As filed with the Securities and Exchange Commission on October 31, 2002

                                                  Registration No. 333 - _______

--------------------------------------------------------------------------------

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                          _____________________________

                                    FORM S-8
                             REGISTRATION STATEMENT
                        UNDER THE SECURITIES ACT OF 1933

                          _____________________________

                           MONMOUTH COMMUNITY BANCORP
             (Exact name of registrant as specified in its charter)


            New Jersey                                         22-3757709
            ----------                                         ----------
   (State or other jurisdiction                             (I.R.S. Employer
of incorporation or organization)                          Identification No.)


                                627 Second Avenue
                          Long Branch, New Jersey 07740
   (Address, including zip code, of registrant's Principal Executive Offices)

                          _____________________________

                  MONMOUTH COMMUNITY BANCORP STOCK OPTION PLAN
                            (Full title of the plan)

                          _____________________________

                                JAMES S. VACCARO
                      Chairman and Chief Executive Officer
                           Monmouth Community Bancorp
                                627 Second Avenue
                          Long Branch, New Jersey 07740
                                 (732) 571-1300
 (Name, address and telephone number, including area code, of agent for service)
                          _____________________________

                                   Copies to:
                              PAUL T. COLELLA, ESQ.
                           Giordano, Halleran & Ciesla
                           A Professional Corporation
                                  P.O. Box 190
                               125 Half Mile Road
                          Middletown, New Jersey 07748
                                 (732) 741-3900


<PAGE>

<TABLE>
<CAPTION>

                         CALCULATION OF REGISTRATION FEE

                                                          Proposed maximum      Proposed maximum
Title of securities to be              Amount to be      offering price per    aggregate offering       Amount of
registered                            registered (1)         share (2)              price (2)        registration fee
<S>                                      <C>                   <C>                 <C>                     <C>
Common Stock,
$0.01 par value, of Monmouth
Community Bancorp                        551,250               $14.53              $8,009,663              $737

Options to purchase
Common Stock, $0.01 par value, of
Monmouth Community Bancorp               551,250                ---                    ---                 ---
TOTAL REGISTRATION FEE                                                                                     $737

</TABLE>

(1)  In accordance with Rule 416 under the Securities Act of 1933, as amended
     (the "Securities Act"), this registration statement also covers such
     additional indeterminate numbers of shares as may become issuable pursuant
     to anti-dilution provisions of the Monmouth Community Bancorp Stock Option
     Plan (the "Plan") to adjust for the occurrence of certain corporate
     transactions or events, including, without limitation, a stock split or
     stock dividend.
(2)  Estimated in accordance with Rule 457(h) under the Securities Act , solely
     for purposes of calculating the registration fee and based upon the average
     of the bid and asked price as of October 29, 2002.



                                EXPLANATORY NOTE

     This registration statement contains two parts. The first part contains
"Information Required in the Section 10(a) Prospectus," prepared in accordance
with the requirements of Part I of Form S-8, which covers options granted by
Monmouth Community Bancorp (the "Company" or "Registrant") to certain employees
of the Company under the Plan, as well as shares of common stock, par value
$0.01 per share, of the Registrant which may be issued upon exercise of the
options granted. The second part contains "Information Required in the
Registration Statement" prepared in accordance with Part II of Form S-8. Such
information, along with the documents incorporated by reference into this
registration statement pursuant to Item 3 of Part II hereof, constitute a
prospectus that meets the requirements of Section 10(a) of the Securities Act.


                                       ii

<PAGE>


                                   PROSPECTUS




                        551,250 SHARES OF COMMON STOCK OF




                           MONMOUTH COMMUNITY BANCORP




                                OCTOBER 31, 2002



<PAGE>



                                     PART I

              INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

Item 1.      Plan Information.

         (a)      General Plan Information.

         (1) Monmouth  Community  Bancorp (the  "Company"  or  "Registrant")  is
hereby registering 551,250 shares of its common stock, par value $0.01 per share
("Common  Stock"),  as well as options to purchase these shares of Common Stock,
which options are  available for grant to our employees and directors  under the
Monmouth Community Bancorp Stock Option Plan (the "Plan").

         (2) The  purposes of the Plan are to enhance the  Company's  ability to
attract  and  retain  key  employees  and  directors,  to reward  employees  and
directors for their contributions to the Company, and to encourage our employees
and directors to take into account the Company's  long-term  interests,  through
awards of  options  to  purchase  shares of our Common  Stock.  The Plan  became
effective on August 1, 2000, and will terminate on July 31, 2010, unless earlier
terminated  by the  Company's  Board of Directors  (the "Board of  Directors" or
"Board").  The Board may amend,  suspend or terminate  the Plan,  except that no
action  may,  without the  consent of a  participant,  alter or impair any award
previously granted to the participant under the Plan.

         (3)  The  Plan  is not  subject  to  any  provisions  of  the  Employee
Retirement Income Security Act of 1974, as amended.

         (4) The  Plan  may be  administered  by the  Board  of  Directors  or a
committee of the Board, as may be determined by the Board in its discretion (the
"Administrator").  The  Administrator  has exclusive power to interpret the Plan
and to make all of the determinations  necessary for the management of the Plan.
The Administrator  determines the recipients of Plan awards,  the times at which
awards  will be made,  the size and types of awards to be made,  and the  terms,
conditions,  limitations and restrictions  applicable to the awards granted. The
Administrator  has the authority to make  amendments to any terms and conditions
applicable to outstanding awards consistent with the Plan; provided that, except
for adjustments for stock dividends,  spin-offs,  split-ups,  recapitalizations,
mergers,  consolidations,  business  combinations or exchanges of shares and the
like,  no such action will modify an award in a manner  adverse to a participant
without the participant's  consent,  unless such modification is provided for or
contemplated in the terms of the award.

     Plan participants may obtain additional  information about the Plan and the
Administrator  by contacting the Chief Executive  Officer of Monmouth  Community
Bancorp, 627 Second Avenue, Long Branch, New Jersey 07740, at (732) 571-1300.


                                       2
<PAGE>


         (b)      Securities to be Offered.

         (1) The  aggregate  number  of  shares of  Common  Stock  reserved  for
issuance  pursuant to awards  granted  under the Plan was five hundred  thousand
(500,000),  which amount has increased to five hundred fifty-one  thousand,  two
hundred and fifty (551,250)  shares by virtue of stock dividends  declared since
the Plan was  adopted  by the  Company's  shareholders.  The  number  of  shares
available for issuance under the Plan remains subject to further  adjustment for
dividends, spin-offs,  split-ups,  recapitalizations,  mergers,  consolidations,
business combinations or exchanges of shares and the like.

         (2) Not applicable.

     (c) Employees Who May Participate In the Plan.

         Employees  and  directors  of the  Company  and  its  subsidiaries  are
eligible to participate in the Plan. The Plan's Administrator is responsible for
identifying recipients of awards under the Plan.

     (d) Purchase of Securities  Pursuant to the Plan and Payment for Securities
Offered.

         (1)  Options  to be  granted  as  awards  under  the Plan  entitle  the
participant  to  purchase  a  specified  number of  shares of Common  Stock at a
specified  exercise  price.  ISOs,  as defined in  Section  422 of the  Internal
Revenue Code of 1986, as amended (the "Code"),  and nonqualified  options may be
granted  under the Plan;  provided,  however,  that ISOs may be granted  only to
employees and not to directors. The exercise price of each option shall be equal
to the "Fair  Market  Value" (as defined  below) of the Common Stock on the date
the award is granted to the  participant;  provided,  however,  that: (i) in the
Administrator's  discretion,  the exercise price of a nonqualified option may be
less than the Fair Market  Value of the Common  Stock on the date of grant;  and
(ii) with  respect to a  participant  who owns ten percent  (10%) or more of the
total combined voting power of all classes of stock of the Company, the exercise
price of an ISO granted to such  participant  shall not be less than one hundred
and ten percent  (110%) of the Fair Market Value of the Common Stock on the date
the ISO is granted.

     The Fair Market  Value of one share of Common  Stock on any  relevant  date
shall be determined in accordance with the following provisions:

          (A) If the Common Stock is at the time listed on any stock exchange or
          similar  institution,  then the Fair Market Value shall be the closing
          selling price per share of Common Stock on the date in question on the
          stock exchange or similar institution  determined by the Administrator
          to be the  primary  market  for the  Common  Stock,  as such  price is
          officially  quoted  in the  composite  tape  of  transactions  on such
          exchange or similar institution.  If there is no closing selling price
          for the Common  Stock on the date in  question,  then the Fair  Market
          Value shall be the closing  selling price on the last  preceding  date
          for which such quotation exists.

