Vermont Business Magazine News

National Life Group today announced its financial results for 2008, highlighted by overall sales growth of 53 percent. Mehran Assadi, president and chief executive officer, said that in 2008 annuity sales increased 41 percent, life sales were up 16 percent, and sales of mutual funds through Sentinel Investments jumped 115 percent. “These are exceptional results,” said Assadi. “This is a remarkable endorsement of the value of our products, the success of our strategy and the power of the National Life story.”

  Gifford Medical Center celebrated a ninth consecutive year of financial success and announced the winners of health grants and scholarships at the 103rd Annual Meeting of the Randolph hospital’s corporators Friday evening at Chandler.

The Brattleboro Development Credit Corporation (BDCC) announces the finalists for the 2009 Business Plan Competition. From the 36 submissions received last week, the selection committee chose seven in the Existing Business category and six in the New Business category.

Lane Press in South Burlington and Omya in Proctor are the latest Vermont firms to lay off workers. Each stated that the recession has slowed business resulting in a need to reduce payroll. Lane Press laid off 29 in March after laying off 10 in January. This leaves them with about 225 employees. In January, the printer also cut hours and reduced pay for most workers. The company prints high-end glossy magazines, such as college alumni magazines.

Gregory D Woodworth has been named senior vice president and general counsel of National Life Group.

Two of the nation’s leading solar power installers announced today that they have entered into an agreement for groSolar of White River Junction, Vt., to acquire the residential solar division of Borrego Solar Systems of El Cajon, Calif. Financial terms of the agreement were not disclosed. Borrego Solar residential division operates in California as well as Massachusetts.

Thank you, President Finney and Champlain College, for hosting us at this timely conference today.  We welcome this opportunity to offer Vermonters, Vermont businesses, and Vermont communities a chance to learn more about how they can take advantage of the recently passed federal economic recovery act.  And the more rapidly and effectively that Vermont puts these resources to work, the better we will be able to keep Vermonters working today, and the better we will be able to lay the groundwork for growing our economy for the jobs of tomorrow.   

Secretary of Administration Neale F. Lunderville today (March 6, 2009) released General Fund revenue results for the month of February, the eighth month of Fiscal Year 2009. General Fund revenues exceeded target for the month as compared to the consensus revenue target revised in mid-January. The General Fund revenues of $60.32 million for the month of February 2009 were +$2.91 million or +5.08% above the $57.41 million consensus revenue forecast for the month. Year-to-date, General Fund revenues of $735.23 million remain below the forecast by -$11.13 million or -1.49% for FY 2009.

At the request of President Barack Obama, Governor Jim Douglas will host one of five regional forums on health reform at the University of Vermont’s Davis Center on Tuesday, March 17.  Governor Douglas will be joined by Governor Deval Partrick (D-MA), officials from the Obama Administration and other guests to discuss health care reform.

FairPoint Communications, Inc. (NYSE: FRP) ("FairPoint" or the "Company"), a leading provider of communications services to communities across the country, has announced its financial results for the three and twelve months ended December 31, 2008. FairPoint completed its acquisition of Verizon Communication's wireline and related operations in Maine, New Hampshire and Vermont (the "Northern New England business") on March 31, 2008.

Speaker Shap Smith and Senate President Peter Shumlin today announced their legislative priorities for the remainder of the 2009 session.  Speaker Smith and Senator Shumlin made a commitment to passing at least seven pieces of legislation that will create good paying jobs for Vermonters, encourage the development of clean renewable energy, reduce the Governor’s proposed tax burden on businesses and grant equal marriage rights to all Vermonters. 

Founded in 1959 as Baden’s House of Trophies the company’s primary focus was on bowling trophies. The company expanded into commercial engraving as Vermont Industrial Engravers and finally settled on Vermont Trophy & Engraving in 1973, since becoming the largest recognition manufacturer in the region. The company’s motto is “Recognition is Respect Made Visible”

Governor Jim Douglas will announce tomorrow the award of a $746,000 Community Development Block Grant to the City of Winooski.  The ceremony will take place Friday, March 6, 2009 at 2:30 pm at Winooski City Hall, 27 West Allen Street, Winooski.

Almost $5.7 million was released to Vermont today for transit programs funded by the economic recovery bill, Senators Patrick Leahy and Bernie Sanders and Representative Peter Welch announced. The stimulus money for Vermont from the Federal Transit Administration was included in the bill that was designed to create some 8,000 jobs in Vermont to help jolt the economy out of recession.

