----

----

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

**WASHINGTON,      D.C. 20549**

**FORM      10-QSB**

| x      | Quarterly                Report Under Section 13 or 15(d) of the Securities Exchange Act of                1934 |
|--------|-----------------------------------------------------------------------------------------------------------------|
|   | For                the quarterly period ended **March                31, 2007**                                 |

|  ̈ | Transition                Report under Section 13 or 15(d) of the Securities Exchange Act of                1934 |
|--------|------------------------------------------------------------------------------------------------------------------|
|   | For                the transition period from __________ to                __________                            |

**Commission      File Number: 333-102971 **

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

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

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

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

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

**May      14, 2007: 1,274,289 shares outstanding, $1.00 par      value**

----

----

----

**FREEDOM      BANCSHARES, INC.**

**AND      SUBSIDIARY**

**Index**

|                                         |                                                                                                                                                   | Page                                 |
|----------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|
|                                         |                                                                                                                                                   |                                 |
| Part                I. Financial Information |                                                                                                                                                   |
|                                         |                                                                                                                                                   |                                 |
|                                         | Item                1. Financial Statements (unaudited)                                                                                                |                                 |
|                                         |                                                                                                                                                   |                                 |
|                                         |     Consolidated                Balance Sheets - March 31, 2007 and December                31, 2006                               | 2                                    |
|                                         |                                                                                                                                                   |                                 |
|                                         |     Consolidated                Statements of Operations - Three months ended                March 31, 2007 and 2006               | 3                                    |
|                                         |                                                                                                                                                   |                                 |
|                                         | Consolidated                  Statements of Comprehensive Income (Loss) -                  Three months ended March 31, 2007 and                  2006 | 4                                    |
|                                         |                                                                                                                                                   |                                 |
|                                         |     Consolidated                Statements of Cash Flows - Three months ended                March 31, 2007 and 2006               | 5                                    |
|                                         |                                                                                                                                                   |                                 |
|                                         |     Notes                to Consolidated Financial                Statements                                                       | 6                -                8  |
|                                         |                                                                                                                                                   |                                 |
|                                         | Item                2. Management's Discussion and                Analysis                                                                             | 9                -                13 |
|                                         |                                                                                                                                                   |                                 |
|                                         | Item                3. Controls and Procedures                                                                                                         | 14                                   |
|                                         |                                                                                                                                                   |                                 |
| Part                II. Other Information    |                                                                                                                                                   |
|                                         |                                                                                                                                                   |                                 |
|                                         | Item                1. Legal Proceedings                                                                                                               | 15                                   |
|                                         |                                                                                                                                                   |                                 |
|                                         | Item                2. Unregistered Sales of Equity Securities and Use of                Proceeds                                                      | 15                                   |
|                                         |                                                                                                                                                   |                                 |
|                                         | Item                3. Defaults Upon Senior Securities                                                                                                 | 15                                   |
|                                         |                                                                                                                                                   |                                 |
|                                         | Item                4. Submission of Matters to a Vote of Security                Holders                                                              | 15                                   |
|                                         |                                                                                                                                                   |                                 |
|                                         | Item                5. Other Information                                                                                                               | 15                                   |
|                                         |                                                                                                                                                   |                                 |
|                                         | Item                6. Exhibits                                                                                                                        | 15                                   |
|                                         |                                                                                                                                                   |                                 |
|                                         | Signature                Page                                                                                                                          | 16                                   |
|                                         |                                                                                                                                                   |                                 |
|                                         | Exhibit                Index                                                                                                                           |                                 |