                                       3
<PAGE>


          (B) If the  Common  Stock  is not at  the  time  listed  on any  stock
          exchange  or  similar  institution,  but is  traded  on  the  National
          Association  of  Securities   Dealers   Automated   Quotation   System
          ("NASDAQ") OTC Bulletin Board, then the Fair Market Value shall be the
          closing  selling  price  per  share  of  Common  Stock  on the date in
          question,  as such price is reported by the  National  Association  of
          Securities  Dealers on the NASDAQ OTC Bulletin  Board or any successor
          system.  If there is no closing  selling  price of the Common Stock on
          the date in question,  then the Fair Market Value shall be the closing
          selling  price on the last  preceding  date for which  such  quotation
          exists.

          (C) If the Common  Stock is at the time  publicly  traded,  but is not
          listed on any stock  exchange or similar  institution or traded on the
          NASDAQ OTC  Bulletin  Board,  then the Fair Market Value of the Common
          Stock shall be the closing  price of the Common Stock as of the day in
          question  (or,  if  such  day is not a  trading  day in the  principal
          securities  market or markets  for the Common  Stock,  on the  nearest
          preceding trading day), as reported with respect to the market (or the
          composite of markets,  if more than one) in which shares of the Common
          Stock are then traded, or, if no such closing prices are reported,  on
          the basis of the mean  between the high bid and low asked  prices that
          day on the  principal  market or  quotation  system on which shares of
          Common Stock are then quoted,  or, if not so quoted, as furnished by a
          professional securities dealer making a market in the Common Stock.

     The term of each option granted to a participant pursuant to an award shall
be determined by the Administrator;  provided, however, that in no case shall an
option be exercisable more than ten (10) years (five (5) years in the case of an
ISO granted to a ten-percent (10%) shareholder as described above) from the date
of the award. Except as otherwise provided by the Plan, options granted pursuant
to an award will become  exercisable at such time or times,  and subject to such
conditions,  as the  Administrator  may  specify at the time of the  award.  The
options  may  be  subject  to  such  restrictions,   conditions  and  forfeiture
provisions as the  Administrator may determine,  including,  but not limited to,
restrictions  on  transfer,  continuous  service  with the Company or any of its
subsidiaries,  achievement  of business  objectives,  and individual and Company
performance.  To the extent  exercisable,  an option may be exercised  either in
whole at any time or in part from time to time.  With  respect to an ISO granted
to a  participant,  the Fair Market  Value of the shares of Common  Stock on the
date of grant which are exercisable  for the first time by a participant  during
any calendar year shall not exceed $100,000.

     No fractional  shares of Common Stock will be delivered  pursuant to awards
granted under the Plan and the Administrator shall determine the manner in which
fractional share value will be treated.  If any award is cancelled or terminates
without  having been  exercised in full, the number of shares of Common Stock as
to which such award was not  exercised  will be available  for future  awards of
Common Stock under the Plan.

         (2) Full  payment  for  shares of Common  Stock  being  purchased  by a
participant  upon  the  exercise  of an  option  will be made at the time of the
exercise of the option, in whole or in part.  Payment of the purchase price will
be made in cash or in such other form of consideration as the  Administrator may
permit.

                                       4
<PAGE>


         (3) Not applicable.

         (4) Not applicable.

         (5) Not applicable.

         (6) The shares of Common Stock  delivered  under the Plan upon exercise
of options will be authorized but unissued shares of Common Stock.  They will be
purchased directly from the Company.

         (e) Resale Restrictions.

         Restrictions  on  resales  of  securities  purchased  pursuant  to  the
exercise  of  options  may apply to  certain  participants  who are deemed to be
"insiders" of the  Registrant  for purposes of federal  securities  laws.  Those
restrictions may impose  limitations on the amount of shares which may be resold
within a given time period. In addition, we will not be obligated to deliver any
shares of Common  Stock  pursuant to the Plan or to remove any  restrictions  or
legends from shares of Common Stock  previously  delivered  under the Plan until
(i) in the opinion of the Company's  counsel,  all applicable  federal and state
laws and  regulations  have been complied with, and (ii) all other legal matters
in connection with the issuance and delivery of such shares of Common Stock have
been approved by our counsel.

         (f) Tax Effects of Plan Participation.

         Based on current  federal tax law, a participant  who is granted an ISO
will not  recognize  taxable  income either at the time the option is granted or
upon its  exercise,  although the exercise  may subject the  participant  to the
alternative  minimum tax.  Upon the sale or exchange of the shares more than two
years after grant of the ISO and one year after exercise of the option, any gain
or loss will be treated as  long-term  capital  gain or loss.  If these  holding
periods are not satisfied, the participant will recognize ordinary income at the
time of sale or exchange equal to the difference  between the exercise price and
the lower of (i) the Fair  Market  Value of the shares at the date of the option
exercise  or (ii) the sale  price of the  shares.  Any gain  recognized  on such
premature  disposition of the shares in excess of the amount treated as ordinary
income will be characterized as long-term or short-term capital gain,  depending
on the holding  period.  The Company will be entitled to a deduction in the same
amount as the ordinary income recognized by the participant.

         A participant  who is granted a nonqualified  option will not recognize
any taxable  income at the time of the grant.  However,  upon the  exercise of a
nonqualified  option,  the participant  will recognize  taxable income generally
measured  as the excess of the then Fair  Market  Value of the shares  purchased
over the purchase price. The Company will be entitled to a tax deduction for any
taxable income recognized in connection with a nonqualified  option exercised by
a  participant  who is also an employee of the Company in the same amount as the
ordinary income  recognized by the participant.  Upon disposition of such shares
by the participant, any difference between the sales price and the participant's
purchase  price,  to the extent not  recognized  as taxable  income as described
above,  will be  treated  as  long-term  or  short-term  capital  gain or  loss,
depending on the holding period.

                                       5
<PAGE>


         The Company will have the right to deduct from any compensatory payment
due the  participant all taxes that are required to be withheld and to condition
the  obligation  to  deliver  shares  of  Common  Stock  under the Plan upon the
participant's  payment to the Company  such amount as the Company may request to
satisfy any  liability for  applicable  withholding  taxes.  The Code limits the
Company's  deduction for compensation paid to or accrued for the Company's Chief
Executive  Officer and certain other  officers to $1,000,000  per annum for each
officer.  Certain  types of  compensation  which  qualify  as  performance-based
compensation  are not  subject to the  $1,000,000  limit on  deductibility.  Any
awards granted for no consideration,  or granted for  consideration  which has a
value  which is less than the Fair  Market  Value of the shares of Common  Stock
pursuant   to  such   awards  on  the  date  of  grant,   will  not  qualify  as
performance-based  compensation,  and,  therefore,  will not be exempt  from the
$1,000,000 deduction limit.

         The Plan is not a qualified plan under Section 401(a) of the Code.

         (g) Investment of Funds.

         Not applicable.

         (h) Withdrawal from the Plan; Assignment of Interest.

         Participants  in the Plan do not  withdraw  from the Plan except to the
extent that they are no longer eligible to participate,  as discussed  below. No
award may be assigned, pledged or transferred, other than by will or the laws of
descent  and  distribution,  and  an  award  will  be  exercisable  only  by the
participant,  or in the event of the death or Disability (as defined below) of a
participant,  by  the  participant's  legal  representative.  If  an  option  is
exercised by a participant's legal representative,  the Company will be under no
obligation to deliver  shares of Common Stock pursuant to such exercise until we
are satisfied as to the authority of such representative.

         (i) Forfeitures and Penalties.

         Upon a  participant's  termination  of service  with the  Company,  any
outstanding option shall be subject to the terms and conditions set forth below,
unless otherwise determined by the Administrator in its sole discretion:

               (1) In the  event a  participant's  employment  with the  Company
          terminates for any reason, including retirement,  the unvested portion
          of each option granted to the participant  shall terminate without any
          consideration  upon the date of such  termination of employment.  With
          the exception set forth in subsection (4) below, the vested portion of
          each Option granted to the  participant  shall  terminate  thirty (30)
          days after the date the participant's employment is terminated, to the
          extent not exercised during that thirty (30) day period.

               (2) In the event a participant's employment with or service to
          the Company terminates by reason of the participant's death or
          Disability, such participant, or his or her personal representative,
          may exercise all vested options until the earlier to occur of (A) the
          expiration of the period thirty (30) days after


                                       6
<PAGE>

          the date of such death or Disability or (B) the date on which such
          option would lapse; provided, further, that the Administrator may
          extend the termination date of the option for up to ninety (90) days
          from the date it would otherwise terminate. In addition, as of the
          date of death or Disability, any remaining unvested options or part
          thereof, shall be forfeited to the Company without any consideration.
          For purposes of the Plan, a participant shall suffer a "Disability" if
          (A) he or she is unable to perform the functions, duties and
          responsibilities which he or she had been performing for the Company
          for a period of six (6) consecutive months due to physical or mental
          reasons, (B) it is determined by a licensed physician acceptable to
          the Company that it is likely such inability will continue after the
          conclusion of the six (6) month period, and (C) as a result of such
          physical or mental ailment, the participant's employment with the
          Company shall cease.

