----

----

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

**WASHINGTON,      D.C. 20549**

**FORM      10-QSB**

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

**September      30, 2005**

| * | 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**

**(706)      423-2500**

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

|   | YES | T | NO | * |   |
|--------|-----|---|----|---|--------|

|   | YES | * | NO | T |   |
|--------|-----|---|----|---|--------|

**November      11, 2005: 1,218,789 shares outstanding, $1.00 par      value**

----

----

----

**FREEDOM      BANCSHARES, INC.**

**AND      SUBSIDIARY**

**Index**

| **PART                I.    FINANCIAL                INFORMATION**                                                                                                                                                                                         |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                                                                      |   |
| Item                1.   Financial Statements                (Unaudited)                                                                                                                                                                                        |   |
|                                                                                                                                                                                                                                                                      |   |
| Consolidated                Balance Sheets - September 30, 2005                and December 31, 2004                                                                                                                                                                      |   |
|                                                                                                                                                                                                                                                                      |   |
| Consolidated                Statements of Operations and                Comprehensive Income/Loss - Three                months ended September 30, 2005 and September 30, 2004 Nine                months ended September 30, 2005 and September 30,                2004 |   |
|                                                                                                                                                                                                                                                                      |   |
| Consolidated                Statements of Cash Flows - Nine                months ended September 30, 2005 and September 30,                2004                                                                                                                          |   |
|                                                                                                                                                                                                                                                                      |   |
| Notes                to Consolidated Financial                Statements                                                                                                                                                                                                  |   |
|                                                                                                                                                                                                                                                                      |   |
| Item                2.                   Management’s                Discussion and Analysis                                                                                                                                                         |   |
|                                                                                                                                                                                                                                                                      |   |
| Item                3.                   Controls                and Procedures                                                                                                                                                                            |   |
|                                                                                                                                                                                                                                                                      |   |
|                                                                                                                                                                                                                                                                      |   |
| **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                                                                                                                                                                                  |   |
|                                                                                                                                                                                                                                                                      |   |
| Item                6.                   Exhibits                                                                                                                                                                                                          |   |
|                                                                                                                                                                                                                                                                      |   |
| Signature                Page                                                                                                                                                                                                                                             |   |
|                                                                                                                                                                                                                                                                      |   |
| Exhibit                Index                                                                                                                                                                                                                                              |   |

----

*Table            of            Contents*

**FREEDOM        BANCSHARES, INC.**

**AND        SUBSIDIARY**

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

| **Item                    1.** | **Financial                    Statements** |
|--------------------------------|---------------------------------------------|

**CONSOLIDATED      BALANCE SHEETS**

**SEPTEMBER      30, 2005 AND DECEMBER 31, 2004**

**(Unaudited)**

| **Assets**                                                                                                                                                                                                              |   | **2005** |       | **2004** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|
| Cash                and due from banks-noninterest bearing                                                                                                                                                              |   | $        | 1,119,159  |     | $      | 646,307 |   |
| Cash                and due from banks-interest bearing                                                                                                                                                                 |   |     | 2,107,806  |     |   | 1,695,094 |   |
| Federal                funds sold                                                                                                                                                                                       |   |     | 2,337,717  |     |   | 2,067,254 |   |
| Total                cash and cash equivalents                                                                                                                                                                          |   |     | 5,564,682  |     |   | 4,408,655 |   |
|                                                                                                                                                                                                                    |   |     |       |     |   |   |   |
| Securities                available-for-sale, at fair value                                                                                                                                                             |   |     | 15,789,737 |     |   | 8,768,221 |   |
|                                                                                                                                                                                                                    |   |     |       |     |   |   |   |
| Loans                                                                                                                                                                                                                   |   |     | 54,356,591 |     |   | 34,849,122 |   |
| Less                allowance for loan losses                                                                                                                                                                           |   |     | (766,528   | )        |   | (515,000 | ) |
| Loans,                net                                                                                                                                                                                               |   |     | 53,590,063 |     |   | 34,334,122 |   |
|                                                                                                                                                                                                                    |   |     |       |     |   |   |   |
| Property                and equipment, net                                                                                                                                                                              |   |     | 2,802,290  |     |   | 2,142,519 |   |
| Federal                Home Loan Bank Stock325,700                                                                                                                                                                      |   |     | 249,200    |     |   |   |   |
| Interest                receivable                                                                                                                                                                                      |   |     | 539,632    |     |   | 334,032 |   |
| Other                assets                                                                                                                                                                                             |   |     | 162,098    |     |   | 68,642 |   |
|                                                                                                                                                                                                                    |   | $        | 78,774,202 |     | $      | 50,305,391 |   |
|                                                                                                                                                                                                                    |   |     |       |     |   |   |   |
| **Liabilities                and Stockholders’ Equity**                                                                                                                                                           |   |     |       |     |   |   |   |
| **Deposits**                                                                                                                                                                                                            |   |     |       |     |   |   |   |
| Noninterest-bearing                                                                                                                                                                                                     |   | $        | 4,353,476  |     | $      | 2,577,646 |   |
| Interest-bearing                                                                                                                                                                                                        |   |     | 58,951,423 |     |   | 36,631,137 |   |
| **Total                deposits**                                                                                                                                                                                       |   |     | 63,304,899 |     |   | 39,208,783 |   |
|                                                                                                                                                                                                                    |   |     |       |     |   |   |   |
| Other                borrowings                                                                                                                                                                                         |   |     | 5,000,000  |     |   | 3,700,000 |   |
|                                                                                                                                                                                                                    |   |     |       |     |   |   |   |
| Interest                payable                                                                                                                                                                                         |   |     | 156,995    |     |   | 49,813 |   |
| Other                liabilities                                                                                                                                                                                        |   |     | 130,548    |     |   | 67,552 |   |
| **Total                liabilities**                                                                                                                                                                                    |   |     | 68,592,442 |     |   | 43,026,148 |   |
|                                                                                                                                                                                                                    |   |     |       |     |   |   |   |
| **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; 1,218,789 and                947,789 shares issued and outstanding at September 30, 2005 and December                31, 2004, respectively |   |     | 1,218,789  |     |   | 947,789 |   |
| Paid-in                capital                                                                                                                                                                                          |   |     | 11,071,743 |     |   | 8,226,243 |   |
| Accumulated                deficit                                                                                                                                                                                      |   |     | (1,963,515 | )        |   | (1,863,589 | ) |
| Accumulated                other comprehensive loss                                                                                                                                                                     |   |     | (145,257   | )        |   | (31,200 | ) |
| **Total                stockholders’ equity**                                                                                                                                                                     |   |     | 10,181,760 |     |   | 7,279,243 |   |
|                                                                                                                                                                                                                    |   | $        | 78,774,202 |     | $      | 50,305,391 |   |

**See      Notes to Consolidated Financial Statements**

----

*Table            of            Contents*

**FREEDOM          BANCSHARES, INC.**

**AND          SUBSIDIARY**

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

| **Item                      1.** | **Financial                      Statements** |
|----------------------------------|-----------------------------------------------|

