----

----

**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 **June                30, 2005** |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| o | 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**

**(706)      423-2500**

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

| YES                  x | NO                  o |
|----------------------------------|---------------------------------|

**August      12, 2005: 947,789 shares outstanding, $1.00 par value**

|  Transitional Small Business Disclosure              Format | YES                 x |                  NO  o |
|------------------------------------------------------------------|----------------------------|----------------------------------|

----

----

----

**FREEDOM            BANCSHARES, INC.**

**AND            SUBSIDIARY**

**Index**

| **PART                I.    FINANCIAL                INFORMATION**                             |                                                                                                                                                                                                                                                 |
|---------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                          |                                                                                                                                                                                                                                                 |   |
| Item                1.   Financial Statements                (Unaudited)                            |                                                                                                                                                                                                                                                 |
|                                                                                                          |                                                                                                                                                                                                                                                 |   |
|                                                                                                          | Consolidated                Balance Sheets - June 30, 2005 and December                31, 2004                                                                                                                                                      |   |
|                                                                                                          |                                                                                                                                                                                                                                                 |   |
|                                                                                                          | Consolidated                Statements of Operations and Comprehensive                Income/Loss - Three                months ended June 30, 2005 and June 30, 2004 Six                months ended June 30, 2005 and June 30,                2004 |   |
|                                                                                                          |                                                                                                                                                                                                                                                 |   |
|                                                                                                          | Consolidated                Statements of Cash Flows - Six                months ended June 30, 2005 and June 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                                                                             |                                                                                                                                                                                                                                                 |
|                                                                                                          |                                                                                                                                                                                                                                                 |   |

----

**FREEDOM              BANCSHARES, INC.**

**AND              SUBSIDIARY**

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

| **Item                  I.** | **Financial                    Statements** |
|------------------------------|---------------------------------------------|

| **CONSOLIDATED                  BALANCE SHEETS**                                                      |   |
|-------------------------------------------------------------------------------------------------------|--------|
| **JUNE                  30, 2005 AND DECEMBER 31, 2004**                                              |   |
| **(Unaudited)**                                                                                       |   |
|                                                                                                  |   |   |   |   |   |
