SANTA CLARA, Calif.--(BUSINESS WIRE)--Intevac, Inc. (Nasdaq: IVAC - News) announced today that an arbitration panel of the Financial Industry Regulatory Authority (“FINRA”) entered an award requiring Citigroup Incorporated (“Citigroup”) to buy back at par Student Loan Auction Rate Securities purchased by Intevac through Citigroup. The award requires Citigroup to complete the purchase within 30 days from the award dated June 29, 2010. Intevac currently holds $55.2 million par value in Student Loan Auction Rate Securities purchased from Citigroup and had previously recorded a temporary impairment charge of $3.5 million in other comprehensive income. Intevac expects to record a reversal of this charge once the sale of the securities is completed. Intevac filed the FINRA claim against Citigroup in March 2009 requesting that Citigroup purchase its Student Loan Auction Rate Securities at par and that Intevac receive compensatory, consequential and punitive damages and expenses. No damages or expenses were awarded to Intevac. Intevac was represented in the arbitration by Robert Schnell of Faegre and Benson, based in Minneapolis, Minnesota.