Community Bancorp of New Jersey Announces Alliance With GMAC

  FREEHOLD, N.J., Aug. 2 /PRNewswire-FirstCall/ --
Community Bancorp of New Jersey (Nasdaq: CBNJ) parent company of Community
Bank of New Jersey, announced today that the Bank has entered into a joint
agreement with GMAC Mortgage Corporation to underwrite and close residential
mortgages on its behalf.  President and chief executive officer Robert D.
O'Donnell remarked, "This strategic alliance with a recognized leader in the
residential mortgage industry provides an exciting opportunity to grow our
business, enhance overall customer relationships, and boost the bottom line."
Paul Fitch, district manager for GMAC Mortgage, added, "GMAC Mortgage is very
excited, and proud to have been selected by Community Bank of New Jersey to
handle all of their residential mortgage requirements."  Mr. Fitch, who has
been appointed liaison to the Bank, said the Bank selected GMAC, "Because
their research indicated our high-caliber customer service, product
availability, and rates are unparalleled in the industry." 
GMAC is among the nation's top ten residential mortgage originators and
servicers.  As of December 31, 2001, the company originated $52 billion
residential mortgages, representing 437,000 transactions.  GMAC's servicing
portfolio of more than $185 billion represents 2 million customers throughout
the nation. 
Chairman Howard Schoor concluded, "From its inception in 1997, Community
Bank of New Jersey has stepped in to provide what many customers perceive
large banks as lacking -- courteous and responsive customer service, extended
hours of operation, and a genuine interest in becoming deeply rooted in the
local community.  Along the way, we have become one of the fastest growing new
banks in New Jersey history by empowering local bankers to deliver competitive
products and state-of-the-art technology to meet the financial needs of
customers.  Our alliance with GMAC to provide a variety of mortgage programs
-- from affordable housing loans to jumbo loans -- at competitive rates is
part of our strategy of building a valuable franchise for the convenience of
customers, while enhancing shareholder value."  With $280 million in assets,
as of June 30, 2001, the Bank offers seven-day branch banking, FREE personal
checking, FREE business checking for the first year; quick loan approvals by
local decision makers, EZ Bank(TM) an internet banking resource center
available on-line @, EZ Tel(TM) 24-hour bank-by-phone
service, and EZ Cash(TM), a combined MAC(R) ATM card and MasterCard debit card
for consumers and small business owners. 
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SOURCE  Community Bancorp of New Jersey 
-0-                             08/02/2002 
/CONTACT:  Robert O'Donnell of Community Bancorp of New Jersey,
/Web site: 
CO:  Community Bancorp of New Jersey; Community Bank of New Jersey; GMAC 
 Mortgage Corporation
ST:  New Jersey
-0- Aug/02/2002 21:20 GMT
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