I read the question as this:
A) A pre-existing black hole gathers up material to form a galaxy around it.
B) Black hole forms from the cloud of material that is now the galaxy... no matter how the galaxy looked before now.
I voted B, Galaxy first.
In my mind it's similar to the way our solar system is thought to have formed... cloud of material, rotation, coalescence.... Pooof! Sun.
Just on a much much much larger scale
