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): ~~December~~May 2030, ~~2006~~2007

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))

Item 5 2.~~02 Departure~~04 Triggering ofEvents ~~Directors~~That Accelerate or ~~Certain~~Increase ~~Officers;~~a ~~Election of Directors;~~Direct ~~Appointment~~ Financial ofObligation ~~Certain~~Under ~~Officers;~~an ~~Compensatory~~Off-Balance ~~Arrangements of Certain~~Sheet ~~Officers~~ Arrangement.

~~(e)~~On ~~Effective~~ May ~~December 20~~ 30, ~~2006~~2007, Greater Community Bancorp (the "“Company"”) ~~and~~noticed ~~Greater Community Bank, a Company subsidiary (~~the ~~"Bank"),~~redemption ~~entered into Amendment~~on ~~No.~~ June ~~2 (the "Amendment") to the Employment Agreement among the Company~~30, ~~the Bank~~2007 ~~and Anthony~~of M.all ~~Bruno~~2, ~~Jr.~~400,000 ~~Chairman, President and CEO~~ of ~~the~~its ~~Company~~outstanding ~~and the~~Preferred ~~Bank.~~Securities ~~The~~ issued ~~Amendment amends and restates the language of Mr. Bruno's Employment~~by ~~Agreement~~ GCB toCapital ~~provide~~Trust ~~that~~II ~~he shall be entitled to receive both stock options and restricted stock pursuant to~~ (the ~~terms~~“Trust”), of the Company'’s ~~recently adopted 2006 Long~~wholly-~~Term~~owned ~~Compensation~~subsidiary, ~~Plan (~~in the ~~"2006~~aggregate ~~Plan").~~amount ~~The foregoing description~~ of ~~the Amendment~~$24,000,000. The ~~does~~redemption ~~not~~price ~~purport~~will to be ~~complete and is qualified in its entirety~~at ~~by reference~~ 100% ~~to the full text~~ of the ~~Amendment,~~liquidation aamount ~~copy~~ of ~~which~~$10.00 isper ~~filed herewith as~~Preferred ~~Exhibit~~Security, ~~10.16~~plus accrued and isunpaid ~~incorporated~~interest ~~herein~~to bythe ~~reference~~redemption date.

~~Pursuant~~The to redemption ~~action~~ of the ~~Compensation~~Preferred ~~Committee~~Securities ofis ~~the~~a ~~Board~~result of ~~Directors~~the ofconcurrent redemption by the Company, ~~effective~~of ~~December~~its ~~20, 2006, Mr~~8.45% ~~Bruno~~Junior ~~was~~Subordinated ~~awarded~~Debentures ~~3,000~~(the ~~shares~~“Debentures”) ~~of restricted~~ due ~~stock~~2032, ~~with~~all ~~300 shares vesting on the first anniversary~~ of ~~grant,~~ ~~600 shares~~which ~~vesting~~are onheld by the ~~second~~Trust. ~~anniversary,~~The ~~900~~Debentures ~~shares~~were ~~vesting~~originally issued on ~~the~~June ~~third anniversary~~28, ~~and~~2002 1and,~~200~~ ~~shares~~in ~~vesting~~accordance onwith ~~the~~their ~~fourth anniversary~~terms, ~~and Stephen~~are J.subject ~~Mauger,~~ to redemption ~~Senior~~at ~~Vice~~the ~~President,~~Company’s ~~Treasurer~~option ~~and~~on ~~Chief~~or ~~Financial~~after ~~Officer of~~June ~~the Company~~30, 2007. Pursuant ~~was~~to ~~awarded~~the ~~1,000~~Amended ~~shares~~and ofRestated ~~restricted~~Trust ~~stock~~Agreement, ~~with~~the ~~100 shares~~Trust ~~vesting on~~ is ~~the~~required ~~first~~to ~~anniversary~~use ofthe ~~grant,~~proceeds ~~200~~it ~~shares~~receives ~~vesting~~from on the ~~second~~redemption ~~anniversary,~~of the ~~300~~ Debentures ~~shares~~to ~~vesting~~redeem on the ~~third~~same ~~anniversary,~~day and ~~400~~at ~~shares vesting on~~ the ~~fourth~~ ~~anniversary.~~same ~~The~~redemption ~~Company~~price isall of ~~filing~~the outstanding ~~herewith~~common and ispreferred ~~incorporating herein by~~securities ~~reference~~of asthe ~~Exhibit 10~~Trust.17 The aCompany holds ~~form~~all of ~~granting agreement for awards of restricted stock under~~ the ~~2006~~Trust’s ~~Plan~~common ~~and~~securities, aswith ~~Exhibit 10.18~~ a ~~form~~stated ofaggregate ~~granting~~liquidation ~~agreement~~ amount ~~for~~of ~~stock options awarded under the 2006 Plan~~$743,000.

~~Item~~The ~~9.01~~ Company ~~Financial~~intends ~~Statements~~to ~~and~~fund ~~Exhibits~~the redemption price from the proceeds of its planned issuance on July 2, 2007 of additional trust preferred securities.

~~(d)~~As ~~Exhibits~~ 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 2007. The one-time charge reflects the impairment of unamortized Debentures issuance costs.

The following are filed as Exhibits to this Report.

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
	(registrant)
Date: December 27, 2006	/s/ Stephen J. Mauger
Date: June 5, 2007	/s/ Stephen J. Mauger
	Stephen J. Mauger
	Senior Vice President, Treasurer and Chief Financial Officer

Exhibit 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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