Vermonters’ interest in the newly enacted economic stimulus bill is so high that registration requests for Friday’s workshops on the plan have quickly outstripped capacity.  Sen. Patrick Leahy (D-Vt.), who organized the sessions, says signup requests topped 700 just days after online registration opened last week.  Leahy Thursday announced that a second conference will be held late this month in Brattleboro to help accommodate Vermonters unable to attend Friday’s session, with details to be announced later. Leahy and Gov.

On Feb. 27, the gas savings program that has put more than $10 million back into the pockets of consumers throughout New England returns to participating Shaw’s Supermarkets, Dunkin’ Donuts locations and Irving Oil gas stations. Participating Shaw’s Supermarkets will once again be offering powerful gas savings to their customers, which can then be redeemed at Irving locations throughout Maine, New Hampshire, Massachusetts, and in select areas in Vermont and Rhode Island.

Katie Adams, who founded Cat Country Radio sixteen years ago, is now creating another Rutland based enterprise. Adams has taken a closed wood pallet mill in Clarendon, and, as she did with country music, is filling a void in the market. She’s starting the first wood pellet plant in Vermont.

State Treasurer Jeb Spaulding announced today that Vermont successfully sold $50.5 million in general obligation bonds. Demand was so high that once the selling period was open, the bonds virtually sold out in less than three hours.

Thirty-six candidates have submitted entries for the first round of the Fourth Annual Business Plan Competition offered by the Brattleboro Development Credit Corporation (BDCC). Sixteen are in the New Business category and 20 in the Existing Business category.

Week Ending February 28, 2009. There were 1,543 new regular benefit claims for Unemployment Insurance last week, an increase of 242 from the week before. Altogether 18,255 new and continuing claims were filed, 822 more than a week ago and 6,891 more than a year earlier. The Department also processed 2,804 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 957 more than a week ago. In addition, there were 898 Second Tier claims for benefits processed under the EUC08 program.

Dennise Casey, Governor Douglas’ deputy chief of staff, has assumed the responsibilities of spokesman for the governor. His former press secretary, Stephen Wark, has accepted a position with the Department of Public Service as Manager of Special Projects. Wark will assume a leadership role in shaping the department’s strategy to deploy the federal stimulus funds as well as the continuing development of the All Fuels Efficiency Program.

Governor Howard Dean -- a nationally recognized political figure, presidential candidate and six term Governor -- has agreed to serve as an independent consultant exclusive to the government affairs practice at McKenna Long & Aldridge LLP. Governor Dean will provide guidance to clients, particularly in the areas of healthcare and alternative energy resources.

Vermont Secretary of State Deb Markowitz, in partnership with the Vermont Business Magazine and the Vermont Chamber of Commerce, will present the 2009 Centennial Business Awards at the statehouse on Thursday, March 5, at 4:00 p.m.

Secretary of State Deb Markowitz announced today that the Redstone offices of the Vermont State Archives and Records Administration (VSARA) will be moving to the record center on Route 2 in Middlesex.  The move, which will occur during the week of March 9th, is part of an ongoing effort to consolidate and improve the services of VSARA.

US Rep. Peter Welch announced Tuesday a set of staff transitions geared toward supporting his work on the House Committee on Energy and Commerce, to which he was appointed in January.

Executive Vice President Thomas S. Leavitt announced that the Merchants Bank officially celebrated the opening of their new branch, located at 929 Shelburne Road in South Burlington on Friday, February 27. The branch has been open since Tuesday, January 20 of this year. Remarks by bank officials were delivered during a ribbon-cutting ceremony and visitors enjoyed refreshments and toured the new branch. The Bank also made a $500 donation to the Humane Society of Chittenden County.

CIVCO Medical Solutions and Ascension Technology Corporation, based in Burlington, have announced a new biopsy needle localization and guidance system for minimally invasive medical procedures.

Governor Jim Douglas has announced the creation of the Office of Economic Stimulus and Recovery (ESR) to coordinate the State’s use of federal funds authorized by the American Recovery and Reinvestment Act.   The Governor has tapped former Vermont Transportation Secretary and high tech entrepreneur Tom Evslin to head the Office as Chief Recovery Officer. The Office will be located in the Agency of Administration and report to Administration Secretary Neale Lunderville.

Berlin – Don George, a Barre native with more than 20 years experience in health care and health financing, has been named President and Chief Executive Officer of Blue Cross and Blue Shield of Vermont (BCBSVT) and its affiliate HMO, The Vermont Health Plan (TVHP). The appointment to lead BCBSVT, which has been named by US News and World Report as one of Americas Top 50 Health Plans is effective immediately.

Many banks have been hearing a common question from Vermont business owners over the past several months: “Are you still lending?” And the answer from many Vermont financial institutions is a resounding “Yes!”