Early Life
Thomas Denny Sanford was born on December 23, 1935, in Saint Paul, Minnesota. His mother died of breast cancer when he was four years old, and his father passed away when he was 20. Growing up, he worked in his father's clothing distribution company. He graduated from the University of Minnesota in 1958 with a degree in psychology.
Rise to Success
Sanford's career began in sales and marketing. He later founded Contech, a building products company, which he sold in 1982. In 1986, he purchased United National Bank and renamed it First Premier Bank, entering the credit card business. He developed a business model offering high-interest credit cards to individuals with low credit scores. This venture proved highly successful, establishing him as a key player in the financial industry.
Key Business Strategies
Sanford's First Premier Bank and Premier Bankcard focused on offering credit solutions to those with poor credit histories. This strategy, though controversial, filled a market gap, leading to substantial financial growth. He built a significant portfolio of credit card loans and expanded the bank, creating thousands of jobs in South Dakota.
Philanthropy
Sanford is a major philanthropist and has pledged to donate the majority of his wealth. His philanthropic efforts include substantial donations to healthcare, education, and research institutions. He has given over $1.6 billion to various causes, including Sanford Health, the Edith Sanford Breast Cancer Center, and research into Type 1 diabetes. Sanford was removed from The Giving Pledge list in May 2023.