               (3) In the event a participant  who is not an employee  ceases to
          serve as a  director  of the  Company  for any  reason,  the  unvested
          portion of each  option  granted to the  participant  shall  terminate
          without any  consideration  upon the date of such cessation.  With the
          exception set forth in  subsection  (4) below,  the vested  portion of
          each option granted to the  participant  shall  terminate  thirty (30)
          days after the date the participant's  service on the Board ceases, to
          the extent not exercised during that thirty (30) day period.

               (4) In the event a  participant's  employment  with or service to
          the Company  terminates for Misconduct (as defined below),  the vested
          and unvested  portion of each option granted to the participant  shall
          terminate without any consideration upon the date of such termination.
          For purposes of the Plan, "Misconduct" by a participant shall mean the
          commission  of any act of fraud,  embezzlement  or  dishonesty  by the
          participant,  any unauthorized use or disclosure by the participant of
          confidential  information  or trade  secrets  of the  Company  (or any
          parent,  subsidiary or affiliate  thereof),  or any other  intentional
          misconduct by the participant adversely affecting the business affairs
          of the Company (or any parent,  subsidiary or affiliate  thereof) in a
          material  manner.  The foregoing  definition shall not be deemed to be
          inclusive  of all of the acts or  omissions  which the Company (or any
          parent,  subsidiary or affiliate  thereof) may consider as grounds for
          the dismissal or discharge of a participant or any other individual in
          the service of the Company (or any  parent,  subsidiary  or  affiliate
          thereof).

         (j) Charges and Deductions and Liens Therefor.

              Not applicable.


                                       7
<PAGE>



Item 2. Registrant Information and Employee Plan Annual Information.

         We  "incorporate  by  reference"  information  that  we file  with  the
Securities and Exchange Commission (the  "Commission"),  which means that we can
disclose  important  information to you by referring you to documents filed with
the Commission that contain such  information.  The information  incorporated by
reference is an important part of this  prospectus  and more recent  information
automatically  updates  and  supersedes  more  dated  information  contained  or
incorporated  by reference in this  prospectus.  Our  Commission  file number is
0-27428.
         We have  previously  filed the following  documents with the Commission
and incorporated them by reference into this prospectus:

         (a) the Company's  Prospectus  dated July 23, 2002,  filed  pursuant to
Rule 424(b) under the Securities Exchange Act of 1934, as amended (the "Exchange
Act");

         (b) the Company's  First  Supplement  to  Prospectus  dated October 15,
2002, filed pursuant to Rule 424(b) of the Exchange Act;

         (c) the Company's Quarterly Report on Form 10-QSB for the quarter ended
June 30, 2002;

         (d) the Company's  Current Report on Form 8-K dated September 30, 2002;
and

         (e) all other reports  filed  pursuant to Section 13(a) or 15(d) of the
Exchange Act since July 23, 2002.

         All  documents  subsequently  filed by us pursuant  to Sections  13(a),
13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a  post-effective
amendment  which  indicates that all securities  offered have been sold or which
deregisters  all  securities  then  remaining  unsold,  shall  be  deemed  to be
incorporated  by  reference  and a part of this  prospectus  from the date  such
documents are filed.

         We will  provide  without  charge to each  person,  including  any Plan
participant,  to whom a copy of this  prospectus  has been  delivered,  upon the
written or oral request of such person, a copy of any or all documents  referred
to above which have been or may be  incorporated  by  reference  (not  including
exhibits to such incorporated information that are not specifically incorporated
by  reference  into  such  information)  in Item 3 of  Part II of the  Company's
registration  statement  on Form S-8 and in this  prospectus.  Request  for such
copies should be directed to us at the  following  mailing  address:  627 Second
Avenue,  Long Branch,  New Jersey 07740,  Attention:  Chief  Executive  Officer,
telephone number: (732) 571-1300.


                                       8
<PAGE>


                                     PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Documents by Reference.

         The  following  documents  filed by  Monmouth  Community  Bancorp  (the
"Company" or  "Registrant")  with the  Securities and Exchange  Commission  (the
"Commission")  are  hereby   incorporated  by  reference  in  this  registration
statement as of their respective dates:

         (a) the Company's  Prospectus  dated July 23, 2002,  filed  pursuant to
Rule 424(b) under the Securities Exchange Act of 1934, as amended (the "Exchange
Act");

         (b) the Company's  First  supplement  to  Prospectus  dated October 15,
2002, filed pursuant to Rule 424(b) of the Exchange Act;

         (c) the Company's Quarterly Report on Form 10-QSB for the quarter ended
June 30, 2002;

         (d) the Company's  Current Report on Form 8-K dated September 30, 2002;
and

         (e) all other reports  filed  pursuant to Section 13(a) or 15(d) of the
Exchange Act since July 23, 2002.

         All documents  subsequently  filed by the Company  pursuant to Sections
13(a),  13(c), 14 and 15(d) of the Exchange Act after the date hereof, and prior
to the filing of a  post-effective  amendment  which  indicates  that all of the
securities  offered  have been sold or which  deregisters  all  securities  then
remaining  unsold,  shall be  deemed to be  incorporated  by  reference  in this
registration  statement  and made a part  hereof  from the date of the filing of
such documents.

Item 4. Description of Securities.

         The Company is authorized to issue 100,000,000  shares of Common Stock,
par value $0.01 per share ("Common Stock").  Each share of Common Stock entitles
the holder  thereof to one vote on all matters  submitted  to the  shareholders.
Since the Common Stock does not have  cumulative  voting rights,  it is possible
that holders of more than 50% of the  outstanding  shares could elect all of the
directors and holders of the remaining shares could not elect any directors. The
shares are not subject to redemption, and holders of shares of Common Stock have
no preemptive rights. In the event of liquidation,  dissolution or winding up of
the  Company,  holders of Common  Stock are  entitled to receive,  on a pro rata
basis, any assets distributable to shareholders,  after the payment of debts and
liabilities  and after the  distribution  to holders of any  outstanding  shares
hereafter issued which have priority rights upon liquidation.

         Holders of Common Stock are entitled to receive  dividends out of funds
legally available therefor when, as and if declared by the Board of Directors of
the Company, subject to the restrictions imposed by the Bank Holding Company Act
of 1956. The Bank Holding Company Act of 1956 restricts dividend payments except
if net income available to shareholders fully



                                      II-1
<PAGE>

funds the proposed  dividends,  and the expected  rate of earnings  retention is
consistent with capital needs, asset quality and overall financial condition.

Item 5. Interests of Named Experts and Counsel.

         Not applicable.

Item 6. Indemnification of Directors and Officers.

         Section  14A:2-7 of the New Jersey  Business  Corporation Act permits a
corporation  organized under the laws of the State of New Jersey to limit in the
corporation's  certificate  of  incorporation  the  personal  liability  of  the
corporation's  directors and officers to the corporation  and its  shareholders.
The  Company  has  limited in its  Certificate  of  Incorporation  the  personal
liability of its directors and officers to the Company and its  shareholders  to
the extent  permitted by Section 14A:2-7 of the New Jersey Business  Corporation
Act. The Company's  Certificate of  Incorporation  specifically  provides that a
director  or officer of the  Company  shall have no  personal  liability  to the
Company or its shareholders for damages for a breach of fiduciary duty, provided
that  liability  shall not be eliminated  for breaches of the duty of loyalty to
the Company and its  shareholders,  for acts or  omissions  not in good faith or
which involve a knowing violation of law, or for any transactions from which the
director or officer derived an improper personal benefit.

         Section  14A:3-5 of the New Jersey  Business  Corporation Act permits a
corporation  organized  under the laws of the State of New  Jersey to  indemnify
corporate  agents,  including  directors  and  officers,  against  expenses  and
liabilities  incurred in connection  with  proceedings  brought against any such
person in his or her  capacity  as an agent of the  corporation.  In order to be
eligible for indemnification,  the corporate agent must have acted in good faith
and with  the  belief  that his or her  actions  were  consistent  with the best
interests of the corporation, and in the case of criminal proceedings, the agent
must have acted without reason to believe that his or her actions were unlawful.
Prior to any final  determination  against the corporate  agent, the corporation
may  advance  funds to pay for the  agent's  expenses,  provided  that the agent
agrees to repay the funds if it is ultimately  determined  that the agent is not
entitled to  indemnification.  The Company's By-laws  expressly  authorize us to
provide this indemnification to our directors and officers.