----

***Index***

**FREEDOM      BANCSHARES, INC.**

**AND      SUBSIDIARY**

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

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

**FREEDOM      BANCSHARES, INC. AND SUBSIDIARY**

**CONSOLIDATED      BALANCE SHEETS**

**MARCH      31, 2007 AND DECEMBER 31, 2006**

**(Unaudited)**

| **Assets**                                                                                                                                                     |   | **2007** |            | 2006   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|-----------------|--------|--------|
|                                                                                                                                                           |   |     |            |   |   |
| Cash                and due from banks                                                                                                                         |   | **$**    | **4,194,604**   |   | $      | 2,621,725 |   |
| Interest                bearing deposits in banks                                                                                                              |   |     | **701,738**     |   |   | 63,542 |   |
| Federal                funds sold                                                                                                                              |   |     | **1,158,311**   |   |   | 948,690 |   |
| Securities                available for sale, at fair value                                                                                                    |   |     | **21,068,847**  |   |   | 20,853,654 |   |
| Loans,                less allowance for loan losses of $1,281,413 and $1,194,953,                respectively                                                 |   |     | **108,171,198** |   |   | 101,596,794 |   |
| Property                and equipment, net                                                                                                                     |   |     | **5,822,579**   |   |   | 3,402,792 |   |
| Federal                Home Loan Bank stock                                                                                                                    |   |     | **823,600**     |   |   | 885,100 |   |
| Accrued                interest receivable                                                                                                                     |   |     | **1,773,008**   |   |   | 1,536,302 |   |
| Other                assets                                                                                                                                    |   |     | **779,484**     |   |   | 722,076 |   |
|                                                                                                                                                           |   |     |                 |   |   |  |   |
| **Total                assets**                                                                                                                                |   | **$**    | **144,493,369** |   | $      | 132,630,675 |   |
|                                                                                                                                                           |   |     |                 |   |   |  |   |
| **Liabilities                and Stockholders' Equity**                                                                                                        |   |     |            |   |   |   |   |
|                                                                                                                                                           |   |     |            |   |   |   |   |
| Liabilities:                                                                                                                                                   |   |     |            |   |   |   |   |
| Deposits:                                                                                                                                                      |   |     |            |   |   |   |   |
| Noninterest-bearing                                                                                                                                            |   | **$**    | **8,906,535**   |   | $      | 6,880,325 |   |
| Interest-bearing                                                                                                                                               |   |     | **112,625,046** |   |   | 97,321,207 |   |
| Total                deposits                                                                                                                                  |   |     | **121,531,581** |   |   | 104,201,532 |   |
| Federal                Home Loan Bank advances                                                                                                                 |   |     | **10,000,000**  |   |   | 16,000,000 |   |
| Accrued                interest payable                                                                                                                        |   |     | **563,146**     |   |   | 430,451 |   |
| Other                liabilities                                                                                                                               |   |     | **201,343**     |   |   | 179,453 |   |
| **Total                liabilities**                                                                                                                           |   |     | **132,296,070** |   |   | 120,811,436 |   |
|                                                                                                                                                           |   |     |                 |   |   |  |   |
| Commitments                and contingencies                                                                                                                   |   |     |            |   |   |   |   |
|                                                                                                                                                           |   |     |            |   |   |   |   |
| Stockholders'                equity                                                                                                                            |   |     |            |   |   |   |   |
| Preferred                stock, no par value; 2,000,000 shares authorized; no shares issued                and                outstanding                      |   |     | **-**           |   |   | - |   |
| Common                stock; $1.00 par value; 10,000,000 shares authorized; 1,249,789 and                1,238,789 shares issued and outstanding, respectively |   |     | **1,249,789**   |   |   | 1,238,789 |   |
| Additional                paid-in capital                                                                                                                      |   |     | **11,845,491**  |   |   | 11,685,135 |   |
| Accumulated                deficit                                                                                                                             |   |     | **(738,813**    | **)**  |   | (915,245 | ) |
| Accumulated                other comprehensive loss                                                                                                            |   |     | **(159,168**    | **)**  |   | (189,440 | ) |
| **Total                stockholders' equity**                                                                                                                  |   |     | **12,197,299**  |   |   | 11,819,239 |   |
|                                                                                                                                                           |   |     |                 |   |   |  |   |
| **Total                liabilities and stockholders' equity**                                                                                                  |   | **$**    | **144,493,369** |   | $      | 132,630,675 |   |

