On Tuesday May 25, 2010, 10:45 am EDT

NEW YORK (AP) -- ETrade Financial said Tuesday its previously approved 1-for-10 reverse stock split will take place on June 2 at the open of the markets.

Shares will continue to trade on the Nasdaq exchange under the symbol ETFC.

The reverse split was approved by stockholders in May. It automatically combines each 10 shares of issued and outstanding common stock into one share.

Shares of ETrade Financial Corp. fell 4 cents, or 2.7 percent, to $1.42. They've traded between $1.15 and $2.08 in the past 52 weeks.