         The Company's By-laws also permit us to purchase and maintain insurance
on behalf of any person who is or was a director,  officer, employee or agent of
the  Company,  or is or was  serving at the  Company's  request  as a  director,
officer,  employee or agent of another  entity,  against any liability  asserted
against or incurred by such person,  in any such capacity or arising from his or
her status as such, whether or not the Company would have the power to indemnify
the person against such liability  under the By-laws.  In that  connection,  the
Company  maintains a  liability  insurance  policy  providing  coverage  for the
directors  and officers of the Company and its  subsidiary,  Monmouth  Community
Bank,  in an  amount  up to an  aggregate  limit of  $5,000,000  for any  single
occurrence.

Item 7. Exemption from Registration Claimed.

         Not applicable.


                                      II-2


<PAGE>



Item 8. Exhibits.

       Exhibit Number                    Description
       --------------                    -----------

           4.         Monmouth Community Bancorp Stock Option Plan.

           5.         Opinion of Giordano, Halleran & Ciesla, a Professional
                      Corporation, including consent of such counsel.

          23.01       Consent of KPMG LLP.

          23.02       Consent of Giordano, Halleran & Ciesla, a Professional
                      Corporation (filed with Exhibit 5).

          24.         Powers of Attorney of officers and directors of Monmouth
                      Community Bancorp (included in the signature pages to this
                      registration statement).

Item 9. Undertakings.

         The Company hereby undertakes:

         (1) To file, during any period in which offers or sales are being made,
a post-effective  amendment to this registration  statement:  (i) to include any
prospectus  required  by Section  10(a)(3)  of the  Securities  Act of 1933,  as
amended (the "Securities  Act"); (ii) to reflect in such prospectus any facts or
events  arising after the effective date of the  registration  statement (or the
most recent  post-effective  amendment  thereof)  which,  individually or in the
aggregate,  represents a fundamental  change in the information set forth in the
registration  statement;  and (iii) to include  any  material  information  with
respect to the plan of distribution not previously disclosed in the registration
statement  or any  material  change  to  such  information  in the  registration
statement;  provided,  however,  that (i) and (ii)  herein  do not  apply if the
information  required  to be  included  in a  post-effective  amendment  by such
provisions  is contained in periodic  reports  filed by the Company  pursuant to
Section  13 or  Section  15(d) of the  Exchange  Act that  are  incorporated  by
reference in the registration statement.

         (2) That,  for the  purpose  of  determining  any  liability  under the
Securities Act, each such  post-effective  amendment shall be deemed to be a new
registration  statement  relating to the  securities  offered  therein,  and the
offering of such  securities at that time shall be deemed to be the initial bona
fide offering thereof.

         (3) To remove from registration by means of a post-effective  amendment
any of the securities being registered which remain unsold at the termination of
the offering.

         (4) That, for purpose of determining any liability under the Securities
Act,  each filing of the Company's  annual  report  pursuant to Section 13(a) or
Section  15(d) of the  Exchange  Act that is  incorporated  by  reference in the
registration  statement  shall  be  deemed  to be a new

                                      II-3
<PAGE>

registration  statement  relating to the  securities  offered  therein,  and the
offering of such  securities at that time shall be deemed to be the initial bona
fide offering thereof.

         (5) That, insofar as indemnification  for liabilities arising under the
Securities Act may be permitted to directors,  officers and controlling  persons
of the Company pursuant to the foregoing provisions,  or otherwise,  the Company
has been advised that, in the opinion of the Commission, such indemnification is
against  public  policy as expressed in the  Securities  Act and is,  therefore,
unenforceable.  In the  event  that a claim  for  indemnification  against  such
liabilities  (other than the payment by the Company of expenses incurred or paid
by a director,  officer or  controlling  person of the Company in the successful
defense of any action, suit or proceeding) is asserted by such director, officer
or controlling  person in connection with the securities being  registered,  the
Company  will,  unless in the opinion of our counsel the matter has been settled
by  controlling  precedent,  submit to a court of appropriate  jurisdiction  the
question  of whether  such  indemnification  by it is against  public  policy as
expressed in the Securities  Act and will be governed by the final  adjudication
of such issue.



                                      II-4
<PAGE>



                                   SIGNATURES
                                   ----------

         Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it meets
all of the  requirements  for  filing  on  Form  S-8 and has  duly  caused  this
registration statement to be signed on its behalf by the undersigned,  thereunto
duly authorized,  in the City of Long Branch,  State of New Jersey,  on the 31st
day of October, 2002.


                                      MONMOUTH COMMUNITY BANCORP
                                      (Registrant)



                                      By:  /s/ James S. Vaccaro
                                          ------------------------------------
                                          James S. Vaccaro
                                          Chairman and Chief Executive Officer


         KNOW  ALL MEN BY THESE  PRESENTS,  that  each  person  whose  signature
appears below  constitutes  and appoints James S. Vaccaro and Anthony  Giordano,
III and each of them, his true and lawful attorney-in-fact and agent for him and
in his name,  place and  stead,  in any and all  capacities  to sign any and all
amendments (including post-effective amendments) to this registration statement,
and to file  the  same,  with all  exhibits  thereto,  and  other  documents  in
connection therewith, with the Securities and Exchange Commission, granting unto
said  attorney-in-fact and agent full power and authority to do and perform each
and every  act and thing  requisite  and  necessary  to be done in and about the
premises,  as fully to all  intents  and  purposes  as they might or could do in
person, hereby ratifying and confirming all that said attorney-in-fact and agent
may lawfully do or cause to be done by virtue hereof.

         Pursuant to the requirements of the Securities Act of 1933, as amended,
this  registration  statement  has been signed by the  following  persons in the
capacities and on the dates indicated.

<TABLE>
<CAPTION>
        Signatures                                 Title                                  Date
        ----------                                 -----                                  ----

<S>                                <C>                                              <C>
      /s/ James S. Vaccaro         Chairman of the Board of Directors and           October 31, 2002
----------------------------        Chief Executive Officer (Principal
        James S. Vaccaro                    Executive Officer)



  /s/ Anthony Giordano, III       Senior Vice President (Principal Financial        October 31, 2002
----------------------------                  and Accounting Officer)
  Anthony Giordano, III

  /s/ Richard O. Lindsey                    President and Director                  October 31, 2002
----------------------------
    Richard O. Lindsey

  /s/ John A. Brockriede                          Director                          October 31, 2002
----------------------------
    John A. Brockriede

</TABLE>

                                      II-5


<PAGE>

<TABLE>
<CAPTION>
        Signatures                                 Title                                  Date
        ----------                                 -----                                  ----

<S>                                <C>                                              <C>
    /s/ James G. Aaron                            Director                          October 31, 2002
----------------------------
      James G. Aaron

    /s/ Mark R. Aikins                            Director                          October 31, 2002
----------------------------
      Mark R. Aikins

/s/ Nicholas A. Alexander                         Director                          October 31, 2002
----------------------------
  Nicholas A. Alexander

     /s/ Solomon Dwek                             Director                          October 31, 2002
----------------------------
       Solomon Dwek

    /s/ John F. McCann                            Director                          October 31, 2002
----------------------------
      John F. McCann

/s/ Harold M. Miller, Jr.                         Director                          October 31, 2002
----------------------------
  Harold M. Miller, Jr.

   /s/ Carmen M. Penta                            Director                          October 31, 2002
----------------------------
     Carmen M. Penta

    /s/ Mark G. Solow                             Director                          October 31, 2002
----------------------------
      Mark G. Solow

</TABLE>

                                      II-6


<PAGE>


--------------------------------------------------------------------------------


                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549





                                    EXHIBITS

                                       to

                                    FORM S-8



                             REGISTRATION STATEMENT

                                      Under

                           THE SECURITIES ACT OF 1933







                           MONMOUTH COMMUNITY BANCORP
                          (Exact name of registrant as
                            specified in its charter)



--------------------------------------------------------------------------------


<PAGE>



                                  EXHIBIT INDEX


 Exhibit Number                            Description
 --------------                            -----------

     4.                Monmouth Community Bancorp Stock Option Plan.

     5.                Opinion of Giordano, Halleran & Ciesla, a Professional
                       Corporation, including consent of such counsel.

    23.01              Consent of KPMG LLP.

    23.02              Consent of Giordano, Halleran & Ciesla, a Professional
                       Corporation (filed with Exhibit 5).