**CONSOLIDATED      STATEMENTS OF OPERATIONS AND      COMPREHENSIVE INCOME/LOSS**

**THREE      MONTHS ENDED SEPTEMBER 30, 2005 AND 2004**

**NINE      MONTHS ENDED SEPTEMBER 30, 2005 AND 2004**

**(Unaudited)**

|                                                                                                                                          |   | **Three                Months****Ended                September 30,** |      | **Three                Months****Ended                September 30,** |   | **Nine                Months****Ended                September 30,** |   | **Nine                Months****Ended                September 30,** |      |
|-----------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|-----------|-----------------------------------------------------------------------|--------|----------------------------------------------------------------------|--------|----------------------------------------------------------------------|-----------|
|                                                                                                                                          |   | **2005**                                                              |      | **2004**                                                              |   | **2005**                                                             |   | **2004**                                                             |      |
| **Interest                income**                                                                                                            |   |                                                                  |      |                                                                  |   |                                                                 |   |                                                                 |      |
| Loans                                                                                                                                         |   | $                                                                     | 1,056,021 |                                                                  | $      | 397,209                                                              |   | $                                                                    | 2,670,318 |   | $ | 754,897 |   |
| Taxable                securities                                                                                                             |   |                                                                  | 141,067   |                                                                  |   | 53,143                                                               |   |                                                                 | 384,278   |   |   | 79,324 |   |
| Federal                funds sold                                                                                                             |   |                                                                  | 56,307    |                                                                  |   | 3,342                                                                |   |                                                                 | 86,747    |   |   | 26,736 |   |
| **Total                interest income**                                                                                                      |   |                                                                  | 1,253,395 |                                                                  |   | 453,694                                                              |   |                                                                 | 3,141,343 |   |   | 860,957 |   |
| **Interest                expense**                                                                                                           |   |                                                                  |      |                                                                  |   |                                                                 |   |                                                                 |      |   |   |   |   |
| Deposits                                                                                                                                      |   |                                                                  | 508,560   |                                                                  |   | 138,135                                                              |   |                                                                 | 1,233,552 |   |   | 208,330 |   |
| Other                borrowings                                                                                                               |   |                                                                  | 43,841    |                                                                  |   | 1,920                                                                |   |                                                                 | 116,829   |   |   | 1,968 |   |
| **Total                interest expense**                                                                                                     |   |                                                                  | 552,401   |                                                                  |   | 140,055                                                              |   |                                                                 | 1,350,381 |   |   | 210,298 |   |
|                                                                                                                                          |   |                                                                  |      |                                                                  |   |                                                                 |   |                                                                 |      |   |   |   |   |
| **Net                interest income**                                                                                                        |   |                                                                  | 700,994   |                                                                  |   | 313,639                                                              |   |                                                                 | 1,790,962 |   |   | 650,659 |   |
| **Provision                for loan losses**                                                                                                  |   |                                                                  | 63,350    |                                                                  |   | 155,000                                                              |   |                                                                 | 257,350   |   |   | 440,000 |   |
| **Net                interest income after provision for loan losses**                                                                        |   |                                                                  | 637,644   |                                                                  |   | 158,639                                                              |   |                                                                 | 1,533,612 |   |   | 210,659 |   |
|                                                                                                                                          |   |                                                                  |      |                                                                  |   |                                                                 |   |                                                                 |      |   |   |   |   |
| **Other                income**                                                                                                               |   |                                                                  |      |                                                                  |   |                                                                 |   |                                                                 |      |   |   |   |   |
| Service                charges on deposit accounts                                                                                            |   |                                                                  | 12,871    |                                                                  |   | 5,515                                                                |   |                                                                 | 41,143    |   |   | 7,038 |   |
| Other                operating income                                                                                                         |   |                                                                  | 7,302     |                                                                  |   | 3,419                                                                |   |                                                                 | 23,968    |   |   | 6,581 |   |
| **Total                other income**                                                                                                         |   |                                                                  | 20,173    |                                                                  |   | 8,934                                                                |   |                                                                 | 65,111    |   |   | 13,619 |   |
| **Other                expenses**                                                                                                             |   |                                                                  |      |                                                                  |   |                                                                 |   |                                                                 |      |   |   |   |   |
| Salaries                and other employee benefits                                                                                           |   |                                                                  | 336,842   |                                                                  |   | 260,142                                                              |   |                                                                 | 917,246   |   |   | 688,163 |   |
| Data                processing                                                                                                                |   |                                                                  | 58,877    |                                                                  |   | 33,365                                                               |   |                                                                 | 153,250   |   |   | 142,729 |   |
| Advertising                and public relations                                                                                               |   |                                                                  | 14,900    |                                                                  |   | 9,039                                                                |   |                                                                 | 58,658    |   |   | 34,084 |   |
| Occupancy                and equipment expenses                                                                                               |   |                                                                  | 86,953    |                                                                  |   | 47,378                                                               |   |                                                                 | 243,951   |   |   | 108,212 |   |
| Regulatory                fees and assessments                                                                                                |   |                                                                  | 2,474     |                                                                  |   | 1,378                                                                |   |                                                                 | 12,910    |   |   | 6,378 |   |
| Legal                and professional fees                                                                                                    |   |                                                                  | 32,586    |                                                                  |   | 15,307                                                               |   |                                                                 | 94,248    |   |   | 30,786 |   |
| Other                operating expenses                                                                                                       |   |                                                                  | 70,871    |                                                                  |   | 57,773                                                               |   |                                                                 | 218,386   |   |   | 177,514 |   |
| **Total                other expenses**                                                                                                       |   |                                                                  | 603,503   |                                                                  |   | 424,382                                                              |   |                                                                 | 1,698,649 |   |   | 1,187,866 |   |
|                                                                                                                                          |   |                                                                  |      |                                                                  |   |                                                                 |   |                                                                 |      |   |   |   |   |
| **Income                (loss) before income taxes**                                                                                          |   |                                                                  | 54,314    |                                                                  |   | (256,809                                                             | )      |                                                                 | (99,926   | ) |   | (963,588 | ) |
|                                                                                                                                          |   |                                                                  |      |                                                                  |   |                                                                 |   |                                                                 |      |   |   |   |   |
| **Income                tax expense**                                                                                                         |   |                                                                  | -         |                                                                  |   | -                                                                    |   |                                                                 | -         |   |   | - |   |
| **Net                income (loss)**                                                                                                          |   |                                                                  | 54,314    |                                                                  |   | (256,809                                                             | )      |                                                                 | (99,926   | ) |   | (963,588 | ) |
|                                                                                                                                          |   |                                                                  |      |                                                                  |   |                                                                 |   |                                                                 |      |   |   |   |   |
| **Other                comprehensive income (loss)**                                                                                          |   |                                                                  |      |                                                                  |   |                                                                 |   |                                                                 |      |   |   |   |   |
| Unrealized                gains (losses) on securities available-for-sale arising during the                period,                net of tax |   |                                                                  | (104,397  | )                                                                     |   | 51,228                                                               |   |                                                                 | (114,057  | ) |   | 5,132 |   |
| **Comprehensive                loss**                                                                                                         |   | $                                                                     | (50,083   | )                                                                     | $      | (205,581                                                             | )      | $                                                                    | (213,983  | ) | $ | (958,456 | ) |
|                                                                                                                                          |   |                                                                  |      |                                                                  |   |                                                                 |   |                                                                 |      |   |   |   |   |
| **Basic                earnings (losses) per share**                                                                                          |   | $                                                                     | 0.06      |                                                                  | $      | (0.25                                                                | )      | $                                                                    | (0.10     | ) | $ | (1.05 | ) |
| **Diluted                earnings (losses) per share**                                                                                        |   | $                                                                     | 0.05      |                                                                  | $      | (0.25                                                                | )      | $                                                                    | (0.10     | ) | $ | (1.05 | ) |
|                                                                                                                                          |   |                                                                  |      |                                                                  |   |                                                                 |   |                                                                 |      |   |   |   |   |
| **Cash                dividends per share**                                                                                                   |   | $                                                                     | -         |                                                                  | $      | -                                                                    |   | $                                                                    | -         |   | $ | - |   |

**See      Notes to Consolidated Financial Statements**

----

*Table            of            Contents*

**FREEDOM          BANCSHARES, INC.**

**AND          SUBSIDIARY**

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

| **Item                      1.** | **Financial                      Statements** |
|----------------------------------|-----------------------------------------------|