| **Assets**                                                                                            |   | **2005** |   | **2004** |   |
| Cash                  and due from banks-noninterest bearing                                          |   | $ | 1,987,025 |   | $ | 646,307 |   |
| Cash                  and due from banks-interest bearing                                             |   |   | 137,685 |   |   | 1,695,094 |   |
| Federal                  funds sold                                                                   |   |   | 2,492,663 |   |   | 2,067,254 |   |
| Total                  cash and cash equivalents                                                      |   |   | 4,617,373 |   |   | 4,408,655 |   |
|                                                                                                  |   |   |   |   |   |   |   |
| Securities                  available-for-sale, at fair value                                         |   |   | 12,918,197 |   |   | 8,768,221 |   |
|                                                                                                  |   |   |   |   |   |   |   |
| Loans                                                                                                 |   |   | 49,374,882 |   |   | 34,849,122 |   |
| Less                  allowance for loan losses                                                       |   |   | (703,670 | ) |   | (515,000 | ) |
| Loans,                  net                                                                           |   |   | 48,671,212 |   |   | 34,334,122 |   |
|                                                                                                  |   |   |   |   |   |   |   |
| Property                  and equipment, net                                                          |   |   | 2,745,484 |   |   | 2,142,519 |   |
| Federal                  Home Loan Bank Stock                                                         |   |   | 325,700 |   |   | 249,200 |   |
| Interest                  receivable                                                                  |   |   | 451,838 |   |   | 334,032 |   |
| Other                  assets                                                                         |   |   | 111,587 |   |   | 68,642 |   |
|                                                                                                  |   | $ | 69,841,391 |   | $ | 50,305,391 |   |
|                                                                                                  |   |   |   |   |   |   |   |
| **Liabilities                  and Stockholders’ Equity**                                       |   |   |   |   |   |   |   |
| **Deposits**                                                                                          |   |   |   |   |   |   |   |
| Noninterest-bearing                                                                                   |   | $ | 3,078,694 |   | $ | 2,577,646 |   |
| Interest-bearing                                                                                      |   |   | 54,433,423 |   |   | 36,631,137 |   |
| **Total                  deposits**                                                                   |   |   | 57,512,117 |   |   | 39,208,783 |   |
|                                                                                                  |   |   |   |   |   |   |   |
| Other                  borrowings                                                                     |   |   | 5,000,000 |   |   | 3,700,000 |   |
|                                                                                                  |   |   |   |   |   |   |   |
| Interest                  payable                                                                     |   |   | 121,441 |   |   | 49,813 |   |
| Other                  liabilities                                                                    |   |   | 92,491 |   |   | 67,552 |   |
| **Total                  liabilities**                                                                |   |   | 62,726,049 |   |   | 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; |   |   |   |   |   |   |   |
|                    947,789 and 947,789 shares issued and outstanding                             |   |   |   |   |   |   |   |
|                    at June 30, 2005 and December 31, 2004, respectively                          |   |   | 947,789 |   |   | 947,789 |   |
|                    Paid-in capital                                                               |   |   | 8,226,243 |   |   | 8,226,243 |   |
|                    Accumulated deficit                                                           |   |   | (2,017,830 | ) |   | (1,863,589 | ) |
|                    Accumulated other comprehensive loss                                          |   |   | (40,860 | ) |   | (31,200 | ) |
| **Total                  stockholders’ equity**                                                 |   |   | 7,115,342 |   |   | 7,279,243 |   |
|                                                                                                  |   | $ | 69,841,391 |   | $ | 50,305,391 |   |
|                                                                                                  |   |   |   |   |   |   |   |
| **See                  Notes to Consolidated Financial Statements**                                   |   |   |   |   |   |   |   |

