Current News

Berkshire Hills Bancorp, Inc (NYSE: BHLB), the parent company of Berkshire Bank reported a 20 percent increase in fourth quarter core earnings per share to $0.48 in 2014 compared to $0.40 in 2013. Earnings growth was driven by a 17 percent increase in core revenue as the company expanded operations in its footprint. Fourth quarter GAAP EPS increased by 10 percent to $0.46 as earnings in both years were impacted by non-core charges related primarily to growth and restructuring. Berkshire Bank has branches in southwestern Vermont.

For the year, core earnings per share totaled $1.80 in 2014. Core earnings decreased by 4 percent from $1.87 per share in 2013 as volume growth was offset by lower margins in the first half of the year. GAAP EPS totaled$1.36 in 2014 and $1.65 in 2013.

FOURTH QUARTER FINANCIAL HIGHLIGHTS (comparisons are to prior quarter unless otherwise stated):

Allison Beck, Acting Director of the US Federal Mediation and Conciliation Service (FMCS), issued the following statement today on behalf of FairPoint Communications Inc, the International Brotherhood of Electrical Workers (IBEW), and the Communications Workers of America (CWA). The bitter strike affecting workers in Vermont, New Hampshire and Maine began on October 17.

Statement: "FairPoint Communications, Inc, the International Brotherhood of Electrical Workers Council T-9 and the Communications Workers of America Local 1400, collectively agree to announce that the parties continue, with the assistance of the Federal Mediation and Conciliation Service, to work towards new collective bargaining agreements and that progress is being made. Any statements or assertions made by any other party are not authorized by the Company or the Unions."

Vermont Business Magazine On January 23, 2015, Italian coffee company and Keurig Green Mountain investor Lavazza sold an aggregate of 378,371 shares of Common Stock ($50,299,273), as a result of which Lavazza currently owns approximately 7.8 percent of the outstanding Common Stock, as described below, worth about $1.7 billion. In a SEC filing statement, Lavazza said it intends to continue to review market conditions for shares of Keurig Common Stock and may from time to time sell additional shares of Keurig Common Stock. Keurig Green Mountain is based in Waterbury, Vermont.

Norwich University has reached $62 million in pledges toward a $100 million goal set out last September, officials announced today at a ceremonial groundbreaking of major enhancements to the university’s Kreitzberg Library. To date, meeting the $25 million Tawani Challenge — in which the Chicago-based Tawani Foundation matches certain gifts dollar-for-dollar up to $25 million — has been a fundamental achievement in the university’s fundraising success. Under the Tawani Challenge the university raised $27.6 million.

Another significant milestone is a recent gift of $5 million for construction of a new academic building, according to NU President Richard W Schneider.

The Public Service Department today announced that the next meeting of the Nuclear Decommissioning Citizens Advisory Panel will be held on Wednesday January 28, 2015, from 6 pm to 9 pm, in the Autumn Room at the Quality Inn and Conference Center, 1380 Putney Road, Brattleboro, Vermont. The agenda for the January 28 meeting includes a presentation on the PSDAR process from Bruce Watson of the NRC, as well as an update on the current status of Vermont Yankee from Entergy. The agenda can be viewed online at the following link: http://publicservice.vermont.gov/sites/psd/files/VY%20NDCAP%20Agenda%201-28-15%20Final.pdf

All meetings of the Nuclear Decommissioning Citizens Advisory Panel are open to the public.

Vermont is preparing for a significant snowstorm affecting the Northeast that could dump more than a foot of snow on southern counties. The snow will start Monday afternoon and the heaviest snowfall is expected overnight Monday into Tuesday.

“This isn’t the first winter storm of the season here in Vermont as it is for other parts of the northeast,” Governor Peter Shumlin said. “Nonetheless, parts of Vermont, especially southern counties, could see more than a foot of snow. We are prepared and will closely monitor conditions over the next few days. Vermonters know how to deal with winter weather, and I encourage everyone to use good Vermont common sense over the next few days.”

State Leaders convened in St Albans City Hall today to outline the new plan for addressing agricultural runoff in the Lake Champlain basin. New resources, deeper partnerships across state government, and new accountability tools (including enforcement and penalties by the attorney general's office) have been established to improve water quality across Vermont. The state is under pressure from the US EPA to move aggressively ahead with cleaning up the lake. If not, the federal government could come in and act on its own and bill Vermont for cleanup costs.

According to RE/MAX of New England, loosening lending practices, low inventory and steady interest rates are anticipated to heat-up the New England housing market in the first half of the year. Increased consumer confidence, a rebounding local economy and continued low-interest rates have converged to create a steady, consistent housing market throughout much of New England in 2014. Inventory shortages in desirable areas drove prices up, but throughout much of the region, overall home sales decreased over 2013 numbers. In Vermont, total sales were down and single-family homes paid slightly less, with the average median price dropping 3.8 percent to $205,000 in 2014, down from $213,000 a year ago.

Encore Redevelopment, of Burlington, Vermont, has announced the recent installation and commissioning of the PSEG Essex Solar Energy Center in Essex Junction, Vermont. At 3.6MWp, this array is the largest solar project in Vermont and is estimated to produce approximately 4,500,000 kWh of electricity annually, sufficient to power roughly 700 Vermont homes.

The solar array will also provide a lease payment which will help to diversify the income stream of the Whitcomb Farm and help the Farm, which has been in continuous operation since 1867, remain in active agricultural use.

Energtek Inc (OTC BB: EGTK), a hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) company, has announced that it has finalized the land purchase in Vermont for the filling station. "We have completed paying for the 25 acre Swanton, Vermont site, which is in an ideal location for a filling station: i) right on a transport pipeline; ii) elevated area on the pipeline (to minimize curtailments and pressure drops); iii) right next to an inter-state on-ramp; iv) with identified customers who cannot be served by anyone else and who are eagerly awaiting our deliveries; v) right next to electricity sub-station for adequate secure power supply," said Chairman of Energtek North Country Inc., Mr. Lev Zaidenberg.

Norwich University officials have announced an agreement with (ISC)² , the largest not-for-profit membership body of certified information and software security professionals with nearly 100,000 members worldwide, to become a new member of the (ISC)2 Global Academic Program (GAP). Through the agreement, (ISC)2 will provide Norwich students and professionals with the opportunity to gain the knowledge, skills, and industry certification they need to enter the high-demand, high-paying cybersecurity workforce. This collaborative initiative is an important part of the GAP’s aim to establish a joint framework for industry-academic cooperation to bridge the workforce gap between the increasing demand for qualified cybersecurity professionals and the amount of skilled professionals entering the industry.

Governor Peter Shumlin joined with Department of Health officials, substance abuse prevention providers, and community groups on Wednesday to announce that binge drinking, marijuana use, and prescription pain reliever misuse dropped among young adult Vermonters between 2011/2012 and 2012/2013, according to the latest report of the National Survey on Drug Use and Health (NSDUH). While the governor said he welcomed the good news, he cautioned that much work remains and outlined steps the state is taking to continue progress in the battle against drug and opiate addiction in Vermont.

“This is really encouraging news,” Shumlin said. “It’s a testament to the hard work of those who are on the front lines every day battling drug abuse in Vermont. Their hard work and dedication is making a difference. While this is good news, we can’t for one minute let up. There are still big challenges we need to overcome.”