----

----

**U.      S. SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      10-QSB**

| **x** | Quarterly                Report Under Section 13                or 15(d) of the Securities Exchange Act of                1934 |
|-------|--------------------------------------------------------------------------------------------------------------------------------|

**September 30, 2007**

| **£** | Transition                Report under Section                13 or 15(d) of the Securities Exchange Act of                1934 |
|------------|---------------------------------------------------------------------------------------------------------------------------------|

**Commission      File Number: 333-102971**

|   | Freedom                Bancshares, Inc. |   |
|--------|-----------------------------------------|--------|

|   | **Georgia**                             |   | **06-1671382**                                   |   |
|--------|-----------------------------------------|--------|--------------------------------------------------|--------|
|   | (State                of Incorporation) |   | (IRS                Employer Identification No.) |   |

|   | **3165                Maysville Road, Commerce, GA 30529** |   |
|--------|------------------------------------------------------------|--------|
|   | (Address                of principal executive offices)    |   |

|   | **(706)                423-2500**                |   |
|--------|--------------------------------------------------|--------|
|   | (Issuer’s                telephone number) |   |

|   | N/A |   |
|--------|-----|--------|

**£**

**£**

**November      14, 2007: 1,316,005 shares outstanding, $1.00 par      value**

**£**

----

----

----

**FREEDOM      BANCSHARES, INC.**

**AND      SUBSIDIARY**

**Index**

|                                                    | Page                                                                                                         |
|---------------------------------------------------------|--------------------------------------------------------------------------------------------------------------|
|                                                    |                                                                                                         |
| Part                I.  Financial Information |                                                                                                         |
|                                                    |                                                                                                         |   |   |
|                                                    | Item                1.  Financial Statements                (unaudited)                            |   |
|                                                    |                                                                                                         |   |   |
|                                                    |                                                                                                         | Consolidated                Balance Sheets - September 30, 2007 and December                31, 2006 | 2 |
|                                                    |                                                                                                         |   |   |
|                                                    |                                                                                                         | Consolidated                Statements of Income – Three and Nine Months Ended                September 30, 2007 and 2006 | 3 |
|                                                    |                                                                                                         |   |   |
|                                                    |                                                                                                         | Consolidated                Statements of Comprehensive Income – Three and                Nine Months Ended September 30, 2007 and 2006 | 4 |
|                                                    |                                                                                                         |   |   |
|                                                    |                                                                                                         | Consolidated                Statements of Cash Flows - Nine Months Ended                September 30, 2007 and 2006 | 5 |
|                                                    |                                                                                                         |   |   |
|                                                    |                                                                                                         | Notes                to Consolidated Financial Statements | 6                -                8 |
|                                                    |                                                                                                         |   |   |
|                                                    | Item                2.  Management's Discussion and                Analysis                        | 9                -                15 |
|                                                    |                                                                                                         |   |   |
|                                                    | Item                3.  Controls and                Procedures                                     | 16 |
|                                                    |                                                                                                         |   |   |
|                                                    |                                                                                                         |   |   |
| Part                II.  Other Information    |                                                                                                         |
|                                                    |                                                                                                         |   |   |
|                                                    | Item                1.  Legal Proceedings                                                          | 17 |
|                                                    |                                                                                                         |   |   |
|                                                    | Item                2.  Unregistered Sales of Equity Securities                and Use of Proceeds | 17 |
|                                                    |                                                                                                         |   |   |
|                                                    | Item                3.  Defaults Upon Senior                Securities                             | 17 |
|                                                    |                                                                                                         |   |   |
|                                                    | Item                4.  Submission of Matters to a Vote of                Security Holders         | 17 |
|                                                    |                                                                                                         |   |   |
|                                                    | Item                5.  Other Information                                                          | 17 |
|                                                    |                                                                                                         |   |   |
|                                                    | Item                6.  Exhibits                                                                   | 18 |
|                                                    |                                                                                                         |   |   |
|                                                    | Signature                Page                                                                                | 19 |
|                                                    |                                                                                                         |   |   |

