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The Vermont Chamber of Commerce has hired Patricia Moulton Powden. Powden, who recently joined the organization as Vice President of Public Affairs, will be responsible for initiatives in both the legislative and regulatory arenas.
‘Pat’s experience in unemployment insurance, workers’ compensation, environmental permitting, and economic development will be an undisputable asset to our members,’ said Betsy Bishop, President of the Vermont Chamber of Commerce. ‘Her expertise has earned her the respect of many legislators, regardless of party and I am confident that she will elevate the Vermont Chamber's presence and influence in government and regulatory affairs.’

At the annual meeting held in July, John Ewing, founder of Smart Growth Vermont, stepped down as Chair of the board. He will remain as an active board member, with the title of Founder. Robin Scheu, Executive Director of the Addison County Economic Development Corporation in Middlebury, is the new board Chair.
"After 12 years as Chair I am delighted to transfer the office to Robin who has a long history of non-profit leadership,” said Ewing. “Being very proud of Smart Growth Vermont, its staff, and its vital work, I look forward to a continued active role on the board and as an advisor to the organization."

The Vermont Agency of Transportation on July 28 and 29 will be using a technique to repair a culvert on Dorset Street in South Burlington that will cause a strong odor. The odor, which will smell like a very pungent epoxy or paint, does not pose a health risk.
The culvert repair involves placing a liner in a culvert below Dorset Street just south of Kennedy Drive, and then using steam to adhere and harden the liner to create a new culvert pipe within the old culvert pipe.
The resin used to harden the new liner contains a substance called styrene that causes the resin to polymerize or harden when heated. During the instillation process, people within about a half mile of the project will likely detect some styrene odors that some may find unpleasant.

Merchants Bancshares, Inc (NASDAQ: MBVT), the parent company of Merchants Bank, has announced net income of $4.59 million and $8.42 million, or diluted earnings per share of $0.74 and $1.37 for the quarter and six months ended June 30, 2010, respectively. This compares with net income of $2.06 million and $4.97 million or diluted earnings per share of $0.34 and $0.82 for the same periods in 2009. Merchants previously announced the declaration of a dividend of $0.28 per share, payable August 12, 2010, to shareholders of record as of July 29, 2010. The return on average assets was 1.29% and 1.19% for the quarter and six months ended June 30, 2010, respectively, compared to 0.61% and 0.74% for the same periods in 2009. The return on average equity was 19.40% and 18.02% for the quarter and six months ended June 30, 2010, respectively, compared to 9.87% and 12.14% for the same periods in 2009.

Vermont Public Radio has announced the winner of its first Summer Car Raffle. Bob Moulton of Waterbury won a 2010 Ford Fusion Hybrid provided by Heritage Automotive Group in South Burlington. The raffle raised $146,000 for VPR.

Barbara, Bob, and Lucy Moulton pick up their 2010 Ford Fusion Hybrid
Bob and his wife Barbara are residents of Waterbury and own and operate Moulton Custom Door of Vermont, which takes them all over the northeast. Bob said he had been saving for more fuel-efficient vehicle to replace their 1996 Toyota T100.
“This is unbelievable,” Bob said during a visit to VPR last week. “[When I got the call from VPR] I had $2,000 in my pocket because I was getting ready to buy my wife a used car. We really need a car.”
Bob said his family plans to donate their truck to the Good News Garage. "When you get a blessing like this you have to pass it along," he said. "These days we all have to help each other."

Average retail gasoline prices in Vermont have fallen 1.1 cents per gallon in the past week, averaging $2.71/g yesterday. This compares with the national average that has increased 2.4 cents per gallon in the last week to $2.74/g, according to gasoline price website VermontGasPrices.com.
Including the change in gas prices in Vermont during the past week, prices yesterday were 16.8 cents per gallon higher than the same day one year ago and are 9.0 cents per gallon lower than a month ago. The national average has decreased 0.5 cents per gallon during the last month and stands 25.5 cents per gallon higher than this day one year ago.
Source: VermontGasPrices.com. 7.26.2010

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A new branding research study focusing on how Vermont is perceived as a vacation destination by visitors and non-visitors will be presented by state officials at community meetings across the state in August and September.
Vermont’s Chief Marketing Officer Christine Werneke, in conjunction with the Department of Tourism and Marketing and the Vermont Ski Areas Association, recently completed the research project to study perceptions about Vermont and how they affect decision making for choosing a vacation destination.
“This is the first time the state has conducted a quantitative brand study looking at Vermont’s brand from the perspective of not just visitors but non-visitors as well,” Werneke said. “The goal is to better understand Vermont’s unique strengths and where we see significant opportunity for market growth.”

