**UNITED
        STATES**
 **SECURITIES
        AND EXCHANGE COMMISSION**
 **Washington,
        D.C. 20549**
 
 **FORM
        8-K**
 
 CURRENT
        REPORT
 **Pursuant
          to Section 13 OR 15(d) of The Securities Exchange Act of
          1934**
 
 
 
 Date
                of Report (Date of earliest event reported):
              May
                  30, 2007
  
 **GREATER
                  COMMUNITY BANCORP**(Exact
                  name of registrant as specified in its
                  charter)
 **NEW
                  JERSEY**
              **01-14294**
              **22-2545165**(State
                  or other jurisdiction
              (Commission
              (IRS
                  Employerof
                  incorporation)
              File
                  Number)
              Identification
                  No.)
 **55
                  UNION BOULEVARD, TOTOWA, NJ**
              
              **07512**(Address
                  of principal executive offices)
              
              (Zip
                  Code)
   Registrant's
                telephone number, including area code:
              **973-942-1111**
 
 (Former
                  name or former address, if changed since last
                  report)
   Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions:
 
 o Written
        communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-2)
 
 o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
        Act
        (17 CFR 240.14d-2(b))
 
 o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
        Act
        (17 CFR 240.13e-4(c))
  
 
 **Item
          2.04   Triggering Events That Accelerate or Increase a Direct
          Financial Obligation Under an Off-Balance Sheet
          Arrangement.**
 
 On
          May
          30, 2007, Greater Community Bancorp (the “Company”) noticed the redemption on
          June 30, 2007 of all 2,400,000 of its outstanding Preferred Securities
          issued by
          GCB Capital Trust II (the “Trust”), the Company’s wholly-owned subsidiary, in
          the aggregate amount of $24,000,000.  The redemption price will be at
          100% of the liquidation amount of $10.00 per Preferred Security, plus accrued
          and unpaid interest to the redemption date.
 
 The
          redemption of the Preferred Securities is a result of the concurrent redemption
          by the Company of its 8.45% Junior Subordinated Debentures (the “Debentures”)
          due 2032, all of which are held by the Trust. The Debentures were originally
          issued on June 28, 2002 and, in accordance with their terms, are subject
          to
          redemption at the Company’s option on or after June 30,
          2007.  Pursuant to the Amended and Restated Trust Agreement, the Trust
          is required to use the proceeds it receives from the redemption of the
          Debentures to redeem on the same day and at the same redemption price all
          of the
          outstanding common and preferred securities of the Trust.  The Company
          holds all of the Trust’s common securities, with a stated aggregate liquidation
          amount of $743,000.
 
 The
          Company intends to fund the redemption price from the proceeds of its planned
          issuance on July 2, 2007 of additional trust preferred securities.
 
 As
          a
          result of these transactions, the Company will incur a one-time charge
          for
          financial statement purposes of approximately $750,000, before income tax,
          during the second quarter 2007.  The one-time charge reflects the
          impairment of unamortized Debentures issuance costs.
   **SIGNATURES**
  Pursuant
            to the requirements of the Securities Exchange Act of 1934, the registrant
            has
            duly caused this report to be signed on its behalf by the undersigned
            hereunto
            duly authorized.
 
 
 GREATER
                      COMMUNITY BANCORP(registrant)Date:
                      June 5, 2007
                  */s/
                      Stephen J. Mauger*Stephen
                      J. MaugerSenior
                          Vice President, Treasurer
                        and
                          Chief Financial Officer