----

***Index***

**PART        I - FINANCIAL INFORMATION**

**ITEM        I.  FINANCIAL STATEMENTS**

**FREEDOM        BANCSHARES, INC. AND SUBSIDIARY**

**CONSOLIDATED        BALANCE SHEETS**

**SEPTEMBER        30, 2007 AND DECEMBER 31, 2006**

**(Unaudited)**

| **Assets**                                                                                                                                                                          |   | **2007**   |            |   | 2006   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|-----------------|--------|--------|--------|
|                                                                                                                                                                                |   |       |            |   |   |   |
| Cash                  and due from banks                                                                                                                                            |   | **$**      | **2,597,980**   |   |   | $      | 2,621,725 |   |
| Interest                  bearing deposits in banks                                                                                                                                 |   | ** ** | **17,410**      |   |   |   | 63,542 |   |
| Federal                  funds sold                                                                                                                                                 |   | ** ** | **2,932,601**   |   |   |   | 948,690 |   |
| Securities                  available for sale, at fair value                                                                                                                       |   | ** ** | **19,140,135**  |   |   |   | 20,853,654 |   |
| Loans,                  less allowance for loan losses of $1,252,302 and $1,194,953,                  respectively                                                                  |   | ** ** | **118,029,655** |   |   |   | 101,596,794 |   |
| Property                  and equipment, net                                                                                                                                        |   | ** ** | **5,889,657**   |   |   |   | 3,402,792 |   |
| Federal                  Home Loan Bank stock                                                                                                                                       |   | ** ** | **1,003,600**   |   |   |   | 885,100 |   |
| Accrued                  interest receivable                                                                                                                                        |   | ** ** | **1,797,303**   |   |   |   | 1,536,302 |   |
| Other                  assets                                                                                                                                                       |   | ** ** | **1,277,550**   |   |   |   | 722,076 |   |
|                                                                                                                                                                                |   |       |            |   |   |   |   |   |
| **Total                  assets**                                                                                                                                                   |   | **$**      | **152,685,891** |   |   | $      | 132,630,675 |   |
|                                                                                                                                                                                |   |       |            |   |   |   |   |   |
|                                                                                                                                                                                |   |       |            |   |   |   |   |   |
| **Liabilities                  and Stockholders' Equity**                                                                                                                           |   |       |            |   |   |   |   |   |
|                                                                                                                                                                                |   |       |            |   |   |   |   |   |
| Liabilities:                                                                                                                                                                        |   |       |            |   |   |   |   |   |
| Deposits:                                                                                                                                                                           |   |       |            |   |   |   |   |   |
| Noninterest-bearing                                                                                                                                                                 |   | **$**      | **7,788,038**   |   |   | $      | 6,880,325 |   |
| Interest-bearing                                                                                                                                                                    |   | ** ** | **115,542,378** |   |   |   | 97,321,207 |   |
| Total                  deposits                                                                                                                                                     |   | ** ** | **123,330,416** |   |   |   | 104,201,532 |   |
| Federal                  Home Loan Bank advances                                                                                                                                    |   | ** ** | **15,000,000**  |   |   |   | 16,000,000 |   |
| Accrued                  interest payable                                                                                                                                           |   | ** ** | **669,272**     |   |   |   | 430,451 |   |
| Other                  liabilities                                                                                                                                                  |   | ** ** | **202,905**     |   |   |   | 179,453 |   |
| **Total                  liabilities**                                                                                                                                              |   | ** ** | **139,202,593** |   |   |   | 120,811,436 |   |
|                                                                                                                                                                                |   |       |            |   |   |   |   |   |
| Commitments                  and contingencies                                                                                                                                      |   |       |            |   |   |   |   |   |
|                                                                                                                                                                                |   |       |            |   |   |   |   |   |
| Stockholders'                  equity                                                                                                                                               |   |       |            |   |   |   |   |   |
| Preferred                  stock, no par value; 2,000,000 shares authorized; no shares issued                  and                  outstanding                                     |   | ** ** | **-**           |   |   |   | - |   |
| Common                  stock, $1.00 par value; 10,000,000 shares authorized; 1,316,005                  and                  1,238,789 shares issued and outstanding, respectively |   | ** ** | **1,316,005**   |   |   |   | 1,238,789 |   |
| Additional                  paid-in capital                                                                                                                                         |   | ** ** | **12,781,057**  |   |   |   | 11,685,135 |   |
| Accumulated                  deficit                                                                                                                                                |   | ** ** | **(457,237**    | **)**  |   |   | (915,245 | ) |
| Accumulated                  other comprehensive loss                                                                                                                               |   | ** ** | **(156,527**    | **)**  |   |   | (189,440 | ) |
| **Total                  stockholders' equity**                                                                                                                                     |   | ** ** | **13,483,298**  |   |   |   | 11,819,239 |   |
|                                                                                                                                                                                |   |       |            |   |   |   |   |   |
| **Total                  liabilities and stockholders' equity**                                                                                                                     |   | **$**      | **152,685,891** |   |   | $      | 132,630,675 |   |