**See      Notes to Consolidated Financial Statements**

----

***Index***

**FREEDOM      BANCSHARES, INC. AND SUBSIDIARY**

**CONSOLIDATED      STATEMENTS OF OPERATIONS**

**THREE      MONTHS ENDED MARCH 31, 2007 AND 2006**

**(Unaudited)**

|                                                                   |   | **Three                Months Ended March 31, 2007** |          | Three                Months Ended March 31, 2006 |   |
|------------------------------------------------------------------------|--------|------------------------------------------------------|---------------|--------------------------------------------------|--------|
| **Interest                income:**                                    |   |                                                 |          |                                             |   |
| Loans                                                                  |   | $                                                    | **2,491,075** |                                             | $      | 1,451,665 |   |
| Taxable                securities                                      |   |                                                 | **254,215**   |                                             |   | 177,497 |   |
| Federal                funds sold                                      |   |                                                 | **20,661**    |                                             |   | 30,531 |   |
| Other                                                                  |   |                                                 | **28,375**    |                                             |   | 5,165 |   |
| **Total                interest income**                               |   |                                                 | **2,794,326** |                                             |   | 1,664,858 |   |
|                                                                   |   |                                                 |          |                                             |   |   |   |
| **Interest                expense:**                                   |   |                                                 |          |                                             |   |   |   |
| Deposits                                                               |   |                                                 | **1,323,217** |                                             |   | 661,236 |   |
| Other                borrowings                                        |   |                                                 | **199,554**   |                                             |   | 50,108 |   |
| **Total                interest expense**                              |   |                                                 | **1,522,771** |                                             |   | 711,344 |   |
|                                                                   |   |                                                 |          |                                             |   |   |   |
| **Net                interest income**                                 |   |                                                 | **1,271,555** |                                             |   | 953,514 |   |
| **Provision                for loan losses**                           |   |                                                 | **91,000**    |                                             |   | 68,500 |   |
| **Net                interest income after provision for loan losses** |   |                                                 | **1,180,555** |                                             |   | 885,014 |   |
|                                                                   |   |                                                 |          |                                             |   |   |   |
| **Other                income:**                                       |   |                                                 |          |                                             |   |   |   |
| Service                charges on deposit accounts                     |   |                                                 | **34,562**    |                                             |   | 22,911 |   |
| Other                operating income                                  |   |                                                 | **38,566**    |                                             |   | 17,359 |   |
| **Total                other income**                                  |   |                                                 | **73,128**    |                                             |   | 40,270 |   |
|                                                                   |   |                                                 |          |                                             |   |   |   |
| **Other                expenses:**                                     |   |                                                 |          |                                             |   |   |   |
| Salaries                and other employee benefits                    |   |                                                 | **563,790**   |                                             |   | 472,996 |   |
| Occupancy                and equipment expenses                        |   |                                                 | **146,342**   |                                             |   | 116,638 |   |
| Other                operating expenses                                |   |                                                 | **256,069**   |                                             |   | 277,866 |   |
| **Total                other expenses**                                |   |                                                 | **966,201**   |                                             |   | 867,500 |   |
|                                                                   |   |                                                 |          |                                             |   |   |   |
| **Income                before income taxes**                          |   |                                                 | **287,482**   |                                             |   | 57,784 |   |
|                                                                   |   |                                                 |          |                                             |   |   |   |
| **Income                tax expense**                                  |   |                                                 | **111,050**   |                                             |   | 60,400 |   |
|                                                                   |   |                                                 |          |                                             |   |   |   |
| **Net                income (loss)**                                   |   | $                                                    | **176,432**   |                                             | $      | (2,616 | ) |
|                                                                   |   |                                                 |          |                                             |   |   |   |
| **Basic                earnings (losses) per share**                   |   | $                                                    | **0.14**      |                                             | $      | - |   |
|                                                                   |   |                                                 |          |                                             |   |   |   |
| **Diluted                earnings (losses) per share**                 |   | $                                                    | **0.13**      |                                             | $      | - |   |
|                                                                   |   |                                                 |          |                                             |   |   |   |
| **Cash                dividends per share**                            |   | $                                                    | -             |                                             | $      | - |   |
|                                                                   |   |                                                 |          |                                             |   |   |   |
| **See                Notes to Consolidated Financial Statements**      |   |                                                 |          |                                             |   |   |   |

