Current News

Vermont Business MagazineVesta Bovair, an insurance industry veteran, has joined National Life Group as executive vice president and head of the company’s operations division. Bovair is in charge of National Life’s Customer Innovation Group, which includes processing policies, paying claims and answering agent and client questions, among many other responsibilities, for the company’s life insurance and annuity policy businesses.

Vermont Business MagazinePeople's United Bank, NAa subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), will celebrate its 175thanniversary onDecember 24th. To commence the celebration, the bank today announced a$175,000grant from People's United Community Foundation to Junior AchievementUSA, who will use the fundingfor upcoming regional financial literacy and career-readiness programs for youth across six states that align with the People's United footprint, including: CT, NY, MA, VT, NH, ME. This is the single largest one-time grant gifted by the Foundation to a non-profit organization since launching in 2007.

Vermont Business MagazineA major water quality improvement project near Lake Carmi in Franklin has been talked about for years but now is nearing completion. Recently, the Vermont Agency of Natural Resources (ANR) and the Vermont Agency of Agriculture, Food & Markets (AAFM) announced a series of plans on protecting and restoring the Lake Carmi watershed.One of the projects identified in the roadmap is nearing completion thanks to funding from the Vermont Clean Water Fund. The process has been contentious as the lake was posted against use this summer and fall because of severe algae blooms.

Vermont Business Magazine Daniel A Burack ’55, HON’08, member of the University of Vermont Foundation’s Leadership Council and chair of the UVM Hillel Board, and his wife Carole Burack HON’08 have made a gift of $2.5 million towards a new home for UVM Hillel on campus. Their gift will be directed toward the design, planning and renovation of 439 College Street as a vibrant hub for Jewish life, and will support ongoing and inclusive programming at UVM Hillel.

Vermont Business Magazine Governor Phil Scott joined members of the Northfield community, Norwich University and gold star families on Saturday to break ground on a new monument that will honor those families in Northfield’s Center Park. “We can never do enough to thank the men and women in our military and their families, and for those who pay the ultimate sacrifice, we’ll never be able to repay them,” said Scott. “But, it is my hope, that by honoring them and their families with this monument, we can offer some small solace and a place for reflection and recognition of that sacrifice.”

Vermont Business Magazine NBT Bancorp Inc (NBT) (NASDAQ:NBTB) reported record net income and diluted earnings per share for both the three and nine months ended September 30, 2017. Net income for the three months ended September 30, 2017 was $22.9 million, up from $21.4 million for the second quarter of 2017 and up from $20.0 million for the third quarter of 2016. Diluted earnings per share for the three months ended September 30, 2017 was $0.52, as compared with $0.49 for the prior quarter and $0.46 per share for the third quarter of 2016.

Net income for the nine months ended September 30, 2017 was $64.5 million, up 9.7% from $58.8 million for the same period last year. Reported diluted earnings per share for the nine months ended September 30, 2017 was $1.47, as compared with $1.35 for the same period in 2016.

Highlights:

Vermont Business Magazine Vermont Rural Ventures through June 2017 has raised more than $47 million in new capital through the New Markets Tax Credit (NMTC) program to support 15 projects in Vermont and neighboring areas, creating 559 new jobs and retaining 1,332 existing jobs. NMTC funds are used to retain and create jobs and essential services by financing key community developments in downtowns and village centers and in other concerted efforts that demonstrate positive community impacts. Using New Markets Tax Credits, these investments provided $47,693,516 of equity to 15 projects, allowing expansion and job growth.

Vermont Business Magazine The state wants 30,000 more Vermont high schoolers to get more education. Governor Phil Scott today announced the launch of 70x2025vt, an education and economic development initiative aimed at having 70 percent of Vermonters hold a training or education credential by the 2025. “As part of my ‘cradle to career’ focus on education and training, we owe it to Vermonters to provide the pathways necessary to develop the skills to be successful at work, at home and in the community,” Governor Scott said at an event at PC Construction in South Burlington.

Governor Scott and VSAC's Scott Giles.

Vermont Business MagazineThe Drug Enforcement Administration (DEA), in partnership with the Vermont State Police, Sheriff’s Departments and Police Departments throughout Vermont, will hold its fourteenth National Prescription Drug Take Back Day on Saturday, October 28th, 2017. Vermont Attorney General TJDonovan recommends that all members of the public safeguard and properly dispose of unused, unneeded, or expired drugs at National Take Back Day. This is an opportunity to prevent pill abuse and theft by ridding homes of potentially dangerous expired, unused, and unwanted prescription drugs.

Vermont Business Magazine The Board of Directors of Superior Technical Ceramics(STC) based in St Albans today announced former Weidmann executive John Goodrichhas been named president, effective October 1st.He will take up the role asRichard Feeserembraces retirement, having served a distinguished32-year career withSuperior Technical Ceramics. Throughout his over 40 years of service in the ceramics industry, the last 32 of which he spent at STC, Feeser has shown a passion for driving ever higher levels of customer satisfaction and has been instrumental in developing innovative and profitable new product lines.Critically, he provided a well managed transition in leadership following the death of the company's founder.He has achieved all this while respecting the firm's employees, valued suppliers, and ultimately, STC customers, who remain the firm's lifeblood.

Vermont Business MagazineBar Harbor Bankshares (NYSE American:BHB) reported third quarter GAAP earnings of $8.6 million, or 56 cents per share. Core earnings totaled $8.8 million or 57 cents per share representing a 10% increase over the prior quarter. This increase reflects the strength of the company's now expanded footprint. Bar Harbor bought Lake Sunapee Bank last January.Lake Sunapee Bank has branches in central Vermont and New Hampshire.

Vermont Business Magazine Today Thumbtack released the grades from its 2017 Small Business Friendliness Survey, the largest continuous study of small business perceptions of government policy in the US. On overall small business friendliness, Vermont ranked 16 (out of 50), earning an "A-"; in 2013 the state received an "F." Much of Vermont's high ranking this time relative to other states, despite many bad grades on other measures, is due to the excellence of its government web sites.