**See        Notes to Consolidated Financial Statements**

----

***Index***

**FREEDOM        BANCSHARES, INC. AND SUBSIDIARY**

**CONSOLIDATED        STATEMENTS OF INCOME**

**THREE        AND NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006**

**(Unaudited)**

|                                                                     |   | **Three                  Months Ended September 30, 2007** |          |   | Three                  Months Ended September 30, 2006 |   |      | **Nine                  Months Ended September 30, 2007** |   |       | Nine                  Months Ended September 30, 2006 |   |
|--------------------------------------------------------------------------|--------|-----------------------------------------------------------------|---------------|--------|-------------------------------------------------------------|--------|-----------|----------------------------------------------------------------|--------|------------|------------------------------------------------------------|--------|
| **Interest                  income:**                                    |   |                                                            |          |   |                                                        |   |      |                                                           |   |       |                                                       |   |
| Loans                                                                    |   | **$**                                                           | **2,777,718** |   |                                                        | $      | 2,113,800 |                                                           |   | **$**      | **7,946,273**                                              |   |   | $ | 5,346,103 |   |
| Taxable                  securities                                      |   | ** **                                                      | **243,355**   |   |                                                        |   | 240,834   |                                                           |   | ** ** | **757,366**                                                |   |   |   | 617,724 |   |
| Federal                  funds sold                                      |   | ** **                                                      | **14,119**    |   |                                                        |   | 64,957    |                                                           |   | ** ** | **56,493**                                                 |   |   |   | 138,372 |   |
| Other                                                                    |   | ** **                                                      | **13,899**    |   |                                                        |   | 24,479    |                                                           |   | ** ** | **56,508**                                                 |   |   |   | 36,088 |   |
| **Total                  interest income**                               |   | ** **                                                      | **3,049,091** |   |                                                        |   | 2,444,070 |                                                           |   | ** ** | **8,816,640**                                              |   |   |   | 6,138,287 |   |
|                                                                     |   |                                                            |          |   |                                                        |   |      |                                                           |   |       |                                                       |   |   |   |   |   |
| **Interest                  expense:**                                   |   |                                                            |          |   |                                                        |   |      |                                                           |   |       |                                                       |   |   |   |   |   |
| Deposits                                                                 |   | ** **                                                      | **1,522,995** |   |                                                        |   | 1,028,635 |                                                           |   | ** ** | **4,346,838**                                              |   |   |   | 2,548,502 |   |
| Other                  borrowings                                        |   | ** **                                                      | **155,484**   |   |                                                        |   | 149,981   |                                                           |   | ** ** | **504,177**                                                |   |   |   | 252,782 |   |
| **Total                  interest expense**                              |   | ** **                                                      | **1,678,479** |   |                                                        |   | 1,178,616 |                                                           |   | ** ** | **4,851,015**                                              |   |   |   | 2,801,284 |   |
|                                                                     |   |                                                            |          |   |                                                        |   |      |                                                           |   |       |                                                       |   |   |   |   |   |
| **Net                  interest income**                                 |   | ** **                                                      | **1,370,612** |   |                                                        |   | 1,265,454 |                                                           |   | ** ** | **3,965,625**                                              |   |   |   | 3,337,003 |   |
| **Provision                  for loan losses**                           |   | ** **                                                      | **75,000**    |   |                                                        |   | 94,000    |                                                           |   | ** ** | **224,000**                                                |   |   |   | 291,500 |   |
| **Net                  interest income after provision for loan losses** |   | ** **                                                      | **1,295,612** |   |                                                        |   | 1,171,454 |                                                           |   | ** ** | **3,741,625**                                              |   |   |   | 3,045,503 |   |
|                                                                     |   |                                                            |          |   |                                                        |   |      |                                                           |   |       |                                                       |   |   |   |   |   |
| **Other                  income:**                                       |   |                                                            |          |   |                                                        |   |      |                                                           |   |       |                                                       |   |   |   |   |   |
| Service                  charges on deposit accounts                     |   | ** **                                                      | **47,479**    |   |                                                        |   | 31,445    |                                                           |   | ** ** | **122,015**                                                |   |   |   | 81,539 |   |
| Gain                  on sale of securities                              |   | ** **                                                      | **2,256**     |   |                                                        |   | -         |                                                           |   | ** ** | **2,256**                                                  |   |   |   | - |   |
| Other                  operating income                                  |   | ** **                                                      | **57,762**    |   |                                                        |   | 15,709    |                                                           |   | ** ** | **136,567**                                                |   |   |   | 48,516 |   |
| **Total                  other income**                                  |   | ** **                                                      | **107,497**   |   |                                                        |   | 47,154    |                                                           |   | ** ** | **260,838**                                                |   |   |   | 130,055 |   |
|                                                                     |   |                                                            |          |   |                                                        |   |      |                                                           |   |       |                                                       |   |   |   |   |   |
| **Other                  expenses:**                                     |   |                                                            |          |   |                                                        |   |      |                                                           |   |       |                                                       |   |   |   |   |   |
| Salaries                  and other employee benefits                    |   | ** **                                                      | **640,401**   |   |                                                        |   | 519,156   |                                                           |   | ** ** | **1,817,195**                                              |   |   |   | 1,474,116 |   |
| Occupancy                  and equipment expenses                        |   | ** **                                                      | **165,696**   |   |                                                        |   | 124,828   |                                                           |   | ** ** | **480,515**                                                |   |   |   | 359,737 |   |
| Other                  operating expenses                                |   | ** **                                                      | **326,870**   |   |                                                        |   | 315,724   |                                                           |   | ** ** | **947,395**                                                |   |   |   | 905,316 |   |
| **Total                  other expenses**                                |   | ** **                                                      | **1,132,967** |   |                                                        |   | 959,708   |                                                           |   | ** ** | **3,245,105**                                              |   |   |   | 2,739,169 |   |
|                                                                     |   |                                                            |          |   |                                                        |   |      |                                                           |   |       |                                                       |   |   |   |   |   |
| **Income                  before income taxes**                          |   | ** **                                                      | **270,142**   |   |                                                        |   | 258,900   |                                                           |   | ** ** | **757,358**                                                |   |   |   | 436,389 |   |
|                                                                     |   |                                                            |          |   |                                                        |   |      |                                                           |   |       |                                                       |   |   |   |   |   |
| **Income                  tax expense**                                  |   | ** **                                                      | **107,500**   |   |                                                        |   | 129,000   |                                                           |   | ** ** | **299,350**                                                |   |   |   | 272,400 |   |
|                                                                     |   |                                                            |          |   |                                                        |   |      |                                                           |   |       |                                                       |   |   |   |   |   |
| **Net                  income**                                          |   | **$**                                                           | **162,642**   |   |                                                        | $      | 129,900   |                                                           |   | **$**      | **458,008**                                                |   |   | $ | 163,989 |   |
|                                                                     |   |                                                            |          |   |                                                        |   |      |                                                           |   |       |                                                       |   |   |   |   |   |
| **Basic                  earnings per share**                            |   | **$**                                                           | **0.12**      |   |                                                        | $      | 0.10      |                                                           |   | **$**      | **0.36**                                                   |   |   | $ | 0.13 |   |
|                                                                     |   |                                                            |          |   |                                                        |   |      |                                                           |   |       |                                                       |   |   |   |   |   |
| **Diluted                  earnings per share**                          |   | **$**                                                           | **0.12**      |   |                                                        | $      | 0.10      |                                                           |   | **$**      | **0.34**                                                   |   |   | $ | 0.13 |   |
|                                                                     |   |                                                            |          |   |                                                        |   |      |                                                           |   |       |                                                       |   |   |   |   |   |
| **Cash                  dividends per share**                            |   | $                                                               | -             |   |                                                        | $      | -         |                                                           |   | $          | -                                                          |   |   | $ | - |   |

