Spring/Summer 2010 Business Travel Guide

Where the Money Is

Banking in Vermont

On Dec. 31, 2008, the Vermont Department of Banking, Insurance, Securities & Health Care Administration listed 15 banking institutions domiciled in the state. Banks not domiciled in Vermont but doing business here include familiar names such as TD Banknorth, Citizens, and Key Bank.

In 2008, Chittenden Bank, Vermont’s largest locally owned bank — $3.4 billion in assets — was acquired by People’s United Financial Inc. of Bridgeport, Conn., and converted to a federal savings bank.

That left Merchants Bank as Vermont’s largest locally owned bank, with $1.3 billion in assets.

There are 30 credit unions in the state: eight have federal charters; 22 have state charters. Together, they hold $2.2 billion in assets. The largest are: New England Federal Credit Union and Vermont State Employees Credit Union.

(Source: Vermont Department of Banking, Insurance, Securities & Health Care Administration, Dec. 31, 2008.)

Converting Canadian Currency

The Champlain Valley welcomes its northern neighbors. Canadians travel here to relax, shop, and do business. Exchanging money should be no problem. Many businesses simply accept foreign bills and figure the exchange at the time of purchase. Credit card transactions are figured at the most recent exchange rate. U.S. currency can be obtained through ATM machines, although a service charge might apply. At press time, a local bank was buying at 0.89 and selling at 0.99. The Chittenden Bank Canadian exchange rate line, 660-1220, provides the current exchange rate.