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by Timothy McQuiston Vermont Business MagazineMerchants Bank and Community Bank, NAwill formally merge this weekend, May 12-14. Branches will close at 3 pm Friday and re-open Monday morning asCommunity Bank. Merchants Bank was formed in 1849. Last October 22,Merchants Bancshares, based in South Burlington, and Community Bank System, Inc of Syracuse, NY, entered into a definitive agreement under which Community would acquire Merchants in a cash and stock transaction valued at $304 million. Regulators approved the deal at the end of April.

The late Dudley Davis, who stepped down as president in 1994, was one of, if not the last, man who ran a bank with a handshake. For that reason Merchants was called "the last real bank in America" by a local businessman. Regulators wouldn't allow such financial dealings these days, of course, and haven't for more than 20 years.

Vermont Business Magazine Moody's Investors Service has upgraded the ratings of the Senior Series 2015A bonds of Vermont Student Assistance Corp, which VSAC says signals continued confidence in the performance of its Vermont Advantage loan program. VSAC said in a statement Friday that Advantage customers are successfully repaying their loans because of VSAC’s trusted customer service and affordable rates.

Scott Giles, VSAC president and CEO, said the Moody’s upgrade is significant because it indicates that VSAC continues to outperform the rating agency’s expectations.

“Education is clearly paying off for Vermonters,” Giles said. “VSAC works with students and families to help them make the right choices about which schools and programs will best fulfill their career needs as well as how to make smart financial decisions about the cost of their education.”

Vermont Business Magazine Secretary of State Jim Condos has released a statement in response to President Trump’s Executive Order Thursday establishing a Commission on Election Integrity. The Vermont secretary says it is "flawed," could cause harm to the electoral process, and "will be used to attack the voting rights of eligible voters."

Vermont Business Magazine Weekly unemployment claims fell steeply again last week after a large seasonal spike. Claims spiked to over 1,100 two weeks ago. Claims were slightly lower than they were the same time last year, which had been the trend until the spike at the end of April. For the week of May 6, 2017, there were 514 claims, down 245 from the previous week's total and 11 fewer than than they were a year ago.

Altogether 5,143 new and continuing claims were filed, a decrease of 816 from a week ago, and 407 fewer than a year ago.

As expected, by industry, Services reported the most claims (61 percent of the total), while most other sectors saw a small increase. Services typically reports the most claims.

Vermont Business MagazineThe University of Vermont Health Network has named Jerald Novak as the network’s chief people officer, effective, May 1. He most recently led Human Resources for Global Assets at Biogen in Cambridge, MA. The position replaces the former chief human resources officer function. As chief people officer, Novak will not only provide strategic vision and direction for the human resources efforts of the Network, but also focus on cultural integration of the system, leadership team development, and advancement of our talent management strategy to develop ahigh-performance, sustainable organization that can meet strategic and operational goals.

Vermont Business MagazineCollege of StJoseph has acquired Highland Meadows Apartments to utilize as additional dormitory space for students. The apartment complex, which is less than a mile from the main campus on Campbell Road, will add more than 100 beds for students in the coming years.The two-building, 32-unit facility was funded through the USDA Rural Development Loan program.

Vermont Business Magazine Industrial PC manufacturer Logic Supply is on the hunt for innovators utilizing 4G cellular connectivity to create next generation devices -- and they're giving away free computer hardware to some of the best! The South Burlingotn-basedcompany will award free Extrovert 4G-equipped Logic Supply industrial computers to as many as five of the most exciting project proposals submitted to their "Be an Extrovert" contest, beginning today.

Vermont Business Magazine Norwich University will celebrate commencement and commissioning with ceremonies on Saturday and Sunday, May 13-14, in Shapiro Field House. Both events are free and open to the public. At a 2 pm ceremony on Saturday, General David G. Perkins, Commanding General of the US Training and Doctrine Command, will deliver the university’s 2017 Commencement address to over 380 students matriculating from 32 undergraduate programs and one master’s program.

Vermont Business Magazine Since the completion of the Addison Natural Gas Project last month, Vermont Gas has been helping Middlebury families and businesses save money by switching to more affordable natural gas. Vermont Gas officially started serving several businesses on April 12 and recently began helping families make the switch to natural gas.

“It’s cheaper and I have already noticed a huge difference in how it cooks,” said Elizabeth Bolduc, of Middlebury, in a press release announcing the expansion of service to homeowners. “I am very excited to have natural gas service. The crew at Vermont Gas has been wonderful to work with. I would recommend this service and company to all of my neighbors.”

Vermont Business Magazine Valener Inc (TSX: VNR)(TSX: VNR.PR.A), the public investment vehicle in Gaz Metro Limited Partnership ("Gaz Metro"), today reported adjusted net income attributable to common shareholders of $32.9 million for the second quarter of fiscal 2017, up $0.8 million or 2.5% from the second quarter of fiscal 2016. This resulted in an adjusted net income of $0.85 per common share for the second quarter of fiscal 2017 compared to $0.83 per common share for the second quarter of fiscal 2016. Gaz Metro is the parent company of Green Mountain Power and Vermont Gas Systems.

Net income attributable to common shareholders was $31.5 million for the second quarter of fiscal 2017 compared to $28.4 million for the second quarter of fiscal 2016.

Vermont Business Magazine and the Vermont Chamber of Commerce Thursday night announced Marathon Health of Winooski as the winner of the prestigious and highly anticipated Deane C Davis Outstanding Business of the Year Award. The announcement came during VBM’s Best of Business Awards at the Sheraton Burlington Hotel.

Vermont Business Magazine The Legislative Workers Caucus, a group of legislators that meets weekly during the legislative session, is opposing Governor Scott's proposal to take health insurance negotiations away from local school districts and have one teacher health insurance plan negotiated at the state level. The lawmakers say that doing so will interfere with the bargaining rights of teachers to negotiate their health insurance benefits. In a letter issued Wednesday, they say, "One of the core values of the caucus is to protect collective bargaining and workers’ rights. Another one of our core values is fiscal responsibility. Governor’s Scott's plan does not support either of our values."