----

***Index***

**CONSOLIDATED      STATEMENTS OF COMPREHENSIVE INCOME      (LOSS)**

**THREE      MONTHS ENDED MARCH 31, 2007 AND 2006**

**(Unaudited)**

|                                                                                                 |   | **Three                Months Ended March 31, 2007** |        | Three                Months Ended March 31, 2006 |   |
|------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------|-------------|--------------------------------------------------|--------|
|                                                                                                 |   |                                                 |        |                                             |   |
| Net                income (loss)                                                                     |   |                                                 | **176,432** |                                             |   | (2,616 | ) |
|                                                                                                 |   |                                                 |        |                                             |   |   |   |
| Other                comprehensive income (loss)                                                     |   |                                                 |        |                                             |   |   |   |
|                                                                                                 |   |                                                 |        |                                             |   |   |   |
| Unrealized                gains (losses) on securities available for sale, net of                tax |   |                                                 | **27,465**  |                                             |   | (99,858 | ) |
|                                                                                                 |   |                                                 |        |                                             |   |   |   |
| Unrealized                gain (loss) on interest rate floor, net of tax                             |   |                                                 | **2,807**   |                                             |   | (5,400 | ) |
|                                                                                                 |   |                                                 |        |                                             |   |   |   |
| Other                comprehensive income (loss)                                                     |   |                                                 | **30,272**  |                                             |   | (105,258 | ) |
|                                                                                                 |   |                                                 |        |                                             |   |   |   |
| Comprehensive                income (loss)                                                           |   |                                                 | **206,704** |                                             |   | (107,874 | ) |

