Current News

Vermont Business Magazine Ledyard Financial Group, Inc (ticker symbol LFGP), the holding company for Ledyard National Bank, has reported quarterly earnings for the first quarter of 2016. Net income for the quarter ended March 31, 2016, was $1,005,045 or $0.98 per share compared to $1,119,680 or $1.10 per share for the same period in 2015, a decrease of $114,635 or 10%. The decrease in net income for the quarter is due primarily to the decline in revenue at Ledyard Financial Advisors, which was caused by a decline in assets under management during the quarter, due to volatility in the equity markets. Additionally, interest income was higher in 2015 due to a recovery of interest on a problem loan. Ledyard is based in Hanover, NH, with branches in NH and Vermont.

Vermont Business Magazine Marc Sherman and Trudy Trombley of Stowe Mercantile have been honored as co-recipients of the 2016 Vermont Retail & Grocers Association Person of the Year award. The two business and community leaders received the award and were honored at the VRGA 2016 Convention & Expo Chairman’s Dinner on Saturday, April 30^th at the Hilton Burlington. 

Marc Sherman and Trudy Trombley of Stowe Mercantile. VRGA photo.

Vermont Business Magazine Boralex Inc (TSX: BLX) (TSX: BLX.DB.A), Gaz Métro Limited Partnership and Valener Inc (TSX: VNR) (TSX: VNR.PR.A) have closed on a C$617.5 million non-recourse refinancing for Seigneurie de Beaupré Wind Farms 2 and 3 General Partnership, which operates two winds farms located 60 km northeast of Québec City on the private property of Séminaire de Québec. Gaz Métro and Valener indirectly hold interests in Wind Farms 2 and 3 through Beaupré Éole General Partnership. Gaz Métro is the parent company of Green Mountain Power and Vermont Gas Systems. A special distribution to the partners of Wind Farms 2 and 3 of C$80 million has been declared and is expected to be paid shortly after the closing of the refinancing.

Vermont Business Magazine Republican lawmakers endorsed Lieutenant Governor Phil Scott for governor today. In a statement from the Scott campaign, 54 of 59 sitting Republicans announced they are supporting Scott. Of the remaining five legislators, four said they always remain neutral in party primary election. One is waiting until after the filing deadlines to make an endorsement.

"Vermont needs a governor who can restore the faith and trust in government that has been lost over the last six year and Phil Scott will be that leader," said Representative Patti Lewis (R-Berlin).

Lieutenant Governor Phil Scott

Vermont Business Magazine Mt Ascutney Hospital and Health Center (MAHHC) has announced that Kevin W Donovan, Hospital President and CEO since 2010, will be leaving his position June 15, 2016. Donovan recently accepted the position of President and CEO at LRGHealthcare in New Hampshire. 

Vermont Business Magazine Darn Tough Vermont, the American manufacturer of the fastest growing collection of performance outdoor and lifestyle socks based in Northhfield, reported today that first quarter earnings have grown 20 percent year-over-year. The double-digital growth reflects increases across all categories and a tremendous response to the brand new Vertex Running Series that launched this spring. Improvements to infrastructure and operations also continues to be a major initiative as Darn Tough implemented a new training program for manufacturing employees and completed the year-long upgrade of all knitting machines in the Northfield mill.

Vermont Business Magazine Mayor Miro Weinberger and University of Vermont Vice President for Research Richard Galbraith have joined the MetroLab Network, a network of 35 city-university partnerships focused on bringing data, analytics, and innovation to local government. Members of the network research, develop, and deploy technologies and policy approaches to address challenges facing the nation’s urban areas. MetroLab Network was launched by 21 founding city-university pairings in September 2015 at the White House as part of the Obama Administration’s Smart Cities Initiative.

Vermont Business Magazine The University of Vermont and the Burlington Electric Department on Wednesday officially unveiled four dual port electric vehicle (EV) charging stations positioned in strategic locations around the campus. During a joint news conference at the new Aiken Center charging station, UVM and BED representatives highlighted their commitment to increased workplace charging opportunities as a strategy to increase the number of EVs on the road and to decrease greenhouse gas emissions, all resulting from the ability to simultaneously charge eight vehicles.

Vermont Business Magazine Crews from Burlington Parks, Recreation & Waterfront (BPRW) and over 45 UVM student volunteers were called in Wednesday to improve the newly acquired 12 acre park space behind the former Burlington College property. This project is a partnership between the City of Burlington, BPRW and the University of Vermont's Rubenstein School of Natural Resources. Since February, Dan Cahill, the BPRW Land Steward, has been working with Professor Bill Keeton's Ecological Restoration class on a student service learning project at the former Burlington College site. Students visited the park several times during the semester to collect data and make assessments. They also met with key stakeholders involved. Nine student teams designed restoration projects for the park and created an adaptive management plan. After further review, Professor Bill Keeton pulled together the revised plans into one cohesive plan to implement on May 4th Work Day.

Vermont Business Magazine Green Mountain Power today announced it has begun customer installations of the Tesla Powerwall home battery for customers. The cutting edge technology empowers customers to become more energy independent by storing power for use during outages. When paired with rooftop solar, customers can generate and store their own energy, increasing reliability and the production of clean power. The Powerwall also allows the company to reduce peak demand on the system, providing cost savings to all customers. GMP is the first utility in the country to install the Powerwall for its customers.

Vermont Business Magazine Vermont’s General Assembly today gave final approval of H620, the Access to Birth Control bill. The legislation increases access to the full range of reproductive health care. The bill received strong tripartisan support in both chambers, passing 128-15-7 in the House and by unanimous voice vote in the Senate. The legislation is now on it’s way to Governor Shumlin for his signature. Representative Ann Pugh, lead sponsor of the legislation said, “Access to contraceptive services is essential to women's health, equality, economic opportunity, and the well-being of families.  I am proud that Vermont has long recognized the central role that contraception plays in women’s health and lives and has led efforts to expand access to reproductive health care.”

Vermnt Business Magazine Norwich University is partnering with the Vermont Student Assistance Corporation (VSAC) to offer science, technology, engineering and mathematics (STEM) scholarships for qualified Vermont students beginning this fall. Students identified by school representatives, including VSAC GEAR UP and Talent Search representatives within each high school, will be eligible to apply for this premier scholarship, which ranges from $25,000-$30,000 a year for each of four years.