**See        Notes to Consolidated Financial Statements**

----

***Index***

**FREEDOM        BANCSHARES, INC. AND SUBSIDIARY**

**CONSOLIDATED        STATEMENTS OF COMPREHENSIVE INCOME**

**THREE        AND NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006**

**(Unaudited)**

|                                                                           |   | **Three                  Months Ended September 30, 2007** |        |   | Three                  Months Ended September 30, 2006 |   |    | **Nine                  Months Ended September 30, 2007** |   |       | Nine                  Months Ended September 30, 2006 |   |
|--------------------------------------------------------------------------------|--------|-----------------------------------------------------------------|-------------|--------|-------------------------------------------------------------|--------|---------|----------------------------------------------------------------|--------|------------|------------------------------------------------------------|--------|
|                                                                           |   |                                                            |        |   |                                                        |   |    |                                                           |   |       |                                                       |   |
|                                                                           |   |                                                            |        |   |                                                        |   |    |                                                           |   |       |                                                       |   |
| Net                  income                                                    |   | **$**                                                           | **162,642** |   |                                                        | $      | 129,900 |                                                           |   | **$**      | **458,008**                                                |   |   | $ | 163,989 |   |
|                                                                           |   |                                                            |        |   |                                                        |   |    |                                                           |   |       |                                                       |   |   |   |   |   |
| Other                  comprehensive income (loss):                            |   |                                                            |        |   |                                                        |   |    |                                                           |   |       |                                                       |   |   |   |   |   |
|                                                                           |   |                                                            |        |   |                                                        |   |    |                                                           |   |       |                                                       |   |   |   |   |   |
| Unrealized                  gains on securities available for sale, net of tax |   | ** **                                                      | **171,480** |   |                                                        |   | 275,298 |                                                           |   | ** ** | **23,628**                                                 |   |   |   | 12,886 |   |
|                                                                           |   |                                                            |        |   |                                                        |   |    |                                                           |   |       |                                                       |   |   |   |   |   |
| Realized                  gain on securities available for sale, net of tax    |   | ** **                                                      | **(1,404**  | **)**  |                                                        |   | -       |                                                           |   | ** ** | **(1,404**                                                 | **)**  |   |   | - |   |
|                                                                           |   |                                                            |        |   |                                                        |   |    |                                                           |   |       |                                                       |   |   |   |   |   |
| Unrealized                  gain (loss) on interest rate floor, net of tax     |   | ** **                                                      | **9,929**   |   |                                                        |   | -       |                                                           |   | ** ** | **10,689**                                                 |   |   |   | (20,567 | ) |
|                                                                           |   |                                                            |        |   |                                                        |   |    |                                                           |   |       |                                                       |   |   |   |   |   |
| Other                  comprehensive income (loss)                             |   | ** **                                                      | **180,005** |   |                                                        |   | 275,298 |                                                           |   | ** ** | **32,913**                                                 |   |   |   | (7,681 | ) |
|                                                                           |   |                                                            |        |   |                                                        |   |    |                                                           |   |       |                                                       |   |   |   |   |   |
| Comprehensive                  income                                          |   | **$**                                                           | **342,647** |   |                                                        | $      | 405,198 |                                                           |   | **$**      | **490,921**                                                |   |   | $ | 156,308 |   |

