Current News

Dealer.com (www.dealer.com), the global leader in online marketing solutions for auto dealers, today announced that it ranked number 150 on the 2010 Technology Fast 500(TM), Deloitte's ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Rankings are based on percentage of fiscal year revenue growth during the period from 2005-2009. Dealer.com grew 678 percent during this period.
Dealer.com's CEO, Mark Bonfigli, credits innovative technology and a unique culture with the company's rapid growth over the past five years. He said:

People's United Financial, Inc today announced net income of $24.1 million, or $0.07 per share, for the third quarter of 2010, compared to $16.0 million, or $0.04 per share, for the second quarter of 2010, and $26.8 million, or $0.08 per share, for the third quarter of 2009. Included in both this quarter's and the second quarter's results are pre-tax merger-related expenses, core system conversion costs and one-time charges totaling $5.3 million and $23.2 million, respectively. Excluding the effect of these items, net income would have been $27.7 million, or $0.08 per share, for the third quarter of 2010 and $31.8 million, or $0.09 per share, for the second quarter of 2010. Third quarter 2010 earnings reflect a modest increase in the net interest margin despite pressure associated with the historically low interest rate environment and the company's asset sensitive balance sheet, and an increase in the provision for loan losses.

The State of Vermont’s recent $50 million bond sale to support its annual capital program garnered the lowest interest costs the State has incurred in memory. The State locked in a total interest cost of 2.58 percent over the 20-year life of the bonds, the lowest rate in records dating back to the 1960s. The proceeds of the bonds will fund infrastructure projects authorized by the State Legislature in the last session.
Contributing to the very low interest cost were the State’s high credit rating, a very low interest rate environment, and use of Build America Bonds. Build America Bonds, often referred to simply as ‘BABs,’ were made available under the American Recovery and Reinvestment Act of 2009.

Vermont Public Service Department Commissioner David O'Brien told an audience at the 90th Annual Meeting of Associated Industries of Vermont in Montpelier Wednesday that Vermont Yankee is safe to operate, that Vermont manufacturers need low-cost power to effectively compete with overseas competition, and closing Vermont's only nuclear power plant would cause extensive transmission problems in the New England region.
O'Brien's comments echoed the concerns voiced by a panel of leading manufacturing and technology companies earlier in the event who, in discussing Vermont's key economic strengths and weaknesses, cited energy costs, along with tax burdens and other key issues, as a top concern in keeping Vermont manufacturing competitive nationally and globally.

Southwestern Vermont Regional Cancer Center is one of only 480 locations around the country taking part in a study of a new drug for treating breast cancer. The study, called a clinical trial, will help determine if adding a new drug, bevacizumab, to conventional chemotherapy affects the prognosis of women with a specific type of breast cancer.

‘The new drug is specifically aimed at women with HER2-negative breast cancer,’ explained Dr. Orion Howard, director of medical oncology at the cancer center. ‘There are several types breast cancer caused by hormone or growth factor imbalances. A HER2-negative tumor means the tumor was not caused by a problem with the human epidermal growth factor receptor 2, a technical term for the gene that controls cell growth in the body.’

Continuing efforts to ensure a clean, low-carbon energy supply, Central Vermont Public Service (NYSE: CV) and Green Mountain Power announced today that they have signed contracts to purchase additional wind power from a New Hampshire wind project. The new contracts will add about 27 megawatts of capacity to the Vermont utilities' portfolios.
"Vermonters have clearly stated their desire for clean, low-emission, renewable energy if it can be obtained at an affordable cost, and this contract meets all of those criteria," CVPS President Bob Young and GMP President Mary Powell said in a joint statement.

A Rutland oral surgeon, Peter B Gray, was arraigned on October 18, 2010, in Vermont Superior Court, Criminal Division, Rutland County on 23 felony counts of Medicaid fraud, announced Attorney General William H. Sorrell.
According to papers filed in court, Dr. Gray is accused of fraudulently billing Vermont Medicaid for diagnosing patients with non-existent dental cysts, and for services which he did not provide, including anesthesia and the removal of bone-impacted teeth.
For each of the 23 Medicaid fraud charges, Dr. Gray faces a potential fine of up to $1,000.00 or an amount equal to twice the amount of payments obtained, or up to ten years in prison, or both. The court imposed standard conditions of release that govern Dr. Gray’s conduct while the case is pending.
Source: Vermont Attorney General. 10.20.2010

For the week of October 9, 2010, there were 752 new regular benefit claims for Unemployment Insurance, a decrease of 88 from the week before. Altogether 7,405 new and continuing claims were filed, a decrease of 55 from a week ago and 2,166 fewer than a year earlier. The Department also processed 2,787 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 54 fewer than a week ago. In addition, there were 1,516 Second Tier claims for benefits processed under the EUC08 program, which is an increase of 23 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

Union Bankshares, Inc. (NASDAQ ‘ UNB) today announced results for the third quarter of 2010. Net Income was $1.46 million or $0.32 per share compared to $1.44 million or $0.32 per share for 2009. Quarterly results reflect an increase in net interest income of $127 thousand, or 2.8%, a $116 thousand, or 7.7%, increase in noninterest income, and a reduction of $63 thousand in net expenses related to Other Real Estate Owned. These positive items were partially offset by a $58 thousand increase in personnel and benefit costs which is partially due to the opening of a new Loan Center in South Burlington, Vermont, in August 2010 as well as a $125 thousand increase in the loan loss provision due mainly to the growth and composition of the loan portfolio.

The Vermont State Dental Society (VSDS) received a $10,000 grant from the Northeast Delta Dental Foundation to continue its Diabetes and Oral Health Program (DOHP) that was piloted in 2008. In a collaborative effort between the VSDS, the Northeast Delta Dental Foundation, and the Vermont Department of Health, the program offers on-site courses on the connections between diabetes and oral health to dental professionals. Since the inception of the program, two dental educators, Dr. Nevin Zablotsky and Dr. Gerald Theberge, have presented the DOHP curriculum to 32 dental practices over the state, reaching 277 dental office personnel.

St Albans has been awarded a $125,000 federal grant for its ongoing streetscapes project, US Senators Patrick Leahy (D-VT), Bernie Sanders (I-VT), and US Representative Peter Welch (D-VT) announced Tuesday.
The grant, awarded by the Department of Transportation, will fund continued downtown improvements.
In FY2009, Welch secured $380,000 in funding for sidewalk, streetlight, signage and aesthetic upgrades to Main Street and Taylor Park as part of a comprehensive, local economic revitalization project, known as the streetscapes project. The project will increase accessibility and safety in an historic and economically vital corridor of the city.

South Burlington resident, Michele S Gatto, has been elected to the Board of Trustees at Vermont Law School in South Royalton, VT. Gatto is Executive Vice President – Corporate Services and Chief Legal Officer of National Life Group in Montpelier, VT.
As a member of the Board of Trustees, Gatto will serve on the Nominating and Governance Committee as well as drawing from her diverse background helping provide guidance to Vermont Law School’s future.
“We are thrilled that Michele Gatto, one of the most accomplished corporate lawyers in the country, will be joining the Vermont Law School Board of Trustees,” comments Geoffrey B. Shields, Vermont Law School President, Dean, and Professor of Law. “Her human resources acumen and wonderful contacts in the business communities in Vermont and throughout the country will serve Vermont Law School well.”