**CONSOLIDATED      STATEMENTS OF CASH FLOWS**

**NINE      MONTHS ENDED SEPTEMBER 30, 2005 AND 2004**

**(Unaudited)**

|                                                                                                                    |   | **2005** |        | **2004** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|----------|-------------|----------|--------|
| **OPERATING                ACTIVITIES**                                                                                 |   |     |        |     |   |
| Net                loss                                                                                                 |   | $        | (99,926     | )        | $      | (963,588 | ) |
| Adjustments                to reconcile net loss to net cash provided by (used in) operating                activities: |   |     |        |     |   |   |   |
| Amortization                and accretion on securities                                                                 |   |     | 12,431      |     |   | 1,190 |   |
| Depreciation                                                                                                            |   |     | 139,505     |     |   | 55,471 |   |
| Provision                for loan losses                                                                                |   |     | 257,350     |     |   | 440,000 |   |
| Increase                in interest receivable                                                                          |   |     | (205,600    | )        |   | (225,107 | ) |
| Increase                in interest payable                                                                             |   |     | 107,182     |     |   | 36,808 |   |
| Increase                in accounts payable and accruals                                                                |   |     | 62,996      |     |   | 10,036 |   |
| Increase                in other assets                                                                                 |   |     | (17,418     | )        |   | (67,840 | ) |
| Net                cash provided by (used in) operating activities                                                      |   |     | 256,520     |     |   | (713,030 | ) |
|                                                                                                                    |   |     |        |     |   |   |   |
| **INVESTING                ACTIVITIES**                                                                                 |   |     |        |     |   |   |   |
| Purchases                of securities available-for-sale                                                               |   |     | (8,984,839  | )        |   | (6,852,560 | ) |
| Payments                received on securities                                                                          |   |     | 1,760,797   |     |   | 183,526 |   |
| Net                increase in loans                                                                                    |   |     | (19,513,291 | )        |   | (29,741,166 | ) |
| Purchases                of premises and equipment                                                                      |   |     | (799,276    | )        |   | (1,144,026 | ) |
| Purchase                of Federal Home Loan Bank of Atlanta Stock                                                      |   |     | (76,500     | )        |   | - |   |
| Net                cash used in investing activities                                                                    |   |     | (27,613,109 | )        |   | (37,554,226 | ) |
|                                                                                                                    |   |     |        |     |   |   |   |
| **FINANCING                ACTIVITIES**                                                                                 |   |     |        |     |   |   |   |
| Net                increase in deposits                                                                                 |   |     | 24,096,116  |     |   | 31,798,405 |   |
| Proceeds                from FHLB advances                                                                              |   |     | 1,300,000   |     |   | 2,000,000 |   |
| Proceeds                from sale of common stock                                                                       |   |     | 3,116,500   |     |   | 1,200,900 |   |
| Net                cash provided by financing activities                                                                |   |     | 28,512,616  |     |   | 34,999,305 |   |
| Net                increase (decrease) in cash and cash equivalents                                                     |   |     | 1,156,027   |     |   | (3,267,951 | ) |
| Cash                and cash equivalents at beginning of period                                                         |   |     | 4,408,655   |     |   | 6,864,347 |   |
| Cash                and cash equivalents at end of period                                                               |   | $        | 5,564,682   |     | $      | 3,596,396 |   |
| **SUPPLEMENTAL                DISCLOSURE OF CASH FLOW INFORMATION**                                                     |   |     |        |     |   |   |   |
| Cash                paid for:                                                                                           |   |     |        |     |   |   |   |
| Interest                                                                                                                |   | $        | 1,243,199   |     | $      | 173,490 |   |

**See      Notes to Consolidated Financial Statements.**

----

*Table            of            Contents*

**FREEDOM        BANCSHARES, INC.**

**AND        SUBSIDIARY**

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

| **Item                    1.** | **Financial                    Statements** |
|--------------------------------|---------------------------------------------|

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

|   | The                  financial information contained herein is unaudited. Accordingly,                  the                  information does not include all the information and footnotes                  required by                  generally accepted accounting principles for complete financial                  statements, however, such information reflects all adjustments                  (consisting                  solely of normal recurring adjustments), which are, in the opinion                  of                  management, necessary for a fair statement of results for the interim                  periods. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Operating                    results for the nine-month period ended September 30, 2005 are                    not                    necessarily indicative of the results that may be expected for                    the year                    ending December 31, 2005. These statements should be read in                    conjunction                    with the financial statements and footnotes thereto included                    in the annual                    report for the year ended December 31,                    2004. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | Freedom                      Bancshares, Inc., Commerce, Georgia (the “Company”), is a one-bank holding                      company with respect to its subsidiary bank, Freedom Bank of                      Georgia,                      Commerce, Georgia (the “Bank”). Prior to the Company’s incorporation on                      January 17, 2003, a group of organizers formed FB Investors,                      LLC (the                      “LLC”) to facilitate in the initial process of organizing and forming                      both                      the Company and the Bank. Although the LLC was officially organized                      November 12, 2002, it had commenced operations on October 2,                      2002, the                      date of inception. On January 24, 2003, the LLC’s Board of Directors                      assigned and transferred all of the assets and liabilities                      of the LLC to                      the Company. Accordingly, all assets, liabilities, rights,                      revenues and                      expenses acquired, incurred or undertaken by the LLC from inception,                      October 2, 2002, have been transferred to the Company. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The                          Company’s articles of incorporation authorize its Board of Directors,                          without further action by the shareholders, to issue up                          to 10.0 million                          shares of $1.00 par value per share common stock (“Common Stock”). Each                          share entitles its owners to one vote and shareholders                          have no preemptive,                          cumulative voting or conversion rights. As of September                          30, 2005, there                          were 1,218,789 shares of the Company’s Common Stock issued and                          outstanding. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The                              Company’s articles of incorporation also authorize its Board                              of Directors                              to issue up to 2.0 million shares of zero par value                              per share preferred                              stock (“Preferred Stock”). The Company’s Board of Directors may, without                              further action by the shareholders, direct the issuance                              of Preferred Stock                              for any proper corporate purpose with preferences,                              voting powers,                              conversion rights, qualifications, special or relative                              rights and                              privileges which could adversely affect the voting                              power or other rights                              of shareholders of Common Stock. As of September 30,                              2005, no shares of                              the Company’s Preferred Stock were issued or                              outstanding. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In                                  connection with the Company’s formation and initial public offering,                                  184,140 stock warrants were awarded to the Company’s organizers. Each                                  warrant entitles its owner to purchase one share                                  of Common Stock for a                                  price of $10.00. The warrants vest in one-third                                  annual increments over a                                  three-year period beginning on the one-year anniversary                                  of the date that                                  the Company first issued its common stock. Warrants                                  are exercisable for a                                  period of no more than ten years from February                                  17, 2004, or no more than                                  ninety days after a warrant holder ceases to serve                                  as a director or senior                                  executive of the Company and the Bank, whichever                                  period is                                  shorter. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Table            of            Contents*

**FREEDOM        BANCSHARES, INC.**

**AND        SUBSIDIARY**

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

| **Item                    1.** | **Financial                    Statements** |
|--------------------------------|---------------------------------------------|

|   | The                      Company originally reserved up to 80,000 shares of Common Stock                      for                      issuance under a stock incentive option plan. On May 20, 2004                      the                      shareholders of the Company approved an amendment to the stock                      incentive                      option plan increasing the number of shares of Common Stock                      available                      under the plan to 160,000 shares. The plan is administered                      by the                      Company’s Personnel and Compensation Committee (the “Committee”). The                      Committee has the authority to award stock options to eligible                      persons, to                      determine exercise price, expiration date, forfeiture or termination                      provisions, and all other administrative responsibilities.                      As of September                      30, 2005, the Company had 93,800 options                      outstanding. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The                          Company ceased to be a development stage enterprise as                          defined by the                          Financial Accounting Standards Board Statement No. 7, “Accounting and                          Reporting by Development Stage Enterprises,” as it commenced principal                          operations on February 17, 2004. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | *Basis                      of Accounting.*The                      accounting and reporting policies of the Company conform to                      accounting                      principles generally accepted in the United States of America.                      In                      preparing the financial statements, management is required                      to make                      estimates and assumptions that affect the reported amounts                      of assets,                      liabilities, shareholders’ equity and net income (loss). Actual results                      may differ significantly from those estimates. The Company                      uses the                      accrual basis of accounting by recognizing revenues when they                      are earned                      and expenses in the period incurred, without regard to the                      time of receipt                      or payment of cash. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | *Cash                            and Cash Equivalents.*Cash                            refers to cash that is held at an unrelated financial                            institution. Cash                            equivalents refers to financial instruments that are                            almost as liquid as                            cash, such as federal funds sold. At September 30, 2005                            and December 31,                            2004, cash and cash equivalents amounted to $5,564,682                            and $4,408,655,                            respectively. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | *Property                              and Equipment.*Furniture                              and equipment are stated at cost, net of accumulated                              depreciation. Land is                              carried at cost. Depreciation is computed using the                              straight-line method                              over the estimated useful lives of the related assets.                              Maintenance and                              repairs are charged to operations, while major improvements                              are                              capitalized. Upon retirement, sale or other disposition                              of property and                              equipment, the cost and accumulated depreciation are                              eliminated from the                              accounts and gain or loss is included in operations.                              The Company had no                              capitalized lease obligations at September 30, 2005                              and December 31,                              2004. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | *Income                                  Taxes.*Deferred                                  tax assets and liabilities are recognized for the                                  future tax consequences                                  attributable to differences between the financial                                  statement carrying                                  amounts of existing assets and liabilities and                                  their respective tax bases                                  and operating loss and tax credit carry forwards.                                  Deferred tax assets and                                  liabilities are measured using enacted tax rates                                  expected to apply to                                  taxable income in the years in which those temporary                                  differences are                                  expected to be recovered or settled. The effect                                  on deferred tax assets and                                  liabilities of a change in tax rates is recognized                                  in income in the period                                  that includes the enactment date. In the event                                  the future tax consequences                                  of difference between the financial reporting bases                                  and the tax bases of                                  the assets and liabilities result in deferred tax                                  assets, an evaluation of                                  the probability of being able to realize the future                                  benefits indicated by                                  such asset is required. A valuation allowance is                                  provided for the portion                                  of the deferred tax asset when it is more likely                                  than not that some                                  portion or all of the deferred tax asset will not                                  be realized. In                                  assessing the realizability of the deferred tax                                  assets, management                                  considers the scheduled reversals of deferred tax                                  liabilities, projected                                  future taxable income, and tax planning                                  strategies. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Table            of            Contents*

**FREEDOM        BANCSHARES, INC.**

**AND        SUBSIDIARY**

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

| **Item                    1.** | **Financial                    Statements** |
|--------------------------------|---------------------------------------------|

|   | *Stock-Based                      Compensation.*The                      Company follows Accounting Principles Board Opinion No. 25,“Accounting                      for Stock Issued to Employees” (“APB 25”), and related interpretation, in                      accounting for its options and warrants rather than the alternative                      fair                      value accounting allowed by Statement of Financial Accounting                      Standards                      No. 123, “Accounting for Stock-Based Compensation” (“SFAS 123”).                      APB 25 provides that the compensation expense relative to the                      Company’s options and warrants is measured based on the intrinsic value                      of                      the option/warrant. SFAS 123 requires companies that continue                      to follow                      APB 25 to provide a pro forma disclosure of the impact of applying                      the fair value method of SFAS 123. The following table illustrates                      the                      effect on net income (loss) and earnings (losses) per share                      if the Company                      had applied the fair value recognition provisions of SFAS Statement                      No.                      123, “Accounting for Stock-Based Compensation,” to stock-based employee                      compensation. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                         |   | **Three                Months Ended September 30,** |     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|----------|
|                                                                                                                                                         |   | **2005**                                            |     | **2004** |   |
|                                                                                                                                                         |   |                                                |     |    |   |
| Net                income (loss), as reported                                                                                                                |   | **$**                                               | 54,314   |   | $ | (256,809 | ) |
| Deduct:                Total stock-based employee compensation expense determined under                fair                value based method for all awards |   |                                                | (279,902 | ) |   | - |   |
| Pro                forma net income (loss)                                                                                                                   |   | **$**                                               | (225,588 | ) | $ | (256,809 | ) |
| Earnings                (losses) per share:                                                                                                                  |   |                                                |     |   |   |   |   |
| Basic                - as reported                                                                                                                           |   | **$**                                               | 0.06     |   | $ | (0.25 | ) |
| Basic                - pro forma                                                                                                                             |   | **$**                                               | (0.21    | ) | $ | (0.25 | ) |
| Diluted                - as reported                                                                                                                         |   | **$**                                               | 0.05     |   | $ | (0.25 | ) |
| Diluted                - pro forma                                                                                                                           |   | **$**                                               | (0.21    | ) | $ | (0.25 | ) |

|                                                                                                                                                         |   | **Nine                Months Ended September 30,** |     |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|----------|
|                                                                                                                                                         |   | **2005**                                           |     | **2004** |   |
| Net                loss, as reported                                                                                                                         |   | **$**                                              | (99,926  | ) | **$** | (963,588 | ) |
| Deduct:                Total stock-based employee compensation expense determined under                fair                value based method for all awards |   |                                               | (400,920 | ) |   | - |   |
| Pro                forma net loss                                                                                                                            |   | **$**                                              | (500,846 | ) | **$** | (963,588 | ) |
| Losses                per share:                                                                                                                             |   |                                               |     |   |   |   |   |
| Basic                - as reported                                                                                                                           |   | **$**                                              | (0.10    | ) | **$** | (1.05 | ) |
| Basic                - pro forma                                                                                                                             |   | **$**                                              | (0.52    | ) | **$** | (1.05 | ) |
| Diluted                - as reported                                                                                                                         |   | **$**                                              | (0.10    | ) | **$** | (1.05 | ) |
| Diluted                - pro forma                                                                                                                           |   | **$**                                              | (0.52    | ) | **$** | (1.05 | ) |

*Statement      of Cash Flows. *

----

*Table            of            Contents*

**FREEDOM        BANCSHARES, INC.**

**AND        SUBSIDIARY**

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

| **Item                    1.** | **Financial                    Statements** |
|--------------------------------|---------------------------------------------|

| NOTE                4. | RECENT                ACCOUNTING PRONOUNCEMENTS |
|------------------------|-------------------------------------------------|

