Unizan to Take Hit for GSE Stock

Unizan Financial Corp., Canton, Ohio, has announced that it will record an after-tax impairment charge of $2.2 million ($0.10 per share) for the fourth quarter related to Fannie Mae and Freddie Mac preferred stock in its available-for-sale securities portfolio.The company said the decline in the value of the perpetual preferred securities was previously recorded as an unrealized mark-to-market loss on securities available for sale and was reflected in a reduction to equity through other comprehensive income. "Accordingly, the reclassification of the unrealized after-tax loss to an other-than-temporary impairment noncash charge will not affect total shareholders' equity," the company said. Unizan Financial, the holding company for Unizan Bank NA, can be found online at http://www.unizan.com.