Current News

Vermont Business Magazine Community Bank System, Inc (NYSE: CBU) and Merchants Bancshares, Inc (NASDAQ: MBVT) announced Wednesday that they have received, as expected, regulatory approvals from the Board of Governors of the Federal Reserve System and Office of the Comptroller of the Currency for their proposed merger. As previously reported by VBM, Community Bank System and Merchants also announced they have set Friday, May 12, 2017, as the closing date for the $304 million merger, subject to the satisfaction of customary closing conditions. The election process that is currently underway to permit the Merchants stockholders to elect the form of their merger consideration is being extended to May 9, 2017.

Vermont Business Magazine In a recent letter, a group of 19 state attorneys general are urging members of Congress and the President to adequately fund drug treatment in any plan to replace the Affordable Care Act (ACA, or commonly known as ObamaCare). The initial ACA replacement plan would have cut federal funding for drug treatment by an estimated $5.5 billion.

Vermont Business Magazine New England is expected to have enough energy to meet consumer demand for electricity this summer, according to ISO New England Inc, but margins will be tighter as about 2,200 megawatts of power will not be available due to either delays or plant retirements. Tight supply margins could develop if forecasted peak system conditions occur. If this happens, ISONE said it will take steps to manage New England’s electricity supply and demand in real time and maintain power system reliability. However, ISONE estimates that current supply will still be well ahead of the historic peak load hit during the summer of 2006.

Vermont Business Magazine Sophie Brochu, President and CEO of Gaz Métro, and Pierre Gabriel Côté, President and CEO of Investissement Québec announced Monday that the new liquefied natural gas (LNG) production capacity of Gaz Métro GNL, a subsidiary of Gaz Métro and Investissement Québec, is now available at the Gaz Métro liquefaction plant located in Montréal, which is distributed in Canada and into New England, but not yet in Vermont.

Vermont Business MagazineNational Life celebrated its “Do Good” culture in itsannual report, marking records set both in the business and in the company’s commitment to the communities it serves. An interactive version of the 2016 annual report was posted online in advance of National Life’s annual meeting in mid-May. “We had another outstanding year and this report reflects that success,” said Mehran Assadi, National Life President and CEO. “We believe strongly in our cause to Do Good. We’re proud to say that’s good for business and good for our neighbors.”

Among the accomplishments noted in the report:

Vermont Business Magazine Senator Bernie Sanders (I-Vermont) released the following statement Wednesday after President Donald Trump released his plan for tax reform. Below Sanders' statement is the briefing held for the White House press corps Wendesday afternoon that describes and discusses the tax plan. Among other things, it reduces the number of tax brackets, eliminates the Estate Tax, closes some loopholes and overall will reduce both the personal and corporate taxes in order to stimulate the economy.

Vermont Business Magazine SmartAsset, a national data aggregator, has ranked Vermont the fifth best for K-12 education, making an overall grade of "A-," largely based on the state spending more per child than any other state. Nationwide, the average public school revenue per student enrolled during the 2014-2015 school year was$12,578, according to theNational Education Association (the teachers union). Funding per student in Vermont ($27,962) is more than twice the national average. Vermont also ranked first for its low student-teacher ratio. Data from the NEA reveals that there are fewer than 10 students for every K-12 public school teacher. Additionally, the state’s four-year high school graduation rate is a relatively high 88 percent. The state lost ground in the ranking by having a relatively low college attendance rate (54 percent).

Vermont Business Magazine Norwich University will break ground on a new academic building—Mack Hall—as well as renovations to Webb, Dewey and Ainsworth Halls in a combined $48.5 million project, at a ceremony on Friday, April 28. At 5:30 pm, community members will assemble at the west side corridor of Webb Hall to celebrate the start of the two-year construction project. The new building, named for Robert B. ’64, H ’06, trustee emeritus and Tammie Mack, is slated to open in August 2018. When this entire project is completed in 2019, 40 percent of all academic space on campus will be new or have had a complete upgrade or renovation.

Alan F DeForest ’75 & P ’01, chairman of the board of trustees; Deborah E. McNally, Class of 2018; and President Richard W. Schneider will give remarks to mark the occasion.

Vermont Business Magazine Mayor Miro Weinberger today joined Chittenden County State’s Attorney Sarah George, Vermont State Police Criminal Division Commander Major Glenn Hall, and representatives from the Burlington, Colchester, South Burlington, and Winooski Police Departments in expressing support for S22, an act relating to increased penalties for knowingly dispensing, selling, or possessing with the intent to distribute fentanyl.

“Fentanyl traffickers are here and sowing great damage in our community,” said Mayor Miro Weinberger. “Vermont police and prosecutors need updated laws to confront them. This is a time for urgent action, not study.”

Public Assets Institute For all of their public hand-wringing over property taxes, legislators and even the governor seem almost cavalier in their willingness to ask property owners to pay more.

Vermont Business MagazineSuperior Technical Ceramics (STC) of St Albans, a market leader in technical ceramic material solutions, now offers high purity, large scale alumina blanks to support up to 450mm Semiconductor needs, as well as sizable alumina and zirconia tubes for the Oil & Gas and Energy Industries. This newly formed work cell offers access to an isopress with a 30" OD x 48" L chamber, along with vertical mills, lathes and kilns to provide a cost efficient, high quality product.

Vermont Business Magazine Vermont Attorney General TJDonovan joined with 13 other Attorneys General in signing a letter to President Trump urging that the United States reconfirm its commitment to the Paris Agreement. The Paris Agreement on climate change was negotiated under American leadership and adopted by the vast majority of the world’s countries at the COP21 in Paris last December. All the ratifying countries vowed to work to address and limit climate change.

In the letter, the Attorneys General note that climate change is a threat to national security, the economy and every citizen’s health and well-being, and urge the President to maintain the United States’ commitment to the groundbreaking agreement: