Vermonter participates in ISO corporate responsibility conference in Brazil

first_imgBURLINGTON, Vt.–Carolyn Schmidt of Whiting is participating this month in an international conference on corporate responsibility which will take her to Salvador, Brazil. Schmidt is a member of the staff and board of directors of ECOLOGIA, a nonprofit environmental organization based in Middlebury, and an adjunct professor at Champlain College in Burlington.From March 7-11, she will meet with representatives from around the globe to create the first draft of a social responsibility standard for the ISO (International Organization of Standards).The task is to set a framework for the 21st century for how well treat people and the environment, Schmidt said. Whatever the ISO does, it will probably become the global standard.The conference will address two main categories: social responsibility of business, including the treatment of workers around the world, and environmental responsibility, including pollution and sustainable development.The ISO is accepting the concept that corporations are supported by and dependent on people and the environment, Schmidt said. Its a big step forward. I think its an exciting process to be a part of.Schmidt is the board secretary for ECOLOGIA as well as the US project manager for the organizations Virtual Foundation and project director for International Exchange Programs. She is also a member of Vermont Businesses for Social Responsibility, which she describes as a tremendous resource for information.A former high school social studies teacher, Schmidt now teaches sociology and interpersonal communication courses at Champlain College. She anticipates that this international experience will provide additional real-world examples to share with her students. Sociology teaches you a different conceptual framework for assessing a situation–its a way of thinking flexibly, she said. She added that strong communications skills will be important at the conference, where she expects to employ the Vermont approach to finding a common ground. ISO is a consensus-based process, she explained.Drafting the corporate responsibility standard for ISO is expected to take three years. Teams from Sweden and Brazil are taking the lead in the project and significant efforts have been made to involve developing countries, which are home to 80 percent of the worlds population, Schmidt said.# # #last_img read more

Does Your Organization Need More Innovative Thinkers?

first_imgFor Immediate ReleaseContact: Bruce Seifer, Assistant Director for Economic Development, 865-7179Does Your Organization Need More Innovative Thinkers?Burlingtons Community and Economic Development Office is sponsoring a free workshop hosted by Forward Leap Consulting.Five Ways to Unleash the Creative Potential Within Your OrganizationWhen: Friday, November 9, 20077:30AM-9:30AMWhere: City Hall, conference room 12Coffee and refreshments servedThis interactive workshop will allow participants to discuss and generate solutions to innovative issues. A recent survey found 89% of responding employees felt that innovation was among their top five work priorities, 44% of those same respondents gave their organizations a low rating in how well the innovation process was understood.In this workshop you will learn:-The difference between innovation and creativity-Easy-to-implement ideas that will ignite creativity within your organization-Teamwork skills vital for collaborative innovationThis interactive workshop will also allow participants to discuss and generate solutions to innovation issues. Be prepared to use your creativity and take some great ideas back to your workplace.Register today at (802) 324-8326 or by e-mail at leslie@forwardleapconsulting.com(link sends e-mail) “I’m pleased that the City’s CEDO department and Forward Leap Consulting is helping to support businesses and other organizations with this workshop,” said Burlington Mayor Bob Kiss. “In a competitive business environment, innovation and creativity are essential. We need to encourage new ideas wherever we can find them.”CEDO offers comprehensive business assistance through partner workshops and other programs such as energy efficiency, Renewal Community tax credits, commercial space finder, business planning, technical assistance and our business loan program. Call CEDO today for more information or to set up an appointment to start your business.last_img read more

National Life CEO MacLeay Announces Retirement

first_imgNational Life Group CEO Announces RetirementMontpelier, Vermont (June 10, 2008) – Thomas H. MacLeay announced today that he will retire by year’s end as President and Chief Executive Officer of National Life Group(r). MacLeay will remain as Chairman of the Board of the financial services company.”National Life is strong,” said MacLeay, 58. “This is an excellent time to make the transition to new leadership.”MacLeay, a Vermont native who has worked at National Life for 32 years, has served as President of the company for a total of 11 years and CEO and Chairman for the past six years.”I have accomplished what I set out to do six years ago, which was to strengthen the company’s financial foundation, diversify and grow its businesses, and build an executive team superbly qualified to continue to move the organization forward,” said MacLeay.National Life Group(r), a Fortune 1000 company, serves more than 700,000 customers. With 2007 revenue of $1.4 billion and net income of $109 million, the companies of National Life Group(r) have roughly 900 employees, with most located at the Group’s home office in Montpelier, Vermont. Group companies also maintain offices in Dallas, New York, San Francisco, Boston and Philadelphia.National Life Group(r) (NLGroup) includes its flagship company, National Life Insurance Company, founded in Montpelier in 1848. Also in NLGroup are Life Insurance Company of the Southwest in Dallas, Texas, and Sentinel Investments, Equity Services, Inc. and National Retirement Plan Advisors, all located in Montpelier.David Coates, lead independent director on the National Life Group(r) Board of Directors, said MacLeay has revitalized the company. “The right person in the right place at the right time can change everything – and for National Life, Tom MacLeay has been that person.””When the Board named Tom as CEO, I said no one was better suited, better prepared or better able to fill the leadership post. Time has proven me right. By every measure National Life is stronger and more vibrant today than it was before Tom took over,” said Coates.During MacLeay’s tenure as chief executive officer, National Life Group(r) has experienced exceptional growth by every possible measure. NLGroup’s assets under management jumped from $13 billion in 2002 to $20 billion this year; net income has broken the $100 million mark each of the last two years, and statutory capitalization has been growing at an annual rate of 15 percent since 2002.”Most importantly, Tom has worked to grow and diversify the businesses so that today the company has an excellent and healthy balance of business, with about a third of its assets under management from life insurance, a third from annuities and roughly 25 percent from Sentinel Investments, our asset management company,” said Coates.MacLeay also has been responsible for enhancing National Life Group’s(r) commitment to the environment and its reputation as a socially responsible corporate citizen. Under his leadership the company formed a major charitable foundation and embarked upon an ambitious, multi-faceted project to turn its Montpelier headquarters into a green campus. MacLeay just announced the company will soon begin installing on its roof the largest solar electricity project in the state. National Life Group(r) is on schedule to win coveted LEED (Leadership in Energy and Environmental Design) certification this year for its Montpelier headquarters.Coates said he and the other members of the Board are pleased MacLeay will remain as Chairman of the Board, “and that we will still have the benefit of his leadership and vision.”According to Coates, the Board has been focused on leadership development and succession planning for some time in anticipation of MacLeay’s retirement. The Board has already begun a process to select a successor.MacLeay joined National Life in 1976 as a security analyst, rapidly advancing through the management ranks and serving in pivotal positions at critical times in the company’s growth and expansion. He became President and Chief Operating Officer in 1996; in 2002 he was named Chief Executive Officer and Chairman of the Board.MacLeay said he is looking forward to continuing a role with the company as Chairman of the Board, and is also eager to have time for other endeavors. “Charlotte and I are looking forward to spending more time with our children and grandchildren and hope to do some extended travel,” he said. “We are both active with several organizations, have deep roots in the local community and have no plans to change our primary residence.”MacLeay is Chairman of the Board of Sentinel Group Funds, Inc., and currently serves on the Board of Directors of Chittenden Trust Company and the Central Vermont Economic Development Corporation. He is a Trustee and Chairman of the Finance Committee of the Air Force Aid Society.The MacLeays live in Montpelier. They have two grown children, David MacLeay and Kate MacLeay Crespo, and two grandchildren.###About National Life Group(r)National Life Group(r) is a diversified family of financial service companies that has successfully forged a strong identity as a product innovator. Companies in the group offer a comprehensive portfolio of life insurance, annuity and investment products to help individuals, families and businesses pursue their financial goals.National Life, a Fortune 1000 company, serves more than 700,000 customers. With 2007 revenue of $1.4 billion and net income of $109 million, members of National Life Group(r) employ roughly 900 employees, with most located at its home office in Montpelier, VT. Group companies also maintain offices in Dallas, New York, San Francisco, Boston and Philadelphia.The Group is made up of its flagship company, National Life Insurance Company, founded in Montpelier, Vermont in 1848; Life Insurance Company of the Southwest, Dallas, Texas, and Sentinel Investments, Equity Services, Inc. and National Retirement Plan Advisors, all located in Montpelier.National Life Group(r) is a trade name of National Life Insurance Company and its affiliates. National Life Insurance Company’s variable insurance products are distributed by Equity Services, Inc., Member FINRA and SIPC. Sentinel Funds are distributed by Sentinel Financial Services Company, Member FINRA/SIPC. Life Insurance Company of the Southwest offers fixed insurance products in all states except New York. All companies referenced are affiliates of National Life Group(r). Each company of the National Life Group(r) is solely responsible for its own financial condition and contractual obligations.last_img read more

Chittenden Bank parent People’s United Financial Reports Third Quarter Earnings

first_imgPeople’s United Financial Reports Third Quarter Earnings of $46 Million or $0.14 Per Share.greyBox { padding:20px 0px 20px 20px; background-color:#cfcfcf;}.boxText { font-size:11px; font-weight:bold;}.boxTextHeading { font-size:13px; font-weight:bold;}#auto { display:block;}#banking { display:none;}#energy { display:none;}#entertainment { display:none;}#government { display:none;}#health { display:none;}#heavyindustry { display:none;}#investors { display:none;}#international { display:none;}#multicultural { display:none;}#retail { display:none;}#sports { display:none;}#technology { display:none;}#technology { display:none;}#travel { display:none;}#trade { display:none;}#businessservices { display:none;}#publicissues { display:none;}#prndirect { display:none;}#prtoolkit { display:none;} .bottomBlueBox { border-bottom: solid 1px #B7C5DD; background-color: #f3f6fa;}.topBlueBox { border-top: solid 1px #B7C5DD; background-color: #f3f6fa;}.leftBlueBox { border-left: solid 1px #B7C5DD; background-color: #f3f6fa;}.rightBlueBox { border-right: solid 1px #B7C5DD; background-color: #f3f6fa;}.bottomBlueBox { border-bottom: solid 1px #B7C5DD; background-color: #f3f6fa;}.blueText { font-size:10px; color:#336699;}–>// Get the year for the footervar today = new Date();var thisYear = today.getFullYear();function getLinkName(iconName) { return iconName + ‘- ‘ + document.getElementById(‘headline’).innerHTML;}var images_on = new Array();images_on[0] = new Image(41,21);images_on[0].src = “/news/images/menu/1home_on.gif”;images_on[1] = new Image(81,21);images_on[1].src = “/news/images/menu/1uplo_on.gif”;images_on[2] = new Image(81,21);images_on[2].src = “/news/images/menu/1toda_on.gif”;images_on[3] = new Image(67,21);images_on[3].src = “/news/images/menu/1mult_on.gif”;images_on[4] = new Image(106,21);images_on[4].src = “/news/images/menu/1indu_on.gif”;images_on[5] = new Image(77,21);images_on[5].src = “/news/images/menu/1inte_on.gif”;images_on[6] = new Image(78,21);images_on[6].src = “/news/images/menu/1ours_on.gif”;images_on[7] = new Image(83,21);images_on[7].src = “/news/images/menu/1inve_on.gif”;images_on[8] = new Image(60,21);images_on[8].src = “/news/images/menu/1abou_on.gif”;images_on[9] = new Image(67,21);images_on[9].src = “/news/images/menu/1cont_on.gif”;images_on[10] = new Image(77,13);images_on[10].src = “../images/2aind_on.gif”;images_on[11] = new Image(34,21);images_on[11].src = “/news/images/menu/1rssf_on.gif”;var images_off = new Array();images_off[0] = new Image(41,21);images_off[0].src = “/news/images/menu/1home_off.gif”;images_off[1] = new Image(81,21);images_off[1].src = “/news/images/menu/1uplo_off.gif”;images_off[2] = new Image(81,21);images_off[2].src = “/news/images/menu/1toda_off.gif”;images_off[3] = new Image(67,21);images_off[3].src = “/news/images/menu/1mult_off.gif”;images_off[4] = new Image(106,21);images_off[4].src = “/news/images/menu/1indu_off.gif”;images_off[5] = new Image(77,21);images_off[5].src = “/news/images/menu/1inte_off.gif”;images_off[6] = new Image(78,21);images_off[6].src = “/news/images/menu/1ours_off.gif”;images_off[7] = new Image(83,21);images_off[7].src = “/news/images/menu/1inve_off.gif”;images_off[8] = new Image(60,21);images_off[8].src = “/news/images/menu/1abou_off.gif”;images_off[9] = new Image(67,21);images_off[9].src = “/news/images/menu/1cont_off.gif”;images_off[10] = new Image(77,13);images_off[10].src = “../images/2aind_off.gif”;images_off[11] = new Image(34,21);images_off[11].src = “/news/images/menu/1rssf_off.gif”;function imgOff(id, idx){ var getimage = document.getElementById(id); getimage.src = images_off[idx].src;}function imgOn(id, idx){ var getimage = document.getElementById(id); getimage.src = images_on[idx].src;} var currentView = “auto”; function showRow(row) { hideRow(currentView); var theRow = document.getElementById(row); theRow.style.display = “block”; currentView = row; } function hideRow(row) { var theRow = document.getElementById(row); theRow.style.display = “none”; } function disp(feedId) { divFeed = document.getElementById(feedId); if(divFeed) { if(divFeed.style.display == ‘none’) { divFeed.style.display = ‘inline’; } else { divFeed.style.display = ‘none’; } } if(feedId==’n1′) { document.getElementById(‘n2’).style.display = ‘none’; } else { document.getElementById(‘n1’).style.display = ‘none’; } }       People’s United Financial Reports Third Quarter Earnings of $46 Million or $0.14 Per Share Quarter Characterized by Strong Capital Position and Solid AssetQuality BRIDGEPORT, Conn., Oct. 16 /PRNewswire-FirstCall/ — People’s UnitedFinancial, Inc. (Nasdaq: PBCT) has announced net income of $46.0 million,or $0.14 per share, for the third quarter of 2008, compared to $43.0million, or $0.13 per share, for the second quarter of 2008 and $57.6million, or $0.20 per share, for the third quarter of 2007. Earnings forthe second and third quarters of 2008 reflect continued low levels of netloan charge-offs and further benefit from previously announcedcost-reduction initiatives. People’s United Financial completed its acquisition of ChittendenCorporation on January 1, 2008. Accordingly, People’s United Financial’sthird quarter 2007 results do not include the results of ChittendenCorporation and are not directly comparable to the current quarter’searnings. For the third quarter of 2008, return on average tangible assets was0.99 percent and return on average tangible stockholders’ equity was 5.0percent, compared to 0.91 percent and 4.7 percent, respectively, for thesecond quarter of 2008. The Board of Directors of People’s United Financial declared a $0.15per share quarterly dividend, payable November 15, 2008 to shareholders ofrecord on November 1, 2008. Based on the closing stock price on October 15,2008, the dividend yield on People’s United Financial common stock is 3.9percent. President and Chief Executive Officer, Philip R. Sherringham stated,”Our strength and stability have clearly differentiated our bank in thewake of the current economic and financial sector turmoil. Our performancethis quarter continues to be a reflection of our fortress balance sheet andcontinued strong asset quality, and was further bolstered by an improvementin the net interest margin.” Sherringham added, “We continue to generate healthy loan growth acrossour core lending businesses. Our average commercial banking and home equityloan portfolios increased $146 million, or 6 percent annualized, from thesecond quarter of 2008.” Sherringham concluded, “We remain firmly committed to our goal ofenhancing our premier regional banking franchise. While our strategic focusremains on growth through acquisitions, we continue to invest in ourcommercial, retail banking and wealth management businesses throughout NewEngland. Our balance sheet continues to be funded almost entirely bydeposits and stockholders’ equity. Given the many challenges of today’senvironment, the strength of our capital and liquidity positions, assetquality and earnings set us apart from most in the industry.” “Key drivers of the company’s performance this quarter were an increasein the net interest margin, expense control and ongoing strong assetquality,” said Paul D. Burner, Senior Executive Vice President and ChiefFinancial Officer. “The 15 basis point improvement in the net interestmargin from the second quarter of 2008 reflects the benefits fromdisciplined loan and deposit pricing. Non-interest expense decreasedslightly from the second quarter of 2008, primarily reflecting thecontinued benefit from cost-savings initiatives announced earlier thisyear.” At September 30, 2008, non-performing assets totaled $91.4 million, a$5.0 million increase from June 30, 2008. Non-performing assets equaled0.64 percent of total loans, REO and repossessed assets, compared to 0.60percent at June 30, 2008. The allowance for loan losses as a percentage oftotal loans increased to 1.08 percent at September 30, 2008 compared to1.06 percent at June 30, 2008. Third quarter net loan charge-offs totaled $4.0 million compared to$2.4 million in the second quarter of 2008. Net loan charge-offs as apercent of average loans on an annualized basis were 0.11 percent in thethird quarter of 2008 compared to 0.07 percent in this year’s secondquarter. The provision for loan losses this quarter reflects a $2.8 millionincrease in the allowance for loan losses to $154.5 million at September30, 2008. Commenting on asset quality, Burner stated, “While we expect the levelof non-performing assets to fluctuate in response to changing economic andmarket conditions, we remain comfortable with the current levels and do notsee any pervasive weakness in any sector of the loan portfolio. The ratioof non-performing loans to total loans was stable at 0.59 percent atSeptember 30, 2008 and net loan charge-offs remain extremely low. We feelthat the loan portfolio continues to benefit from our stringentunderwriting standards.” Conference Call On October 17, 2008, at 11 a.m., Eastern Time, People’s UnitedFinancial will host a conference call to discuss this earningsannouncement. The call may be heard through http://www.peoples.com(link is external) by selecting”Investor Relations” in the “About People’s” section on the home page, andthen selecting “Conference Calls” in the “News and Events” section.Additional materials relating to the call may also be accessed at People’sUnited Bank’s web site. The call will be archived on the web site andavailable for approximately 90 days. Fourth Quarter Earnings Release People’s United Financial expects to release its fourth quarter andfull year 2008 earnings on January 22, 2009. Selected Financial Terms In addition to evaluating People’s United Financial’s results ofoperations in accordance with generally accepted accounting principles(“GAAP”), management routinely supplements this evaluation with an analysisof certain non-GAAP financial measures, such as the efficiency ratio.Management believes this non-GAAP financial measure provides informationuseful to investors in understanding People’s United Financial’s underlyingoperating performance and trends, and facilitates comparisons with theperformance of other banks and thrifts. The efficiency ratio, which represents an approximate measure of thecost required by People’s United Financial to generate a dollar of revenue,is the ratio of total non-interest expense (excluding goodwill impairmentcharges, amortization of acquisition-related intangibles and fair valueadjustments, losses on real estate assets and nonrecurring expenses) to netinterest income on a fully taxable equivalent basis (excluding fair valueadjustments) plus total non-interest income (including the fully taxableequivalent adjustment on bank-owned life insurance income, and excludinggains and losses on sales of assets, other than residential mortgage loans,and nonrecurring income). People’s United Financial generally considers anitem of income or expense to be nonrecurring if it is not similar to anitem of income or expense of a type incurred within the last two years andis not similar to an item of income or expense of a type reasonablyexpected to be incurred within the following two years. Managementconsiders the efficiency ratio to be more representative of People’s UnitedFinancial’s ongoing operating efficiency, as the excluded items aregenerally related to external market conditions and non-routinetransactions. 3Q 2008 Financial Highlights Summary — Net income totaled $46.0 million, or $0.14 per share. — Net interest income on a fully taxable equivalent basis totaled $160.8 million. — Net interest margin increased 15 basis points from 2Q08 to 3.71%. — Provision for loan losses totaled $6.8 million. — Net loan charge-offs totaled $4.0 million in 3Q08 compared to $2.4 million in 2Q08. — The allowance for loan losses was increased by $2.8 million in 3Q08 from 2Q08 levels. — Non-interest income totaled $74.2 million, a 1% increase from 2Q08. — Non-interest expense totaled $158.7 million, a $4.2 million, or 3%, decrease from 2Q08. — Effective income tax rate was 32.9%. Commercial Banking — Average commercial banking loans increased $73 million from 2Q08 to $8.9 billion. — Commercial banking non-performing assets totaled $64.3 million. — The ratio of commercial banking non-performing loans to total commercial banking loans was 0.68% at September 30, 2008. — Net loan charge-offs totaled $2.5 million, or 0.11% annualized, of average commercial banking loans. Retail & Small Business Banking — Average residential mortgage loans totaled $3.4 billion. — Average home equity loans increased $73 million from 2Q08 to $1.8 billion. — Average indirect auto loans averaged $0.2 billion. — Home equity net loan charge-offs totaled $0.2 million, or 0.03% annualized, of average home equity loans. — Indirect auto net loan charge-offs totaled $0.8 million, or 1.41% annualized, of average indirect auto loans. Wealth Management — Insurance revenue increased 9% from 2Q08, primarily reflecting seasonal renewals. — Assets under management totaled $10 billion. People’s United Financial, a diversified financial services companywith $20 billion in assets, provides consumer and commercial bankingservices through a network of more than 300 branches in Connecticut,Vermont, New Hampshire, Massachusetts, Maine and New York. Through itssubsidiaries, People’s United Financial provides equipment financing, assetmanagement, brokerage and financial advisory services, and insuranceservices. Certain statements contained in this release are forward-looking innature. These include all statements about People’s United Financial’splans, objectives, expectations and other statements that are nothistorical facts, and usually use words such as “expect,” “anticipate,””believe” and similar expressions. Such statements represent management’scurrent beliefs, based upon information available at the time thestatements are made, with regard to the matters addressed. Allforward-looking statements are subject to risks and uncertainties thatcould cause People’s United Financial’s actual results or financialcondition to differ materially from those expressed in or implied by suchstatements. Factors of particular importance to People’s United Financialinclude, but are not limited to: (1) changes in general, national orregional economic conditions; (2) changes in interest rates; (3) changes inloan default and charge-off rates; (4) changes in deposit levels; (5)changes in levels of income and expense in non-interest income and expense –>last_img read more