|   | In                      December 2004, the Financial Accounting Standards Board (FASB)                      issued FASB                      Statement No. 123 (revised 2004) (“FAS 123(R)”), “Share-Based Payment.”                      FAS 123(R) establishes standards for the accounting for transactions                      in                      which an entity exchanges its equity instruments for goods                      or services. It                      also addresses transactions in which an entity incurs liabilities                      in                      exchange for goods or services that are based on the fair value                      of the                      entity’s equity instruments or that may be settled by the issuance                      of                      those equity instruments. FAS 123(R) focuses primarily on accounting                      for                      transactions in which an entity obtains employee services in                      share-based                      payment transactions such as the issuance of stock options                      in exchange for                      employee services. FAS 123(R) does not change the accounting                      guidance for                      share-based payment transactions with parties other than employees                      provided in FAS 123 as originally issued and EITF Issue No.                      96-18,                      “Accounting for Equity Instruments That Are Issued to Other                      Than Employees                      for Acquiring, or in Conjunction with Selling, Goods or Services.” FAS                      123(R) does not address the accounting for employee share ownership                      plans,                      which are subject to AICPA SOP 93-6, “Employers’ Accounting for Employee                      Stock Ownership Plans.” Public entities that file as small business                      issuers will be required to apply FAS 123(R) in the first interim                      or                      annual reporting period that begins after December 15,                      2005. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In                          March 2005, the Securities and Exchange Commission’s (“SEC” or the                          “Commission”) Office of the Chief Accountant and its Division of                          Corporation Finance announced the release of Staff Accounting                          Bulletin No.                          107 (SAB 107), “Share-Based Payment,” in response to frequently asked                          questions and to provide the SEC staff’s views regarding the application                          of FAS 123(R). SAB 107 provides interpretive guidance related                          to the                          interaction between FAS 123(R) and certain SEC rules and                          regulations;                          addresses the staff’s views on the subject of valuation of share-based                          payment transactions for public companies; and reiterates                          the importance                          of disclosures related to share-based payment transactions                          in the                          consolidated financial statements filed with the                          SEC. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| NOTE                5. | EARNINGS                (LOSSES) PER SHARE |
|------------------------|--------------------------------------------|

|   | Basic                      earnings (losses) per share are computed by dividing net income                      (loss) by                      the weighted average number of shares of common stock outstanding.                      Diluted                      earnings (losses) per share are computed by dividing net income                      (loss) by                      the sum of the weighted average number of shares of common                      stock                      outstanding and potential common shares. Potential common shares                      consist                      of stock options and stock warrants. Weighted average shares                      outstanding                      and potential common shares for the three months ended September                      30, 2005                      and September 30, 2004 were 1,106,768 and 947,789, respectively.                      Weighted                      average shares outstanding and potential common shares for                      the nine months                      ended September 30, 2005 and September 30, 2004 were 989,415                      and 947,789                      respectively. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Table            of            Contents*

**FREEDOM        BANCSHARES, INC.**

**AND        SUBSIDIARY**

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

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

|   | The                      following discussion and analysis provides information which                      management                      believes is relevant to an assessment and understanding of                      the Company’s                      results of operations and financial condition. This discussion                      should be                      read in conjunction with the financial statements and accompanying                      notes                      appearing in this report. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | This                                  Report contains statements which constitute forward-looking                                  statements                                  within the meaning of Section 27A of the Securities Act of 1933 and                                  the Securities Exchange Act of 1934. These statements                                  are based on many                                  assumptions and estimates and are not guarantees                                  of future performance.                                  Our actual results may differ materially from those                                  projected in any                                  forward-looking statements, as they will depend                                  on many factors about                                  which we are unsure, including many factors which                                  are beyond our control.                                  The words “may,” “would,” “could,” “will,” “expect,” “anticipate,”                                  “believe,” “intend,” “plan,” and “estimate,” as well as similar                                  expressions, are meant to identify such forward-looking                                  statements.                                  Potential risks and uncertainties include, but                                  are not limited                                  to: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

|   | Ÿ | 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; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | Ÿ | changes                in technology; |
|--------|--------|---------------------------------------|

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

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

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

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

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

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

|   | Ÿ | other                risks and uncertainties detailed from time to time in our filings                with the                SEC. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | **Critical                      Accounting Policies** |
|--------|-------------------------------------------------------|

|   | We                        have adopted various accounting policies which govern the                        application of                        accounting principles generally accepted in the U.S. in the                        preparation of                        financial statements. The Company’s significant accounting policies are                        described in Note 1 to the Company’s consolidated financial statements as                        of and for the year ended December 31, 2004. Certain accounting                        policies                        require the Company to make significant assumptions and estimates,                        the use                        of which has a material impact on the carrying value of certain                        assets and                        liabilities, and could potentially result in materially different                        results                        under different assumptions and conditions. Management believes                        that the                        allowance for loan losses is the most critical accounting                        policy upon                        which the Company’s financial condition depends. The allowance for loan                        losses involves the most complex and subjective decisions                        and assessments                        that management must make. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Table            of            Contents*

**FREEDOM        BANCSHARES, INC.**

**AND        SUBSIDIARY**

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

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

|   | *Allowance                      for Loan Losses*:                      Arriving at an appropriate level of allowance for loan losses                      involves a                      high degree of judgment. The Company’s allowance for loan losses provides                      for probable losses based upon evaluations of known and inherent                      risks in                      the loan portfolio. Management uses historical information                      of similar                      banks to assess the adequacy of the allowance for loan losses                      as well as                      the prevailing business environment; as it is affected by changing                      economic conditions and various external factors, which may                      impact the                      portfolio in ways currently unforeseen. The allowance for loan                      losses is                      increased by provisions for loan losses and by recoveries of                      loans                      previously charged-off and reduced by loans                      charged-off. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The                          process of reviewing the adequacy of the allowance for                          loan losses                          requires management to make numerous judgments and assumptions                          about                          future events and subjective judgments, including the likelihood                          of loan                          repayment, risk evaluation, extrapolation of historical                          losses of similar                          banks, and similar judgments and assumptions. If these                          assumptions prove                          to be incorrect, charge-offs in future periods could exceed                          the allowance                          for loan losses. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | *Deferred                              Income Taxes*:                              Deferred income tax assets and liabilities are determined                              using the                              liability (or balance sheet) method. Under this method,                              the net deferred                              tax asset or liability is determined based on the tax                              effects of the                              differences between the book and tax bases of the various                              balance sheet                              assets and liabilities and gives current recognition                              to changes in tax                              rates and laws. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | A                                  valuation allowance for deferred tax assets is                                  required when it is more                                  likely than not that some portion or all of the                                  deferred tax asset will                                  not be realized. In assessing the realization of                                  the deferred tax assets,                                  management considers the scheduled reversals of                                  deferred tax liabilities,                                  projected future taxable income (in the near-term                                  based on current                                  projections), and tax planning strategies. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The                                      operating results of the Company and its subsidiary                                      are included in                                      consolidated income tax                                      returns. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **Overview** |
|--------|--------------|

|   | On                                              February 17, 2004, we opened for business                                              in a temporary facility at 3165                                              Maysville Road, Commerce, Georgia.                                              We subsequently broke ground for                                              construction of our permanent facility,                                              which we opened on November 22,                                              2004. This facility is a 6,350-square-foot,                                              full-service banking                                              facility. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | After                                                  receiving approval from the Georgia                                                  Department of Banking and Finance,                                                  on                                                  May 1, 2004 we opened a Loan Production                                                  Office in Jefferson, Georgia at                                                  167 Lee Street. During the fourth                                                  quarter of 2004, we applied for                                                  and                                                  received permission from our regulators                                                  to replace this office with a full                                                  service branch facility to be located                                                  at 1057 Winder Highway in Jefferson.                                                  During the first quarter of 2005                                                  we renovated a leased facility                                                  at that                                                  address to serve as our branch                                                  office. Subsequently, on April                                                  18, 2005 we                                                  closed the office at 167 Lee Street                                                  and opened for business at 1057                                                  Winder                                                  Highway. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | On                                                      July 14, 2005 we applied for                                                      permission to open a full-service                                                      branch                                                      office at 185 Oak Street, Homer,                                                      Georgia. We received approval                                                      to open                                                      this office from the Georgia                                                      Department of Banking and Finance                                                      on July 28,                                                      2005 and from the Federal Deposit                                                      Insurance Corporation on August                                                      2, 2005.                                                      We anticipate opening for business                                                      at this location during the                                                      fourth                                                      quarter of 2005. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **Financial                      Condition** |
|--------|----------------------------------------------|

|   | At                          September 30, 2005, total assets of Freedom Bancshares,                          Inc. were                          $78,774,202. Deposits at September 30, 2005 totaled $63,304,899.                          At                          September 30, 2005, loans totaled $54,356,591; securities                          totaled                          $15,789,737; and federal funds sold totaled $2,337,717.                          At September 30,                          2005, other borrowings totaled $5,000,000. Other borrowings                          consist solely                          of advances from the Federal Home Loan Bank of                          Atlanta. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Table            of            Contents*