    24.                Powers of Attorney of officers and directors of Monmouth
                       Community Bancorp (included in the signature pages to the
                       registration statement).
[{"type": "S-8", "sequence": "1", "filename": "forms8-47677.txt", "secsgml_size_bytes": 44636}]
{"company-data": {"conformed-name": "MONMOUTH COMMUNITY BANCORP", "cik": "0001172353", "assigned-sic": "6770", "irs-number": "223757709", "state-of-incorporation": "NJ", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-100893", "film-number": "02805051"}, "business-address": {"street1": "627 SECOND AVE", "city": "LONG BRANCH", "state": "NJ", "zip": "07740", "phone": "7325711300"}, "mail-address": {"street1": "627SECOND AVENUE", "city": "LONG BEACH", "state": "NJ", "zip": "07740"}}
As filed with the Securities and Exchange Commission on October 31, 2002

                                                  Registration No. 333 - _______

--------------------------------------------------------------------------------

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                          _____________________________

                                    FORM S-8
                             REGISTRATION STATEMENT
                        UNDER THE SECURITIES ACT OF 1933

                          _____________________________

                           MONMOUTH COMMUNITY BANCORP
             (Exact name of registrant as specified in its charter)

            New Jersey                                         22-3757709
            ----------                                         ----------
   (State or other jurisdiction                             (I.R.S. Employer
of incorporation or organization)                          Identification No.)

                                627 Second Avenue
                          Long Branch, New Jersey 07740
   (Address, including zip code, of registrant's Principal Executive Offices)

                          _____________________________

                  MONMOUTH COMMUNITY BANCORP STOCK OPTION PLAN
                            (Full title of the plan)

                          _____________________________

                                JAMES S. VACCARO
                      Chairman and Chief Executive Officer
                           Monmouth Community Bancorp
                                627 Second Avenue
                          Long Branch, New Jersey 07740
                                 (732) 571-1300
 (Name, address and telephone number, including area code, of agent for service)
                          _____________________________

                                   Copies to:
                              PAUL T. COLELLA, ESQ.
                           Giordano, Halleran & Ciesla
                           A Professional Corporation
                                  P.O. Box 190
                               125 Half Mile Road
                          Middletown, New Jersey 07748
                                 (732) 741-3900
CALCULATION OF REGISTRATION FEE

                                                          Proposed maximum      Proposed maximum
Title of securities to be              Amount to be      offering price per    aggregate offering       Amount of
registered                            registered (1)         share (2)              price (2)        registration fee
Common Stock,
$0.01 par value, of Monmouth
Community Bancorp                        551,250               $14.53              $8,009,663              $737

Options to purchase
Common Stock, $0.01 par value, of
Monmouth Community Bancorp               551,250                ---                    ---                 ---
TOTAL REGISTRATION FEE                                                                                     $737
(1)  In accordance with Rule 416 under the Securities Act of 1933, as amended
     (the "Securities Act"), this registration statement also covers such
     additional indeterminate numbers of shares as may become issuable pursuant
     to anti-dilution provisions of the Monmouth Community Bancorp Stock Option
     Plan (the "Plan") to adjust for the occurrence of certain corporate
     transactions or events, including, without limitation, a stock split or
     stock dividend.
(2)  Estimated in accordance with Rule 457(h) under the Securities Act , solely
     for purposes of calculating the registration fee and based upon the average
     of the bid and asked price as of October 29, 2002.

                                EXPLANATORY NOTE

     This registration statement contains two parts. The first part contains
"Information Required in the Section 10(a) Prospectus," prepared in accordance
with the requirements of Part I of Form S-8, which covers options granted by
Monmouth Community Bancorp (the "Company" or "Registrant") to certain employees
of the Company under the Plan, as well as shares of common stock, par value
$0.01 per share, of the Registrant which may be issued upon exercise of the
options granted. The second part contains "Information Required in the
Registration Statement" prepared in accordance with Part II of Form S-8. Such
information, along with the documents incorporated by reference into this
registration statement pursuant to Item 3 of Part II hereof, constitute a
prospectus that meets the requirements of Section 10(a) of the Securities Act.

                                       ii
PROSPECTUS

                        551,250 SHARES OF COMMON STOCK OF

                           MONMOUTH COMMUNITY BANCORP

                                OCTOBER 31, 2002
PART I

              INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

Item 1.      Plan Information.

         (a)      General Plan Information.

         (1) Monmouth  Community  Bancorp (the  "Company"  or  "Registrant")  is
hereby registering 551,250 shares of its common stock, par value $0.01 per share
("Common  Stock"),  as well as options to purchase these shares of Common Stock,
which options are  available for grant to our employees and directors  under the
Monmouth Community Bancorp Stock Option Plan (the "Plan").

         (2) The  purposes of the Plan are to enhance the  Company's  ability to
attract  and  retain  key  employees  and  directors,  to reward  employees  and
directors for their contributions to the Company, and to encourage our employees
and directors to take into account the Company's  long-term  interests,  through
awards of  options  to  purchase  shares of our Common  Stock.  The Plan  became
effective on August 1, 2000, and will terminate on July 31, 2010, unless earlier
terminated  by the  Company's  Board of Directors  (the "Board of  Directors" or
"Board").  The Board may amend,  suspend or terminate  the Plan,  except that no
action  may,  without the  consent of a  participant,  alter or impair any award
previously granted to the participant under the Plan.

         (3)  The  Plan  is not  subject  to  any  provisions  of  the  Employee
Retirement Income Security Act of 1974, as amended.

         (4) The  Plan  may be  administered  by the  Board  of  Directors  or a
committee of the Board, as may be determined by the Board in its discretion (the
"Administrator").  The  Administrator  has exclusive power to interpret the Plan
and to make all of the determinations  necessary for the management of the Plan.
The Administrator  determines the recipients of Plan awards,  the times at which
awards  will be made,  the size and types of awards to be made,  and the  terms,
conditions,  limitations and restrictions  applicable to the awards granted. The
Administrator  has the authority to make  amendments to any terms and conditions
applicable to outstanding awards consistent with the Plan; provided that, except
for adjustments for stock dividends,  spin-offs,  split-ups,  recapitalizations,
mergers,  consolidations,  business  combinations or exchanges of shares and the
like,  no such action will modify an award in a manner  adverse to a participant
without the participant's  consent,  unless such modification is provided for or
contemplated in the terms of the award.

     Plan participants may obtain additional  information about the Plan and the
Administrator  by contacting the Chief Executive  Officer of Monmouth  Community
Bancorp, 627 Second Avenue, Long Branch, New Jersey 07740, at (732) 571-1300.

                                       2
(b)      Securities to be Offered.

         (1) The  aggregate  number  of  shares of  Common  Stock  reserved  for
issuance  pursuant to awards  granted  under the Plan was five hundred  thousand
(500,000),  which amount has increased to five hundred fifty-one  thousand,  two
hundred and fifty (551,250)  shares by virtue of stock dividends  declared since
the Plan was  adopted  by the  Company's  shareholders.  The  number  of  shares
available for issuance under the Plan remains subject to further  adjustment for
dividends, spin-offs,  split-ups,  recapitalizations,  mergers,  consolidations,
business combinations or exchanges of shares and the like.

         (2) Not applicable.

     (c) Employees Who May Participate In the Plan.

         Employees  and  directors  of the  Company  and  its  subsidiaries  are
eligible to participate in the Plan. The Plan's Administrator is responsible for
identifying recipients of awards under the Plan.

     (d) Purchase of Securities  Pursuant to the Plan and Payment for Securities
Offered.

         (1)  Options  to be  granted  as  awards  under  the Plan  entitle  the
participant  to  purchase  a  specified  number of  shares of Common  Stock at a
specified  exercise  price.  ISOs,  as defined in  Section  422 of the  Internal
Revenue Code of 1986, as amended (the "Code"),  and nonqualified  options may be
granted  under the Plan;  provided,  however,  that ISOs may be granted  only to
employees and not to directors. The exercise price of each option shall be equal
to the "Fair  Market  Value" (as defined  below) of the Common Stock on the date
the award is granted to the  participant;  provided,  however,  that: (i) in the
Administrator's  discretion,  the exercise price of a nonqualified option may be
less than the Fair Market  Value of the Common  Stock on the date of grant;  and
(ii) with  respect to a  participant  who owns ten percent  (10%) or more of the
total combined voting power of all classes of stock of the Company, the exercise
price of an ISO granted to such  participant  shall not be less than one hundred
and ten percent  (110%) of the Fair Market Value of the Common Stock on the date
the ISO is granted.

