U.S. SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549
                              ---------------------

                                AMENDMENT No. 1

                                     TO THE

                                   FORM 10-QSB

(Mark One)

     [X]   Quarterly report pursuant to Section 13 or 15 (d) of the Securities
           Exchange Act of 1934


              For the quarterly period ended March 31, 2001
                                             --------------

     [_]   Transition report under Section 13 or 15 (d) of the Exchange Act


               For the transition period from ________ to ________


                        Commission file number 000-26587
                                               ---------


                         COMMUNITY BANCORP OF NEW JERSEY
            ---------------------------------------------------------
             (Exact name of registrant as specified in its charter)


          New Jersey                                          22-3666589
--------------------------------                          -----------------
(State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization)                            Identification No.)


                3535 Highway 9 North, Freehold, New Jersey 07728
                ------------------------------------------------
                    (Address of principal executive offices)


         (Issuer's telephone number, including area code) (732) 863-9000

                                 Not Applicable
                ------------------------------------------------
 (Former name, former address and former fiscal year, if changed since last
report)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Sections 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                 Yes [ X ]      No [   ]


   Common Stock, No Par Value-1,918,957 shares outstanding as of May 11, 2001


<PAGE>

Community  Bancorp of New Jersey  has filed an  amendment  to Form 10QSB for the
quarter  ended  March 31, 2001 to include the  "Consolidated  Condensed  Balance
Sheet" which was not transmitted with the original filing.

<PAGE>


                         COMMUNITY BANCORP OF NEW JERSEY
                      CONSOLIDATED CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                                          March 31,
                                                                                            2001          December 31,
                                                                                         (Unaudited)          2000
                                                                                        --------------    ------------
                                                                                           (Dollars in thousands)

ASSETS
Cash and cash equivalents:
<S>                                                                                        <C>              <C>
        Cash and due from banks ....................................................       $   6,605        $   5,764
        Federal funds sold .........................................................          29,570            3,860
------------------------------------------------------------------------------------       ---------        ---------
                  Total cash and cash equivalents ..................................          36,175            9,624
------------------------------------------------------------------------------------       ---------        ---------

Investment securities available-for-sale ...........................................          11,273           34,106
Investment securities held-to-maturity (fair value of $6,561 at
        March 31, 2001 and $10,469 at December 31, 2000) ...........................           6,499           10,498
Loans receivable ...................................................................         133,031          121,966
Allowance for loan loss ............................................................          (1,730)          (1,584)
------------------------------------------------------------------------------------       ---------        ---------
                  Net loans receivable .............................................         131,301          120,382
------------------------------------------------------------------------------------       ---------        ---------

Premises and equipment, net ........................................................           5,493            5,002
Accrued interest receivable ........................................................           1,022            1,497
Other assets .......................................................................             712              943
------------------------------------------------------------------------------------       ---------        ---------

                  Total Assets .....................................................       $ 192,475        $ 182,052
------------------------------------------------------------------------------------       =========        =========

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
        Non-interest bearing demand ................................................       $  33,245        $  30,090
        Interest bearing - NOW .....................................................          18,732           15,368
        Savings and money market ...................................................          56,169           58,587
        Certificates of deposit, under $100,000 ....................................          39,566           34,291
        Certificates of deposit, $100,000 and over .................................          22,762           22,179
------------------------------------------------------------------------------------       ---------        ---------
                  Total deposits ...................................................         170,474          160,515
------------------------------------------------------------------------------------       ---------        ---------

Accrued interest payable ...........................................................           1,512            1,491
Other liabilities...................................................................             728              631
------------------------------------------------------------------------------------       ---------        ---------
                  Total liabilities ................................................         172,714          162,637
------------------------------------------------------------------------------------       ---------        ---------

Stockholders' equity
        Common stock - authorized 10,000,000 shares of
              no par value;  issued and outstanding, net of treasury
              shares, 1,918,957 at March 31, 2001 and December
              31, 2000..............................................................          21,663           21,663
        Accumulated deficit.........................................................          (1,579)          (1,913)
        Accumulated other comprehensive income .....................................              40               28
        Treasury stock, 22,357 shares, at cost .....................................            (363)            (363)
------------------------------------------------------------------------------------       ---------        ---------
                  Total stockholders' equity .......................................          19,761           19,415
------------------------------------------------------------------------------------       ---------        ---------

                  Total Liabilities and Stockholder's Equity .......................       $ 192,475        $ 182,052
------------------------------------------------------------------------------------       =========        =========
</TABLE>

     See accompanying notes to consolidated condensed financial statements.

<PAGE>


                                    SIGNATURE


Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                               COMMUNITY BANCORP OF NEW JERSEY
                               -------------------------------
                                          (Issuer)






Date:  June 15, 2001            By:   /s/ Robert D. O'Donnell
       -------------                  -----------------------
                                      ROBERT D. O'DONNELL
                                      President and Chief Executive Officer






                               By:    /s/ Michael Bis
                                      ---------------
                                      MICHAEL BIS
                                      Vice President and Chief Financial Officer