**See        Notes to Consolidated Financial Statements**

----

***Index***

**FREEDOM        BANCSHARES, INC. AND SUBSIDIARY**

**CONSOLIDATED        STATEMENTS OF CASH FLOWS**

**NINE        MONTHS ENDED SEPTEMBER 30, 2007 AND 2006**

**(Unaudited)**

|                                                                                                                |   | **2007**   |            |   | 2006   |   |
|---------------------------------------------------------------------------------------------------------------------|--------|------------|-----------------|--------|--------|--------|
| **OPERATING                  ACTIVITIES**                                                                           |   |       |            |   |   |   |
| Net                  income                                                                                         |   | **$**      | **458,008**     |   |   | $      | 163,989 |   |
| Adjustments                  to reconcile net income to net cash provided by operating                  activities: |   |       |            |   |   |   |   |   |
| Amortization                  and accretion on securities                                                           |   | ** ** | **(3,149**      | **)**  |   |   | 123,171 |   |
| Depreciation                                                                                                        |   | ** ** | **258,099**     |   |   |   | 216,947 |   |
| Provision                  for loan losses                                                                          |   | ** ** | **224,000**     |   |   |   | 291,500 |   |
| Stock                  compensation expense                                                                         |   | ** ** | **47,691**      |   |   |   | 280,000 |   |
| Gain                  on sale of securities available for sale                                                      |   | ** ** | **(2,256**      | **)**  |   |   | - |   |
| Loss                  on disposal of equipment                                                                      |   | ** ** | **639**         |   |   |   | 4,817 |   |
| Gain                  on sale of other real estate owned                                                            |   | ** ** | **(11,273**     | **)**  |   |   | - |   |
| Increase                  in interest receivable                                                                    |   | ** ** | **(261,001**    | **)**  |   |   | (418,454 | ) |
| Increase                  in interest payable                                                                       |   | ** ** | **238,821**     |   |   |   | 199,406 |   |
| Increase                  in other assets                                                                           |   | ** ** | **(69,514**     | **)**  |   |   | (58,929 | ) |
| Increase                  in other liabilities                                                                      |   | ** ** | **23,452**      |   |   |   | 302,584 |   |
| Net                  cash provided by operating activities                                                          |   | ** ** | **903,517**     |   |   |   | 1,105,031 |   |
|                                                                                                                |   |       |            |   |   |   |   |   |
| **INVESTING                  ACTIVITIES**                                                                           |   |       |            |   |   |   |   |   |
| Purchases                  of securities available for sale                                                         |   | ** ** | **(2,372,185**  | **)**  |   |   | (6,350,867 | ) |
| Proceeds                  from sales of securities available for sale                                               |   | ** ** | **1,639,248**   |   |   |   | - |   |
| Proceeds                  from maturities and paydowns of securities available for                  sale            |   | ** ** | **2,497,564**   |   |   |   | 1,868,967 |   |
| Purchase                  of Federal Home Loan Bank stock                                                           |   | ** ** | **(118,500**    | **)**  |   |   | (559,400 | ) |
| Net                  increase in loans                                                                              |   | ** ** | **(17,324,928** | **)**  |   |   | (31,404,622 | ) |
| Proceeds                  from sale of premises and equipment                                                       |   | ** ** | **450**         |   |   |   | - |   |
| Purchases                  of premises and equipment                                                                |   | ** ** | **(2,746,053**  | **)**  |   |   | (243,682 | ) |
| Proceeds                  from sale from of other real estate owned                                                 |   | ** ** | **180,590**     |   |   |   | - |   |
| Net                  cash used in investing activities                                                              |   | ** ** | **(18,243,814** | **)**  |   |   | (36,689,604 | ) |
|                                                                                                                |   |       |            |   |   |   |   |   |
| **FINANCING                  ACTIVITIES**                                                                           |   |       |            |   |   |   |   |   |
| Net                  increase in deposits                                                                           |   | ** ** | **19,128,884**  |   |   |   | 26,587,814 |   |
| Proceeds                  from (repayments of) FHLB advances                                                        |   | ** ** | **(1,000,000**  | **)**  |   |   | 11,500,000 |   |
| Decrease                  in federal funds purchased                                                                |   | ** ** | **-**           |   |   |   | (185,000 | ) |
| Proceeds                  from sale of common stock, net                                                            |   | ** ** | **1,125,447**   |   |   |   | - |   |
| Net                  cash provided by financing activities                                                          |   | ** ** | **19,254,331**  |   |   |   | 37,902,814 |   |
|                                                                                                                |   |       |            |   |   |   |   |   |
| Net                  increase in cash and cash equivalents                                                          |   | ** ** | **1,914,034**   |   |   |   | 2,318,241 |   |
|                                                                                                                |   |       |            |   |   |   |   |   |
| Cash                  and cash equivalents at beginning of period                                                   |   | ** ** | **3,633,957**   |   |   |   | 1,707,324 |   |
|                                                                                                                |   |       |            |   |   |   |   |   |
| Cash                  and cash equivalents at end of period                                                         |   | **$**      | **5,547,991**   |   |   | $      | 4,025,565 |   |
|                                                                                                                |   |       |            |   |   |   |   |   |
| **SUPPLEMENTAL                  DISCLOSURE OF CASH FLOW INFORMATION**                                               |   |       |            |   |   |   |   |   |
| Cash                  paid for:                                                                                     |   |       |            |   |   |   |   |   |
| Interest                                                                                                            |   | **$**      | **4,612,194**   |   |   | $      | 2,601,878 |   |
|                                                                                                                |   |       |            |   |   |   |   |   |
| Income                  taxes                                                                                       |   | **$**      | **276,586**     |   |   | $      | - |   |
|                                                                                                                |   |       |            |   |   |   |   |   |
| **NONCASH                  INVESTING ACTIVITIES**                                                                   |   |       |            |   |   |   |   |   |
| Loans                  transferred to other real estate owned                                                       |   | **$**      | **668,067**     |   |   | $      | - |   |

**See        Notes to Consolidated Financial Statements**

----

***Index***

**FREEDOM      BANCSHARES, INC.**

**AND      SUBSIDIARY**

| NOTE                1. | BASIS                OF                PRESENTATION |
|------------------------|-----------------------------------------------------|

| NOTE                2. | SUMMARY                OF                ORGANIZATION |
|------------------------|-------------------------------------------------------|

----

***Index***

| NOTE                3. | SUMMARY                OF SIGNIFICANT ACCOUNTING                POLICIES |
|------------------------|--------------------------------------------------------------------------|

*Basis      of Accounting. *

*Cash      and Cash Equivalents. *

*Property      and Equipment. *

*Income      Taxes. *

*Stock-Based      Compensation. *
*Share-Based Payment*

*Statement      of Cash Flows. *

----

***Index***

| NOTE                4. | EARNINGS  PER                SHARE |
|------------------------|----------------------------------------------|

| NOTE                5. | RECENT                ACCOUNTING                PRONOUNCEMENTS |
|------------------------|----------------------------------------------------------------|

*Accounting for Uncertainty in      Income Taxes - An Interpretation of FASB Statement No. 109*
*Accounting for Income Taxes.*

*Fair Value      Measurements.*

*The Fair Value Option for      Financial Assets and Financial Liabilities*

----

***Index***

| **Part                I.** | **Financial                Information** |
|----------------------------|------------------------------------------|

| **Item                2.** | **Management's                Discussion and Analysis** |
|----------------------------|---------------------------------------------------------|

**SPECIAL      CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS**

|   | · | significant                increases in competitive pressure in the banking and financial services                industries; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------|

|   | · | changes                in the interest rate environment which could reduce anticipated or                actual                margins; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | · | changes                in political conditions or the legislative or regulatory                environment; |
|--------|--------|-------------------------------------------------------------------------------------------------------------|

|   | · | general                economic conditions, either nationally or regionally and especially                in our                primary service area, becoming less favorable than expected resulting                in,                among other things, a deterioration in credit                quality; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | changes                occurring in business conditions and                inflation; |
|--------|--------|---------------------------------------------------------------------------------------|

|   | · | changes                in technology; |
|--------|--------|---------------------------------------|

|   | · | changes                in monetary and tax policies; |
|--------|--------|------------------------------------------------------|

|   | · | the                level of allowance for loan loss; |
|--------|--------|------------------------------------------------------|

|   | · | the                rate of delinquencies and amounts of                charge-offs; |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | the                rates of loan growth; |
|--------|--------|------------------------------------------|

|   | · | adverse                changes in asset quality and resulting credit risk-related losses                and                expenses; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | · | changes                in the securities markets; and |
|--------|--------|-------------------------------------------------------|

|   | · | other                risks and uncertainties detailed from time to time in our filings                with the                Securities and Exchange Commission. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Critical      Accounting Policies**

----

***Index***

*Allowance      for Loan Losses*

*Deferred      Income Taxes*

*Stock-based      compensation*

**Overview**

**Financial      Condition**

----

***Index***

**Composition      of Loan Portfolio**

**September      30, 2007**

| Category                                 |   | Amount |        |   | Percent                of Total |   |
|------------------------------------------|--------|--------|-------------|--------|---------------------------------|--------|
|                                     |   |   |        |   |                            |   |
| Construction                loans        |   | $      | 62,186,504  |   |                            |   | 52.13 | % |
| Other                real estate loans   |   |   | 43,137,124  |   |                            |   | 36.16 | % |
| Commercial                loans          |   |   | 9,703,247   |   |                            |   | 8.14 | % |
| Other                loans               |   |   | 4,255,082   |   |                            |   | 3.57 | % |
|                                     |   |   | 119,281,957 |   |                            |   | 100.00 | % |
| Allowance                for loan losses |   |   | (1,252,302  | )      |                            |   |   |   |
|                                     |   | $      | 118,029,655 |   |                            |   |   |   |

