Community Bancorp of New Jersey Announces Alliance With GMAC

                     Mortgage    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 @ http://www.cbnj.com, 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.                    MAKE YOUR OPINION COUNT -  Click Here             http://tbutton.prnewswire.com/prn/11690X24425275     SOURCE  Community Bancorp of New Jersey /CONTACT:  Robert O'Donnell of Community Bancorp of New Jersey, +1-732-863-9000/  /Web site:  http://www.cbnj.com/  (CBNJ)  CO:  Community Bancorp of New Jersey; Community Bank of New Jersey; GMAC   Mortgage Corporation ST:  New Jersey IN:  FIN SU: