Current News

SOUTH BURLINGTON, VT-Merchants Bancshares, Inc. (NASDAQ: MBVT), the parent company of Merchants Bank, announced today that its Board of Directors declared a dividend of 28 cents per share, payable February 19, 2009, to shareholders of record as of February 5, 2009. Merchants plans to release earnings on or about January 28, 2009.

Thursday, January 22, 2009. Mr. President, Mr. Speaker, legislators, guests, my fellow Vermonters: "The legitimate object of Government," Abraham Lincoln once wrote, is "to do for the people what needs to be done, but which they can not, by individual effort, do at all, or do so well, for themselves."
The task of crafting a responsible budget is one of our most important duties in any season. But with our nation mired in recession and state government facing steep declines in revenues, building a budget that honors Vermont's long held traditions of fiscal restraint, neighborly compassion and forward looking resolve is absolutely essential. Indeed, a focus on what must be done - on that which Vermonters cannot do at all or so well for themselves - must guide us in these most difficult times.

RUTLAND, VT--(Marketwire - January 22, 2009) - Central Vermont Public Service (NYSE: CV) has lowered its earnings estimate for 2008 from a range of $1.50 to $1.60 per share to a range of $1.28 to $1.38 per share. The revised range reflects the unanticipated, record-breaking service restoration efforts related to the ice storm that hit the New England region in mid December. The company is consulting with its regulators regarding its ability to defer a portion of the extraordinary costs under its Alternative Regulation plan. If those costs are deferred for future recovery, 2008 earnings could rise to a range of $1.45 to $1.55 per share. The company cannot predict the outcome of this matter at this time.

Morrisville, VT January 21, 2009 - Union Bankshares, Inc. (NASDAQ - UNB) today announced net Income for the fourth quarter of 2008 was $1.34 million or $.30 per share compared to $1.51 million or $.34 per share for 2007. Net income for the year ended December 31, 2008 was $5.11 million or $1.14 per share compared to $5.66 million or $1.25 per share for the same period in 2007. Results for 2008 reflect a year to year decrease in net interest income of $501 thousand or 2.8%. The loan portfolio grew $35.1 million or 11% which caused an increase of $70 thousand in the loan loss provision. There was a writedown of $512 thousand in the third quarter on two available-for-sale investments in corporate bonds due to impairment in value. And, there was an increase in other expenses partially offset by an increase in trust and fee income, an increase in tax exempt income from life insurance and a reduction in the provision for federal income taxes.

January 22, 2009. Secretary of State Deb Markowitz announced today that the number of new businesses registered with the Secretary of State's Corporations Division during the year 2008 have decreased considerably. As of January 1, 2009, there were registered in Vermont 15,495 Vermont corporations, 8,704 foreign corporations (out-of-state companies doing business in Vermont), 38,290 trade names (sole proprietorships), and 17,345 limited liability companies. Of these, 8,631 were newly formed in 2008. This is significantly less than the 9,452 new businesses that registered in 2007.

National Life Insurance Company, a member of National Life Group, recently launched Investor Select, a new variable universal life product. With more riders and new funds, this VUL product offers more flexibility and individual policy customization to meet a wide variety of personal and business insurance needs.
Investor Select, a market sensitive, variable universal life contract, provides flexibility of death benefit and premiums combined with tax-deferred growth of cash values tied to the market performance of the sub-accounts. The new riders, Other Insured Rider, Balance Sheet Benefit Rider, and Waiver of Specified Premium, round out the comprehensive suite of riders offered with National Life products, including the no additional cost accelerated benefit riders in case of a chronic or terminal illness.

Westminster, VT - In a partnership between two Vermont companies that know a thing or two about electricity, Green Mountain Power (GMP) and groSolar have teamed up to construct one of the state's largest solar power systems.
groSolar recently completed construction of a 58-kilowatt solar power system at GMP's Westminster, VT service center. The 300 ground-mounted photovoltaic panels will provide electricity to a facility whose 2008 "green" remodeling already made it among the most environmentally friendly structures in all of Vermont. The installation is designed to supply two-thirds of the annual electricity consumption of the building. The building includes many energy efficient features such as lighting control timers and occupancy sensors, low flow water fixtures, Energy Star windows, and a specially designed heat reflecting roof.

Vanasse Hangen Brustlin, Inc. (VHB) is assisting the Vermont Association of Snow Travelers, Inc. (VAST) with the proposed conversion of a 93-mile former rail corridor to a multi-use trail called the Lamoille Valley Rail Trail (LVRT).
Spanning the State of Vermont west to east from Swanton to St. Johnsbury, the LVRT would pass through 17 communities in Franklin, Lamoille, and Caledonia Counties. VAST envisions trail use to range from snowshoeing, snowmobiling, dog sledding, and cross-country skiing in the winter to hiking, running, biking, and equestrian use in the summer. Today there are many obstacles, such as washouts and missing bridges, that inhibit travel over long stretches of the rail corridor. The goal is to eliminate the obstacles and provide a uniform, compacted granular surface that will support the intended uses from end to end.

The National Certification Board for Diabetes Educators (NCBDE) announced that Connie Lanphear, RN achieved Certified Diabetes Educator (CDE®) status by successfully completing the Certification Examination for Diabetes Educators. Connie is a member of the Outpatient Health Education Department at Central Vermont Medical Center and a resident of Williamstown. Registered Dieticians Illene Siegel and Sylvia Gaboriault complete the team of certified diabetes educators at CVMC.
Candidates must meet rigorous eligibility requirements to be able to take the Examination. Achieving certification status demonstrates to people with diabetes that the health care professional possesses distinct and specialized knowledge, thereby promoting quality of care for people with diabetes.

The Magic Hat Brewing Company & Performing Arts Center has announced sales results for the 2008 calendar year, and the numbers show that the brewer continues to perform well despite a shaky American economy and the rising prices in production costs.
Magic Hat enjoyed a 26% growth in sales in 2008, with December sales up 40% from the previous year. Debuts in several new territories, including Chicago, Milwaukee and Atlanta, as well as continued double-digit sales growth in mature markets, helped Magic Hat's flagship beer, #9, enjoy a 14th consecutive year of double-digit growth. Sales for the not quite pale ale were up 33% in 2008.

Vermont Organic Fiber Company (VTOF), the nation's leading manufacturer of fabrics, blankets, and hand knitting yarn made with certified organic wool, has hired veteran outdoor industry entrepreneur Edward ("Ed") Kiniry as CEO December 1, 2008. Kiniry will be responsible for driving the growth of the company's popular O-Wool® brand of products made with wool grown and certified to the U.S. Department of Agriculture's organic standard. Formerly, he was president of Winterquest, LLC, the parent company of Tubbs and Atlas snowshoes, selling the company to K2 Inc. in 2003. Kiniry is credited with the re-invention of snowshoeing as a $100 million worldwide market.
Matthew Mole will continue as VTOF founder and president, responsible for materials sourcing and developing new products.
Kiniry, an avid outdoorsman and long-time fan of wool, was attracted to VTOF's commitment to providing high quality organic wool products as well as the company's sustainability mission.

Lt. Governor Brian Dubie is among a group of 24 elected public officials convening for the first time today in Aspen, Colorado as 2008's recipients of The Aspen Institute's Rodel Fellowships in Public Leadership. The opening session runs through this weekend.
According to the Institute, participants are "selected on their reputation for intellect, thoughtfulness, and a bipartisan approach to governing." The class is evenly divided between Republican and Democratic office-holders who serve in state and local government, and this year represent 22 states.