Current News

At the annual staff meeting held yesterday after the close of business, President and Chief Executive Officer Kenneth D Gibbons announced the results of the Board of Directors’ search for his successor as President of Union Bank (the ‘Bank’) and Union Bankshares, Inc. David S Silverman, 49, a Senior Vice President of the Bank and Vice President of the Company, was unanimously selected by the Boards of both companies at a joint meeting on November 3. Silverman was also appointed a director of the Bank by the Bankshares Board, as of November 17.

Attorney General William H Sorrell announced today that Christopher Gaudette, age 37, has plead guilty to one charge of aggravated cruelty to animals in connection with his employment at Bushway Packing, Inc.
Gaudette entered the plea today in Grand Isle County pursuant to a plea agreement with the State. Under the terms of the agreement, Gaudette will receive a sentence of one to three years all suspended except for a thirty day sentence on pre-approved furlough to the State work crews. In addition, the court entered an order that Mr. Gaudette forfeit all future rights to participate in any animal husbandry or slaughterhouse activity involving live animals.

The US Department of Labor has announced initial funding allocations for Trade Adjustment Assistance for states to assist workers who lose their jobs due to outsourcing and foreign trade. Vermont will get nearly $14 million to cover jobs lost to foreign competition.
This announcement includes two funding levels for states under the program: one under the current, expanded level of authorized funding, and one at a reduced level that will take effect on Jan. 1, 2011, if Congress fails to renew the expanded TAA program authorized by the American Recovery and Reinvestment Act of 2009. If the expanded program is not renewed, states stand to lose approximately $267 million in initial allocations, and thousands of workers could be excluded from the program. Additional reserve funding would be lost as well.

The retirement of the 76 million-member baby boom generation ‘ who begin turning 65 on January 1 ‘ will influence the US workforce for years to come. According to David Reville, Communications Director of AARP Vermont, the state, with one of the oldest populations in the nation, will feel the impact of retiring baby boomers more dramatically than elsewhere. A new poll highlights this effect on the workforce and suggests some ways in which employers will address the changes.
To help organizations meet this challenge, the Society for Human Resource Management (SHRM) and AARP are teaming up to provide resources and strategies.
In a national poll released by SHRM and AARP, a majority of organizations described the loss of boomers and their highly valued talent from the workforce as a potential or serious problem. The impact in Vermont, with some 15 percent of its population already over age 65, will be more dramatic as those number grow each year.

The US wind industry, which just experienced its slowest quarter since 2007, is in the midst of a three-day Wind Energy Fall Symposium in Phoenix, Ariz., and today will hear from General Colin L. Powell, U.S.A. (Ret.) in a keynote speech (open to attendees and trade press only).
Organized each year by the American Wind Energy Association, the Fall Symposium convenes members to share successes and lessons learned over the past year and provides the backdrop for members to build networks and relationships crucial to business success. That theme will be echoed in Powell’s speech, entitled ‘Diplomacy: Persuasion, Trust and Values.’

To continue to stay ahead of rising demand for wireless voice, 3G multimedia and Internet access in Lamoille County, Vermont, Verizon Wireless has expanded its local network to the Jeffersonville area. Earlier this year the company earned recognition from J.D. Power and Associates for ‘Highest Call Quality Performance among Wireless Cell Phone Users in the Northeast’ *.
‘People across Vermont are increasingly relying on smartphones and 3G apps to manage their busy lives and stay connected at home or on-the-go’
Consumer Advantages
New cell site provides increased wireless voice and 3G data along Route 15, Route 100, Route 108 and Route 109 in Jeffersonville, Johnson and Waterville, as well as to parts of Belvidere and along Route 104 near Cambridge and the surrounding areas
Expanded 3G data capacity in Jeffersonville lets more customers using notebook computers or smartphones:

Fitch Ratings assigns an 'AA' rating to the following 2010 Vermont Municipal Bond Bank bonds, issued under the 1988 General Resolution:
--$24,280,000 (federally taxable recovery zone economic development bonds) series 5.
The bonds are expected to sell via negotiation during the week of Nov. 15, 2010.
In addition, Fitch downgrades $536,855,000 in outstanding general resolution bonds to 'AA' from 'AAA'.
The Rating Outlook is Stable.
RATING RATIONALE:
--The rating downgrade is due to the program cash flows failure to pass Fitch's 'AAA' stress test.
--The program's pledged reserves and loan repayments, excluding federal subsidies, allow the bonds to withstand borrower defaults of up to 20.3% for four years without causing an interruption in bond payments. This is consistent with Fitch's criteria for assigning an 'AA' rating given the loan pool's borrowers' credit quality, size and diversification.