----

**FREEDOM            BANCSHARES, INC.**

**AND            SUBSIDIARY**

**Part            I. Financial Information**

**Item            1. Financial Statements**

| **CONSOLIDATED                STATEMENTS OF OPERATIONS AND                COMPREHENSIVE INCOME/LOSS** |   |
|-------------------------------------------------------------------------------------------------------|--------|
| **THREE                MONTHS ENDED JUNE 30, 2005 AND 2004**                                          |   |
| **SIX                MONTHS ENDED JUNE 30, 2005 AND 2004**                                            |   |
| **(Unaudited)**                                                                                       |   |
|                                                                                                  |   |   |   |   |   |   |   |   |   |
|                                                                                                  |   | **Three                Months** |   | **Three                Months** |   | **Six                Months** |   | **Six                Months** |   |
|                                                                                                  |   | **Ended                June 30,** |   | **Ended                June 30,** |   | **Ended                June 30,** |   | **Ended                June 30,** |   |
|                                                                                                  |   | **2005** |   | **2004** |   | **2005** |   | **2004** |   |
| **Interest                income**                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                  Loans                                                                           |   | $ | 939,142 |   | $ | 282,051 |   | $ | 1,614,297 |   | $ | 357,688 |   |
|                  Taxable securities                                                              |   |   | 136,768 |   |   | 26,181 |   |   | 243,211 |   |   | 26,181 |   |
|                  Federal funds sold                                                              |   |   | 19,475 |   |   | 9,088 |   |   | 30,440 |   |   | 23,394 |   |
|                                                                                                  |   |   | 1,095,385 |   |   | 317,320 |   |   | 1,887,948 |   |   | 407,263 |   |
| **Interest                expense**                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                  Deposits                                                                        |   |   | 433,983 |   |   | 64,978 |   |   | 724,992 |   |   | 70,196 |   |
|                  Other borrowings                                                                |   |   | 41,233 |   |   | 48 |   |   | 72,988 |   |   | 48 |   |
|  **Total                interest expense**                                                       |   |   | 475,216 |   |   | 65,026 |   |   | 797,980 |   |   | 70,244 |   |
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  **Net                interest income (expense)**                                                |   |   | 620,169 |   |   | 252,294 |   |   | 1,089,968 |   |   | 337,019 |   |
| **Provision                for loan losses**                                                          |   |   | 99,000 |   |   | 185,000 |   |   | 194,000 |   |   | 285,000 |   |
|  **Net                interest income (expense)**                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  **after                provision for loan losses**                                              |   |   | 521,169 |   |   | 67,294 |   |   | 895,968 |   |   | 52,019 |   |
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Other                income**                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                  Service charges on deposit accounts                                             |   |   | 16,602 |   |   | 1,383 |   |   | 28,272 |   |   | 1,523 |   |
|                  Other operating income                                                          |   |   | 4,550 |   |   | 2,439 |   |   | 16,666 |   |   | 3,162 |   |
|  **Total                other income**                                                           |   |   | 21,152 |   |   | 3,822 |   |   | 44,938 |   |   | 4,685 |   |
| **Other                expenses**                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                  Salaries and other employee benefits                                            |   |   | 300,925 |   |   | 259,069 |   |   | 580,404 |   |   | 428,021 |   |
|                  Data processing                                                                 |   |   | 51,090 |   |   | 95,084 |   |   | 94,373 |   |   | 109,364 |   |
|                  Advertising and public relations                                                |   |   | 22,389 |   |   | 10,822 |   |   | 43,758 |   |   | 25,045 |   |
|                  Occupancy and equipment expenses                                                |   |   | 90,807 |   |   | 42,622 |   |   | 156,998 |   |   | 60,834 |   |
|                  Regulatory fees and assessments                                                 |   |   | 3,532 |   |   | (150 | ) |   | 10,436 |   |   | 5,000 |   |
|                  Legal and professional fees                                                     |   |   | 35,227 |   |   | 13,000 |   |   | 61,662 |   |   | 15,479 |   |
|                  Other operating expenses                                                        |   |   | 95,703 |   |   | 43,764 |   |   | 147,515 |   |   | 119,741 |   |
|  **Total                other expenses**                                                         |   |   | 599,673 |   |   | 464,211 |   |   | 1,095,146 |   |   | 763,484 |   |
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  **Loss                before income taxes**                                                     |   |   | (57,352 | ) |   | (393,095 | ) |   | (154,240 | ) |   | (706,780 | ) |
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Income                tax expense**                                                                 |   |   | - |   |   | - |   |   | - |   |   | - |   |
|  **Net                loss**                                                                     |   |   | (57,352 | ) |   | (393,095 | ) |   | (154,240 | ) |   | (706,780 | ) |
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Other                comprehensive income (loss)**                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                  Unrealized gains (losses) on securities available-                              |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                  for-sale arising during the period, net of tax                                  |   |   | 124,404 |   |   | (46,096 | ) |   | (9,660 | ) |   | (46,096 | ) |
|  **Comprehensive                income (loss)**                                                  |   | $ | 67,052 |   | $ | (439,191 | ) | $ | (163,900 | ) | $ | (752,876 | ) |
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Basic                losses per share**                                                             |   | $ | (0.06 | ) | $ | (0.42 | ) | $ | (0.16 | ) | $ | (0.76 | ) |
| **Diluted                losses per share**                                                           |   | $ | (0.06 | ) | $ | (0.42 | ) | $ | (0.15 | ) | $ | (0.76 | ) |
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Cash                dividends per share**                                                           |   | $ | - |   | $ | - |   | $ | - |   | $ | - |   |
|                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **See                Notes to Consolidated Financial Statements**                                     |   |   |   |   |   |   |   |   |   |

