| T. Denny Sanford | |
|---|---|
Statue of Sanford in front of the Sanford USD Medical Center. |
|
| Born | Thomas Denny Sanford December 23, 1935 Saint Paul, Minnesota |
| Occupation |
Owner and Founder of First Premier Bank CEO of United National Corp |
| Salary | In excess of $1.0 Million USD |
| Net worth | Less than US$ 1.0 Billion (2010)[1] |
Thomas Denny Sanford (born 23 December 1935 in Saint Paul)[2] is a South Dakota businessman and philanthropist. He is currently the chairman and CEO of United National Corp.
Contents |
Sanford made his fortune as the owner of First Premier Bank and Premier Bankcard, both among the nation's leading credit card providers.[3] Sanford's net worth is roughly $1.0 billion, and he is ranked as #701 in Forbes list of richest people in the world.[3] Until prevented by federal law, the credit cards from banks controlled by Sanford charged $256 in fees per year for a card with a $250 credit limit. In response to the law banning such fees, the bank now issues cards carrying an interest rate of 79.9%, the nation's highest, on a card with a $300 limit. [4] Sanford and his business entities have a history of violations of Federal rules of banking practice.[5]
Sanford has been as generous in his philanthropy as he has been successful in his business ventures. BusinessWeek magazine listed him as one of the top 50 most generous philanthropists in November, 2006.[6]
On Saturday, February 3, 2007, Sanford announced a $400 million gift to Sioux Valley Hospitals and Health System, which renamed itself Sanford Health.[7] Sanford's total philanthropic gifts have exceeded $500 million, and are generally geared toward improving the quality of life for children. Others receiving significant gifts include:
T. Denny graduated from the University of Minnesota in 1958 with a degree in psychology. In 2003 Sanford and the University of Minnesota announced that Sanford would donate $35 million towards a proposed new football stadium for the Minnesota Gophers football team; a deal which would have given him full naming rights.[8] However, that deal fell through in late 2003 when the two parties were unable to reach an agreement on terms of the funding. Later in 2005, TCF Bank won the bid to receive naming rights for the new stadium.[9][10]
On May 21, 2009, the University of Minnesota accepted a $6 million donation to name the athletic hall of fame within TCF Bank Stadium in his honor. This donation was the final amount to close out the $86 million in private fundraising for the stadium.