**See      Notes to Consolidated Financial Statements**

----

***Index***

**FREEDOM      BANCSHARES, INC. AND SUBSIDIARY**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS**

**THREE      MONTHS ENDED MARCH 31, 2007 AND 2006**

**(Unaudited)**

|                                                                                                                   |   | **2007** |           | 2006   |   |
|------------------------------------------------------------------------------------------------------------------------|--------|----------|----------------|--------|--------|
| **OPERATING                ACTIVITIES**                                                                                |   |     |           |   |   |
| Net                income (loss)                                                                                       |   | **$**    | **176,432**    |   | $      | (2,616 | ) |
| Adjustments                to reconcile net income (loss) to net cash provided by operating                activities: |   |     |           |   |   |   |   |
| Amortization                and accretion on securities                                                                |   |     | **(1,370**     | **)**  |   | 7,259 |   |
| Depreciation                                                                                                           |   |     | **81,066**     |   |   | 67,816 |   |
| Provision                for loan losses                                                                               |   |     | **91,000**     |   |   | 68,500 |   |
| Stock                compensation expense                                                                              |   |     | **9,106**      |   |   | 100,000 |   |
| Loss                on disposal of equipment                                                                           |   |     | **-**          |   |   | 4,817 |   |
| Gain                on sale of other real estate owned                                                                 |   |     | **(11,273**    | **)**  |   | - |   |
| Increase                in interest receivable                                                                         |   |     | **(236,706**   | **)**  |   | (108,639 | ) |
| Increase                in interest payable                                                                            |   |     | **132,695**    |   |   | 77,515 |   |
| Increase                in other assets                                                                                |   |     | **(72,911**    | **)**  |   | (107,402 | ) |
| Increase                in other liabilities                                                                           |   |     | **21,890**     |   |   | 61,466 |   |
| Net                cash provided by operating activities                                                               |   |     | **189,929**    |   |   | 168,716 |   |
|                                                                                                                   |   |     |           |   |   |   |   |
| **INVESTING                ACTIVITIES**                                                                                |   |     |           |   |   |   |   |
| Purchases                of securities available for sale                                                              |   |     | **(756,021**   | **)**  |   | (1,248,385 | ) |
| Proceeds                from maturities and paydowns of securities available for                sale                   |   |     | **587,973**    |   |   | 917,774 |   |
| (Purchase)                redemption of Federal Home Loan Bank stock                                                   |   |     | **61,500**     |   |   | (86,900 | ) |
| Net                increase in loans                                                                                   |   |     | **(6,834,721** | **)**  |   | (6,799,055 | ) |
| Purchases                of premises and equipment                                                                     |   |     | **(2,500,853** | **)**  |   | (207,242 | ) |
| Proceeds                from sale from of other real estate owned                                                      |   |     | **180,590**    |   |   | - |   |
| Net                cash used in investing activities                                                                   |   |     | **(9,261,532** | **)**  |   | (7,423,808 | ) |
|                                                                                                                   |   |     |           |   |   |   |   |
| **FINANCING                ACTIVITIES**                                                                                |   |     |           |   |   |   |   |
| Net                increase in deposits                                                                                |   |     | **17,330,049** |   |   | 11,481,564 |   |
| Proceeds                from (repayments of) FHLB advances                                                             |   |     | **(6,000,000** | **)**  |   | 1,000,000 |   |
| Decrease                in federal funds purchased                                                                     |   |     | **-**          |   |   | (185,000 | ) |
| Proceeds                from sale of comon stock                                                                       |   |     | **162,250**    |   |   | - |   |
| Net                cash provided by financing activities                                                               |   |     | **11,492,299** |   |   | 12,296,564 |   |
|                                                                                                                   |   |     |           |   |   |   |   |
| Net                increase in cash and cash equivalents                                                               |   |     | **2,420,696**  |   |   | 5,041,472 |   |
|                                                                                                                   |   |     |           |   |   |   |   |
| Cash                and cash equivalents at beginning of period                                                        |   |     | **3,633,957**  |   |   | 1,707,324 |   |
|                                                                                                                   |   |     |           |   |   |   |   |
| Cash                and cash equivalents at end of period                                                              |   | **$**    | **6,054,653**  |   | $      | 6,748,796 |   |
|                                                                                                                   |   |     |           |   |   |   |   |
| **SUPPLEMENTAL                DISCLOSURE OF CASH FLOW INFORMATION**                                                    |   |     |           |   |   |   |   |
| Cash                paid for:                                                                                          |   |     |           |   |   |   |   |
| Interest                                                                                                               |   | **$**    | **1,390,076**  |   | $      | 633,829 |   |
|                                                                                                                   |   |     |           |   |   |   |   |
| **NONCASH                INVESTING ACTIVITIES**                                                                        |   |     |           |   |   |   |   |
| Loans                transferred to other real esate owned                                                             |   | **$**    | **169,317**    |   | $      | - |   |

----

***Index***

OT

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

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

----

***Index***

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

*Basis      of Accounting. *

*Cash      and Cash Equivalents. *

*Property      and Equipment. *

*Income      Taxes. *

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

*Statement      of Cash Flows. *

----

***Index***

| NOTE                4. | EARNINGS                (LOSSES) PER SHARE |
|------------------------|--------------------------------------------|

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

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

*Fair      Value Measurements.*

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

----

***Index***

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

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

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

|   | 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                Securities and Exchange Commission. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Critical      Accounting Policies**

----

***Index***

*Allowance      for Loan Losses*

*Deferred      Income Taxes*

*Stock-based      compensation*

**Overview**

**Financial      Condition**

----

***Index***

**Composition      of Loan Portfolio**

**March      31, 2007**

| Category                                 |   | Amount |        | Percent                ofTotal |   |
|------------------------------------------|--------|--------|-------------|--------------------------------|--------|
|                                     |   |   |        |                           |   |
| Construction                loans        |   | $      | 56,518,000  |                           |   | 51.64 | % |
| Other                real estate loans   |   |   | 42,060,000  |                           |   | 38.43 | % |
| Commercial                loans          |   |   | 7,098,000   |                           |   | 6.48 | % |
| Other                loans               |   |   | 3,776,611   |                           |   | 3.45 | % |
|                                     |   |   | 109,452,611 |                           |   | 100.00 | % |
| Allowance                for loan losses |   |   | (1,281,413  | )                              |   |   |   |
|                                     |   | $      | 108,171,198 |                           |   |   |   |