----

**FREEDOM            BANCSHARES, INC.**

**AND            SUBSIDIARY**

**Part            I. Financial Information**

**Item            1. Financial Statements**

| **CONSOLIDATED                STATEMENTS OF CASH                FLOWS**        |   |
|--------------------------------------------------------------------------------|--------|
| **SIX                MONTHS ENDED JUNE 30, 2005 AND 2004**                     |   |
| **(Unaudited)**                                                                |   |
|                                                                           |   |   |   |   |   |
|                                                                           |   | **2005** |   | **2004** |   |
| **OPERATING                ACTIVITIES**                                        |   |   |   |   |   |   |   |
|                  Net loss                                                 |   | $ | (154,240 | ) | $ | (706,780 | ) |
|                  Adjustments to reconcile net loss to net cash            |   |   |   |   |   |   |   |
|                  provided by/used in operating activities:                |   |   |   |   |   |   |   |
|                  Amortization and accretion on securities                 |   |   | 5,819 |   |   | 1,224 |   |
|                  Depreciation                                             |   |   | 89,125 |   |   | 29,859 |   |
|                  Provision for loan losses, net                           |   |   | 188,670 |   |   | 285,000 |   |
|                  Increase in interest receivable                          |   |   | (117,806 | ) |   | (106,561 | ) |
|                  Increase in interest payable                             |   |   | 71,628 |   |   | 16,917 |   |
|                  Increase (decrease) in accounts payable and accruals     |   |   | 24,939 |   |   | (30,528 | ) |
|                  (Increase) decrease in other assets                      |   |   | (42,946 | ) |   | 11,522 |   |
|   Net                cash (used in) provided by operating activities |   |   | 65,189 |   |   | (499,347 | ) |
|                                                                           |   |   |   |   |   |   |   |
| **INVESTING                ACTIVITIES**                                        |   |   |   |   |   |   |   |
|                  Purchases of securities available-for-sale               |   |   | (5,375,792 | ) |   | (3,612,786 | ) |
|                  Payments received on securities                          |   |   | 1,210,337 |   |   | 77,740 |   |
|                  Net increase in loans                                    |   |   | (14,525,760 | ) |   | (19,127,851 | ) |
|                  Purchases of premises and equipment                      |   |   | (692,090 | ) |   | (654,811 | ) |
|                  Purchase of Federal Home Loan Bank of Atlanta Stock      |   |   | (76,500 | ) |   | - |   |
|   Net                cash used in investing activities               |   |   | (19,459,805 | ) |   | (23,317,708 | ) |
|                                                                           |   |   |   |   |   |   |   |
| **FINANCING                ACTIVITIES**                                        |   |   |   |   |   |   |   |
|                  Net increase in deposits                                 |   |   | 18,303,334 |   |   | 18,591,239 |   |
|                  Proceeds from FHLB advances                              |   |   | 1,300,000 |   |   | - |   |
|                  Proceeds from sale of common stock                       |   |   | - |   |   | 1,200,900 |   |
|   Net                cash provided by financing activities           |   |   | 19,603,334 |   |   | 19,792,139 |   |
| Net                increase (decrease) in cash and cash equivalents            |   |   | 208,718 |   |   | (4,024,916 | ) |
| Cash                and cash equivalents at beginning of period                |   |   | 4,408,655 |   |   | 6,864,347 |   |
| Cash                and cash equivalents at end of period                      |   | $ | 4,617,373 |   | $ | 2,839,431 |   |
|                                                                           |   |   |   |   |   |   |   |
| **SUPPLEMENTAL                DISCLOSURE OF CASH FLOW INFORMATION**            |   |   |   |
|                  Cash paid for:                                           |   |   |   |   |   |   |   |
|                  Interest                                                 |   | $ | 726,352 |   | $ | 53,327 |   |
|                                                                           |   |   |   |   |   |   |   |
|                                                                           |   |   |   |   |   |   |   |
|                                                                           |   |   |   |   |   |   |   |
|                                                                           |   |   |   |   |   |   |   |
|                                                                           |   |   |   |   |   |   |   |
| **See                Notes to Consolidated Financial Statements.**             |   |   |   |   |   |   |   |

