Current News

The Vermont Department of Labor announced today that the seasonally adjusted unemployment rate for April 2010 was 6.4 percent, down two tenths from the revised March rate and down eight tenths from a year ago.

Green Mountain Power, owner of the only operating wind generation farm in Vermont, filed today with state regulators for permission to build a second wind generating plant, up to 63 megawatts, in Lowell, Vermont. The $150 million investment in the Northeast Kingdom will provide jobs and significant economic benefits, in addition to increasing the state's renewable energy generation.
This is the most significant renewable energy project proposed in Vermont since the 50 MW McNeil wood generating plant was built in the 1980s. Green Mountain Power, Vermont Electric Cooperative and VELCO are working together on the project to provide customers of the two distribution utilities stably priced, renewable energy.

The Vermont Department of Motor Vehicles announced today that DMV Express, Vermont’s online vehicle registration renewal service, recently exceeded 500,000 vehicle registration renewals processed over the Web.
"With more than a half million renewals online, and almost 100,000 more processed through IVR (phone) and kiosks, we have made great strides in providing Vermont drivers with alternative ways to renew their vehicles - whether, cars, boats, or snowmobiles,” said Robert Ide, Commissioner of the Vermont Department of Motor Vehicles.

Union Bankshares, Inc (Nasdaq:UNB) today announced the results of voting at the company's annual meeting of stockholders held on May 19, 2010 at the banking offices of the Company's subsidiary, Union Bank, in Morrisville, Vermont. Approximately 83 percent of the company's outstanding shares of common stock were represented at the meeting. Incumbent directors Cynthia D. Borck, Steven J. Bourgeois, Kenneth D. Gibbons, Franklin G. Hovey, II, Robert P. Rollins, Richard C. Sargent, John H. Steele and Schuyler W. Sweet, were reelected to a one-year term. Also elected to a one-year term on the Company's board was new nominee Cornelius J. Van Dyke, who has served on the board of Union Bank since November, 2009. Election of directors was by plurality vote.
The stockholders also ratified the selection of the firm of Berry, Dunn, McNeil & Parker as the company's external auditors for 2010.

By James Dwinell. Vermont Business Magazine. May 20, 2010 -When the widows and orphans of Vermont opened the annual report from their home town bank, they may have read something similar to the letter to shareholders of the Randolph National Bank, a $160,000,000 bank founded in 1875 and headquartered in that town. Chairman John Osha wrote, To help fund the massive losses and risks throughout the nation, the FDIC dramatically increased (our) deposit insurance premium ¦from $14,000 in 2008 to more than $330,000 in 2009.
Given the interest rate environment and the difficult economy, we would have been reasonably pleased with our earnings if they were not significantly diminished by the FDIC assessment (and thereby reducing our earnings by 54 percent).
To ensure that this was not an aberration, we called Mark Young, President of the First National Bank Orwell, a $40,000,000 bank founded in 1832.

By Art Edelstein. Vermont Business Magazine. May, 20, 2010 _ A multi-part health care bill (Senate 88) passed both houses of the Vermont Legislature on May 11, the last day of the 2010 session. The legislation would support aspects of the state's ongoing attempt to keep health care costs in check. However, two provisions of the bill irked Governor Jim Douglas enough to cause him to threaten a veto.
As of today, the Legislature had not sent the bill to the governor. It is expected to be sent over tomorrow (Friday). Once that happens, the governor has five days to sign it into law or veto it. If he does neither, the bill becomes law without his signature at the end of the five days.

Several Vermont firms were recently recognized for their strong commitment to effective workplace safety at the Annual Vermont Workplace Safety Conference. The Governor’s Award for Workplace Safety, presented by Governor Jim Douglas, went to IBM in the Large Business Category and to Long Trail Brewery in the Small Business Category.
In presenting the awards, Governor Douglas also noted IBM’s earlier recipient of Vermont OSHA’s Voluntary Protection Program and the Safety and Health Achievement Recognition Program (SHARP) designation for Long Trail Brewing by the Vermont Department of Labor.
Vermont Labor Commissioner Patricia Moulton Powden explained that the awards are the most prestigious awards given to a company in recognition of their workplace safety and health achievements.

New England forests stand at a turning point. A new study released today by the Harvard Forest reports that, following almost 200 years of natural reforestation, forest cover is declining in Vermont and all the other New England states. The authors of the Wildlands and Woodlands report, including University of Vermont forester Bill Keeton, call for conserving 70 percent of New England as forestland, a target that they say is critical to protecting vital natural benefits that would be costly, and in some cases impossible, to replace.
"This may be unprecedented," said Keeton, "it's one of the first time that forest scientists from leading institutions across the whole of New England have gotten together to share a common conservation vision for the region."

ECHO Lake Aquarium and Science Center, at the Leahy Center for Lake Champlain, greeted its millionth visitor at 2:05 p.m., on May 18, 2009. Longtime ECHO Member Linda Sanderson was welcomed with a special celebration by ECHO staff members, where she received a free, lifetime ECHO Membership, a gift package from ECHO’s Eclectic Gift Shop, and a Behind-the-Scenes Tour with Executive Director Phelan Fretz.

B&G Foods, Inc. (BGS 10.70, +0.01, +0.09%) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.17 per share of Class A common stock. The dividend will be payable on July 30, 2010 to shareholders of record as of June 30, 2010. At the closing market price of the Class A common stock on May 18, 2010, the current dividend represents an annualized yield of 6.4%. This is the twenty-third consecutive quarterly dividend declared by the Board of Directors since B&G Foods' initial public offering in October 2004.
About B&G Foods, Inc.

Governor Jim Douglas today announced changes at the Department of Banking, Securities and Health Care Administration (BISHCA). Commissioner Paulette Thabault will be leaving state government to take a position with CVS Caremark MinuteClinic and Deputy Commissioner Mike Bertrand will be appointed Commissioner of the Department.
“I want to thank Paulette for her tremendous leadership at BISHCA and her dedicated service to the people of Vermont and congratulate her on her new position,” said Governor Douglas. “She will bring her clinical nursing expertise and experience helping to lead Vermont’s innovative health care reform efforts to the largest pharmacy health care provider in the country.”

Governor Jim Douglas today announced the “Enhancing Quality of Life” grant recipients. More than $160,000 will go toward measures that will improve the quality of life for residents in Vermont nursing facilities.
“These grants will enable our high quality nursing facilities to further enhance the nursing home residents’ everyday experiences” said Governor Douglas. “I am pleased that we will be able to help our elders live better, fuller lives.”
The grants are funded from penalties collected from nursing facilities across the state over the last decade for regulatory deficiencies. By law, these funds must be directed to improve resident life in Vermont nursing facilities.