Current News

People's United Financial, Inc. (NASDAQ: PBCT) today reported net income of $61.6 million, or $0.21 per share, for the third quarter of 2014, compared to $58.5 million, or $0.19 per share, for the third quarter of 2013, and $72.3 million, or $0.24 per share, for the second quarter of 2014. Included in the second quarter's results is a net after-tax gain of $13.4 million ($0.04 per share) resulting from the formation of a merchant services joint venture. Operating earnings were $63.0 million, or $0.21 per share, for the third quarter of 2014, compared to $60.8 million, or $0.20 per share, for the third quarter of 2013, and $59.9 million, or $0.20 per share, for the second quarter of 2014.

Snow’s arrival is inevitable here in Vermont and ECHO has found a way to embrace the inevitable! Thanks to a special partnership between Burton Snowboards, Smugglers’ Notch Ski Resort, with additional support from Blue Cross Blue Shield of Vermont, ECHO will be presenting a two-week long Burton Riglet Park Program, Saturday, November 1 through Sunday, November 16, including actual SNOW outside ECHO on Saturday, November 15! This program is specifically designed to accommodate children between 3 and 8 years old.

What is a Burton Riglet Park? It is a series of small obstacles, slides and interactive stations that safely introduce the physical principles of snowboarding to kids as young as age three, up to age eight. The park, which can be created inside as well as outside, is designed to offer a fun and comfortable environment for young children to learn snowboarding through “play” and guided discovery.

The two-week program has several components:

Merchants Bancshares, Inc (NASDAQ: MBVT), the parent company of Merchants Bank, announced that its Board of Directors declared today, October 16, 2014, a dividend of 28 cents per share, payable November 13, 2014, to shareholders of record as of October 30, 2014. This quarter represents its 72nd consecutive quarterly dividend payment and its 36th consecutive quarter at the current payout level.

Vermont's congressional delegation announced Thursday that the federal government's contribution to the Vermont Low Income Home Energy Assistance Program (LIHEAP) will be $17,252,695. The new funding, from the US Department of Health and Human Services, is part of a nationwide release of $3.05 billion in LIHEAP funds to help struggling families heat their homes. The new funds represent about 90 percent of the funding approved for LIHEAP under the Continuing Appropriations Act signed into law early this year. HHS will release the remaining funds for the program following the completion of Fiscal Year 2015 appropriations bills. In FY 2014, the initial funding was $16.6 million.

This fall and winter the Vermont Small Business Development Center (VtSBDC) is presenting a series of free workshops for entrepreneurs and businesses around the state. The sessions are geared toward those who are developing new technologies and would like the know-how to bring their ideas to the marketplace. Scott Holson, VtSBDC’s technology commercialization advisor, will host several two-hour sessions in Springfield, St. Johnsbury, Middlebury and Winooski. He will cover topics including how to commercialize an idea, how to protect intellectual property, and how to find out if your idea is “fundable” through a variety of grant programs.

Following the workshops, attendees can take advantage of free one-on-one advising in making grant submissions and looking for funding options for research and development.

Vermont is one of six states new to the top 10 list in afterschool programs in 2014, according to America After 3PM, which conducted a national survey of parents. A strong afterschool participation number (24 percent, the national average is 18 percent) and an increase in the average time children spend in afterschool programs are contributing factors to Vermont’s fourth-place ranking. Strong parent satisfaction with their child’s afterschool program overall, the quality of care, and program cost are also drivers of Vermont’s entry into the top 10. Despite the fact that 95 percent of Vermont parents are satisfied with their child’s afterschool program and 88 percent of parents support public funding for afterschool programs, unmet demand for afterschool programs in the state is high.

Vermont Business Magazine Vermonters can expect a winter similar to last winter. While it seemed many locals complained about its severity, the ski resorts enjoyed a good early- and a great late-season to post 4.5 million "skier days," which was the third best on record. AccuWeather reports that while parts of the Northeast and mid-Atlantic had a gradual introduction to fall, winter will arrive without delay. According to the weather service, cold air and high snow amounts will define the season. Farther south, ice storms and snow events will threaten the Tennessee Valley and parts of the southern Plains.

Greenbacker Renewable Energy Company, based in Kansas City, MO, has announced that through a wholly-owned subsidiary it signed a definitive agreement to acquire five to-be-constructed solar power facilities throughout the state of Vermont. The deals were developed by Green Lantern Capital LLC, a successful solar developer and will be constructed by leading Engineering, Procurement and Construction (EPC) firms during 2014 and the first six months of 2015. The cost of the fully constructed facilities will be approximately $9,222,000, plus closing costs. Greenbacker was assisted in its acquisition by Black Emerald Group, a leading renewable energy advisor. The Green Maple Portfolio, when operational, will consist of ground mounted solar facilities and will sell electricity under long term Power Purchase Agreements to utility, municipality and commercial off takers.

by John Herrick vtdigger.org A new, improved model for predicting the weather could help prepare for severe storms, aid power restoration efforts, and save customers money, the state’s transmission utility announced on Wednesday. Vermont Electric Power Co. (VELCO) is building a Vermont Weather Analytics Center, a high-resolution forecast tool that aims to provide accurate, localized weather predictions. The two-year project will cost $16.6 million.

by Meredith Angwin New England electricity is too dependent upon natural gas-fired power plants. And we are about to pay a lot for that dependence. In recent days, several New England utilities have announced major price rises for electricity. In Massachusetts, National Grid said that its customers can expect a 37 percent rate increase in November. Liberty Utilities in New Hampshire announced that there will be a 50 percent rate increase, and Unitil, which serves Massachusetts, Maine and New Hampshire, announced a price rise that will add over $40 a month to the average home electricity bill. These companies explained that the rate increases are due to the increasing cost of power on the grid.

It's no secret digital technology is taking over our lives, and face time with friends and loved ones is decreasing because of it. The 2014 Keurig Coffee Connections Survey found that more than one-in-four Americans (26%) use social media, text or email to communicate sensitive information to friends or family when they could have talked to them in person. Even more people (30%) state that without social media, they would have a hard time keeping in touch with friends and loved ones at all. Despite this, Americans still consider being together in person a favorite way to stay in touch. In fact, if given the chance to have a coffee date with anyone, Americans would much rather connect with a long-lost loved one (64%) than the President (7%) or their favorite celebrity (6%).

Senator Patrick Leahy (D-Vermont), Senator Bernie Sanders (I-Vermont) and Representative Peter Welch (D-Vermont) have announced $629,966 in grants to support efficient and renewable energy initiatives in the Green Mountain State. The grants were awarded by the US Department of Energy as part of $5 million in funding to 13 states to advance innovative approaches for local clean energy development through the State Energy Program. The program aims to reduce energy bills for families and businesses, reduce carbon emissions and increase energy security.