GFLS Greater Community Bancorp (MM)

At its regular meeting on May 20, 2008, the Board of Directors of Greater Community Bancorp (�Company�) (Nasdaq: GFLS) declared a quarterly cash dividend of $0.15 per share on the Company�s common stock, payable June 27, 2008 to shareholders of record on June 13, 2008. The quarterly cash dividend reflects an increase of $0.005 per share compared with the dividend declared in the first quarter of 2008. The declaration and payment of this quarterly cash dividend for the second quarter of 2008 comes approximately one month earlier than the declaration and payment of quarterly cash dividends for the second quarter in previous years in order to allow shareholders of the Company to receive a quarterly cash dividend prior to the closing of the merger of the Company with and into Valley National Bancorp, which, subject to all closing conditions, is anticipated to occur on or around July 1, 2008. Greater Community Bancorp is a financial holding company headquartered in Totowa, New Jersey. The Company operates sixteen 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. Forward-Looking Statements This release contains forward-looking statements relating to present or future trends or factors affecting the banking industry, and specifically the financial condition and results of operations, including without limitation, statements relating to the earnings outlook of the Company, as well as its operations, markets and products. Actual results could differ materially from those indicated. Among the important factors that could cause results to differ materially are interest rate changes, change in economic climate, which could materially impact credit quality trends and the ability to generate loans, changes in the mix of the Company's business, competitive pressures, changes in accounting, tax or regulatory practices or requirements, resolution of tax reviews, and those risk factors detailed in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission. The Company undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.