     The Fair Market  Value of one share of Common  Stock on any  relevant  date
shall be determined in accordance with the following provisions:

          (A) If the Common Stock is at the time listed on any stock exchange or
          similar  institution,  then the Fair Market Value shall be the closing
          selling price per share of Common Stock on the date in question on the
          stock exchange or similar institution  determined by the Administrator
          to be the  primary  market  for the  Common  Stock,  as such  price is
          officially  quoted  in the  composite  tape  of  transactions  on such
          exchange or similar institution.  If there is no closing selling price
          for the Common  Stock on the date in  question,  then the Fair  Market
          Value shall be the closing  selling price on the last  preceding  date
          for which such quotation exists.

                                       3
(B) If the  Common  Stock  is not at  the  time  listed  on any  stock
          exchange  or  similar  institution,  but is  traded  on  the  National
          Association  of  Securities   Dealers   Automated   Quotation   System
          ("NASDAQ") OTC Bulletin Board, then the Fair Market Value shall be the
          closing  selling  price  per  share  of  Common  Stock  on the date in
          question,  as such price is reported by the  National  Association  of
          Securities  Dealers on the NASDAQ OTC Bulletin  Board or any successor
          system.  If there is no closing  selling  price of the Common Stock on
          the date in question,  then the Fair Market Value shall be the closing
          selling  price on the last  preceding  date for which  such  quotation
          exists.

          (C) If the Common  Stock is at the time  publicly  traded,  but is not
          listed on any stock  exchange or similar  institution or traded on the
          NASDAQ OTC  Bulletin  Board,  then the Fair Market Value of the Common
          Stock shall be the closing  price of the Common Stock as of the day in
          question  (or,  if  such  day is not a  trading  day in the  principal
          securities  market or markets  for the Common  Stock,  on the  nearest
          preceding trading day), as reported with respect to the market (or the
          composite of markets,  if more than one) in which shares of the Common
          Stock are then traded, or, if no such closing prices are reported,  on
          the basis of the mean  between the high bid and low asked  prices that
          day on the  principal  market or  quotation  system on which shares of
          Common Stock are then quoted,  or, if not so quoted, as furnished by a
          professional securities dealer making a market in the Common Stock.

     The term of each option granted to a participant pursuant to an award shall
be determined by the Administrator;  provided, however, that in no case shall an
option be exercisable more than ten (10) years (five (5) years in the case of an
ISO granted to a ten-percent (10%) shareholder as described above) from the date
of the award. Except as otherwise provided by the Plan, options granted pursuant
to an award will become  exercisable at such time or times,  and subject to such
conditions,  as the  Administrator  may  specify at the time of the  award.  The
options  may  be  subject  to  such  restrictions,   conditions  and  forfeiture
provisions as the  Administrator may determine,  including,  but not limited to,
restrictions  on  transfer,  continuous  service  with the Company or any of its
subsidiaries,  achievement  of business  objectives,  and individual and Company
performance.  To the extent  exercisable,  an option may be exercised  either in
whole at any time or in part from time to time.  With  respect to an ISO granted
to a  participant,  the Fair Market  Value of the shares of Common  Stock on the
date of grant which are exercisable  for the first time by a participant  during
any calendar year shall not exceed $100,000.

     No fractional  shares of Common Stock will be delivered  pursuant to awards
granted under the Plan and the Administrator shall determine the manner in which
fractional share value will be treated.  If any award is cancelled or terminates
without  having been  exercised in full, the number of shares of Common Stock as
to which such award was not  exercised  will be available  for future  awards of
Common Stock under the Plan.

         (2) Full  payment  for  shares of Common  Stock  being  purchased  by a
participant  upon  the  exercise  of an  option  will be made at the time of the
exercise of the option, in whole or in part.  Payment of the purchase price will
be made in cash or in such other form of consideration as the  Administrator may
permit.

                                       4
(3) Not applicable.

         (4) Not applicable.

         (5) Not applicable.

         (6) The shares of Common Stock  delivered  under the Plan upon exercise
of options will be authorized but unissued shares of Common Stock.  They will be
purchased directly from the Company.

         (e) Resale Restrictions.

         Restrictions  on  resales  of  securities  purchased  pursuant  to  the
exercise  of  options  may apply to  certain  participants  who are deemed to be
"insiders" of the  Registrant  for purposes of federal  securities  laws.  Those
restrictions may impose  limitations on the amount of shares which may be resold
within a given time period. In addition, we will not be obligated to deliver any
shares of Common  Stock  pursuant to the Plan or to remove any  restrictions  or
legends from shares of Common Stock  previously  delivered  under the Plan until
(i) in the opinion of the Company's  counsel,  all applicable  federal and state
laws and  regulations  have been complied with, and (ii) all other legal matters
in connection with the issuance and delivery of such shares of Common Stock have
been approved by our counsel.

         (f) Tax Effects of Plan Participation.

         Based on current  federal tax law, a participant  who is granted an ISO
will not  recognize  taxable  income either at the time the option is granted or
upon its  exercise,  although the exercise  may subject the  participant  to the
alternative  minimum tax.  Upon the sale or exchange of the shares more than two
years after grant of the ISO and one year after exercise of the option, any gain
or loss will be treated as  long-term  capital  gain or loss.  If these  holding
periods are not satisfied, the participant will recognize ordinary income at the
time of sale or exchange equal to the difference  between the exercise price and
the lower of (i) the Fair  Market  Value of the shares at the date of the option
exercise  or (ii) the sale  price of the  shares.  Any gain  recognized  on such
premature  disposition of the shares in excess of the amount treated as ordinary
income will be characterized as long-term or short-term capital gain,  depending
on the holding  period.  The Company will be entitled to a deduction in the same
amount as the ordinary income recognized by the participant.

         A participant  who is granted a nonqualified  option will not recognize
any taxable  income at the time of the grant.  However,  upon the  exercise of a
nonqualified  option,  the participant  will recognize  taxable income generally
measured  as the excess of the then Fair  Market  Value of the shares  purchased
over the purchase price. The Company will be entitled to a tax deduction for any
taxable income recognized in connection with a nonqualified  option exercised by
a  participant  who is also an employee of the Company in the same amount as the
ordinary income  recognized by the participant.  Upon disposition of such shares
by the participant, any difference between the sales price and the participant's
purchase  price,  to the extent not  recognized  as taxable  income as described
above,  will be  treated  as  long-term  or  short-term  capital  gain or  loss,
depending on the holding period.

                                       5
The Company will have the right to deduct from any compensatory payment
due the  participant all taxes that are required to be withheld and to condition
the  obligation  to  deliver  shares  of  Common  Stock  under the Plan upon the
participant's  payment to the Company  such amount as the Company may request to
satisfy any  liability for  applicable  withholding  taxes.  The Code limits the
Company's  deduction for compensation paid to or accrued for the Company's Chief
Executive  Officer and certain other  officers to $1,000,000  per annum for each
officer.  Certain  types of  compensation  which  qualify  as  performance-based
compensation  are not  subject to the  $1,000,000  limit on  deductibility.  Any
awards granted for no consideration,  or granted for  consideration  which has a
value  which is less than the Fair  Market  Value of the shares of Common  Stock
pursuant   to  such   awards  on  the  date  of  grant,   will  not  qualify  as
performance-based  compensation,  and,  therefore,  will not be exempt  from the
$1,000,000 deduction limit.

         The Plan is not a qualified plan under Section 401(a) of the Code.

         (g) Investment of Funds.

         Not applicable.

         (h) Withdrawal from the Plan; Assignment of Interest.

         Participants  in the Plan do not  withdraw  from the Plan except to the
extent that they are no longer eligible to participate,  as discussed  below. No
award may be assigned, pledged or transferred, other than by will or the laws of
descent  and  distribution,  and  an  award  will  be  exercisable  only  by the
participant,  or in the event of the death or Disability (as defined below) of a
participant,  by  the  participant's  legal  representative.  If  an  option  is
exercised by a participant's legal representative,  the Company will be under no
obligation to deliver  shares of Common Stock pursuant to such exercise until we
are satisfied as to the authority of such representative.

         (i) Forfeitures and Penalties.

         Upon a  participant's  termination  of service  with the  Company,  any
outstanding option shall be subject to the terms and conditions set forth below,
unless otherwise determined by the Administrator in its sole discretion:

               (1) In the  event a  participant's  employment  with the  Company
          terminates for any reason, including retirement,  the unvested portion
          of each option granted to the participant  shall terminate without any
          consideration  upon the date of such  termination of employment.  With
          the exception set forth in subsection (4) below, the vested portion of
          each Option granted to the  participant  shall  terminate  thirty (30)
          days after the date the participant's employment is terminated, to the
          extent not exercised during that thirty (30) day period.

