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EXECUTIVES WORKING TO CREATE BLACK-OWNED HOLDING COMPANY

by  Jeffrey McKinney December 23, 2008. Black Enterprise Magazine. Three African American executives are trying to raise $50 million to create a black-owned bank holding company with some help from the federal government. The entity, MBF LP, would be designed to make capital investments in and own parts of new and existing black-owned U.S. banks, said William Michael Cunningham, senior investment adviser at Creative Investment Research Inc., a Washington D.C. firm specializing in minority banking. Cunningham, MBF general partner, said the company would be an equity fund based in Washington. The company has applied for bank holding company status and is seeking capital from the U.S. Department of the Treasury’s Troubled Asset Relief Program (TARP).   Cunningham said MBF partners and management team members would include Elrick Williams, chairman and CEO of Allston Trading L.L.C., a Chicago-based firm that specializes in electronic trading of stocks, Treasury bonds and other securitie