Current News

Vermont Business MagazineChamplain College and the City of Burlington today celebrated their collaboration to bring the Eagles Landing student housing project to the city. Speaking against a backdrop of work on the foundation for the new $36 million project, Champlain College President Donald J Laackman and Burlington Mayor Miro Weinberger highlighted the community benefits of the project.

Vermont Business Magazine The Vermont Economic Development Authority (VEDA) has approved $15.2 million in economic development financings, supporting manufacturing, agricultural, energy and small business projects throughout Vermont. Included in the financings are Autumn Harp, Inc, Essex; Rutland Mental Health Services, Inc., Rutland; Global Values, Inc., Barre; Champlain Orchards, Inc, Shoreham; Catamount St. Albans II; and Green Mountain Distillers, LLC, Morrisville.

"VEDA is pleased to provide financing assistance to several manufacturing businesses that are expanding and creating new jobs for Vermonters," said Jo Bradley, VEDA's Chief Executive Officer. "In addition, agricultural, energy and small business projects will go forward with financing assistance from VEDA."

Projects approved by VEDA for financing assistance include:

Vermont Business Magazine Union Bankshares, Inc(NASDAQ:UNB), the parent company of Union Bank based in Morrisville, has announced an increase in net income for the quarter and the year ended December 31, 2016. Consolidated net income for the fourth quarter of 2016 was $2.3 million, or $0.53 per share, compared to $1.9 million, or $0.44 per share, for the same period in 2015, and $8.5 million, or $1.91 per share for the year ended December 31, 2016, compared to $7.9 million, or $1.77 per share, for the same period in 2015.

Fourth Quarter Highlights

Vermont Business Magazine Forecasters are calling for a snowstorm to start this afternoon that could bring 4 to 7 inches of snow and strong winds, and continue through Tuesday with possible freezing rain. Green Mountain Power has been tracking the storm and forecast since Friday, and is prepared to ensure customer safety and reliability throughout the storm.

“We are monitoring the weather closely and are prepared for the possibility of outages from winds and ice,” said Kristin Carlson, GMP’s chief communication executive. “In addition to our internal crews who are ready to respond, we also have lined up external resources if needed. The public should stay away from down power lines, as they may be live and dangerous, and be aware that downed trees could have power lines tangled in them and may also be unsafe.”

Leonine Public Affairs Last week at the State House there has been as much focus on what is happening nationally as there has been here in Vermont. With the swearing in of Donald Trump as our nation's 45th President, many in Montpelier discussed the ramifications his administration may have on Vermont. Many fear President Trump’s actions will significantly impact the state’s budget and are concerned that his cabinet appointees have agendas that run contrary to Vermont’s policy goals.

Vermont Business Magazine Vermont Attorney General TJDonovan and Secretary of State Jim Condos on Sunday announced the launch of a cooperative effort to create a joint Committee on Campaign Finance Education, Compliance and Reform. Condos and Donovan touted the effort as an important step forward in encouraging compliance with current law and facilitating the development of solutions to address potential shortcomings in Vermont’s campaign finance regime.

by Mike Smith In national politics the only meaningful victory is one where you completely vanquish your opponent. A compromise is a defeat. An attempt to understand an opposing view is interpreted as lacking conviction in your cause, or, worse, disloyalty to a political party. One side is portrayed as always despicably wrong, while the other side contends it is always virtuous and right. Promotion of your cause must come at the complete denigration of your opponent’s view, or even the destruction of their character. There are no rhetorical boundaries. You say anything in order to win the debate.

This is, unfortunately, Washington, D.C., nowadays and the reality of our politics. Nothing illustrates this more than the ongoing debate over the future direction of health care. This debate is emblematic of all that is wrong with our politics.

Vermont Business MagazineChamplain College will host five pre-college programs this summer from its hillside campus overlooking Burlington and Lake Champlain. The summer institutes offer high school students a chance to dive into a subject they are considering majoring in and to experience life on a college campus, according to Peter Straube, Champlain's strategic events producer.

Vermont Business MagazineWeekly unemployment claims are less than half what they were three weeks ago and are running slightly lower than last year, as post-holiday employment levels returned to a more typical level. The holidays produce wild swings in these numbers, as retailers, especially, hire then lay off workers in short order. By industry, Construction again reported the most claims last week 36 percent of all claims, but were actually lower in number than the previous week (243 vs 310). In an average week, Services usually record the most claims.

For the week of January 14, 2017, there were 676 claims, down 264 from the previous week's total and 77 fewer than than they were a year ago.

by Timothy McQuiston Vermont Business Magazine Vermont Business Magazine learned this week that Citizens Bank is closing its Poultney and Castleton branches on April 14. According to the Valley News from December 3, Citizens will close its White River Junction branch February 17, citing growing use of online and mobile banking.

Vermont Business Magazine Citizens Financial Group, Inc (NYSE: CFG), with approximately 20 branches across Vermont, today reported fourth quarter net income of $282 million, or $0.55 per diluted common share, up 28% and 31%, respectively, from $221 million and $0.42 per diluted common share in fourth quarter 2015. Compared with third quarter 2016 results, which included a $19 million after-tax benefit from notable items largely related to the TDR Transaction gain, net income decreased 5% from $297 million and diluted earnings per common share (“EPS”) decreased 2% from $0.56. Fourth quarter 2016 net income available to common stockholders increased $11 million, or 4%, from Adjusted third quarter 2016 levels* and diluted EPS increased $0.03, or 6%, from Adjusted third quarter 2016.

Vermont Business Magazine When tens of thousands of families and businesses count on you every day to deliver their power - no interruptions and no exceptions - reliability is everything. Hence the name: Northern Reliability, the newest member of the Vermont Community Loan Fund’s (VCLF) family of borrowers. In December, according to VCLF, the nonprofit institution provided financing to Northern Reliability (NR), the Waitsfield power storage company, to help NR cover operating costs, such as product design and customization, installation and maintenance of power storage units on- and off-grid, and more.