**FREEDOM        BANCSHARES, INC.**

**AND        SUBSIDIARY**

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

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

|   | Investment                      securities available-for-sale totaled $15,789,737 at September                      30, 2005.                      These investments consisted of $5,110,755 in US agency securities                      and                      $10,678,982 in mortgage-backed securities issued by government                      or                      government-backed agencies. Generally, we purchase mortgage-backed                      securities because we believe they will provide good income                      yields as well                      as a consistent cash flow from the monthly mortgage payments.                      These cash                      flows are then reinvested in new loans or additional purchases                      of similar                      securities, depending on loan demand and market conditions.                      These cash                      flows also allow us to regularly invest at current market rates.                      While we                      invest in traditional government agency securities on occasion,                      recent                      market conditions have resulted in historically low yields                      on those                      securities, so we have chosen to maximize our yields by investing                      in other                      segments of the market. It is generally our policy to designate                      our                      marketable investment securities as available-for-sale, and                      all securities                      were so designated at September 30,                      2005. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Gross                          loans totaled $54,356,591 at September 30, 2005. Net loans                          totaled                          $53,590,063 at September 30, 2005. The majority of our                          loans are secured                          by real estate. Balances within the major loan categories                          as of September                          30, 2005 were as follows: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Composition                of Loan Portfolio**

**September                30, 2005**

| Category                                   |   |  Amount |                       | Percent                  ofTotal |   |
|--------------------------------------------|--------|--------------|----------------------------|----------------------------------|--------|
|                                       |   |         |                       |                             |   |
| Construction                  loans        |   | $            | 17,539,102                 |                             |   | 32.27 | % |
| Other                  real estate loans   |   |         | 30,713,983                 |                             |   | 56.50 | % |
| Commercial                  loans          |   |         | 4,126,325                  |                             |   | 7.59 | % |
| Other                  loans               |   |         | 1,977,181                  |                             |   | 3.64 | % |
|                                       |   |         | 54,356,591                 |                             |   | 100 | % |
| Allowance                  for loan losses |   |         | (                  766,528 | )                                |   |   |   |
|                                       |   | **$**        | 53,590,063                 |                             |   |   |   |

|   | We                        expect to continue to fund loan growth from our deposit growth.                        We will                        also hold funds in federal funds sold and purchase investment                        securities                        as conditions warrant and as we identify opportunities appropriate                        to our                        overall asset and liability strategies and goals. We expect                        continued                        growth in assets and liabilities during the remainder of                        2005. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Our                      total equity was $10,181,760 at September 30, 2005. Equity                      consisted of                      proceeds of our stock offering, which closed in 2004, of $9,477,890                      which                      were offset by offering expenses of $303,858; an accumulated                      deficit at                      December 31, 2004 of $(1,863,589); a net loss for the nine                      months ended                      September 30, 2005 of $(99,926); and a cumulative decrease                      in market value                      of securities available-for-sale, net of tax of $(145,257).                      In a private                      placement offering that began in the third quarter of 2005,                      we raised                      additional proceeds of $3,116,500 by selling 271,000 shares                      of common                      stock at $11.50 per share. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Table            of            Contents*

**FREEDOM        BANCSHARES, INC.**

**AND        SUBSIDIARY**

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

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

|   | **Results                      of Operations for the Nine Months Ended September 30, 2005                      and                      2004** |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The                          results of operations are determined by our ability to                          effectively manage                          net interest income, control non-interest expenses, generate                          non-interest                          income and minimize loan losses. In order for us to be                          profitable, our                          earning assets must be at a level so that net interest                          income along with                          non-interest income will be sufficient to cover normal                          operating expenses                          incurred in a banking operation and the Bank’s provision for loan                          losses. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Net                              loss for the nine-month period ended September 30,                              2005 amounted to                              $(99,926), or $(0.10) per share, and $(0.10) per diluted                              share. Net loss                              for the nine-month period ended September 30, 2004                              amounted to $(963,588),                              or $(1.05) per share, and $(1.05) per diluted share.                              Following is a brief                              discussion concerning our operational results for the                              nine-month periods                              ended September 30, 2005 and September 30,                              2004. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | Interest                income, which represents interest received on interest earning assets,                was                $3,141,343 for the nine-month period ended September 30, 2005 and                $860,957                for the nine-month period ended September 30, 2004. The cost of funds,                which represents interest paid on deposits and borrowings, was $1,350,381                for the nine-month period ended September 30, 2005 and $210,298 for                the                nine-month period ended September 30,                2004. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Annualized                      net yield on earning assets, defined as net interest income                      annualized,                      divided by average interest earning assets, was at 3.87% during                      the                      nine-month period ended September 30,                      2005. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                       |   | (Dollars                in thousands) |                   |
|--------------------------------------------|--------|---------------------------------------|------------------------|
|  Description                          |   | Avg                Assets/Liabilities |                   | InterestIncome/Expense |   | Yield/Cost |   |
| Federal                funds sold          |   | $                                     | 3,619                  |   | $ | 87 |   |   | 3.20 | % |
| Securities                                 |   |                                  | 12,902                 |   |   | 384 |   |   | 3.97 | % |
| Loans                                      |   |                                  | 45,180                 |   |   | 2,670 |   |   | 7.88 | % |
| Total                                      |   | $                                     | 61,701                 |   | $ | 3,141 |   |   | 6.79 | % |
| Transactional                accounts      |   | $                                     | 1,803                  |   | $ | 16 |   |   | 1.21 | % |
| Savings                                    |   |                                  | 6,900                  |   |   | 103 |   |   | 1.99 | % |
| CDs                                        |   |                                  | 41,235                 |   |   | 1,114 |   |   | 3.60 | % |
| Other                borrowings            |   |                                  | 4,524                  |   |   | 117 |   |   | 3.44 | % |
| Total                                      |   | $                                     | 54,                462 |   | $ | 1,350 |   |   | 3.31 | % |
| Net                interest income         |   |                                  |                   |   | $ | 1,791 |   |   |   |   |
| Net                yield on earning assets |   |                                  |                   |   |   |   |   |   | 3.87 | % |

|   | Net                        yield on earning assets, defined as net interest income divided                        by average                        interest earning assets, was at 4.03% during the nine-month                        period ended                        September 30, 2004. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Table            of            Contents*

