Unizan Financial Corp. to Record Other-Than-Temporary Impairment in Fourth Quarter Relating to Fannie Mae and Freddie Mac Prefer
25 January 2005 - 6:50AM
PR Newswire (US)
Unizan Financial Corp. to Record Other-Than-Temporary Impairment in
Fourth Quarter Relating to Fannie Mae and Freddie Mac Preferred
Stock CANTON, Ohio, Jan. 24 /PRNewswire-FirstCall/ -- Unizan
Financial Corp. (NASDAQ:UNIZ), the holding company for Unizan Bank,
National Association, announced today that it intends to record an
other-than-temporary impairment non-cash after-tax charge of $2.2
million, or $0.10 per diluted share, in the quarter ending December
31, 2004, related to $10.5 million face value of perpetual
preferred stock issued by government sponsored entities, Fannie Mae
("FNMA") and Freddie Mac ("FHLMC"). The perpetual preferred stock
issues are investment grade securities (AA- by S&P, Aa3 by
Moody's) that are held in the Company's available-for-sale
securities portfolio. Unizan has decided to record this unrealized
loss as an other-than-temporary impairment in accordance with
generally accepted accounting principles. Prior to this charge, the
decline in value of these securities was recorded as an unrealized
mark-to-market loss on securities available-for-sale and reflected
as a reduction to equity through other comprehensive income.
Accordingly, the reclassification of the unrealized after-tax loss
to an other-than-temporary impairment non-cash charge will not
affect total shareholders' equity. Unizan Financial Corp. expects
to report fourth quarter and full year financial results on Friday
morning, February 18, 2005. About Unizan Unizan Financial Corp., a
$2.7 billion holding company, is a financial services organization
headquartered in Canton, Ohio. The company operates 42 full-service
retail financial centers in five metropolitan markets in Ohio -
Canton, Columbus, Dayton, Newark and Zanesville. Through Unizan
Financial Corp.'s subsidiaries, Unizan Bank, National Association;
Unizan Financial Services Group, National Association; Unizan Banc
Financial Services, Inc.; and Unizan Financial Advisors, Inc., the
company offers its client base corporate and retail banking,
Internet banking and wealth management products and services.
Additionally, the company operates niche businesses in government
guaranteed loan programs through its business lending centers in
Cincinnati, Cleveland, Columbus and Dayton, Ohio; Detroit,
Michigan; Mt. Arlington, New Jersey and Indianapolis, Indiana. For
more information on Unizan Financial Corp. and its subsidiaries,
visit the company on the Web at http://www.unizan.com/ .
DATASOURCE: Unizan Financial Corp. CONTACT: Investors, Roger L.
Mann, President and Chief Executive Officer, +1-330-438-1118, or
+1-866-235-7203, or , or Media, Sandy K. Upperman, Vice President,
Corporate Communications, +1-330-438-4858, or , both of Unizan
Financial Corp. Web site: http://www.unizan.com/ Company News
On-Call: http://www.prnewswire.com/comp/127633.html
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