**Results      of Operations for the Three Months Ended March 31, 2007 and      2006**

|   | a. | Interest                income, which represents interest received on interest earning assets,                was                $2,794,326 for the first quarter of 2007 and $1,664,858 for the first                quarter of 2006. The cost of funds, which represents interest paid                on                deposits and borrowings, was $1,522,771 for the first quarter of                2007 and                $711,344 for first quarter of 2006. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

***Index***

| Description                                |   | AvgAssets/Liabilities |    | InterestIncome/Expense |   | Yield/Cost |   |
|--------------------------------------------|--------|-----------------------|---------|------------------------|--------|------------|--------|
|                                       |   |                  |    |                   |   |       |   |
| Federal                funds sold          |   | $                     | 1,566   |                   | $      | 21         |   |   | 5.28 | % |
| Securities                                 |   |                  | 21,228  |                   |   | 254        |   |   | 4.79 | % |
| Loans                                      |   |                  | 105,975 |                   |   | 2,491      |   |   | 9.40 | % |
| Other                                      |   |                  | 1,109   |                   |   | 28         |   |   | 10.24 | % |
| Total                                      |   | $                     | 129,878 |                   |   | 2,794      |   |   | 8.61 | % |
| Money                market/NOW accounts   |   | $                     | 8,426   |                   |   | 67         |   |   | 3.20 | % |
| Savings                                    |   |                  | 839     |                   |   | 3          |   |   | 1.42 | % |
| CDs                                        |   |                  | 94,528  |                   |   | 1,253      |   |   | 5.30 | % |
| Other                borrowings            |   |                  | 15,428  |                   |   | 200        |   |   | 5.17 | % |
| Total                                      |   | $                     | 119,221 |                   |   | 1,523      |   |   | 5.11 | % |
|                                       |   |                  |    |                   |   |       |   |   |   |   |
| Net                interest income         |   |                  |    |                   | $      | 1,271      |   |   |   |   |
| Net                yield on earning assets |   |                  |    |                   |   |       |   |   | 3.92 | % |

| Description                                |   | AvgAssets/Liabilities |   | InterestIncome/Expense |   | Yield/Cost |   |
|--------------------------------------------|--------|-----------------------|--------|------------------------|--------|------------|--------|
|                                       |   |                  |   |                   |   |       |   |
| Federal                funds sold          |   | $                     | 2,605  |                   | $      | 31         |   |   | 4.69 | % |
| Securities                                 |   |                  | 16,771 |                   |   | 177        |   |   | 4.23 | % |
| Loans                                      |   |                  | 63,900 |                   |   | 1,452      |   |   | 9.09 | % |
| Other                                      |   |                  | 546    |                   |   | 5          |   |   | 3.78 | % |
| Total                                      |   | $                     | 83,822 |                   |   | 1,665      |   |   | 7.94 | % |
| Money                market/NOW accounts   |   | $                     | 7,674  |                   |   | 38         |   |   | 2.01 | % |
| Savings                                    |   |                  | 764    |                   |   | 3          |   |   | 1.46 | % |
| CDs                                        |   |                  | 58,775 |                   |   | 620        |   |   | 4.22 | % |
| Other                borrowings            |   |                  | 5,487  |                   |   | 50         |   |   | 3.65 | % |
| Total                                      |   | $                     | 72,700 |                   |   | 711        |   |   | 3.91 | % |
|                                       |   |                  |   |                   |   |       |   |   |   |   |
| Net                interest income         |   |                  |   |                   | $      | 954        |   |   |   |   |
| Net                yield on earning assets |   |                  |   |                   |   |       |   |   | 4.55 | % |

