EXHIBIT 14.1

           Chief Executive and Senior Financial Officer Code of Ethics

      It is the policy of Monmouth Community Bancorp ("Bancorp") and its
subsidiaries, including Monmouth Community Bank, N.A. (collectively, "Bancorp"),
that their employees, directors and agents are held to the highest standards of
honest and ethical conduct when conducting the affairs of Bancorp. The chief
executive and senior financial officers of Bancorp will not commit acts contrary
to these standards of ethical conduct nor shall they condone the commission of
such acts by others within Bancorp. Conduct which violates this Code of Ethics
constitutes an activity beyond the scope of an individual's legitimate
employment with or service to Bancorp, and such a violation of this Code of
Ethics may lead to serious sanctions, including termination, and in some cases,
civil and criminal liability.

General Standards of Ethical Behavior

      The chief executive and senior financial officers will:

      o     Conduct their personal and professional affairs in a way that avoids
            both real and apparent conflicts of interest between their interests
            and the interests of Bancorp.

      o     Refrain from engaging in any activity that would compromise their
            professional ethics or otherwise prejudice their ability to carry
            out their duties to Bancorp.

      o     Communicate to executive management of Bancorp, and to accountants
            engaged in financial audits of Bancorp, all relevant unfavorable
            information and professional judgments or opinions.

      o     Encourage open communication and full disclosure of financial
            information by providing a well understood process under which
            management is kept informed of financial information of importance,
            including any departures from sound policy, practice and accounting
            norms.

      o     Ensure that all relevant staff members understand the open
            communication and full disclosure standards and processes of
            Bancorp.

      o     Refrain from disclosing confidential information acquired in the
            course of their work except where authorized, unless legally
            obligated to do so.

      o     Inform subordinates, as appropriate, regarding the confidentiality
            of information acquired in the course of their work and monitor, as
            needed, to ensure that subordinates maintain that confidentiality.

      o     Refrain from using or appearing to use confidential information
            acquired in the course of their work for unethical or illegal
            advantage, either personally or indirectly through others.

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      o     Comply with all applicable governmental laws, rules and regulations.

Standards Regarding Financial Records and Reporting

      The chief executive and senior financial officers will:

      o     Establish appropriate systems and procedures to ensure that business
            transactions are recorded on the books of Bancorp in accordance with
            Generally Accepted Accounting Principles, established company policy
            and appropriate regulatory pronouncements and guidelines.

      o     Establish appropriate policies and procedures for the protection and
            retention of accounting records and information as required by
            applicable law, regulation or regulatory guidelines.

      o     Establish and administer financial accounting controls that are
            appropriate to ensure the integrity of the financial reporting
            process and the availability of timely, relevant information for the
            safe, sound and profitable operation of Bancorp.

      o     Ensure full, fair, accurate and timely disclosure in reports and
            documents to be filed with or submitted to the Securities and
            Exchange Commission and other regulatory authorities and in other
            public communications made by Bancorp.

      o     Completely disclose all relevant information reasonably expected to
            be needed by the regulatory examiners and internal and external
            auditors of Bancorp for the full, complete and successful discharge
            of their duties and responsibilities.

Reporting of Violations

         Any employee, director or agent of Bancorp having any complaint
regarding accounting, internal accounting controls or auditing matters, any
information or knowledge of any unrecorded fund or asset or any prohibited act
hereunder, shall promptly report such matter to a member of the Audit Committee
of the Board of Directors of Bancorp. Any complaint or report made thereto shall
be handled in a timely and professional manner and may be made anonymously. The
Audit Committee, in its discretion, shall determine the appropriate response
and/or course of action to be taken with respect to any complaint or information
reported hereunder. The identity of the individual reporting any such violation
shall be kept anonymous except as may be otherwise necessary to remedy the
violation or as may be required by law. Neither Bancorp nor any of their
directors, officers, employees or agents shall take any retaliatory or other
adverse action against anyone for raising or helping to resolve any concern or
reporting any violation.