EXHIBIT 99.5

RP FINANCIAL, LC.
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Financial Services Industry Consultants

                                                                  March 11, 2003

Board of Directors
NCRIC, A Mutual Holding Company
NCRIC Holdings, Inc.
NCRIC Group, Inc.
1115 30th Street, N.W.
Washington, DC 20007

Re:  Plan of Conversion and Reorganization of
     NCRIC, A Mutual Holding Company (the "MHC")
     NCRIC Holdings, Inc.
     NCRIC Group, Inc.

Members of the Board:

     All capitalized terms not otherwise defined in this letter have the
meanings given such terms in the Plan of Conversion and Reorganization (the
"Plan") adopted by the Board of Directors of NCRIC, A Mutual Holding Company
(the "MHC"), NCRIC Holdings, Inc., and NCRIC Group, Inc., Washington, DC. The
Plan provides for the conversion of the Mutual Holding Company into the capital
stock form of organization. Pursuant to the Plan, the Mutual Holding Company and
NCRIC Holdings, Inc. will be merged into NCRIC Group, Inc. ("NCRIC Group" or the
"Company"), and will cease to exist. NCRIC Group, Inc. will be succeeded by a
new Delaware corporation with the same name. Pursuant to the Plan, NCRIC Group
will sell shares of common stock in an offering that will represent the
ownership interest in the Company now owned by the Mutual Holding Company.

     We understand that in accordance with the Plan, subscription rights to
purchase shares of common stock in the Company are to be issued to: (1) Members
of the MHC as of January 28, 2003; (2) NCRIC Group's employee benefit plans,
including the ESOP and Stock Award Plan; and (3) directors, officers and
employees of NCRIC Group who are not entitled to purchase shares in Category
(1). Based solely upon our observation that the subscription rights will be
available to such parties without cost, will be legally non-transferable and of
short duration, and will afford such parties the right only to purchase shares
of common stock at the same price as will be paid by members of the general
public in the community offering, but without undertaking any independent
investigation of state or federal law or the position of the Internal Revenue
Service with respect to this issue, we are of the belief that, as a factual
matter:

     (1)  the subscription rights will have no ascertainable market value; and,

     (2)  the price at which the subscription rights are exercisable will not be
          more or less than the pro forma market value of the shares upon
          issuance.

     Changes in the local and national economy, the legislative and regulatory
environment, the stock market, interest rates, and other external forces (such
as natural disasters or significant world events) may occur from time to time,
often with great unpredictability and may materially impact the value of stocks
of insurance companies as a whole or NCRIC Group's value alone. Accordingly, no
assurance can be given that persons who subscribe to shares of common stock in
the subscription offering will thereafter be able to buy or sell such shares at
the same price paid in the subscription offering.

                                             Sincerely,


                                             /s/ RP Financial, LC.
                                             -----------------------------------
                                             RP FINANCIAL, LC.

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