|   | b. | For                the first quarter of 2007, non-interest income amounted to $73,128,                or                .21% of average assets. For the first quarter of 2006, non-interest                income                amounted to $40,270 or .16% of average assets. Because the Bank is                in a                growth mode, it prices its services very competitively in order to                grow                deposits. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | For                the first quarter of 2007, the provision for loan losses was $91,000                as                compared to $68,500 for the first quarter of 2006. Net charge-offs                of                $4,540 for the first quarter of 2007 as compared to $881 for the                first                quarter 2006. Non performing loans totaled $758,000 as of March 31,                2007                as compared to $807,000 at December 31, 2006 and none as of March                31,                2006. The allowance for loan losses as a percentage of gross loans                was at                1.17% at March 31, 2007 as compared to 1.16% December 31, 2006.                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. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

***Index***

|   | d. | The                  Company adopted the fair value recognition provisions of FASB Statement                  No. 123 (R), Share Based Payment effective January 1, 2006, using                  the                  modified- prospective-transition method. The impact upon adoption                  was to                  reduce net income for the first quarter of 2006 by $100,000. Share-based                  compensation expense for the first quarter of 2007 was $9,106.                  The                  decrease in shared-based compensation expense is because approximately                  80%                  of the options and warrants were vested as of December 31, 2006.                  The                  Company did not grant any options in the first quarter of 2007.                  No                  modifications were made to outstanding options and warrants and                  there have                  been no significant changes to valuation methodologies or assumptions.                  There have not been any significant changes in the quantity, types                  or                  terms of instruments used in share-based payment programs. At March                  31,                  2007, total compensation cost related to nonvested awards not yet                  recognized is approximately $75,000 which is expected to be recognized                  over a weighted average period of 1.3                  years. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e. | The                provision for income taxes for the first quarter of 2007 was $111,050                as                compared to $60,400 for first quarter of 2006. The amounts provided                take                into account all share-based compensation expense recognized for                which an                income tax benefit will not be                received. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Liquidity      **

**Capital      Resources**

----

***Index***

|                                      |   | Freedom                BankMarch                31, 2007 |   | FreedomBancshares,                Inc.March                31, 2007 |   | RegulatoryRequirement |   |
|-------------------------------------------|--------|----------------------------------------------------------|--------|---------------------------------------------------------------------|--------|-----------------------|--------|
|                                      |   |                                                     |   |                                                                |   |                  |   |
| Leverage                ratio             |   |                                                     | 8.65   | %                                                                   |   | 8.88                  | %      |   | 4.0 | % |
| Tier                1 Risk weighted ratio |   |                                                     | 10.11  | %                                                                   |   | 10.38                 | %      |   | 4.0 | % |
| Tier                2 Risk weighted ratio |   |                                                     | 11.19  | %                                                                   |   | 11.45                 | %      |   | 8.0 | % |

**Regulatory      Matters**
** **

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

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

----

***Index***

**FREEDOM      BANCSHARES, INC.**

**AND      SUBSIDIARY**

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

| **I****tem****1.** | **Legal                Proceedings** |
|--------------------|--------------------------------------|

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

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

|   | On                January 31, 2007, the Company commenced a private placement of 350,000                shares of its $1.00 par value common stock. Pursuant to Rule 506 of                the Securities Act of 1933, the common stock is being offered only                to                accredited investors and up to 35 unaccredited investors. From January                31,                2007 until May 14, 2007, the Company sold 35,500 shares of its common                stock. The common stock was sold for $14.75 per share for an aggregate                of                $523,625. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **I****tem****3.** | **Defaults                Upon Senior Securities** |
|--------------------|----------------------------------------------------|

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

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

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

| **I****tem****5.** | **Other                Information** |
|--------------------|--------------------------------------|

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

| **I****tem****6.** | **Exhibits** |
|--------------------|--------------|

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

----

***Index***

**FREEDOM**
**      BANCSHARES, INC.**

**AND      SUBSIDIARY**

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

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