**Results      of Operations for the Nine Months Ended September 30, 2007 and      2006**

----

***Index***

| Description                                |   | Avg                Assets/Liabilities |    |   | Interest                Income/Expense |   |   | Yield/Cost |   |
|--------------------------------------------|--------|---------------------------------------|---------|--------|----------------------------------------|--------|--------|------------|--------|
|                                       |   |                                  |    |   |                                   |   |   |       |   |
| Federal                funds sold          |   | $                                     | 1,484   |   |                                   | $      | 56     |       |   |   | 5.09 | % |
| Securities                                 |   |                                  | 21,210  |   |                                   |   | 757    |       |   |   | 4.77 | % |
| Loans                                      |   |                                  | 111,248 |   |                                   |   | 7,946  |       |   |   | 9.55 | % |
| Other                                      |   |                                  | 1,040   |   |                                   |   | 57     |       |   |   | 7.26 | % |
| Total                                      |   | $                                     | 134,982 |   |                                   |   | 8,816  |       |   |   | 8.73 | % |
| Money                market/NOW accounts   |   | $                                     | 10,001  |   |                                   |   | 279    |       |   |   | 3.74 | % |
| Savings                                    |   |                                  | 794     |   |                                   |   | 9      |       |   |   | 1.45 | % |
| CDs                                        |   |                                  | 100,176 |   |                                   |   | 4,059  |       |   |   | 5.42 | % |
| Other                borrowings            |   |                                  | 12,404  |   |                                   |   | 504    |       |   |   | 5.43 | % |
| Total                                      |   | $                                     | 123,375 |   |                                   |   | 4,851  |       |   |   | 5.26 | % |
|                                       |   |                                  |    |   |                                   |   |   |       |   |   |   |   |
| Net                interest income         |   |                                  |    |   |                                   | $      | 3,965  |       |   |   |   |   |
| Net                yield on earning assets |   |                                  |    |   |                                   |   |   |       |   |   | 3.93 | % |

| Description                                |   | Avg                Assets/Liabilities |   |   | Interest                Income/Expense |   |   | Yield/Cost |   |
|--------------------------------------------|--------|---------------------------------------|--------|--------|----------------------------------------|--------|--------|------------|--------|
|                                       |   |                                  |   |   |                                   |   |   |       |   |
| Federal                funds sold          |   | $                                     | 3,571  |   |                                   | $      | 138    |       |   |   | 5.17 | % |
| Securities                                 |   |                                  | 18,624 |   |                                   |   | 618    |       |   |   | 4.42 | % |
| Loans                                      |   |                                  | 74,363 |   |                                   |   | 5,346  |       |   |   | 9.59 | % |
| Other                                      |   |                                  | 746    |   |                                   |   | 36     |       |   |   | 6.45 | % |
| Total                                      |   | $                                     | 97,304 |   |                                   |   | 6,138  |       |   |   | 8.41 | % |
| Transactional                accounts      |   | $                                     | 7,636  |   |                                   |   | 129    |       |   |   | 2.25 | % |
| Savings                                    |   |                                  | 827    |   |                                   |   | 9      |       |   |   | 1.44 | % |
| CDs                                        |   |                                  | 83,385 |   |                                   |   | 2,410  |       |   |   | 3.85 | % |
| Other                borrowings            |   |                                  | 7,947  |   |                                   |   | 253    |       |   |   | 4.24 | % |
| Total                                      |   | $                                     | 99,795 |   |                                   |   | 2,801  |       |   |   | 3.74 | % |
|                                       |   |                                  |   |   |                                   |   |   |       |   |   |   |   |
| Net                interest income         |   |                                  |   |   |                                   | $      | 3,337  |       |   |   |   |   |
| Net                yield on earning assets |   |                                  |   |   |                                   |   |   |       |   |   | 4.57 | % |

----

***Index***

*Share Based Payment*

**Results      of Operations for the Three Months Ended September 30, 2007 and      2006**

| Description                                |   | Avg                Assets/Liabilities |    |   | Interest                Income/Expense |   |   | Yield/Cost |   |
|--------------------------------------------|--------|---------------------------------------|---------|--------|----------------------------------------|--------|--------|------------|--------|
|                                       |   |                                  |    |   |                                   |   |   |       |   |
| Federal                funds sold          |   | $                                     | 1,231   |   |                                   | $      | 14     |       |   |   | 4.55 | % |
| Securities                                 |   |                                  | 20,874  |   |                                   |   | 243    |       |   |   | 4.63 | % |
| Loans                                      |   |                                  | 116,111 |   |                                   |   | 2,778  |       |   |   | 9.49 | % |
| Other                                      |   |                                  | 1,027   |   |                                   |   | 14     |       |   |   | 5.37 | % |
| Total                                      |   | $                                     | 139,243 |   |                                   |   | 3,049  |       |   |   | 8.69 | % |
| Transactional                accounts      |   | $                                     | 12,568  |   |                                   |   | 126    |       |   |   | 3.98 | % |
| Savings                                    |   |                                  | 752     |   |                                   |   | 3      |       |   |   | 1.44 | % |
| CDs                                        |   |                                  | 102,216 |   |                                   |   | 1,394  |       |   |   | 5.41 | % |
| Other                borrowings            |   |                                  | 11,472  |   |                                   |   | 155    |       |   |   | 5.38 | % |
| Total                                      |   | $                                     | 127,008 |   |                                   |   | 1,678  |       |   |   | 5.24 | % |
|                                       |   |                                  |    |   |                                   |   |   |       |   |   |   |   |
| Net                interest income         |   |                                  |    |   |                                   | $      | 1,371  |       |   |   |   |   |
| Net                yield on earning assets |   |                                  |    |   |                                   |   |   |       |   |   | 3.91 | % |