               (2) In the event a participant's employment with or service to
          the Company terminates by reason of the participant's death or
          Disability, such participant, or his or her personal representative,
          may exercise all vested options until the earlier to occur of (A) the
          expiration of the period thirty (30) days after

                                       6
the date of such death or Disability or (B) the date on which such
          option would lapse; provided, further, that the Administrator may
          extend the termination date of the option for up to ninety (90) days
          from the date it would otherwise terminate. In addition, as of the
          date of death or Disability, any remaining unvested options or part
          thereof, shall be forfeited to the Company without any consideration.
          For purposes of the Plan, a participant shall suffer a "Disability" if
          (A) he or she is unable to perform the functions, duties and
          responsibilities which he or she had been performing for the Company
          for a period of six (6) consecutive months due to physical or mental
          reasons, (B) it is determined by a licensed physician acceptable to
          the Company that it is likely such inability will continue after the
          conclusion of the six (6) month period, and (C) as a result of such
          physical or mental ailment, the participant's employment with the
          Company shall cease.

               (3) In the event a participant  who is not an employee  ceases to
          serve as a  director  of the  Company  for any  reason,  the  unvested
          portion of each  option  granted to the  participant  shall  terminate
          without any  consideration  upon the date of such cessation.  With the
          exception set forth in  subsection  (4) below,  the vested  portion of
          each option granted to the  participant  shall  terminate  thirty (30)
          days after the date the participant's  service on the Board ceases, to
          the extent not exercised during that thirty (30) day period.

               (4) In the event a  participant's  employment  with or service to
          the Company  terminates for Misconduct (as defined below),  the vested
          and unvested  portion of each option granted to the participant  shall
          terminate without any consideration upon the date of such termination.
          For purposes of the Plan, "Misconduct" by a participant shall mean the
          commission  of any act of fraud,  embezzlement  or  dishonesty  by the
          participant,  any unauthorized use or disclosure by the participant of
          confidential  information  or trade  secrets  of the  Company  (or any
          parent,  subsidiary or affiliate  thereof),  or any other  intentional
          misconduct by the participant adversely affecting the business affairs
          of the Company (or any parent,  subsidiary or affiliate  thereof) in a
          material  manner.  The foregoing  definition shall not be deemed to be
          inclusive  of all of the acts or  omissions  which the Company (or any
          parent,  subsidiary or affiliate  thereof) may consider as grounds for
          the dismissal or discharge of a participant or any other individual in
          the service of the Company (or any  parent,  subsidiary  or  affiliate
          thereof).

         (j) Charges and Deductions and Liens Therefor.

              Not applicable.

                                       7
Item 2. Registrant Information and Employee Plan Annual Information.

         We  "incorporate  by  reference"  information  that  we file  with  the
Securities and Exchange Commission (the  "Commission"),  which means that we can
disclose  important  information to you by referring you to documents filed with
the Commission that contain such  information.  The information  incorporated by
reference is an important part of this  prospectus  and more recent  information
automatically  updates  and  supersedes  more  dated  information  contained  or
incorporated  by reference in this  prospectus.  Our  Commission  file number is
0-27428.
         We have  previously  filed the following  documents with the Commission
and incorporated them by reference into this prospectus:

         (a) the Company's  Prospectus  dated July 23, 2002,  filed  pursuant to
Rule 424(b) under the Securities Exchange Act of 1934, as amended (the "Exchange
Act");

         (b) the Company's  First  Supplement  to  Prospectus  dated October 15,
2002, filed pursuant to Rule 424(b) of the Exchange Act;

         (c) the Company's Quarterly Report on Form 10-QSB for the quarter ended
June 30, 2002;

         (d) the Company's  Current Report on Form 8-K dated September 30, 2002;
and

         (e) all other reports  filed  pursuant to Section 13(a) or 15(d) of the
Exchange Act since July 23, 2002.

         All  documents  subsequently  filed by us pursuant  to Sections  13(a),
13(c), 14 or 15(d) of the Exchange Act, prior to the filing of a  post-effective
amendment  which  indicates that all securities  offered have been sold or which
deregisters  all  securities  then  remaining  unsold,  shall  be  deemed  to be
incorporated  by  reference  and a part of this  prospectus  from the date  such
documents are filed.

         We will  provide  without  charge to each  person,  including  any Plan
participant,  to whom a copy of this  prospectus  has been  delivered,  upon the
written or oral request of such person, a copy of any or all documents  referred
to above which have been or may be  incorporated  by  reference  (not  including
exhibits to such incorporated information that are not specifically incorporated
by  reference  into  such  information)  in Item 3 of  Part II of the  Company's
registration  statement  on Form S-8 and in this  prospectus.  Request  for such
copies should be directed to us at the  following  mailing  address:  627 Second
Avenue,  Long Branch,  New Jersey 07740,  Attention:  Chief  Executive  Officer,
telephone number: (732) 571-1300.

                                       8
PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3. Incorporation of Documents by Reference.

         The  following  documents  filed by  Monmouth  Community  Bancorp  (the
"Company" or  "Registrant")  with the  Securities and Exchange  Commission  (the
"Commission")  are  hereby   incorporated  by  reference  in  this  registration
statement as of their respective dates:

         (a) the Company's  Prospectus  dated July 23, 2002,  filed  pursuant to
Rule 424(b) under the Securities Exchange Act of 1934, as amended (the "Exchange
Act");

         (b) the Company's  First  supplement  to  Prospectus  dated October 15,
2002, filed pursuant to Rule 424(b) of the Exchange Act;

         (c) the Company's Quarterly Report on Form 10-QSB for the quarter ended
June 30, 2002;

         (d) the Company's  Current Report on Form 8-K dated September 30, 2002;
and

         (e) all other reports  filed  pursuant to Section 13(a) or 15(d) of the
Exchange Act since July 23, 2002.

         All documents  subsequently  filed by the Company  pursuant to Sections
13(a),  13(c), 14 and 15(d) of the Exchange Act after the date hereof, and prior
to the filing of a  post-effective  amendment  which  indicates  that all of the
securities  offered  have been sold or which  deregisters  all  securities  then
remaining  unsold,  shall be  deemed to be  incorporated  by  reference  in this
registration  statement  and made a part  hereof  from the date of the filing of
such documents.

Item 4. Description of Securities.

         The Company is authorized to issue 100,000,000  shares of Common Stock,
par value $0.01 per share ("Common Stock").  Each share of Common Stock entitles
the holder  thereof to one vote on all matters  submitted  to the  shareholders.
Since the Common Stock does not have  cumulative  voting rights,  it is possible
that holders of more than 50% of the  outstanding  shares could elect all of the
directors and holders of the remaining shares could not elect any directors. The
shares are not subject to redemption, and holders of shares of Common Stock have
no preemptive rights. In the event of liquidation,  dissolution or winding up of
the  Company,  holders of Common  Stock are  entitled to receive,  on a pro rata
basis, any assets distributable to shareholders,  after the payment of debts and
liabilities  and after the  distribution  to holders of any  outstanding  shares
hereafter issued which have priority rights upon liquidation.

         Holders of Common Stock are entitled to receive  dividends out of funds
legally available therefor when, as and if declared by the Board of Directors of
the Company, subject to the restrictions imposed by the Bank Holding Company Act
of 1956. The Bank Holding Company Act of 1956 restricts dividend payments except
if net income available to shareholders fully

                                      II-1
funds the proposed  dividends,  and the expected  rate of earnings  retention is
consistent with capital needs, asset quality and overall financial condition.

Item 5. Interests of Named Experts and Counsel.

         Not applicable.

Item 6. Indemnification of Directors and Officers.

         Section  14A:2-7 of the New Jersey  Business  Corporation Act permits a
corporation  organized under the laws of the State of New Jersey to limit in the
corporation's  certificate  of  incorporation  the  personal  liability  of  the
corporation's  directors and officers to the corporation  and its  shareholders.
The  Company  has  limited in its  Certificate  of  Incorporation  the  personal
liability of its directors and officers to the Company and its  shareholders  to
the extent  permitted by Section 14A:2-7 of the New Jersey Business  Corporation
Act. The Company's  Certificate of  Incorporation  specifically  provides that a
director  or officer of the  Company  shall have no  personal  liability  to the
Company or its shareholders for damages for a breach of fiduciary duty, provided
that  liability  shall not be eliminated  for breaches of the duty of loyalty to
the Company and its  shareholders,  for acts or  omissions  not in good faith or
which involve a knowing violation of law, or for any transactions from which the
director or officer derived an improper personal benefit.