----

**FREEDOM              BANCSHARES, INC.**

**AND              SUBSIDIARY**

**Part              I. Financial Information**

**Item              1. Financial Statements**

NOTE

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

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

----

**FREEDOM            BANCSHARES, INC.**

**AND            SUBSIDIARY**

**Part            I. Financial Information**

**Item            1. Financial Statements**

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

*Basis      of Accounting. *

*Cash      and Cash Equivalents. *

*Property      and Equipment. *

*Income      Taxes. *

----

**FREEDOM            BANCSHARES, INC.**

**AND            SUBSIDIARY**

**Part            I. Financial Information**

**Item            1. Financial Statements**

*Stock-Based      Compensation. *

|                                                             |   | **Three                  Months Ended June 30,** |    |
|------------------------------------------------------------------|--------|--------------------------------------------------|---------|
|                                                             |   | **2005**                                         |    |  **2004** |   |
|                                                             |   |                                             |    |    |   |
| Net                  loss, as reported                           |   | $                                                | (57,352 | ) | $ | (393,095 | ) |
| Deduct:                  Total stock-based employee compensation |   |                                             |    |   |   |   |   |
| expense                  determined under fair value based       |   |                                             |    |   |   |   |   |
| method                  for all awards                           |   |                                             | (1,072  | ) |   | - |   |
| Pro                  forma net loss                              |   | $                                                | (58,424 | ) | $ | (393,095 | ) |
| Losses                  per share:                               |   |                                             |    |   |   |   |   |
| Basic                  - as reported                             |   | $                                                | (0.06   | ) | $ | (0.42 | ) |
| Basic                  - pro forma                               |   | $                                                | (0.06   | ) | $ | (0.42 | ) |
| Diluted                  - as reported                           |   | $                                                | (0.06   | ) | $ | (0.42 | ) |
| Diluted                  - pro forma                             |   | $                                                | (0.06   | ) | $ | (0.42 | ) |

|                                                             |   | **Six                  Months Ended June 30,** |     |
|------------------------------------------------------------------|--------|------------------------------------------------|----------|
|                                                             |   | **2005**                                       |     |  **2004** |   |
|                                                             |   |                                           |     |    |   |
|                                                             |   |                                           |     |    |   |
| Net                  loss, as reported                           |   | $                                              | (154,240 | ) | $ | (706,780 | ) |
| Deduct:                  Total stock-based employee compensation |   |                                           |     |   |   |   |   |
| expense                  determined under fair value based       |   |                                           |     |   |   |   |   |
| method                  for all awards                           |   |                                           | (121,018 | ) |   | - |   |
| Pro                  forma net loss                              |   | $                                              | (275,258 | ) | $ | (706,780 | ) |
| Losses                  per share:                               |   |                                           |     |   |   |   |   |
| Basic                  - as reported                             |   | $                                              | (0.16    | ) | $ | (0.76 | ) |
| Basic                  - pro forma                               |   | $                                              | (0.29    | ) | $ | (0.76 | ) |
| Diluted                  - as reported                           |   | $                                              | (0.15    | ) | $ | (0.76 | ) |
| Diluted                  - pro forma                             |   | $                                              | (0.27    | ) | $ | (0.76 | ) |

*Statement        of Cash Flows. *

----

**FREEDOM            BANCSHARES, INC.**

**AND            SUBSIDIARY**

**Part            I. Financial Information**

**Item            1. Financial Statements**

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

| NOTE                5. | LOSSES                PER SHARE |
|------------------------|---------------------------------|

----

**FREEDOM            BANCSHARES, INC.**

**AND            SUBSIDIARY**

**Part            I. Financial Information**

**Item            2. Management’s Discussion and            Analysis**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Critical      Accounting Policies**

----

**FREEDOM            BANCSHARES, INC.**

**AND            SUBSIDIARY**

**Part            I. Financial Information**

**Item            2. Management’s Discussion and Analysis**

*Allowance      for Loan Losses*

*Deferred      Income Taxes*

**Overview**

----

**FREEDOM            BANCSHARES, INC.**

**AND            SUBSIDIARY**

**Part            I. Financial Information**

**Item            2. Management’s Discussion and Analysis**

**Financial      Condition**

**Composition        of Loan Portfolio**

**June        30, 2005**

| Category                                   |  Amount                                                          | Percent                  ofTotal |
|--------------------------------------------|-----------------------------------------------------------------------|----------------------------------|
|                                       |                                                                  |                             |
| Construction                  loans        | $         15,685,303     | 31.77%                           |
| Other                  real estate loans   | 29,017,575                                                            | 58.77%                           |
| Commercial                  loans          | 3,102,206                                                             | 6.28%                            |
| Other                  loans               | 1,569,798                                                             | 3.18%                            |
|                                       | 49,374,882                                                            | 100%                             |
|                                       |                                                                  |                             |
| Allowance                  for loan losses | (703,670)                                                             |                             |
|                                       | **$        ** 48,671,212 |                             |
|                                       |                                                                  |                             |

----

**FREEDOM            BANCSHARES, INC.**

**AND            SUBSIDIARY**

**Part            I. Financial Information**

**Item            2. Management’s Discussion and Analysis**

**Results      of Operations for the Six Months Ended June 30, 2005 and      2004**

|  | a. | Interest                  income, which represents interest received on interest earning                  assets, was                  $1,887,948 for the six-month period ended June 30, 2005 and $407,263                  for                  the six-month period ended June 30, 2004. The cost of funds, which                  represents interest paid on deposits and borrowings, was $797,980                  for the                  six-month period ended June 30, 2005 and $70,244 for the six-month                  period                  ended June 30, 2004. |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                       |   |  (Dollars                in                thousands)     |   |
|--------------------------------------------|--------|------------------------------------------------------------------------------------|--------|
|  Description                          |   | Avg                Assets/Liabilities                                              |   | InterestIncome/Expense |   | Yield/Cost |   |
| Federal                Funds Sold          |   | $                                                                                  | 2,000  |   | $ | 31 |   |   | 3.10 | % |
| Securities                                 |   |                                                                               | 12,034 |   |   | 243 |   |   | 4.04 | % |
| Loans                                      |   |                                                                               | 42,089 |   |   | 1,614 |   |   | 7.67 | % |
| Total                                      |   | $                                                                                  | 56,123 |   | $ | 1,888 |   |   | 6.73 | % |
| Transactional                Accounts      |   | $                                                                                  | 1,731  |   | $ | 10 |   |   | 1.16 | % |
| Savings                                    |   |                                                                               | 6,928  |   |   | 68 |   |   | 1.96 | % |
| CDs                                        |   |                                                                               | 37,411 |   |   | 647 |   |   | 3.46 | % |
| Other                Borrowings            |   |                                                                               | 4,281  |   |   | 73 |   |   | 3.41 | % |
| Total                                      |   | $                                                                                  | 50,351 |   | $ | 798 |   |   | 3.17 | % |
| Net                interest income         |   |                                                                               |   |   | $ | 1,090 |   |   |   |   |
| Net                yield on earning assets |   |                                                                               |   |   |   |   |   |   | 3.88 | % |
|                                            |   |                                                                               |   |   |   |   |   |   |   |   |

|                                       |   |  (Dollars                in                thousands)     |   |
|--------------------------------------------|--------|------------------------------------------------------------------------------------|--------|
|  Description                          |   | Avg                Assets/Liabilities                                              |   | InterestIncome/Expense |   | Yield/Cost |   |
| Federal                Funds Sold          |   | $                                                                                  | 4,184  |   | $ | 23 |   |   | 1.10 | % |
| Securities                                 |   |                                                                               | 1,883  |   |   | 26 |   |   | 2.76 | % |
| Loans                                      |   |                                                                               | 12,845 |   |   | 358 |   |   | 5.57 | % |
| Total                                      |   | $                                                                                  | 18,912 |   | $ | 407 |   |   | 4.30 | % |
| Transactional                Accounts      |   | $                                                                                  | 1,525  |   | $ | 2 |   |   | .26 | % |
| Savings                                    |   |                                                                               | 3,050  |   |   | 18 |   |   | 1.18 | % |
| CDs                                        |   |                                                                               | 5,305  |   |   | 50 |   |   | 1.89 | % |
| Other                Borrowings            |   |                                                                               | 18     |   |   | - |   |   | 2.66 | % |
| Total                                      |   | $                                                                                  | 9,898  |   | $ | 70 |   |   | 1.41 | % |
| Net                interest income         |   |                                                                               |        |   | $ | 337 |   |   |   |   |
| Net                yield on earning assets |   |                                                                               |   |   |   |   |   |   | 3.56 | % |
|                                       |   |                                                                               |   |   |   |   |   |   |   |   |

----

**FREEDOM            BANCSHARES, INC.**

**AND            SUBSIDIARY**

**Part            I. Financial Information**

**Item            2. Management’s Discussion and Analysis**

|  | b. | For                  the six-month period ended June 30, 2005, non-interest income amounted                  to                  $44,938, or .07% of average assets. For the six-month period ended                  June                  30, 2004, non-interest income amounted to $4,685, or .02% 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 six-month period ended June 30, 2005, the provision for loan                  losses                  was $194,000. We had net charge-offs of $5,000 for the period ended                  June                  30, 2005. During the six-month period ended June 30, 2004, the                  provision                  for loan losses was $285,000. The allowance for loan losses as                  a                  percentage of gross loans was at 1.43% on June 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 June 30, 2005 and      2004**