People's United Financial, Inc (Nasdaq: PBCT), a diversified financial services company, today announced that it has named John P. (Jack) Barnes as President, Chief Executive Officer and a member of the Board of Directors effective immediately. Barnes was also named President, CEO and a director of the Company's subsidiary, People's United Bank. Barnes, 54, has served as interim President and CEO since the departure of former CEO Philip R. Sherringham in April. He was with Chittenden Bank Vermont until it was bought by People's in 2008.
The company's announcement follows an extensive executive search involving internal and external candidates, which the Board of Directors conducted in partnership with Russell Reynolds, a leading executive search firm with substantial financial services sector expertise.

Ledyard Financial Group, Inc, the holding company for Ledyard National Bank, was ranked among U.S. Banker magazine’s Top 200 Community Banks in the United States. The 2010 rankings were based on three-year average return on equity as of December 31, 2009. Ledyard Financial Group made the list with a three-year average ROE of 8.50%. This is the fourth consecutive year that Ledyard has received the honor.
Kathy Underwood, President and CEO of Ledyard Financial Group, Inc., stated, “Ledyard is proud to be included in this exclusive list of banks. We’re equally proud of our long term track record of success and ability to deliver positive results, even in trying economic times. We strive to deliver maximum value to our shareholders and to establish ourselves as key financial partners in the growth of our communities.”

“Freedom and Choice” is the theme of the fourth annual Milton Friedman Day observance to be held Friday, July 30, from 5-7 pm at the Sheraton Burlington Conference Center.
The speaker is Bill Sayre of Bristol, a former student of Nobel Prize winning economist Milton Friedman at the University of Chicago. Sayre, an economist and businessman, is the former chair of Associated Industries of Vermont and a regular commentator on True North Radio.
The event, part of the Sheraton Economic Series, honors what would be the 98th birthday of Professor Friedman, a one time resident of Ely, Vermont. It is hosted by the Sheraton Burlington, sponsored by the Ethan Allen Institute, and cosponsored by Vermont Business Magazine , the Lake Champlain Regional Chamber of Commerce, Vermont Economy Newsletter, and Vermont Tiger.

A new law that sets up a process for state recognition of Native American tribes in Vermont has revised the makeup of the Vermont Commission on Native American Affairs and has that panel seeking nine new members. The law, also known as S222, increased the number of members on the VCNAA from seven to nine, and also imposes a Vermont residency requirement for the first time.
“This law establishes a completely new Native American Commission with new responsibilities,” said Giovanna Peebles, State Historic Preservation Officer and director of the Vermont Division for Historic Preservation.
Governor Jim Douglas will be appointing 9 new members to the VCNAA by September 1, provided that a sufficient number of qualified candidates have submitted applications to the Governor.

Union Bankshares, Inc. (Nasdaq:UNB), based in Morrisville, Vermont, has announced results for the second quarter of 2010. Net Income was $1.53 million or $0.34 per share compared to $1.23 million or $0.28 per share for 2009. Quarterly results reflect an increase in net interest income of $230 thousand or 5.2% and an increase in the gains and servicing rights recognized as a result of selling qualified residential loans into the secondary market of $200,000. The Company also benefited from a reduction in FDIC insurance expense of $208,000 due to the announcement in second quarter 2009 of the one time special assessment.
The Company had total capital of $41.9 million with a book value per share of $9.40 as of June 30, 2010 compared to $39.5 million at June 30, 2009 with a book value per share of $8.85. Year to date earnings increased $243,000 or 9.7% over the same period last year.