Early Life
Thomas Denny Sanford was born in Saint Paul, Minnesota, on December 23, 1935. His mother emigrated from Sweden, and his father worked in the clothing business. Sanford's mother died when he was young, and his father and older brother both died of heart disease at a young age.
Rise to Success
Sanford graduated from the University of Minnesota in 1958 with a degree in psychology. After graduating, he began a career in sales, marketing, and materials distribution. He then founded Contech Inc., a manufacturing company that produced sealants and adhesives. In 1986, he purchased United National Corporation, now known as First PREMIER Bank, based in Sioux Falls, South Dakota, and later added PREMIER Bankcard. These ventures contributed significantly to his wealth.
Key Business Strategies
Sanford's financial success stems from First PREMIER Bank and PREMIER Bankcard, which specialize in providing credit cards to high-risk borrowers. The bank is known for offering subprime credit cards with high-interest rates and low credit limits. Through heavy sales efforts, the bank has become a major player in the credit card industry.
Philanthropy
Sanford is a prominent philanthropist, having pledged to donate the majority of his wealth. He has contributed over $1.6 billion to various causes, including healthcare and education. His donations support initiatives like the Sanford Health system, the Edith Sanford Breast Cancer Research Center, and the Sanford Children's Hospital. He has also contributed to the University of South Dakota's Sanford School of Medicine. However, Sanford was removed from The Giving Pledge in 2023, following a child pornography probe, although no charges were filed.