Spring/Summer 2013 Business Travel Guide

Where the Money Is

Banking in Vermont

The Banking Division of the Vermont Department of Financial Regulation lists 14 banking institutions domiciled in the state. Banks not domiciled in Vermont but doing business here include familiar names such as People’s United, TD Bank, Citizens, and KeyBank.

The Merchants Bank, with assets of $1.6 billion, is Vermont’s only independent, statewide community bank. Regional community institutions, though, are plentiful. The largest of these are Northfield Savings Bank, Passumpsic Savings Bank, Community National Bank, and Union Bank.

There are 27 credit unions in the state. Of these, six have federal charters; 21 have state charters. The largest are New England Federal Credit Union ($859 million in assets) and Vermont State Employees Credit Union, now known as VSECU ($573 million).

Source: Banking Division of the Vermont Department of Financial Regulation, Dec. 31, 2011;
www.dfr.vermont.gov/banking/home.

Converting Canadian Currency

The Champlain Valley welcomes its northern neighbors. Canadians travel here to relax, shop, and do business. Many businesses 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. People’s United Bank has a Canadian exchange rate line, 660-1220, which provides current exchange information.