[X] PLEASE MARK YOUR VOTES
    AS IN THIS EXAMPLE
                                REVOCABLE PROXY
                             ALLAIRE COMMUNITY BANK


         THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF
                             ALLAIRE COMMUNITY BANK
                        Special Meeting of Stockholders
                    to be held on Thursday, December 9, 2004

      The undersigned,  a stockholder of ALLAIRE COMMUNITY BANK, hereby appoints
GEORGE S. CALLAS and CARL F.  CHIRICO,  and each of them, as the proxy holder or
proxy holders of the undersigned with full power of substitution, for and in the
name,  place and stead of the  undersigned,  and authorizes each of them to vote
all of the shares of common stock entitled to vote of the undersigned, as if the
undersigned is personally  present,  at the Special  Meeting of  Stockholders of
Allaire Community Bank called and to be held at the principal offices of Allaire
Community  Bank,  located at 2200 Highway 35, Sea Girt,  New Jersey on Thursday,
December 9, 2004, at 10:00 a.m., local time (the "Special Meeting"), in order to
comply with N.J.S.A.  17:9A-83,and to better  accommodate the stockholders,  the
Special  Meeting will be  immediately  adjourned  and  reconvened at 10:30 a.m.,
local time, at the Breakers  Hotel &  Restaurant,  located at 1507 Ocean Avenue,
Spring Lake, New Jersey,  and any  adjournment or postponement  thereof.  If you
plan on  attending  the  Special  Meeting in person,  please go to the  Breakers
Hotel.


                                                           For  Against  Abstain
1. To consider  and vote on a proposal to approve and      [_]    [_]      [_]
   adopt the agreement and plan of acquisition, dated
   as of  June  30,  2004,  by and  between  Monmouth
   Community  Bancorp and Allaire Community Bank, and
   the transactions contemplated therein.

2. To transact  such other  business as may  properly
   come before the Special Meeting or any adjournment
   or postponement thereof.

THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN BY
THE STOCKHOLDER SIGNING BELOW. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED
"FOR" THE PROPOSAL TO APPROVE AND ADOPT THE AGREEMENT AND PLAN OF ACQUISTION AND
THE TRANSACTIONS CONTEMPLATED THEREIN.

                                                  ------------------------------
Please be sure to sign and date                   |           Date
  this Proxy in the box below.                    |
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- ----Shareholder sign above---------------------Co-holder (if any) sign above----



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   Detach above card, sign, date and mail in postage paid envelope provided.

                             ALLAIRE COMMUNITY BANK
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      Please sign exactly as your name appears  hereon.  When shares are held by
joint  tenants,   both  should  sign.   When  signing  as  attorney,   executor,
administrator,  trustee  or  guardian,  please  give  full  title as such.  If a
corporation, please sign in full corporate name by President or other authorized
officer.  If  a  partnership  or  limited  liability  company,  please  sign  in
partnership or limited liability company name by authorized person.

                  PLEASE MARK, SIGN, DATE AND RETURN THE PROXY
                      PROMPTLY USING THE ENCLOSED ENVELOPE
- --------------------------------------------------------------------------------
IF YOUR ADDRESS HAS CHANGED,  PLEASE  CORRECT THE ADDRESS IN THE SPACE  PROVIDED
BELOW AND RETURN THIS PORTION WITH THE PROXY IN THE ENVELOPE PROVIDED.


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