Current News

Vermont Business Magazine People's United Bank, NA, a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), has acquired Vend Lease Company, a nationwide provider of equipment financing to suppliers and vendors primarily in the hospitality industry. Headquartered in Baltimore, MD, Vend Lease will become a division of the bank's operating subsidiary, LEAF Commercial Capital, Inc.

Vermont Buisness Magazine Governor Phil Scott today announced the Agency of Commerce & Community Development’s Department of Economic Development awarded Bethel-based GW Plastics Inc Vermont Training Program (VTP) grants of more than $80,000. Two distinct initiatives will be funded under the grant program. The VTP grant, awarded at $63,750, will support process engineer training for new employees, leadership training, the GW Certificate in Manufacturing Leadership Technology, and molder apprenticeship training. This investment will help up-skill incumbent workers, enhance performance and broaden understanding of business skills.

Vermont State Police On July 20, 2018 at approximately 1049 hours VSP Williston Troopers responded to a two vehicle collision with entrapment on VT Route 12 in the town of Elmore by Camp Road. Investigation at the scene revealed that 26 y/o Op#1 Colby Costello traveled left of center and collided head on with vehicle#2 driven by 19 y/o Dexter C. Thurston. Thurston died at the scene as a result of his injuries.

VT Route 12 in Elmore was closed for approximately six and a half hours while VSP and the Crash Reconstruction Team investigated this collision. The road has reopened.

Op#1 speed and impairment were contributing factors in this collision. This case is currently active pending additional investigation.Operator#1 Costello was cited for Gross Negligent Operation- Death Resulting (Felony) per the Lamoille County State’s Attorney. Additional charges may be forthcoming.

Vermont Business Magazine On Tuesday, July 31st, the fifth annual Fresh Tracks Capital Road Pitch will cruise into Lowell, Vermont. Road Pitch is a four-day motorcycle tour of Vermont in which a gang of “business bikers” comprised of investors, entrepreneurs, and business advisors ride around the state and stop in eight Vermont towns to listen to entrepreneurs pitch their business. The VIP reception, catered by Barton Baking Company, will open the event, with pitches coming from NEK businesses Sweet Times Cupcakes out of Lyndonville and The Floating Letter Co from Westfield. Additional pitchers include BO2X from Burlington, Synticos from Huntington, and Vermont Evaporator Company out of Montpelier.

Vermont Business Magazine Bar Harbor Bankshares (NYSE American: BHB), with branches in central Vermont, reported second quarter 2018 GAAP earnings of $8.5 million, or 55 cents per share, compared with $6.6 million, or 42 cents per share in the same quarter of 2017. Core earnings in the second quarter 2018 totaled $8.7 million, or 56 cents per share, up from $8.1 million, or 52 cents in the second quarter of 2017.

SECOND QUARTER FINANCIAL HIGHLIGHTS (comparisons are to the second quarter 2017 unless otherwise noted): • 9% annualized commercial loan growth • 9% increase in non-interest income • 58.8% efficiency ratio (non-GAAP measure) • 1.00% core return on assets (non-GAAP measure) • 9.86% core return on equity (non-GAAP measure) • 9% annualized growth in tangible book value per share, excluding security adjustments (non-GAAP measure)

Vermont Business Magazine Digital advertising agencies now have access to the most scalable, AI-driven ad platform with Fluency. Founded by some of the sharpest experts in the fields of ad tech, mar tech, engineering and client relations, Fluency is a Burlington-based business-to-business (B2B) ad platform provider that brings automation and efficiency in advertising to new levels. The firm launched earlier this week.

Vermont Business Magazine At a press conference Thursday, Governor Phil Scott celebrated passage of his Working Family Taxpayer Protection Act – a state income tax reform package. He was joined by Tax Commissioner Kaj Samsom, Director and Tax Economist Doug Farnham, Research Statistician Jake Feldman and Research Economist Andrew Stein, who helped develop the proposal.

The reforms, which were proposed by the Administration and passed by the Legislature in response to changes in federal law, lowered State income tax rates for all taxpayers. In conjunction with the elimination of the income tax on social security benefits for low and middle-income Vermonters, these reforms prevented a $30 million tax increase on working families and provided tax relief for many retirees in Vermont.

by Timothy McQuiston, Vermont Business Magazine The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for June was 2.8 percent. This reflects no change from the revised May rate. The national rate in June was 4.0 percent, which was an increase of two-tenths of one percentage point from the revised May estimate. As of the prior month’s preliminary data, the Burlington-South Burlington Metropolitan NECTA was tied for the fourth lowest unemployment rate in the country for all metropolitan areas. Overall, Vermont’s unemployment rate was 6th lowest in the nation. Hawaii was lowest (2.1 percent). New Hampshire was tied for 3rd lowest (2.7 percent) and Alaska was highest (7.1 percent).

Vermont Business Magazine College of St Joseph has announced a program that will enable students to graduate with a bachelor’s degree in just three years, joining a growing number of colleges offering the shorter path as a way to save students money, and allow them to enter the workforce sooner. CSJ’s Degree in Three accelerated track will be available to students beginning with the Fall 2018 semester.

The Degree in Three program is not considered a partial or a condensed program, it simply allows the student to gain the same degree in three years instead of four, saving students and their families one full year of tuition, room, board and fees. Students agree to meet academic and advising milestones, utilizing January Term and Summer Sessions to earn additional credits on a year-round guided pathway.

Vermont Business Magazine Union Mutual in Montpelier was recently named a Ward’s Top 50 property-casualty insurance carrier for 2018. The 28^th annual list of the Ward’s 50 recognizes insurance carriers with outstanding financial results in the areas of safety, consistency and performance over a five-year period. Carriers must possess a level of financial stability necessary to have the potential to grow while maintaining strong financial and underwriting results and are scored on the following five categories: five-year average return on equity, average assets and total revenue; five-year growth in revenue and surplus; and five-year average combined ratio.

Vermont Business Magazine Vermont’s Killington Resort, the largest mountain resort in Eastern North America, has announced registration is open for the 2018 Fox US Open of Mountain Biking on August 1-5 and spectators are invited to attend for free. The Fox US Open features a Pro/Am style format and offers the most challenging and competitive racing in the nation, setting the standard as a proving ground for up-and-coming and elite racers. Anyone can enter the Open Class and compete among the pros for the $40,000 cash purse.

Vermont Business Magazine Vermont Village in Barre and Runamok Maple in Cambridge are among the trendsetters at the national Summer Fancy Food Show. Over 200,000 products awaited the Specialty Food Association Trendspotter Panel at the 64th Annual Summer Fancy Food Show. Held June 30 to July 2 at the Jacob Javits Center in New York City, the show encompassed six football fields worth of specialty food and beverages. Members of the panel were armed with predictions from earlier in the year as they tasted their way through the show, confirming some current, and identifying new and emerging trends.