Current News

The Vermont Agency of Agriculture, Food and Markets (VAAFM) is now accepting applications for the new Meat Processing Capacity Expansion Grant Program. This program was created by the Vermont Legislature to provide matching grants for capital investments that will result in increased capacity at meat and poultry slaughter and processing facilities in Vermont.
The goals of the Program are to support meat and poultry processors and producers, create jobs, and enhance Vermont’s livestock industry. In order to qualify for funding consideration a business must: be primarily involved in the processing of meat or poultry products; be providing services to more than five farm businesses; be located (preferably headquartered) in Vermont; and be licensed for either commercial or custom use. To be eligible for funding, the participant must be in good standing with the Agency of Agriculture regarding regulatory requirements and resulting penalties.

The Vermont Agency of Agriculture, Food and Markets (VAAFM) is now accepting applications for the new Good Agricultural Practices (GAPs) Capital Improvement Grant Program. This program was created by the Vermont Legislature to provide matching grants for capital investments that will support Vermont agricultural producers in obtaining GAP certification.

Berkshire Hills Bancorp, Inc. (NASDAQ: BHLB) has completed the acquisition of Legacy Bancorp, Inc., and Berkshire Bank has completed the merger of Legacy Banks, effective today. Berkshire Hills now has over $4 billion in assets and more than 60 branches serving Massachusetts, New York, and Vermont. Berkshire Hills has increased its outstanding common stock to approximately 21 million shares with a market capitalization of more than $480 million, based on recent trading prices.
"This acquisition results in improved market share and an expanded footprint in our attractive northeastern markets," stated Berkshire Hills President and CEO, Michael P. Daly. "It contributes to our strong momentum in revenue and earnings growth. This partnership enhances our resources to support the needs of our regions and to provide exceptional locally based service. We are very pleased to welcome the customers, employees, and shareholders of Legacy to America's Most Exciting Bank(SM)."

IBM (NYSE: IBM) and Silanis Technology today announced that the State of Vermont is using cloud computing to transform its business operations to improve efficiencies, boost profits and more cost effectively collaborate with vendors.
In keeping with its cost cutting initiative, the State of Vermont is lowering costs, reducing paper consumption and increasing efficiency in its Department of Information and Innovation (DII). The DII is transforming the way it processes vendor contracts with IBM cloud services and Silanis' electronic signature technology.

Vermont Insulated Concrete Forms has consolidated its operation to one location, 1920 Waterbury Stowe Road in Waterbury. The consolidation of administrative and warehouse operations to one location will enable VTICF to move toward the goal of offering their customers an improved walk in retail experience. Vermont Insulated Concrete Forms is the regional distributor of the AMVIC Building System and ICF construction supplies.
Since 1999 VTICF and President Joel Baker has been leading the transition from traditional building methods to more sustainable, efficient and durable construction.

The Vermont Retail Association (VRA) and Efficiency Vermont have launched a new partnership to help Vermont’s retailers become more energy efficient and save money. On Wednesday, August 3rd the two organizations will host a breakfast meeting to introduce the program to businesses in Montpelier and Central Vermont. The meeting will take place from 8 a.m. to 10 a.m. at VRA’s offices 148 State St. in Montpelier. Persons interested in attending should RSVP to Ceil Stryzminski of VRA by phone at (802) 839-1931 or by email at [email protected].
‘We’re very excited to work with Efficiency Vermont in support of our members,’ stated Tasha Wallis, VRA’s Executive Director. ‘This is a golden opportunity for retailers in the capitol and central Vermont area to save energy and money and strengthen their bottom lines at the same time.’

State Auditor Tom Salmon, CPA, has released the annually required report on the litigation costs related to Act 80, the prescription drug data ban that was rejected by the US Supreme Court June 23. Vermont's data mining ban would have prevented pharmaceutical companies from using patient data for marketing purposes.
To date, Salmon said, those litigation costs totaled $634,678, including $345,227 in staff salaries and benefits. That sum does not include any attorneys’ fees or other amounts that may be awarded by the court.
‘This report is usually done early in the year, but the information was not available until July 1. We will capture the full cost of litigation in our next required report before January 1,’ Salmon said.
Salmon has continuously warned leaders to use a more thoughtful planning process.

Governor Peter Shumlin today named Teo Žagar to serve in the Vermont House of Representatives, representing the towns of Barnard, Hartford and Pomfret. Zagar replaces former Rep. Mark Mitchell, who resigned for health reasons following the close of the 2011 legislative session.
Žagar, who was born in the former Yugoslav republic of Slovenia in 1978 to an American mother and Slovene father, moved to Barnard in 1985. He graduated from Woodstock Union High School and attended the University of Vermont before transferring to Hampshire College to focus on documentary film.
‘Teo understands education and special education issues, and has a broad world view and diverse perspective on issues,’ the Governor said. ‘He will serve his district well at the State House.’

Union Bankshares, Inc (NASDAQ ‘ UNB) today announced Net Income for the second quarter 2011 of $1.0 million, or $0.23 per share, compared to $1.5 million, or $0.34 per share, for 2010. Results for the second quarter of 2011 reflect a $0.05 decrease in earnings per share due to direct expenses incurred during the quarter related to the May 27, 2011 purchase of branches in Grafton, Littleton and North Woodstock, New Hampshire. There was also an increase in the loan loss provision of $60 thousand due mainly to the growth and composition of the loan portfolio. Non-acquisition operating expenses also increased between years as the Company grew, outsourced and enhanced marketing efforts, and incurred increased OREO costs. Year to date earnings for 2011 were $2.1 million, or $0.46 per share, compared to $2.7 million, or $0.62 per share, for 2010.

Several key players in Vermont’s electric and telecommunications industries appeared with Governor Peter Shumlin today to announce the finalization of a collaborative agreement to give Vermont more control over energy consumption, expand access to broadband and telecommunications services, and boost job creation and economic development.
The agreement between Green Mountain Power, Central Vermont Public Service Corp., and Vermont Telephone Company (VTel) is critical to Shumlin’s call to reduce our dependence on oil and fossil fuels and simultaneously provide high-speed internet access statewide by the end of 2013.

President Daniel Mark Fogel announced today that he is resigning from the University of Vermont presidency, effective July 31. Trustee Chairman Robert Cioffi told Vermont Business Magazine that he expects the Trustees to name an interim president in about a week. He would not speculate whether it would be a prominent local leader, which has been the case in the last two interim presidents ‘ former Governor Tom Salmon and businessman Ed Colodny.
Cioffi said Fogel came to him about a week ago to tell him that resigning would be best for him and the university as he attends to personal family matters. Cioffi said the two had been in contact over the last few months to discuss Fogel’s future with the university.

IBM has awarded the Vermont State Colleges system a $100,000 grant for an energy efficiency initiative to help HowardCenter and Vermont Technical College (VTC) reduce their energy use by at least 5 percent annually. Based on energy management strategies developed at IBM Burlington, the initiative will benefit from the input and partnership of VTC students, faculty and staff, HowardCenter staff, the Vermont Manufacturing Extension Center and IBM volunteers.
The grant is one of eleven IBM Centennial Grants awarded by IBM to projects around the world ‘ one of only two in the U.S. ‘ in recognition of the company’s 100th anniversary. The IBM Centennial Grants are both monetary and in-kind awards up to $100,000 each and fund innovative projects in areas such as healthcare, energy, and food safety, helping to build a smarter planet.