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~~December 1020, 2006

GREATER COMMUNITY BANCORP

(Exact name of registrant as specified in its charter)

NEW JERSEY	01-14294	22-2545165
(State or other jurisdiction	(Commission	(IRS Employer
of 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-2)

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))

1Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

~~Item~~(e) ~~1.01~~ Effective December ~~Entry~~20, ~~Into~~2006, Greater Community Bancorp (the "Company") and Greater Community Bank, a ~~Material~~Company ~~Definitive~~subsidiary (the "Bank"), entered into Amendment No. 2 (the "Amendment") to the Employment Agreement among the Company, the Bank and Anthony M. Bruno, Jr., Chairman, President and CEO of the Company and the Bank. The Amendment amends and restates the language of Mr. Bruno's Employment Agreement to provide that he shall be entitled to receive both stock options and restricted stock pursuant to the terms of the Company's recently adopted 2006 Long-Term Compensation Plan (the "2006 Plan"). The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed herewith as Exhibit 10.16 and is incorporated herein by reference.

~~Greater~~Pursuant ~~Community~~ to ~~Bancorp~~action (of the ~~"Company")~~Compensation ~~announced~~Committee ~~that~~of C.the ~~Mark~~Board ~~Campbell~~of ~~will~~Directors of be the ~~resigning~~ Company, aseffective ~~Director~~December 20, ~~President~~2006, ~~and~~Mr. ~~Chief~~Bruno ~~Operating~~was ~~Officer~~awarded 3,000 shares of restricted stock, with 300 shares vesting on the ~~Company and its~~first ~~bank~~anniversary ~~subsidiary~~of grant, ~~Greater~~600 shares ~~Community~~vesting ~~Bank~~on (the ~~“Bank”)~~second anniversary, as900 ~~well~~shares asvesting ~~all~~on ~~other~~the third ~~director~~ anniversary, and ~~officer~~1,200 ~~positions~~shares ~~with~~vesting on the ~~Company’s~~fourth ~~subsidiaries~~anniversary, ~~effective~~and Stephen ~~July~~J. 31 Mauger, ~~2006.~~Senior InVice ~~order~~President, toTreasurer ~~help~~and ~~with~~Chief ~~any~~Financial ~~transition~~Officer of ~~issues~~the Company, ~~Mr.~~was ~~Campbell~~awarded ~~will remain available~~1,000 toshares ~~assist~~of asrestricted anstock, atwith ~~will~~100 ~~employee~~shares vesting on the first anniversary of ~~the~~grant, ~~Company~~200 ~~and/or~~shares ~~the~~vesting ~~Bank beginning~~on ~~August~~the 1second anniversary, 300 ~~2006~~shares ~~and~~vesting ~~continuing~~on ~~through~~the ~~July~~third 31anniversary, ~~2007.~~and In400 ~~connection with~~shares vesting on the fourth ~~upcoming~~anniversary. ~~resignation~~The ~~and~~Company ~~the~~is ~~new~~filing ~~employment~~herewith ~~position,~~and ~~the~~is ~~Company,~~incorporating ~~the~~ herein ~~Bank~~ by ~~and~~reference ~~Mr.~~as ~~Campbell~~Exhibit ~~amended~~10.17 ~~its~~a ~~Employment~~form ~~Agreement~~of ~~effective~~granting ~~July~~agreement ~~31,~~for awards ~~2006~~ of ( restricted stock under the ~~"Agreement")~~2006 onPlan ~~July~~and as Exhibit 10,.18 a form of granting agreement for stock options awarded under the 2006 Plan.

Pursuant to the Agreement, Mr. Campbell will receive, less normal withholdings and deductions, (1) his current base salary of $370,000 paid at normal payroll periods through July 31, 2007, (2) beginning July 31, 2007, a $25,000 per year severance payment which continues through September 30, 2015, (3) through July 31, 2007, continued participation in group medical, dental and term life insurance and disability plans, (4) continued participation in the savings portion of the Company’s 401(k) Plan, and (5) through July 31, 2007, continued participation in the Company's Supplemental Earnings Retirement Plan. Mr. Campbell’s 10,250 stock options will continue to be governed by the existing stock option agreements.

Mr. Campbell will sign a release of any and all claims against the Company and its subsidiaries. This Agreement supersedes his March 2, 2005 Employment Agreement with the Company.

Mr. Campbell had no disagreements over policies or operations in connection with this upcoming resignation and change in employment position.

No replacement has been appointed.

The foregoing description does not purport to be completed and is qualified in its entirety by reference to the Agreement, which is attached as Exhibit 10.14, and is incorporated herein by reference.

Item 1.02 Termination of a Material Definitive Agreement.

See above description in Item 1.01.

Item 5.02 Resignation of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

See above description in Item 1.01.

Item 8.01 Other Events.

On July 10, 2006, the Company issued a press release concerning Mr. Campbell’s upcoming resignation. A copy of the release is attached hereto as an exhibit.

Item 9.01 Financial Statements and Exhibits.

(cd) Exhibits. ~~The following exhibits are being filed with this Report and are attached hereto:~~

~~10.14~~The ~~Employment~~ following ~~Agreement~~are byfiled ~~and~~as ~~among~~Exhibits ~~Greater~~to ~~Community~~this ~~Bancorp, Greater Community Bank and C~~Report. ~~Mark Campbell, effective July 31, 2006.~~

99.1 Press Release issued on July 10, 2006.


Exhibit No.	Description of Exhibit

10.16	Amendment No. 2 to Employment Agreement of Anthony M. Bruno, Jr.

10.17	Form of Restricted Stock Granting Agreement under Greater Community Bancorp 2006 Long-Term Stock Compensation Plan.

10.18	Form of Stock Option Granting Agreement under Greater Community Bancorp 2006 Long-Term Stock Compensation Plan.

SIGNATURES

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	~~GREATER COMMUNITY BANCORP~~
	(registrant)	~~(registrant)~~
Date:	July 11, 2006	/s/ Stephen J. Mauger
Date: December 27, 2006	/s/ Stephen J. Mauger
	Stephen J. Mauger	~~Stephen J. Mauger~~
		Senior Vice President and Cheif Financial Officer
	Senior Vice President, Treasurer and Chief Financial Officer

3Exhibit Index

No.	Description

10.16	Amendment No. 2 to Employment Agreement of Anthony M. Bruno, Jr.

10.17	Form of Restricted Stock Granting Agreement under Greater Community Bancorp 2006 Long-Term Compensation Plan.

10.18	Form of Stock Option Granting Agreement under Greater Community Bancorp 2006 Long-Term Compensation Plan.

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