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Former OneUnited exec begins launch of Net-based bank, BankBlackwell
Boston Business Journal
A former high-ranking executive at one of the nation's leading African-American banks announced today that he's received approval to launch what he says is the nation's first African-American Internet bank.
James Mundy, who until October 2003 was chief financial officer and chief operating officer at Boston's OneUnited Bank, said he's received permission from the U.S. Office of Thrift Supervision to launch BankBlackwell. The announcement was made in a press release.
The nascent bank, which hopes to open this summer, is targeting African-American households with incomes of $50,000 and greater. It also expects to serve faith-based institutions. Mundy will be president and chief executive officer.
A circular sent to investors indicates BankBlackwell hopes to raise $16.5 million in an initial public stock offering. Shares are expected to be priced at $10 each. The bank's organizers have committed to buy $860,000 of the new bank's stock The offering is expected to be complete by June 24, according to the offering circular.
source: http://boston.bizjou.../28/daily7.html