Vermont ranks 9th in the nation in funding programs to prevent kids from smoking and help smokers quit, according to a national report released today by a coalition of public health organizations.
Vermont currently spends $4.5 million a year on tobacco prevention and cessation programs, which is 43.4 percent of the $10.4 million recommended by the U.S. Centers for Disease Control and Prevention (CDC). Other key findings for Vermont include:
In the past two years, Vermont has cut funding for tobacco prevention by 13 percent, from $5.2 million to $4.5 million. Vermont this year will collect $103 million from the 1998 tobacco settlement and tobacco taxes, but will spend just 4.4 percent of it on tobacco prevention programs. The tobacco companies spend $27.4 million a year to market their products in Vermont. This is 6 times what the state spends on tobacco prevention.

Weekly unemployment claims fell last week after rising briskly five of the previous six weeks. For the week of November 13, 2010, there were 893 new regular benefit claims for Unemployment Insurance, an decrease of 484 from the week before. Altogether 8,768 new and continuing claims were filed, an increase of 273 from a week ago and 2,160 fewer than a year earlier. The Department also processed 2,265 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 4 more than a week ago. In addition, there were 712 Second Tier claims for benefits processed under the EUC08 program, which is a decrease of 49 from the week before. The Unemployment Weekly Report can be found at: http://www.vtlmi.info/. Previously released Unemployment Weekly Reports and other UI reports can be found at:http://www.vtlmi.info/lmipub.htm#uc

Westinghouse Electric Company today announced the 2010-11 winners of its N-Visioning a Brighter Future grant program, which awards funding to middle and high schools for creative, hands-on projects.
Administered by the company's speakers bureau, N-Vision, the grant program is designed to encourage both teachers and students to develop projects based on energy, math, science or technology.
The competition is open to all middle and high schools where Westinghouse has a presence. Five schools are awarded $2,000 each to carry out their proposed projects. Winners of the 2010-11 grants are:
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Pinecrest Center School, Aiken, South Carolina
The school's "Newton's Toy Box" project will allow students to rediscover Newton's three laws of motion.
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St. Johnsbury Academy, St. Johnsbury, Vermont

The Champlain Housing Trust announced today that TD Bank, through the TD Charitable Foundation, the bank’s charitable giving arm, has awarded the organization with a $50,000 capital grant to implement an innovative energy pilot program to reduce the energy bills of owners of its shared equity homes. The award was made in conjunction with TD Charitable Foundation’s signature ‘Housing for Everyone’ grant competition.
The ‘Housing for Everyone’ grant competition drew hundreds of proposals from housing non-profits for projects to help improve the housing environment in communities where TD Bank does business. Grant awards were awarded to non-profits looking to preserve and improve home residencies through upgrades to property conditions, increasing energy efficiency, and cost savings through newer heating, cooling, insulation, window replacement, roof replacement and other renovations.

Northern Power Systems, Inc., a leading manufacturer of next-generation direct-drive wind turbines, today announced a partnership with Harvest the Wind Network. The Harvest the Wind Network was born out of a 4th generation family business - BTI Inc. BTI Wind Energy formed the Harvest the Wind Network of dealers to sell, service, and support wind energy products across North America.
‘We are very excited to be partnering with Harvest the Wind Network’ said Parthiv Amin, President of the Community Wind business at Northern Power Systems. ‘This partnership will enable us to expand our world class Northern Powerâ ¢ 100 permanent magnet direct drive wind turbine global distribution channel through their well-established large equipment dealership network across the United States and Canada.’