Green Dot Bank in Pasadena announced yesterday that board member Mary J. Dent would become the bank’s chief executive. She succeeds Lewis Goodwin, who will remain as the bank’s president, according to a press release.

The stock for its parent company, Green Dot Corporation, which is known for its prepaid debit cards, has remained fairly steady since the news was announced yesterday morning, closing at $23.24 Thursday, up four cents from Wednesday’s close.

Dent, who has a B.A. in economics from UCLA and a law degree from Stanford Law School, had also been serving on the parent company’s board of directors for the past three years. She resigned from that board, but will remain on the bank’s board of directors, the press release said.

Steve Streit, the chief executive and founder of Green Dot Corporation, said that Dent would work “closely with Green Dot Bank’s long-time President, Lew Goodwin, to further evolve the bank into a highly successful stand-alone institution.”

The company was questioned by two U.S. senators in June after its Wal-Mart branded card experienced outages in May, leaving many of its customers unable to make purchases or check their balances. The bank apologized and said it would “put extra money” on the cards of those affected.

Finance reporter Caroline Anderson can be reached at Follow her on Twitter @Caroline_Mander.

For reprint and licensing requests for this article, CLICK HERE.