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People's United acquires NY-based Gerstein Fisher

Tue, 07/26/2016 - 4:15am -- tim

Vermont Business Magazine People's United Bank, NA has announced that its subsidiary, People's Securities, Inc, has entered into a definitive agreement to acquire Gerstein Fisher, a $3 billion, New York City-based investment management firm serving individuals and families, institutions, and third-party platforms. The transaction is expected to bring People's United Wealth Management's total assets under administration to nearly $20 billion, of which approximately $8 billion is under discretionary management.

Berkshire Hills reports improved Q2 2016 results and declares dividend

Tue, 07/26/2016 - 4:04am -- tim

Vermont Business Magazine Berkshire Hills Bancorp, Inc (NYSE: BHLB), the parent of Berkshire Bank with branches in southwestern Vermont, has reported second quarter GAAP earnings of $0.52 per share in 2016 compared to $0.35 in 2015. Core earnings increased to $0.54 per share from $0.51 for these respective periods. Results increased due to expanded operations and improved profitability. Core EPS is a non-GAAP financial measure and is adjusted to exclude net non-core charges primarily related to acquisitions and restructuring activities. GAAP results last year included higher noncore charges related to the Hampden Bancorp acquisition.

Bernie Sanders' speech and video at the Democratic National Convention

Tue, 07/26/2016 - 1:09am -- tim

Vermont Business Magazine US Senator Bernie Sanders (I-Vermont) took to the podium at the Democratic National Convention Monday night in Philadelphia. He followed Michelle Obama and Elizabeth Warren. He was introduced by Representative Keith Ellison of Minnesota and was led on stage by his Simon & Garfunkel "America" TV ad from last winter. Paul Simon performed "Bridge over Troubled Water" earlier in the evening. Sanders' speech begins at about the 3:20 mark of the video below and lasted 32 minutes.

Manchester Journal endorses Phil Scott for governor

Mon, 07/25/2016 - 10:12pm -- tim

Vermont Business Magazine Monday, the Manchester Journal endorsed Phil Scott in the Republican primary. "We like Mr. Scott for his focus on the economy and concern for its 'affordability' for the average Vermonter. Vermont's got a lot going for it, but one thing it doesn't have at present is an economy stuffed with good-paying jobs that makes living here an easily affordable project," the Journal said.  

Northern Power Systems restates 2015 financial results

Mon, 07/25/2016 - 7:55pm -- tim

Vermont Business Magazine Northern Power Systems Corp (TSX: NPS), a Barre-based developer and manufacturer of wind turbines, today announced financial results for its fourth quarter and year ended December 31, 2015 on Form 10-K, which comprehensively completes its non-cash restatement of previously issued financial statements which, as the company announced on May 24, 2016, should no longer be relied upon. Northern Power restated its report based on the timing of revenues for foreign sales. It plans to issue first and second quarter 2016 results in August, which it states below will be below prior quarter sales. Revenues for 2015 were $54 million, which were the same as 2014. Net loss in 2015 was $7.8 million compared to a net loss of $8.8 million in 2014. Northern Power is known for its off-grid and remote-location wind generation stations. 

PAI: More are working, but help is short for the jobless

Mon, 07/25/2016 - 9:37am -- tim

by Public Assets Institute The good news: In May Vermont employers created 900 more jobs than were first reported. According to revised figures released this month, there were 317,300 non-farm payroll jobs in May — up about 100 over April. The bad news? Jobs were down in June by about 1,400. Still, preliminary data show nearly 4,000 more jobs this June than in the same month in 2015.

GMP makes progress on power outages, new storm coming

Mon, 07/25/2016 - 9:22am -- tim

Vermont Business Magazine Green Mountain Power reported on its Facebook page early Monday that the number of power outages due to Saturday's storm was down to 1,800. Crews are focused on the Royalton area. GMP said in the post that it expects to get power back to all customers today. However, GMP noted that another thunderstorm is expected to hit Vermont later on Monday, which could cause further outages. GMP crews continue to work around the clock, restoring power to 32,400 customers since a wave of powerful thunderstorms swept across Vermont Saturday afternoon.

People's United reports Q2 2016 net income up to $0.23 per share

Mon, 07/25/2016 - 9:11am -- tim

Vermont Business Magazine People's United Financial, Inc (NASDAQ: PBCT) has reported net income of $68.5 million, or $0.23 per share, for the second quarter of 2016, compared to $61.7 million, or $0.20 per share, for the second quarter of 2015, and $62.9 million, or $0.21 per share, for the first quarter of 2016. The Company's Board of Directors declared a $0.17 per share quarterly dividend, payable August 15, 2016 to shareholders of record on August 1, 2016.  Based on the closing stock price on July 20, 2016, the dividend yield on People's United Financial common stock is

REDC announces Rutland Road Pitch entrepreneurs for August 1

Mon, 07/25/2016 - 9:03am -- tim

Vermont Business Magazine Rutland Economic Development Corp. (REDC) has announced the names of three Rutland-area entrepreneurs who will pitch their business ideas to investors on August 1, 2016. Ana DiTursi will pitch an expansion of her specialty food business, Ana’s Empanadas. Rollin Rochele will pitch a new fitness product called Clustas. Jake Grinbergs, a Castleton University student, will pitch SPAERAGAMES, an online fitness business. The pitch event is scheduled for 4-6 p.m. in the Fox Room at the Rutland Free Library.

Roper: Potential tax increases coming after the election

Mon, 07/25/2016 - 8:52am -- tim

by Rob Roper Before Peter Shumlin became governor, he famously said that there was no more tax capacity left in Vermont. We were ‘tapped out.” Since then, Shumlin and majorities in the legislature have passed hundreds of millions of dollars worth of new taxes and fees. Despite this, the state still deals with a consistent structural budget deficit and revenue shortfalls.

Smith: Trump’s missed opportunity

Mon, 07/25/2016 - 4:37am -- tim

by Mike Smith If a Republican wants to be elected president of the United States, uniting the Republican Party — which ranges from New England moderates to Southern conservatives — is an essential step. But apparently Donald Trump’s campaign doesn’t agree that party unification is a prime objective. Instead, the campaign went out of its way, almost from the outset of the Republican National Convention this week, to alienate those who could help them win the presidency. 

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