FOR IMMEDIATE RELEASE
April 8, 2011
Contact: Manny Hidalgo, Executive Director
Ash Kosiewicz, Communications and Advocacy Director
(202) 422-1707; (202) 425-1303
WHEATON, Maryland – On April 1st, the Latino Economic Development Corporation (LEDC) sold 90 percent of the assets of its subsidiary and social enterprise, Community First Financial Center LLC, to a well-respected, community-based organization in El Salvador called ADEL de Morazán Crédito (AMC) that is licensed in the United States as Internacional AMC Corp.
ADEL Morazán has 18 branches throughout the eastern region of El Salvador and provides community-based economic development services very similar to those provided by LEDC in the Washington region. AMC will pick up where Community First left off, continuing to provide the unbanked and under-banked Latino community in the Washington region with responsible, reliable, and transparent financial services that they need to support themselves and their families in the United States. The vast majority of Salvadorans in the Washington region hail from the eastern region of El Salvador, which includes Morazán, San Miguel, and La Union.
Located next door to LEDC’s Wheaton office, AMC and its customers will be able to access LEDC’s comprehensive economic development services to help them achieve their long-term financial goals. LEDC’s mission is to drive the economic and social advancement of low- to moderate-income Latinos and other underserved residents in the Washington metropolitan area by providing the educational and financial resources they need to achieve financial independence and become community leaders.