is encouraging to know that we are successfully creating pathways for more adults to accomplish their career and life goals through online education.”

Vermont Business Magazine Berkshire Hills Bancorp, Inc (NYSE: BHLB) ("Berkshire") and SI Financial Group, Inc (NASDAQ: SIFI) announced Tuesday that they have signed a definitive merger agreement under which Berkshire will acquire SIFI and its subsidiary, Savings Institute Bank and Trust Company, in an all-stock transaction valued at $180 million based on Berkshire's stock price as of the close of business on December 10, 2018. Berkshire Hills is the parent of Berkshire Bank with branches in southeastern Vermont.

Berkshire's total assets will increase to $13.6 billion including the $1.6 billion in acquired SIFI assets. SIFI reported $1.3 billion in loans and $1.3 billion in deposits as of September 30, 2018. This merger agreement increases Berkshire's market presence with 18 branches in Eastern CT and 5 branches in Rhode Island, adding to Berkshire's existing 9 Connecticut branches.

Vermont Business Magazine TD Bank increased its US Small Business Administration (SBA) lending portfolio in 2018 to take the position as top lender in eight states and in Washington, DC, up from seven states in 2017. In addition, TD Bank ranked second nationwide for number of 7(a) loan units approved during the SBA's fiscal year. TD Bank ranks second in Vermont in SBA financing.

Vermont Business Magazine Today at the University of Vermont Medical Center, former patients of the UVM Children’s Hospital Neonatal Intensive Care Unit (NICU), their families, clinicians and hospital leaders, gathered to celebrate a $1 million donation from New England Federal Credit Union (NEFCU). The donation kicks off a project to renovate the UVM Children’s Hospital’s NICU.

Vermont Business Magazine The US Senate late Tuesday passed a new five-year Farm Bill that includes significant wins for Vermont families, dairy, organic and hemp farms, and the state’s rural communities, according to Senator Patrick Leahy (D-Vermont). As a member of the conference committee that negotiated the bill, Leahy played a central role in shaping the final provisions that are vital to Vermont’s economy, farmers, working landscape, the food and nutrition of Vermont’s families, and the economic vitality of rural communities throughout the state. Leahy also is a former chairman of the Agriculture Committee and is the panel’s most senior member.

Vermont Business Magazine Governor Phil Scott has appointed Ed Adrian of Burlington, Lisa Carlson of Danville, and Heidi Tringe of Montpelier to serve on the Vermont Commission on Women (VCW), the state’s non-partisan commission working to advance rights and opportunities for women and girls.

Vermont Business Magazine Green Mountain Power filed its 2018 Integrated Resource Plan (IRP) Monday with the Public Utilities Commission, outlining its efforts to continue to deliver clean, cost-effective and reliable power to customers, while cutting carbon through innovation. The IRP is a road map for GMP’s approach to serve Vermonters over the next ten years. Utilities are required to file a new IRP every three years.

“Our focus on customers facilitates and guides our decisions—some that are unique in our industry nationally —so that every action we take distinctly benefits our customers,” said GMP President and CEO Mary Powell in a press release. “We are adopting new, clean, distributed-energy technologies on both sides of the meter and, together with our customers and Vermont energy companies, changing the way energy is delivered. Vermont is at the forefront of this work nationally and every day more are following our lead.”

Vermont Business Magazine US Senator Bernie Sanders (I-Vermont) issued the following statement announcing that the Senate will vote tomorrow on the resolution to end US support for the Saudi-led war in Yemen.

Vermont Business Magazine Congressman Peter Welch (D-Vermont) tweeted today that Vermont has won a preliminary victory in the effort to defeat the FDA’s proposed rule to require “added sugar” labels on pure maple syrup in the text of the Farm Bill. The Farm Bill is expected to pass the House and Senate this week.