T. Denny Sanford
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| T. Denny Sanford | |
 | |
| Basic facts | |
| Organization: | United National Corporation |
| Role: | Chairman |
| Location: | Sioux Falls, S.D.[1] |
| Education: | University of Minnesota |
| Website: | Official website |
As of 2016, T. Denny Sanford was the chairman of United National Corporation, the holding company of First Premier Bank, "one of the largest issuers of Visa and Mastercards [that] specializes in offering high-risk borrowers cards with steep interest rates and low credit limits." Sanford pledged that before his death he will give away the majority of his personal fortune, estimated at $1.77 billion by Forbes in September 2016.[1][2]
In the 2016 election cycle, Sanford opposed the 2016 Arizona Marijuana Legalization Initiative, which proposed to legalize the possession and consumption of marijuana in the state by persons who are 21 years of age or older.[3]
Career
Sanford earned an undergraduate degree in psychology from the University of Minnesota in 1958 and began working in sales for the Armstrong Cork Company. He left sales in 1960 and founded Contech, a building products company. After successfully growing Contech, Sanford sold the company in 1982 and personally collected $20 million. He went on to establish a venture capital firm before purchasing United National Bank, which he renamed First Premier Bank, in 1986. [1][4][5][6]
Sanford developed the First Premier Bank's high-interest rate, low credit line model for credit cards in 1989. According to Sanford, the model aimed to offer credit solutions for individuals with bad credit.[4][2]
In 2016, Sanford explained the rationale for the company's mode of operation, telling Keloland Television, "Rather than going to the payday lenders that are really the worst of the worst, in my opinion, they come to us. ... We give them credit."[2]
Philanthropy
Sanford signed The Giving Pledge, "a commitment by the world's wealthiest individuals and families to dedicate the majority of their wealth to philanthropy." He contributed nearly $1 billion to Sanford Health, formerly the Sioux Valley Health System. In addition, Sanford made financial contributions to the Mayo Clinic as well charities and nonprofit organizations that aim to support community health, child welfare, and education.[1][4][7]
Political activity
Ballot measure activity
Sanford opposed the 2016 Arizona Marijuana Legalization Initiative, which proposed to legalize the possession and consumption of marijuana in the state by persons who are 21 years of age or older.[3]
Overview of ballot measure support and opposition
The following table details Sanford's ballot measure stances available on Ballotpedia:
| Ballot measure support and opposition for T. Denny Sanford | |||
|---|---|---|---|
| Ballot measure | Year | Position | Status |
| Arizona Marijuana Legalization, Proposition 205 (2016) | 2016 | Opposed[3] |  Defeated
|
Recent news
The link below is to the most recent stories in a Google news search for the terms 'T. Denny Sanford'. These results are automatically generated from Google. Ballotpedia does not curate or endorse these articles.
See also
External links
Footnotes
- ↑ 1.0 1.1 1.2 1.3 Forbes, "T. Denny Sanford," accessed September 15, 2016
- ↑ 2.0 2.1 2.2 Keloland Television, "The Man Behind The Money," February 17, 2016
- ↑ 3.0 3.1 3.2 Arizona Capitol Times, "Advocates of minimum wage hike raise more than $1.4 million," August 29, 2016
- ↑ 4.0 4.1 4.2 Bloomberg, "T. Denny Sanford," accessed September 15, 2016
- ↑ Build Dakota Scholarship Fund, "T. Denny Sanford," accessed September 15, 2016
- ↑ Inside Philanthropy, T. Denny Sanford," accessed September 15, 2016
- ↑ The Giving Pledge, "Home," accessed September 15, 2016
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