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Vermont Business Magazine The Saint Michael's College Board of Trustees announced today that Richard Plumb, Ph.D., will become the 18th president of the College. He will begin his new role in January 2024.  Dr. Plumb brings extensive institutional leadership experience, having most recently served as president of Saint Mary's College in California. Prior to that, Dr. Plumb served seven years as executive vice president and provost at the University of St. Thomas in Minnesota and nine years as dean of the Seaver College of Science and Engineering at Loyola Marymount University. A first-generation college student, Dr. Plumb holds a bachelor's degree, master's degree and Ph.D. in Electrical Engineering from Syracuse University.  

Vermont Business Magazine Ledyard Financial Group, Inc (ticker symbol LFGP), the holding company for Ledyard National Bank, has announced financial results for Q3 2023 and declared a regular quarterly dividend. “The improvement in net income over Q2 was rooted in strong credit performance, with negative provision expense resulting from a more favorable economic outlook and net recoveries resulting from diligent credit management practices. Net interest margin narrowed, though at a slower pace than in previous quarters. With both loans and deposits growing the balance sheet remains solid and our quarterly dividend is unchanged,” said Peter Sprudzs, CFO.

Vermont State Police An autopsy on the victim found deceased Friday in Plainfield was completed Sunday, Oct. 29, 2023, at the Chief Medical Examiner’s Office in Burlington. The medical examiner was able to positively identify the victim as Jeffrey Caron, 42, of Barre. The cause of his death was determined to be a gunshot wound, and the manner of death is a homicide. Investigation to this point by the Vermont State Police indicates this was a targeted, isolated incident, and there is no danger to the public. 

Vermont Business Magazine Average gasoline prices in Vermont are down 3.8 cents per gallon to $3.60/g. The lowest price in the state yesterday was $3.24/g while the highest was $3.79/g, a difference of 55 cents per gallon. The national average price of gasoline has fallen 5.3 cents per gallon in the last week, averaging $3.45/g today. The national average is down 36.3 cents per gallon from a month ago and stands 27.4 cents per gallon lower than a year ago.

Vermont Business Magazine The Citizens Business Conditions Index (CBCI) fell in Vermont, below both the regional and national levels. Vermont had been at or above the comparable levels the last three years. Citizens Bank has branches in Vermont. Meanwhile, across the region a strong labor market and resilient consumer trends supported a slight improvement in economic conditions during the third quarter as inflation showed some signs of abating, according to the national CBCI, released today. After falling below 50 in the second quarter, the index rose to 50.7 in the third quarter, signaling a return to modest growth. The regional index rose four points to 52.7, while the Vermont index fell nearly seven points to 47.8.

Vermont Agency of Agriculture Food & Markets The Maple Agriculture Development Grant aims to develop, grow and sustain maple businesses throughout Vermont. High priority projects include improvements relating to climate resilience, operational efficiency, and food safety and quality. Project awards will range from $15,000 to $100,000 with no match requirement; a total of $543,750 is available to award. These funds are a result of a report from the Governor’s Commission on the Future of Vermont Agriculture, identifying maple, meat, and produce as Vermont agricultural sectors with critical funding needs. 

Vermont State Police On the above date and time, the Vermont State Police received a report of a two-vehicle crash involving a motorcycle v. passenger car in the area of Cemetery Hill Rd and US RT 2. Both the operator and passenger of the motorcycle were flown to UVM Medical in Burlington and Dartmouth Hitchcock Medical Center for life threatening injuries. David Garneau of Worcester was issued a citation to appear in the Washington County Superior Court - Criminal Division to answer to the charge of Negligent Operation and DUI - Drug. The passenger of vehicle 2 (Motorcycle), Annette Cleroux of Ontario died from her injuries on October 27th.  

Vermont Center for Emerging Technologies In early August, the ad tech service was named to the Inc. 5,000 list of fastest-growing private businesses in the country. Co-founder and CEO Mike Lane, who also serves on VCET’s board, says the award is recognition for years of hard work. Fluency was co-founded by Lane, the former co-founder/COO of Dealer.com, in November 2017. After he sold the latter in 2014, Lane took a few years off – remodeling a bathroom and building a cabin – before itching to start something new. Lane co-founded Fluency with three partners, all former co-workers at Dealer.com. The group was eager to start something together but didn’t know what at first. 

Vermont Business Magazine VOBA Fifth Annual Outdoor Economy Summit will be held November 2. Join this networking event with 125 Vermont outdoor businesses, organizations, service providers, and policymakers to envision our future outdoor economy. Hear remarks from State Treasurer Mike Pieciak on November 2. Learn how outdoor recreation is viewed alongside climate and energy as notable sectors in boosting labor force participation and economic growth as well as why tourism and manufacturing are resilient industries.

Vermont Business Magazine During its October Board Meeting, the VCIA Board, based on feedback received, voted to approve changes to the 2024 Annual VCIA Conference. Please note, the conference will occur on the same week, August 12-15, as it had previously been listed, but the following structural changes have been made to enhance America’s largest captive conference. 

Vermont Agency of Transportation This weekly report is a list of planned construction activities that will have traffic impacts on state highways and interstates throughout Vermont for the week of October 30. Please remember to drive safely in all work zones. Lives depend on it.

by Matthew Durkee, New England President, Community Bank In all my years of banking, I never thought I would be writing about home buyers deciding between making a cash offer, or using a mortgage to purchase a home. However, in April 2023, a third of all US home purchases were made entirely in cash. The share of homes bought with cash remains elevated, above pre-pandemic levels, due in part to the current mortgage rate landscape. Elevated mortgage rates are deterring homebuyers who utilize a mortgage more than deterring all-cash buyers, causing the percentage of cash purchases to rise.