**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)
            July
                2, 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-12)





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
      1.01 Entry Into a Material Definitive Agreement.**





On
      July
      2, 2007, Greater Community Bancorp (the "Company") and its newly formed
      subsidiary, GCB Capital Trust III, a Delaware statutory trust (the "Trust"),
      entered into a Purchase Agreement pursuant to which the Trust sold and issued
      $24,000,000 of the Trust's securities (the “capital securities”), liquidation
      amount $1,000 per capital security.  The capital securities represent
      undivided preferred beneficial interests in the Trust's assets, which consist
      primarily of the Company's junior subordinated debentures described
      below.  The Trust's capital securities mature on July 30, 2037, and
      are redeemable, at par, at the Company's option, at any time on or after July
      30, 2017.





The
      holders of the Trust's capital securities are entitled to quarterly
      distributions at a fixed annual rate of 6.96% for the first 10 years, and a
      variable annual rate thereafter, which resets quarterly, equal to the 3-month
      LIBOR rate, plus 1.40% per annum, of the liquidation amount of $1,000 per
      capital security, subject to the Company's right to defer interest payments
      under the junior subordinated debentures as described below.





The
      Company purchased $743,000 of the Trust's common securities (the “common
      securities”), liquidation amount $1,000 per common security.





In
      connection with the Trust's sale of the capital securities, the Company entered
      into a Guarantee Agreement pursuant to which it guaranteed, on a subordinated
      basis, all distributions and payments under the Trust's capital securities
      upon
      liquidation, redemption or otherwise, but only to the extent the Trust fails
      to
      pay such distributions from payments under the junior subordinated debentures
      it
      holds from the Company.





The
      Trust
      used the proceeds from the sale of its capital securities and its common
      securities to purchase from the Company $24,743,000 aggregate principal amount
      of junior subordinated debentures due 2037.  The junior subordinated
      debentures bear interest at the same rates as the Trust's capital
      securities.  So long as no event of default has occurred under the
      terms of the indenture pursuant to which the junior subordinated debentures
      were
      issued, the Company will have the right to defer the payments of interest on
      the
      debentures for up to 20 consecutive quarterly periods, except that no extension
      period may extend beyond the maturity of the debentures.  During any
      deferral period, the Company or its subsidiaries may not pay dividends or
      certain other distributions or payments as provided in the
      indenture.  The junior subordinated debentures mature on July 30,
      2037, and are redeemable at par, at the Company's option, at any time on or
      after July 30, 2017.  Upon any redemption by the Company of the junior
      subordinated debentures, the Trust must redeem a like amount of its capital
      securities.





Payments
      under the junior subordinated debentures are subordinated and junior in right
      of
      payment to the prior payment of other indebtedness of the Company that, by
      its
      terms, is not similarly subordinated.





The
      Company used the net proceeds from the trust preferred transactions described
      above to redeem on July 2, 2007 all of the outstanding 8.45% trust preferred
      securities previously issued by its subsidiary, GCB Capital Trust II, in 2002
      at
      a redemption price of 100% of the liquidation amount, plus accrued and unpaid
      interest to the redemption date.





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 of 2007.  The one-time charge reflects the
      impairment of unamortized issuance costs attributable to the 2002 trust
      preferred issuance.





A
      copy of
      the Company's press release discussing the above transactions is attached hereto
      as Exhibit 99.1 and is incorporated herein by reference.








**Item
      2.03 Creation of a Direct Financial Obligation or an Obligation under an
      Off-Balance Sheet Arrangement of a Registrant.**





See
      the
      discussion in Item 1.01 above, which is incorporated herein by
      reference.











**Item
      9.01 Financial Statements and Exhibits.**





(d)
      Exhibits.  The following exhibit is being filed with this Report and
      is attached hereto:





Exhibit
                No.
            Description
                of Exhibit**99.1**
            Press
                release of the Company dated July 3,
                2007.








**SIGNATURE**




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:
                July 5, 2007
            */s/
                Stephen J. Mauger*Stephen
                J. MaugerSenior
                Vice President, Treasurerand
                Chief Financial Officer