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 Cash Dividend

TOTOWA, NJ - March 22, 2006 - At its regular meeting held on March 21, 2006, the Board of Directors of Greater Community Bancorp (Nasdaq: GFLS) declared a quarterly cash dividend of $0.13 per share on the Company’s common stock, payable April 28, 2006 to shareholders of record on April 14, 2006.

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, income tax preparation services through its Greater Community Tax Services, LLC subsidiary, and 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 NASD/SIPC. (Securities are not FDIC insured or bank guaranteed, and are subject to risk and may lose value).

CONTACT at Greater Community Bancorp:

Anthony M. Bruno, Jr.

973-942-1111 x 1001

anthony.bruno@greatercommunity.com

SOURCE: Greater Community Bancorp