         Section  14A:3-5 of the New Jersey  Business  Corporation Act permits a
corporation  organized  under the laws of the State of New  Jersey to  indemnify
corporate  agents,  including  directors  and  officers,  against  expenses  and
liabilities  incurred in connection  with  proceedings  brought against any such
person in his or her  capacity  as an agent of the  corporation.  In order to be
eligible for indemnification,  the corporate agent must have acted in good faith
and with  the  belief  that his or her  actions  were  consistent  with the best
interests of the corporation, and in the case of criminal proceedings, the agent
must have acted without reason to believe that his or her actions were unlawful.
Prior to any final  determination  against the corporate  agent, the corporation
may  advance  funds to pay for the  agent's  expenses,  provided  that the agent
agrees to repay the funds if it is ultimately  determined  that the agent is not
entitled to  indemnification.  The Company's By-laws  expressly  authorize us to
provide this indemnification to our directors and officers.

         The Company's By-laws also permit us to purchase and maintain insurance
on behalf of any person who is or was a director,  officer, employee or agent of
the  Company,  or is or was  serving at the  Company's  request  as a  director,
officer,  employee or agent of another  entity,  against any liability  asserted
against or incurred by such person,  in any such capacity or arising from his or
her status as such, whether or not the Company would have the power to indemnify
the person against such liability  under the By-laws.  In that  connection,  the
Company  maintains a  liability  insurance  policy  providing  coverage  for the
directors  and officers of the Company and its  subsidiary,  Monmouth  Community
Bank,  in an  amount  up to an  aggregate  limit of  $5,000,000  for any  single
occurrence.

Item 7. Exemption from Registration Claimed.

         Not applicable.

                                      II-2
Item 8. Exhibits.

       Exhibit Number                    Description
       --------------                    -----------

           4.         Monmouth Community Bancorp Stock Option Plan.

           5.         Opinion of Giordano, Halleran & Ciesla, a Professional
                      Corporation, including consent of such counsel.

          23.01       Consent of KPMG LLP.

          23.02       Consent of Giordano, Halleran & Ciesla, a Professional
                      Corporation (filed with Exhibit 5).

          24.         Powers of Attorney of officers and directors of Monmouth
                      Community Bancorp (included in the signature pages to this
                      registration statement).

Item 9. Undertakings.

         The Company hereby undertakes:

         (1) To file, during any period in which offers or sales are being made,
a post-effective  amendment to this registration  statement:  (i) to include any
prospectus  required  by Section  10(a)(3)  of the  Securities  Act of 1933,  as
amended (the "Securities  Act"); (ii) to reflect in such prospectus any facts or
events  arising after the effective date of the  registration  statement (or the
most recent  post-effective  amendment  thereof)  which,  individually or in the
aggregate,  represents a fundamental  change in the information set forth in the
registration  statement;  and (iii) to include  any  material  information  with
respect to the plan of distribution not previously disclosed in the registration
statement  or any  material  change  to  such  information  in the  registration
statement;  provided,  however,  that (i) and (ii)  herein  do not  apply if the
information  required  to be  included  in a  post-effective  amendment  by such
provisions  is contained in periodic  reports  filed by the Company  pursuant to
Section  13 or  Section  15(d) of the  Exchange  Act that  are  incorporated  by
reference in the registration statement.

         (2) That,  for the  purpose  of  determining  any  liability  under the
Securities Act, each such  post-effective  amendment shall be deemed to be a new
registration  statement  relating to the  securities  offered  therein,  and the
offering of such  securities at that time shall be deemed to be the initial bona
fide offering thereof.

         (3) To remove from registration by means of a post-effective  amendment
any of the securities being registered which remain unsold at the termination of
the offering.

         (4) That, for purpose of determining any liability under the Securities
Act,  each filing of the Company's  annual  report  pursuant to Section 13(a) or
Section  15(d) of the  Exchange  Act that is  incorporated  by  reference in the
registration  statement  shall  be  deemed  to be a new

                                      II-3
registration  statement  relating to the  securities  offered  therein,  and the
offering of such  securities at that time shall be deemed to be the initial bona
fide offering thereof.

         (5) That, insofar as indemnification  for liabilities arising under the
Securities Act may be permitted to directors,  officers and controlling  persons
of the Company pursuant to the foregoing provisions,  or otherwise,  the Company
has been advised that, in the opinion of the Commission, such indemnification is
against  public  policy as expressed in the  Securities  Act and is,  therefore,
unenforceable.  In the  event  that a claim  for  indemnification  against  such
liabilities  (other than the payment by the Company of expenses incurred or paid
by a director,  officer or  controlling  person of the Company in the successful
defense of any action, suit or proceeding) is asserted by such director, officer
or controlling  person in connection with the securities being  registered,  the
Company  will,  unless in the opinion of our counsel the matter has been settled
by  controlling  precedent,  submit to a court of appropriate  jurisdiction  the
question  of whether  such  indemnification  by it is against  public  policy as
expressed in the Securities  Act and will be governed by the final  adjudication
of such issue.

                                      II-4
SIGNATURES
                                   ----------

         Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it meets
all of the  requirements  for  filing  on  Form  S-8 and has  duly  caused  this
registration statement to be signed on its behalf by the undersigned,  thereunto
duly authorized,  in the City of Long Branch,  State of New Jersey,  on the 31st
day of October, 2002.

                                      MONMOUTH COMMUNITY BANCORP
                                      (Registrant)

                                      By:  /s/ James S. Vaccaro
                                          ------------------------------------
                                          James S. Vaccaro
                                          Chairman and Chief Executive Officer

         KNOW  ALL MEN BY THESE  PRESENTS,  that  each  person  whose  signature
appears below  constitutes  and appoints James S. Vaccaro and Anthony  Giordano,
III and each of them, his true and lawful attorney-in-fact and agent for him and
in his name,  place and  stead,  in any and all  capacities  to sign any and all
amendments (including post-effective amendments) to this registration statement,
and to file  the  same,  with all  exhibits  thereto,  and  other  documents  in
connection therewith, with the Securities and Exchange Commission, granting unto
said  attorney-in-fact and agent full power and authority to do and perform each
and every  act and thing  requisite  and  necessary  to be done in and about the
premises,  as fully to all  intents  and  purposes  as they might or could do in
person, hereby ratifying and confirming all that said attorney-in-fact and agent
may lawfully do or cause to be done by virtue hereof.

         Pursuant to the requirements of the Securities Act of 1933, as amended,
this  registration  statement  has been signed by the  following  persons in the
capacities and on the dates indicated.
Signatures                                 Title                                  Date
        ----------                                 -----                                  ----
/s/ James S. Vaccaro         Chairman of the Board of Directors and           October 31, 2002
----------------------------        Chief Executive Officer (Principal
        James S. Vaccaro                    Executive Officer)

  /s/ Anthony Giordano, III       Senior Vice President (Principal Financial        October 31, 2002
----------------------------                  and Accounting Officer)
  Anthony Giordano, III

  /s/ Richard O. Lindsey                    President and Director                  October 31, 2002
----------------------------
    Richard O. Lindsey

  /s/ John A. Brockriede                          Director                          October 31, 2002
----------------------------
    John A. Brockriede
II-5
Signatures                                 Title                                  Date
        ----------                                 -----                                  ----
/s/ James G. Aaron                            Director                          October 31, 2002
----------------------------
      James G. Aaron

    /s/ Mark R. Aikins                            Director                          October 31, 2002
----------------------------
      Mark R. Aikins

/s/ Nicholas A. Alexander                         Director                          October 31, 2002
----------------------------
  Nicholas A. Alexander

     /s/ Solomon Dwek                             Director                          October 31, 2002
----------------------------
       Solomon Dwek

    /s/ John F. McCann                            Director                          October 31, 2002
----------------------------
      John F. McCann

/s/ Harold M. Miller, Jr.                         Director                          October 31, 2002
----------------------------
  Harold M. Miller, Jr.

   /s/ Carmen M. Penta                            Director                          October 31, 2002
----------------------------
     Carmen M. Penta

    /s/ Mark G. Solow                             Director                          October 31, 2002
----------------------------
      Mark G. Solow
II-6
--------------------------------------------------------------------------------

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    EXHIBITS

                                       to

                                    FORM S-8

                             REGISTRATION STATEMENT

                                      Under

                           THE SECURITIES ACT OF 1933

                           MONMOUTH COMMUNITY BANCORP
                          (Exact name of registrant as
                            specified in its charter)

--------------------------------------------------------------------------------
EXHIBIT INDEX

 Exhibit Number                            Description
 --------------                            -----------

     4.                Monmouth Community Bancorp Stock Option Plan.

     5.                Opinion of Giordano, Halleran & Ciesla, a Professional
                       Corporation, including consent of such counsel.

    23.01              Consent of KPMG LLP.

    23.02              Consent of Giordano, Halleran & Ciesla, a Professional
                       Corporation (filed with Exhibit 5).

    24.                Powers of Attorney of officers and directors of Monmouth
                       Community Bancorp (included in the signature pages to the
                       registration statement).