**FREEDOM        BANCSHARES, INC.**

**AND        SUBSIDIARY**

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

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

|                                       |   | (Dollars                in thousands) |   |
|--------------------------------------------|--------|---------------------------------------|--------|
|  Description                          |   | Avg                Assets/Liabilities |   | InterestIncome/Expense |   | Yield/Cost |   |
| Federal                funds sold          |   | $                                     | 2,913  |   | $ | 27 |   |   | 1.24 | % |
| Securities                                 |   |                                  | 3,262  |   |   | 79 |   |   | 3.23 | % |
| Loans                                      |   |                                  | 15,297 |   |   | 755 |   |   | 6.58 | % |
| Total                                      |   | $                                     | 21,472 |   | $ | 861 |   |   | 5.35 | % |
| Transactional                accounts      |   | $                                     | 1,911  |   | $ | 5 |   |   | .34 | % |
| Savings                                    |   |                                  | 4,264  |   |   | 46 |   |   | 1.97 | % |
| CDs                                        |   |                                  | 9,500  |   |   | 158 |   |   | 2.22 | % |
| Other                borrowings            |   |                                  | 121    |   |   | 2 |   |   | 2.20 | % |
| Total                                      |   | $                                     | 15,796 |   | $ | 211 |   |   | 1.78 | % |
| Net                interest income         |   |                                  |   |   | $ | 650 |   |   |   |   |
| Net                yield on earning assets |   |                                  |   |   |   |   |   |   | 4.03 | % |

|   | b. | For                the nine-month period ended September 30, 2005, non-interest income                amounted to $65,111, or .12% of average assets. For the nine-month                period                ended September 30, 2004, non-interest income amounted to $13,619,                or .07%                of average assets. Because the Bank is in a growth mode, it prices                its                services very competitively in order to grow                deposits. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | During                the nine-month period ended September 30, 2005, the provision for                loan                losses was $257,350. We had net charge-offs of $6,000 for the period                ended                September 30, 2005. During the nine-month period ended September                30, 2004,                the provision for loan losses was $440,000. The allowance for loan                losses                as a percentage of gross loans was at 1.41% on September 30, 2005.                Management considers the allowance for loan losses to be adequate                and                sufficient to absorb possible future losses; however, there can be                no                assurance that charge-offs in future periods will not exceed the                allowance                for loan losses or that additional provisions to the allowance will                not be                required. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **Results                      of Operations for the Three Months Ended September 30, 2005                      and                      2004** |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Net                          income for the three-month period ended September 30, 2005                          amounted to                          $54,314, or $0.06 per share, and $0.05 per diluted share.                          Net loss for the                          three-month period ended September 30, 2004 amounted to                          $(256,809), or                          $(.25) per share, and $(.25) per diluted share. Following                          is a brief                          discussion concerning our operational results for the three-month                          periods                          ended September 30, 2005 and September 30,                          2004. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | Interest                income, which represents interest received on interest earning assets,                was                $1,253,395 for the three-month period ended September 30, 2005 and                $453,694 for the three-month period ended September 30, 2004. The                cost of                funds, which represents interest paid on deposits and borrowings,                was                $552,401 for the three-month period ended September 30, 2005 and                $140,055                for the three-month period ended September 30,                2004. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Annualized                          net yield on earning assets, defined as net interest income                          annualized,                          divided by average interest earning assets, was at 3.92                          % during the                          three-month period ended September 30, 2005. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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*Table            of            Contents*

**FREEDOM        BANCSHARES, INC.**

**AND        SUBSIDIARY**

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

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

|                                       |   | (Dollars                in thousands) |   |
|--------------------------------------------|--------|---------------------------------------|--------|
|  Description                          |   | Avg                Assets/Liabilities |   | InterestIncome/Expense |   | Yield/Cost |   |
| Federal                funds sold          |   | $                                     | 6,240  |   | $ | 56 |   |   | 3.61 | % |
| Securities                                 |   |                                  | 14,120 |   |   | 141 |   |   | 4.00 | % |
| Loans                                      |   |                                  | 51,260 |   |   | 1,056 |   |   | 8.24 | % |
| Total                                      |   | $                                     | 71,620 |   | $ | 1,253 |   |   | 7.00 | % |
| Transactional                accounts      |   | $                                     | 1,943  |   | $ | 6 |   |   | 1.20 | % |
| Savings                                    |   |                                  | 6,846  |   |   | 35 |   |   | 2.07 | % |
| CDs                                        |   |                                  | 48,757 |   |   | 467 |   |   | 3.83 | % |
| Other                borrowings            |   |                                  | 5,002  |   |   | 44 |   |   | 3.51 | % |
| Total                                      |   | $                                     | 62,548 |   | $ | 552 |   |   | 3.53 | % |
| Net                interest income         |   |                                  |   |   | $ | 701 |   |   |   |   |
| Net                yield on earning assets |   |                                  |   |   |   |   |   |   | 3.92 | % |

|   | Net                        yield on earning assets, defined as net interest income divided                        by average                        interest earning assets, was at 4.26% during the three-month                        period ended                        September 30, 2004. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                       |   | (Dollars                in thousands) |   |
|--------------------------------------------|--------|---------------------------------------|--------|
|  Description                          |   | Avg                Assets/Liabilities |   | InterestIncome/Expense |   | Yield/Cost |   |
| Federal                Funds Sold          |   | $                                     | 1,000  |   | $ | 3 |   |   | 1.20 | % |
| Securities                                 |   |                                  | 5,284  |   |   | 53 |   |   | 4.01 | % |
| Loans                                      |   |                                  | 23,216 |   |   | 398 |   |   | 6.84 | % |
| Total                                      |   | $                                     | 29,500 |   | $ | 454 |   |   | 6.14 | % |
| Transactional                Accounts      |   | $                                     | 2,476  |   | $ | 3 |   |   | 0.50 | % |
| Savings                                    |   |                                  | 6,022  |   |   | 27 |   |   | 1.80 | % |
| CDs                                        |   |                                  | 15,676 |   |   | 108 |   |   | 2.76 | % |
| Other                Borrowings            |   |                                  | 76     |   |   | 2 |   |   | 10.53 | % |
| Total                                      |   | $                                     | 24,250 |   | $ | 140 |   |   | 2.31 | % |
| Net                interest income         |   |                                  |   |   | $ | 314 |   |   |   |   |
| Net                yield on earning assets |   |                                  |   |   |   |   |   |   | 4.26 | % |

|   | e. | For                the three-month period ended September 30, 2005, non-interest income                amounted to $20,173, or .10 % of average assets. For the three-month                period ended September 30, 2004, non-interest income amounted to                $8,934,                or .11 % of average assets. Because the Bank is in a growth mode,                it                prices its services very competitively in order to grow                deposits. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f. | During                the three-month period ended September 30, 2005, the provision for                loan                losses was $63,350. We had charge-offs of less than $1,000 for the                three-month period ended September 30, 2005. During the three-month                period                ended September 30, 2004, the provision for loan losses was $155,000.                The                allowance for loan losses as a percentage of gross loans was at 1.41                % on                September 30, 2005. Management considers the allowance for loan losses                to                be adequate and sufficient to absorb possible future losses; however,                there can be no assurance that charge-offs in future periods will                not                exceed the allowance for loan losses or that additional provisions                to the                allowance will not be required. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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*Table            of            Contents*

**FREEDOM        BANCSHARES, INC.**

**AND        SUBSIDIARY**

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

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

|   | **Liquidity** |
|--------|---------------|

|   | Liquidity                            is our ability to meet current and future obligations                            through liquidation                            or maturity of existing assets or the acquisition of                            additional                            liabilities. Most importantly, liquidity provides the                            means to fund all                            deposit withdrawals immediately, while also providing                            for the credit needs                            of customers. Cash and cash equivalents, which include                            cash on hand and in                            correspondent banks, as well as federal funds sold to                            correspondent banks,                            are our primary sources of liquidity. The September 30, 2005                            financial statements evidence a satisfactory liquidity                            position as total                            cash and cash equivalents amounted to approximately $5.6                            million,                            representing 7.06 % of total                            assets. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Investment                              securities available-for-sale, which amounted to $15.8                              million, or 20.04%                              of total assets at September 30, 2005, provide a secondary                              source of                              liquidity because they can be converted into cash in                              a timely manner. We                              also have lines of credit available with correspondent                              banks. These lines                              of credit can be accessed to meet temporary funding                              needs. At September                              30, 2005 we had access to unused lines of credit totaling                              $5.4 million. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | We                                    draw deposits primarily from our local market                                    area. However, when we deem                                    it necessary and prudent we will access deposit                                    markets other than the                                    local market for sources of funds. These deposits                                    can include “brokered”                                    deposits and deposits generated from other sources,                                    including internet                                    sources. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The                                      Bank is a member of the Federal Home Loan Bank                                      of Atlanta. The Federal                                      Home Loan Bank of Atlanta provides funds for                                      real estate-related lending                                      and to promote home ownership. We use advances                                      from the Federal Home Loan                                      Bank of Atlanta to fund loans and as a tool                                      to manage our interest rate                                      risk. At September 30, 2005 we had advances                                      outstanding of $5 million from                                      the Federal Home Loan Bank of Atlanta. We had                                      access to additional                                      advances up to $6.8 million from the Federal                                      Home Loan Bank of                                      Atlanta. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | We                                          closely monitor our balance sheet and liquidity                                          in order to maintain                                          appropriate levels of interest earning                                          assets and interest bearing                                          liabilities, so that maturities of assets                                          can provide adequate funds to                                          meet customer withdrawals and loan demand.                                          We know of no trends, demands,                                          commitments, events or uncertainties that                                          will result in or are reasonably                                          likely to result in our liquidity increasing                                          or decreasing in any material                                          way. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **Off-Balance                                              Sheet Arrangements** |
|--------|---------------------------------------------------------------------------------|

