NEW YORK — Bruce Mayfield, a 30-year-old rapper for the Wu-Tang affiliated American Cream Team, was shot and killed Saturday morning over a money dispute, police said.

Officials believe Mayfield, who rapped under the handle of Chip Banks or just "Bankie," was gunned down by Alfred Dancy around 7:40 a.m. at the corner of 129th Street and Fifth Avenue in Harlem, according to the New York City Department of Corrections Public Information Office.

The rapper was transported to Harlem Hospital, where he was pronounced dead on arrival to the emergency room, a hospital spokesperson said.

Dancy, 28, was arrested near the scene by officers who found a .45-caliber semi-automatic weapon on him, the gun they believe was used in the shooting.

According to the DCPI's preliminary report, Dancy was injured while being taken into custody and was also taken to Harlem Hospital, where he was treated and then released into police custody.

Dancy was arraigned

on a felony murder charge and is being held at the Manhattan Detention Complex without bail until a Thursday court date.

Mayfield, who hails from Harlem, helped form American Cream Team in 1997 with B-Twizzy, Lord Superb, Rhyme Recka and Trife. The Wu-Tang Clan's Raekwon took the group's name from a verse in "Motherless Child," a song included on Ghostface Killah's Ironman (1996).

Under the guidance of Raekwon and Wu-Tang Clan producer Oli "Power" Grant, the Cream Team contributed to the RZA-produced "Ghost Dog" soundtrack, Method Man's Tical 2000: Judgement Day (1998) and Raekwon's Immobilarity (1999), among others.

The American Cream Team had been working on their debut album, tentatively titled Only in America, and produced and performed several cuts for last year's "Black and White" soundtrack, with Mayfield taking a solo turn on the song "Stand for Something."