**Exhibit
      99.1**










**55
      Union Boulevard, P.O. Box 269, Totowa,
      NJ  07511-0269**


**(973)
      942-1111     Fax (973) 942-9816**


**www.greatercommunity.com**







**Greater
      Community Bancorp Announces Issuance of $24 Million of Trust Preferred
      Securities**






TOTOWA,
      NJ, July 3, 2007 –Greater
      Community Bancorp (Nasdaq: GFLS) (the “Company”) announced that on July 2, 2007,
      GCB Capital Trust III, a Delaware statutory trust sponsored by the Company,
      has
      issued and sold 24,000 trust preferred securities with a liquidation price
      of
      $1,000 per preferred security, or $24 million in the aggregate.  The
      Company received the $24 million derived from the issuance of the trust
      preferred securities in return for junior subordinated debentures issued by
      the
      Company to GCB Capital Trust III.




The
      trust
      preferred securities were issued and sold in a private placement as part of
      a
      pooled offering.  The trust preferred securities are subject to
      mandatory redemption when the junior subordinated debentures mature on July
      30,
      2037.  The Company may, with regulatory approval, redeem the
      debentures and the trust preferred securities at any time on or after July
      30,
      2017.  The annual interest rate for the debentures issued by the
      Company to GCB Capital Trust III is fixed at 6.96% for the first 10 years and
      thereafter will reset quarterly at a variable rate equal to the 3-month LIBOR
      rate plus a specified spread.




The
      Company used the proceeds from the above issuance in connection with the
      redemption of all of the outstanding 8.45% trust preferred securities previously
      issued by 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 securities issuance.




About
      the
      Company




Greater
      Community Bancorp is a financial holding company headquartered in Totowa, New
      Jersey. The Company operates fifteen full-service branches in the northern
      New
      Jersey counties of Passaic, Bergen, and Morris through its state-chartered
      commercial bank subsidiary, Greater Community Bank. Greater Community Bank
      provides traditional commercial and retail banking services to small businesses
      and consumers, and operates an equipment leasing and financing subsidiary,
      Highland Capital Corp. Greater Community Financial, a division of Greater
      Community Bank, provides a wide range of investment products and services
      exclusively through Raymond James Financial Services, Inc., member NASD/SIPC.
      (Securities are not FDIC insured or bank-guaranteed, and are subject to risk
      and
      may lose value). The Company offers traditional insurance products through
      its
      Greater Community Insurance Services, LLC subsidiary, and also offers title
      insurance and settlement services through its Greater Community Title, LLC
      subsidiary and personal income tax return preparation services through its
      Greater Community Tax Services, LLC subsidiary.  Insurance policies
      and tax services are not insured by the FDIC or any federal government agency,
      may lose value, and are not a deposit of or guaranteed by Greater Community
      Bank
      or any bank affiliate. For additional information about Greater Community
      Bancorp and its subsidiaries visit www.greatercommunity.com or call
      973-942-1111.




Forward-Looking
      Statements




This
      release contains forward-looking statements relating to present or future trends
      or factors affecting the banking industry, and specifically the financial
      condition and results of operations, including without limitation, statements
      relating to the earnings outlook of the Company, as well as its operations,
      markets and products. Actual results could differ materially from those
      indicated. Among the important factors that could cause results to differ
      materially are interest rate changes, change in economic climate, which could
      materially impact credit quality trends and the ability to generate loans,
      changes in the mix of the Company's business, competitive pressures, changes
      in
      accounting, tax or regulatory practices or requirements, resolution of tax
      reviews, and those risk factors detailed in the Company's periodic reports
      and
      registration statements filed with the Securities and Exchange Commission.
      The
      Company undertakes no obligation to release revisions to these forward-looking
      statements or reflect events or circumstances after the date of this
      release.




CONTACT
      at Greater Community Bancorp:


Anthony
      M. Bruno, Jr.


973-942-1111
      x 1001


anthony.bruno@greatercommunity.com





SOURCE:
      Greater Community Bancorp