|   | Through                      the operations of the Bank, we have made contractual commitments                      to extend                      credit in the ordinary course of our business activities. These                      commitments are legally binding agreements to lend money to                      our customers                      at predetermined interest rates for a specified period of time.                      At                      September 30, 2005 we had outstanding commitments to fund loans                      totaling                      $10.6 million. These commitments consisted primarily of undisbursed                      construction and acquisition and development loans. In addition,                      we had                      $0.2 million outstanding in financial standby letters of                      credit. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | We                          evaluate each customer’s credit worthiness on a case-by-case basis. The                          amount of collateral obtained, if deemed necessary by us                          upon extension of                          credit, is based on our credit evaluation of the borrower.                          Collateral                          varies but may include accounts receivable, inventory,                          property, plant and                          equipment, commercial and residential real                          estate. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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*Table            of            Contents*

**FREEDOM        BANCSHARES, INC.**

**AND        SUBSIDIARY**

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

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

|   | **Capital                      Resources** |
|--------|--------------------------------------------|

|   | Total                          shareholders’ equity increased from $7,279,243 at December 31, 2004 to                          $10,181,760 at September 30, 2005. The increase is due                          to proceeds from                          our private placement offering of $3,116,500 offset by                          a net loss for the                          nine months ended September 30, 2005 of $(99,926) and an                          after- tax                          decrease of $(114,057) in the fair value of securities                          available for                          sale. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The                              Federal Reserve Board and bank regulatory agencies                              require bank holding                              companies and financial institutions to maintain capital                              at adequate                              levels based on a percentage of assets and off-balance                              sheet exposures,                              adjusted for risk-weights ranging from 0% to 100%.                              Under the risk-based                              standard, capital is classified into two tiers. Tier                              1 capital consists of                              common shareholders’ equity, excluding the unrealized gain (loss) on                              available-for-sale securities, minus certain intangible                              assets. Tier 2                              capital consists of the general reserve for loan losses                              subject to certain                              limitations. An institution’s qualifying capital base for purposes of its                              risk-based capital ratio consists of the sum of its                              Tier 1 and Tier 2                              capital. The regulatory minimum requirements are 4%                              for Tier 1 and 8% for                              total risk-based capital. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Banks                          and bank holding companies are also required to maintain                          capital at a                          minimum level based on total assets, which is known as                          the leverage ratio.                          The minimum requirement for the leverage ratio is 3%, but                          all but the                          highest-rated institutions are required to maintain ratios                          that are 100 to                          200 basis points above the minimum. Both the Company and                          the Bank exceeded                          their minimum regulatory capital ratios as of September                          30,                          2005. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                      | Freedom                BankSeptember                30, 2005 | Freedom                Bancshares, Inc.September                30, 2005 | Minimum                RegulatoryRequirement |
|-------------------------------------------|--------------------------------------------------------------|--------------------------------------------------------------------------|----------------------------------------------|
| Leverage                ratio             | 13.61                %                                       | 13.73                %                                                   | 4.0%                                         |
| Tier                1 Risk weighted ratio | 17.27                %                                       | 17.42                %                                                   | 8.0%                                         |
| Tier                2 Risk weighted ratio | 18.52                %                                       | 18.67                %                                                   | 8.0%                                         |

|   | With                      respect to the leverage ratio, the regulators expect a minimum                      of 5.0% to                      6.0% ratio for banks that are not rated CAMELS 1. The Bank’s ratios are                      well above the required                      minimums. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **Regulatory                          Matters** |
|--------|-------------------------------------------------|

|   | From                              time to time, various bills are introduced in the United                              States Congress                              with respect to the regulation of financial institutions.                              Certain of these                              proposals, if adopted, could significantly change the                              regulation of banks                              and the financial services industry. We cannot predict                              whether any of                              these proposals will be adopted or, if adopted, how                              these proposals would                              affect us. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | We                                  are not aware of any current recommendation by                                  our regulatory authorities                                  which, if implemented, would have a material effect                                  on our liquidity,                                  capital resources, or results of                                  operations. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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*Table            of            Contents*

**FREEDOM        BANCSHARES, INC.**

**AND        SUBSIDIARY**

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

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

|   | The                      Company’s Chief Financial Officer has evaluated the Company’s disclosure                      controls and procedures as of the end of the period reported,                      and                      concluded that these controls and procedures are effective.                      There have                      been no significant changes in internal controls or in other                      factors that                      could significantly affect these controls subsequent to the                      date of this                      evaluation. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Disclosure                          controls and procedures are the Company’s controls and other procedures                          that are designed to ensure that information it is required                          to disclose in                          the reports it files under the Exchange Act is recorded,                          processed,                          summarized and reported within the time periods specified                          in the                          Securities and Exchange Commission’s rules and forms. Disclosure controls                          and procedures include, without limitation, controls and                          procedures                          designed to ensure that information the Company is required                          to disclose in                          the reports that it files under the Exchange Act is accumulated                          and                          communicated to management, including the principal executive                          and                          financial officers, as appropriate, to allow timely decisions                          regarding                          required disclosure. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The                              design of any system of controls and procedures is                              based in part upon                              certain assumptions about the likelihood of future                              events. There can be no                              assurance that any design will succeed in achieving                              its stated goals under                              all potential future conditions, regardless of how                              remote. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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*Table            of            Contents*

**FREEDOM        BANCSHARES, INC.**

**AND        SUBSIDIARY**

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

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

|   | None. |
|--------|-------|

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

|   | From                      July 5, 2005 until September 30, 2005, the Company sold 271,000                      shares of                      its common stock pursuant to a private placement. The common                      stock was                      sold for $11.50 per share for an aggregate of $3,116,500. The                      common stock                      sold in the private placement is exempt from federal registration                      under                      Section 3(11) of the Securities Act of 1933 because the common                      stock was                      offered and sold only to Georgia                      residents. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | None. |
|--------|-------|

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

|   | None. |
|--------|-------|

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

|   | None. |
|--------|-------|

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

|   | Exhibit | 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. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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*Table            of            Contents*

**FREEDOM        BANCSHARES, INC.**

**AND        SUBSIDIARY**

|                             | Freedom                Bancshares, Inc.              |   |
|----------------------------------|------------------------------------------------------|--------|
|                             | (Registrant)                                         |   |
|                             |                                                 |   |
| November                11, 2005 | /s/                Vincent D. Cater                  |   |
|                             | President                and Chief Executive Officer |   |
|                             | (Principal                Executive Officer)         |   |
|                             |                                                 |   |
|                             |                                                 |   |
|                             |                                                 |   |
| November                11, 2005 | /s/                Clyde A. McArthur                 |   |
|                             | Chief                Financial Officer               |   |
|                             | (Principal                Accounting Officer)        |   |

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