----

***Index***

| Description                                |   | Avg                Assets/Liabilities |    |   | Interest                Income/Expense |   |   | Yield/Cost |   |
|--------------------------------------------|--------|---------------------------------------|---------|--------|----------------------------------------|--------|--------|------------|--------|
|                                       |   |                                  |    |   |                                   |   |   |       |   |
| Federal                funds sold          |   | $                                     | 4,771   |   |                                   | $      | 65     |       |   |   | 5.45 | % |
| Securities                                 |   |                                  | 20,679  |   |                                   |   | 241    |       |   |   | 4.66 | % |
| Loans                                      |   |                                  | 85,243  |   |                                   |   | 2,114  |       |   |   | 9.92 | % |
| Other                                      |   |                                  | 1,175   |   |                                   |   | 24     |       |   |   | 8.33 | % |
| Total                                      |   | $                                     | 111,868 |   |                                   |   | 2,444  |       |   |   | 8.74 | % |
| Transactional                accounts      |   | $                                     | 7,419   |   |                                   |   | 49     |       |   |   | 2.64 | % |
| Savings                                    |   |                                  | 852     |   |                                   |   | 3      |       |   |   | 1.47 | % |
| CDs                                        |   |                                  | 77,838  |   |                                   |   | 977    |       |   |   | 5.02 | % |
| Other                borrowings            |   |                                  | 12,698  |   |                                   |   | 150    |       |   |   | 4.72 | % |
| Total                                      |   | $                                     | 98,807  |   |                                   |   | 1,179  |       |   |   | 4.77 | % |
|                                       |   |                                  |    |   |                                   |   |   |       |   |   |   |   |
| Net                interest income         |   |                                  |    |   |                                   | $      | 1,265  |       |   |   |   |   |
| Net                yield on earning assets |   |                                  |    |   |                                   |   |   |       |   |   | 4.52 | % |

**Liquidity**

----

***Index***

**Capital      Resources**

|                                      |   | Freedom                Bank September 30, 2007 |   |   | Freedom                Bancshares, Inc. September 30, 2007 |   |   | Regulatory                Requirement |   |
|-------------------------------------------|--------|------------------------------------------------|--------|--------|-----------------------------------------------------------------|--------|--------|---------------------------------------|--------|
|                                      |   |                                           |   |   |                                                            |   |   |                                  |   |
| Leverage                ratio             |   |                                           | 8.29   | %      |                                                            |   | 9.14   | %                                     |   |   | 4.0 | % |
| Tier                1 Risk weighted ratio |   |                                           | 9.57   | %      |                                                            |   | 10.56  | %                                     |   |   | 4.0 | % |
| Tier                2 Risk weighted ratio |   |                                           | 10.54  | %      |                                                            |   | 11.53  | %                                     |   |   | 8.0 | % |

**Regulatory      Matters**

----

***Index***

| **Part                I.** | **Financial                Information** |
|----------------------------|------------------------------------------|

| **Item                3.** | **Controls                and Procedures** |
|----------------------------|--------------------------------------------|

----

***Index***

**FREEDOM      BANCSHARES, INC.**

**AND      SUBSIDIARY**

| **Part                II.** | **Other                Information** |
|-----------------------------|--------------------------------------|

| **Item                1.** | **Legal                Proceedings** |
|----------------------------|--------------------------------------|

| **Item                2.** | **Unregistered                Sales of Equity                Securities and Use of                Proceeds** |
|----------------------------|--------------------------------------------------------------------------------------------------------------|

| **Item                3.** | **Defaults                Upon Senior                Securities** |
|----------------------------|-------------------------------------------------------------------|

| **Item                4.** | **Submission                of Matters to a Vote                of Security Holders** |
|----------------------------|---------------------------------------------------------------------------------------|

| **Item                5.** | **Other                Information** |
|----------------------------|--------------------------------------|

----

***Index***

| **Item                6.** | **Exhibits** |
|----------------------------|--------------|

| Number | Description                                                                                                                                                                                                                |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                       |
| 31.1   | Certification                of the Chief Executive Officer, pursuant to Rule 15d-14(a) under                the                Securities Exchange Act of 1934.                                                           |
| 31.2   | Certification                of the Chief Financial Officer, pursuant to Rule 15d-14(a) under                the                Securities Exchange Act of 1934.                                                           |
| 32.1   | Certification                of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as                adopted                pursuant to Rule 15d-14(b) under the Securities Exchange Act of                1934. |
| 32.2   | Certification                of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as                adopted                pursuant to Rule 15d-14(b) under the Securities Exchange Act of                1934. |

----

***Index***

**FREEDOM      BANCSHARES, INC.**

**AND      SUBSIDIARY**

|                             |                                                 |
|----------------------------------|------------------------------------------------------|
|                             | Freedom                Bancshares, Inc.              |
|                             | (Registrant)                                         |
|                             |                                                 |
|                             |                                                 |
| November                14, 2007 | /s/                Vincent D. Cater                  |
|                             | President                and Chief Executive Officer |
|                             | (Principal                Executive Officer)         |
|                             |                                                 |
|                             |                                                 |
| November                14, 2007 | /s/                Clyde A. McArthur                 |
|                             | Chief                Financial Officer               |
|                             | (Principal                Accounting Officer)        |

----