SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].
For the fiscal year ended December 31, 2001
--------------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [NO FEE REQUIRED].
For the transition period from _______________ to ______________________
Commission File Number 000-25505
A. Full title of the plan and the address of the plan, if different from that
of the issuer named below:
NCRIC, Inc. 401(k) Profit Sharing Plan and Trust
B: Name of issuer of the securities held pursuant to the plan and the address
of its principal executive office:
NCRIC Group, Inc.
1115 30th Street, N.W.
Washington, D.C. 20007
SUMMARY ANNUAL REPORT
FOR NCRIC, INC. 401(K) PROFIT SHARING PLAN AND TRUST
This is a summary of the annual report for the NCRIC, Inc. 401(k) Profit Sharing
Plan and Trust, EIN 52-1194407, Plan No. 002, for the period January 1, 2001
through December 31, 2001. The annual report has been filed with the Pension and
Welfare Benefits Administration, U.S. Department of Labor, as required under the
Employee Retirement Income Security Act of 1974 (ERISA).
Basic Financial Statement
Benefits under the plan are provided through a trust fund. Plan expenses were
$418,684. These expenses included $418,684 in benefits paid to participants and
beneficiaries. A total of 35 persons were participants in or beneficiaries of
the plan at the end of the plan year, although not all of these persons had yet
earned the right to receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was
$2,599,254 as of December 31, 2001, compared to $2,760,676 as of January 1,
2001. During the plan year the plan experienced a decrease in its net assets of
$161,422. This decrease includes unrealized appreciation and depreciation in the
value of plan assets; that is, the difference between the value of the plan's
assets at the end of the year and the value of the assets at the beginning of
the year or the cost of assets acquired during the year. The plan had total
income of $257,262 including employer contributions of $145,339, employee
contributions of $161,208, rollover of $3,974 and earnings from investments of
$(53,259).
Your Rights To Additional Information
You have the right to receive a copy of the full annual report, or any part
thereof, on request. The items listed below are included in that report:
1. financial information;
2. assets held for investment;
3. loans or other obligations in default or classified as uncollectible;
4. leases in default or classified as uncollectible;
5. transactions in excess of 5% of the plan assets; and
6. insurance information, including sales commissions paid by insurance
carriers.
To obtain a copy of the full annual report, or any part thereof, write or call
NCRIC, Inc., 1115 30th Street, N.W., Washington, DC 20007, (202) 969-1866. The
charge to cover copying costs will be $5.00 for the full annual report, or 25
cents per page for any part thereof.
You also have the right to receive from the plan administrator, on request and
at no charge, a statement of the assets and liabilities of the plan and
accompanying notes, or a statement of income and expenses of the plan and
accompanying notes, or both. If you request a copy of the full annual report
from the plan administrator, these two statements and accompanying notes will be
included as part of that report. The charge to cover copying costs given above
does not include a charge for the copying of these portions of the report
because these portions are furnished without charge.
You also have the legally protected right to examine the annual report at the
main office of the plan (NCRIC, Inc., 1115 30th Street, N.W., Washington, DC
20007) and at the U.S. Department of Labor in Washington, D.C., or to obtain a
copy from the U.S. Department of Labor upon payment of copying costs. Requests
to the Department should be addressed to: Public Disclosure Room, Room N1513,
Pension and Welfare Benefits Administration, U.S. Department of Labor, 200
Constitution Avenue, N.W., Washington, D.C. 20210.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
NCRIC, INC. 401(k) PROFIT SHARING
PLAN AND TRUST
Date: June 24, 2002 By: /s/ Rebecca B. Crunk
----------------------------------
Name: Rebecca B. Crunk
Title: Trustee