Denny Sanford, the South Dakota banking billionaire who transformed his fortune into one of the largest philanthropic legacies in the U.S., died at 90 after donating more than $4 billion during his lifetime.
How Denny Sanford Built His Billion-Dollar Fortune
Sanford, who died on July 18 at age 90, built his wealth through First Premier Bank and its credit card business, Premier Bankcard, after purchasing a Sioux Falls bank in 1986, Fortune reported on Monday.
His company became known for issuing high-interest credit cards to consumers with poor or limited credit histories, a business model enabled by South Dakota’s banking laws.
Despite criticism over the fees, Sanford defended the cards as an important financial lifeline.
