EXHIBIT 99.1

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

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

www.greatercommunity.com

FOR IMMEDIATE RELEASE

Greater Community Bancorp (GFLS) Declares $0.145 Cash Dividend

TOTOWA, NJ – December 19, 2007 – At its regular meeting on December 18, 2007, the Board of Directors of Greater Community Bancorp (“Company”) (Nasdaq: GFLS) declared a quarterly cash dividend of $0.145 per share on the Company’s common stock, payable January 31, 2008 to shareholders of record on January 18, 2008.

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 Bergen, Passaic and Morris through its state-chartered commercial bank subsidiary Greater Community Bank. Greater Community Bank provides traditional commercial and retail banking services to businesses and consumers in New Jersey and, through its subsidiary Highland Capital Corp., provides equipment leasing and financing. The Company also offers traditional insurance products through its Greater Community Insurance Services, LLC subsidiary and offers title insurance and settlement services through its Greater Community Title LLC subsidiary. In addition, 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 FINRA/SIPC. (Securities are not FDIC insured or bank guaranteed, and are subject to risk and may lose value). Insurance policies 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.

CONTACT at Greater Community Bancorp:

Anthony M. Bruno, Jr.

973-942-1111 x 1001

anthony.bruno@greatercommunity.com

SOURCE: Greater Community Bancorp

GREATER COMMUNITY BANCORP 8-K