First Premier Bank is based in South Dakota in the city of Sioux Falls. This bank ranks 13th in the list of largest issuers of MasterCard credit cards in the country.
The bank’s main customers are in the subprime market i.e. individuals who don’t qualify regular loans. This has been the bank’s mode of operation since it was founded in 1986 by T. Denny Sanford.
Although the bank, as it currently is, was established in 1986, the roots of the bank go back for more than 100 years. In 1986, a number of small banks that had been around for a long time were purchased by Sanford who then started to sell credit cards to people with poor credit ratings.
PAST LENDING PRACTICES
First Premier Bank has been accused of questionable lending practices in the past. The New York Attorney General accused the bank of marketing its credit cards deceptively. The case was settled in 2007. As part of the deal, the bank was required to pay $4.5 million.
The bank was also reported to be offering a credit card that only had a $300-dollar limit but came with an interest rate of 79.9% in 2010. This was criticized by Senator Bernie Sanders who termed it as extortion.
In 2011, the bank was still offering a credit card with a similar limit and an interest rate of 49.9%. There are several other examples of First Premier Bank offering their credit cards with extremely high interest rates.
HEADQUARTERS
The headquarters of First Premier Bank are located in Sioux Falls, South Dakota.
AVAILABLE SERVICES
First Premier Bank offers regular retail banking services. These include:
- Checking accounts: Their Free+ checking is marketed as having no minimum balances and no fees among other features. Account holders are also able to access their accounts for free over the phone or online and also pay bills.
- Savings accounts: The bank has a variety of savings accounts with their regular savings account requiring an opening balance of $50. The Premier Money Market account allows the account holders to earn variable interest while still being able to access their money.
- Certificates of Deposit: For those who wish to earn higher interest rates, the bank offers CDs.
The bank also offers several types of loans and credit facilities. These include:
- Personal loans
- Student loans
- Personal lines of credit
Loan applications can be made online. Customers can also access mortgage facilities from the bank.
Apart from the regular retail banking services, First Premier Bank also offers investment solutions. Bank customers can save towards various goals including college and retirement.
For customers who are looking to invest, there are brokerage services available and customers can invest in bonds, mutual funds and stocks.
The bank also offers services that are geared towards small businesses such as real estate loans and business checking. The bank also has MasterCard credit cards for businesses.
For businesses and high net worth individuals there are wealth management services and Trust Administration in addition to regular banking services.
FIRST PREMIER BANK HEADQUARTERS ADDRESS
601 S Minnesota Ave, Sioux Falls, SD 57104, USA