Current News

Vermont Business MagazineVermont State Treasurer Beth Pearcetoday announced the successful negotiation of a contract to provide health insurance plans to retired members of the Vermont State Teachers’ Retirement System (VSTRS). This will save the State of Vermont over $550,000 in FY 2018 and provide total savings to retired teachers, over age 65, of $110,000 for grand total savings of $660,000.

“As State Treasurer, I always look for solutions that are a win-win for the taxpayer and for the retirees we serve,” said Treasurer Pearce. “The new plan will provide a 2% premium decrease for Medicare-eligible members and maintain fiscal year 2017 rates for non-Medicare-eligible members, achieving significant savings for the State of Vermont and for the Teachers’ Retirement System. This agreement maintains price stability at a time when health care costs have soared nationally.”

Vermont Business MagazineThursday, Governor Phil Scott issued Executive Order 12-17, forming the Vermont Climate Action Commission. Among the Commission’s many responsibilities will be the task of unifying Vermont’s ambitious climate and economic goals.

Vermont Business Magazine Senator Patrick Leahy (D-Vt.), Vice Chairman of the Senate Appropriations Committee, Thursday notched key victories for Vermont as the Agriculture and Energy and Water appropriations bills cleared the Senate Appropriations Committee. Leahy’s wins include securing $499 million over 10 years to strengthen the safety network for dairy farmers, including the dairy Margin Protection Program. Other Vermont-related features of the Agriculture Appropriations Bill approved Thursday by the committee include a $3 million increase for the National Organic Program, bringing total funding for the program to $12.1 million.

Vermont Business Magazine The Vermont Tree Farm Program will hold two events this August. OnSaturday, August 12from8:30 am-2:30 pmthere will be a tour of the Stoner Family Tree Farm with David and Jenny Stoner, the 2017 Vermont Outstanding Tree Farmers of the Year. The Stoner Family Tree Farm is a 361 acre Certified Tree Farm (VT Tree Farm #1591) in Greensboro. The event begins at8:30 am, with a welcome at9 am. The tours depart at9:30 am. At11:30 amthere will be a networking around the tent, and at12:30 pmlunch will be served around the pond. Following lunch at1:30 pmthere will be an awards ceremony and presentations.

Vermont Busness Magazine Union Bankshares, Inc(NASDAQ:UNB), parent company of Union Bank, today announced results for the three and six months ended June 30, 2017. Consolidated net income for the three months ended June 30, 2017 was $2.2 million, or $0.50 per share, compared to $2.1 million, or $0.48 per share, for the same period in 2016, and $4.2 million, or $0.93 per share, for the six months ended June 30, 2017, compared to $3.9 million, or $0.87 per share, for the same period in 2016.

Second Quarter Highlights

Highlights of the three months ended June 30, 2017 compared to the three months ended June 30, 2016 include:

Vermont Business MagazinePeople's United Bank, NAannounced today that it has entered into an agreement to acquire LEAF Commercial Capital, Inc. Based inPhiladelphia, PA, LEAF is one of the largest, independent commercial equipment finance companies in the U.S., with approximately$500 millionof annual originations.

Vermont Business Magazine The Lamoille Countystop on the statewide Road Pitch will be held August 4 in Hyde Park.The Lamoille Economic Development Corporation (LEDC) has selected and extensively coached six local entrepreneurs who will present their seven minute “pitches” to 40 or more motorcycle riders who are themselves successful entrepreneurs, venture capitalists, angel investors and business advisors.

This year’s Lamoille County event is co-sponsored by the Lamoille Region Chamber of Commerce. The public is invited to come watch this live Vermont-style “shark tank” event on Friday, August 4^that the Green Mountain Technology and Career Center in Hyde Park.

​Vermont Business MagazineNational Life Group’sfourth annualDo Good Fest, Presented byThe Point, over the weekend raised $35,000 forBranches of Hope, a fund that helps cancer patients with expenses during their treatment.The annual festival, which this year attracted more than 7,000 people, has now contributed $93,000 to the cancer patient fund atCentral Vermont Medical Center, helping countless Vermonters pay expenses ranging from transportation to heating bills while they’re undergoing treatment.

Vermont Business Magazine The Board of Trustees of the New England Center for Circus Arts in Brattleboro on Wednesday night issued the following statement, saying that it had "accepted the resignation of Executive Director Michael Helmstadter, effective at8 amThursday, July 20.

"Following the acceptance of MrHelmstadter’s resignation, all NECCA Board members resigned, effective immediately.

"Progress has been made, coaches have returned to work, and classes are resuming. The board is taking this opportunity to step aside so that new leadership can continue the conversation. We look forward to seeing the new building filled with students.

Vermont Business Magazine Natcore Technology Inc.has signed a Memorandum of Understanding with PSECC Solar Farms Ltd., a climate change mitigation company and developer of solar farms, under which PSECC would engage Natcore to develop solar projects withinthe United States.

Natcore would provide PSECC with access to Natcore's technology, including some level of exclusivity once that technology becomes commercially available. PSECC would facilitate the U.S. projects by, among other things, providing financial assistance that would include 80% of the funding of the projects at a low-interest rate (currently at 4.5%). Such financial assistance would be provided by a large European bank (and possibly others) with which PSECC has a strong relationship. The remaining 20% funding is likely to be obtained from otherUSAsources or European Institutions.

Vermont Business MagazineBarre-basedNorthern Power Systems Corp, a wind turbine technology firm for over 40 years, has seen a surge of interest in wind power in distributed energy (behind-the-meter, on-site power generation) applications in the United States, as the performance and financial benefits of field installations surpass user expectations.

Vermont Business Magazine Rep. Peter Welch and House colleagues representing districts along the U.S. Canadian border have introduced theNorthern Border Regional Commission Reauthorization Act of 2017, which would reauthorize the Northern Border Regional Commission (NBRC) for five years.In Vermont, the Commission is authorized to fund economic and community development projects inCaledonia, Essex, Franklin, Grand Isle, Lamoille, and Orleans counties.Between 2010 and 2016, it provided $5.5 million in funding for 33 Vermont projects.