|  | d. | Interest                  income, which represents interest received on interest earning                  assets, was                  $1,095,385 for the three-month period ended June 30, 2005 and $317,320                  for                  the three-month period ended June 30, 2004. The cost of funds,                  which                  represents interest paid on deposits and borrowings, was $475,216                  for the                  three-month period ended June 30, 2005 and $65,026 for the three-month                  period ended June 30, 2004. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                       |   |  (Dollars                in                thousands)     |   |
|--------------------------------------------|--------|------------------------------------------------------------------------------------|--------|
|  Description                          |   | Avg                Assets/Liabilities                                              |   | InterestIncome/Expense |   | Yield/Cost |   |
| Federal                Funds Sold          |   | $                                                                                  | 2,236  |   | $ | 19 |   |   | 3.40 | % |
| Securities                                 |   |                                                                               | 13,522 |   |   | 137 |   |   | 4.05 | % |
| Loans                                      |   |                                                                               | 44,613 |   |   | 939 |   |   | 8.42 | % |
| Total                                      |   | $                                                                                  | 60,371 |   | $ | 1,095 |   |   | 7.26 | % |
| Transactional                Accounts      |   | $                                                                                  | 2,017  |   | $ | 6 |   |   | 1.19 | % |
| Savings                                    |   |                                                                               | 6,263  |   |   | 35 |   |   | 2.24 | % |
| CDs                                        |   |                                                                               | 41,380 |   |   | 393 |   |   | 3.80 | % |
| Other                Borrowings            |   |                                                                               | 4,635  |   |   | 41 |   |   | 3.54 | % |
| Total                                      |   | $                                                                                  | 54,295 |   | $ | 475 |   |   | 3.50 | % |
| Net                interest income         |   |                                                                               |   |   | $ | 620 |   |   |   |   |
| Net                yield on earning assets |   |                                                                               |   |   |   |   |   |   | 4.11 | % |
|                                       |   |                                                                               |   |   |   |   |   |   |   |   |

----

**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          |   | $                                                                                  | 3,434  |   | $ | 9 |   |   | 1.05 | % |
| Securities                                 |   |                                                                               | 2,688  |   |   | 26 |   |   | 3.87 | % |
| Loans                                      |   |                                                                               | 13,081 |   |   | 282 |   |   | 8.62 | % |
| Total                                      |   | $                                                                                  | 19,203 |   | $ | 317 |   |   | 6.60 | % |
| Transactional                Accounts      |   | $                                                                                  | 1,924  |   | $ | 2 |   |   | 0.42 | % |
| Savings                                    |   |                                                                               | 55     |   |   | 16 |   |   | 1.16 | % |
| CDs                                        |   |                                                                               | 4,946  |   |   | 47 |   |   | 3.80 | % |
| Other                Borrowings            |   |                                                                               | 26     |   |   | - |   |   | .74 | % |
| Total                                      |   | $                                                                                  | 6,951  |   | $ | 65 |   |   | 3.74 | % |
| Net                interest income         |   |                                                                               |   |   | $ | 252 |   |   |   |   |
| Net                yield on earning assets |   |                                                                               |   |   |   |   |   |   | 5.25 | % |
|                                            |   |                                                                               |   |   |   |   |   |   |   |   |

|  | e. | For                  the three-month period ended June 30, 2005, non-interest income                  amounted                  to $21,152, or .13% of average assets. For the three-month period                  ended                  June 30, 2004, non-interest income amounted to $3,822, or .08%                  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 June 30, 2005, the provision for loan                  losses                  was $99,000. We did not have any charge-offs for the three-month                  period                  ended June 30, 2005. During the three-month period ended June 30,                  2004,                  the provision for loan losses was $185,000. The allowance for loan                  losses                  as a percentage of gross loans was at 1.43% on June 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. |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Liquidity**

----

**FREEDOM            BANCSHARES, INC.**

**AND            SUBSIDIARY**

**Part            I. Financial Information**

**Item            2. Management’s Discussion and Analysis**

**Off-Balance      Sheet Arrangements**

**Capital      Resources**

----

**FREEDOM            BANCSHARES, INC.**

**AND            SUBSIDIARY**

**Part            I. Financial Information**

**Item            2. Management’s Discussion and Analysis**

|                                      | Freedom                BankJune                30, 2005 | Freedom                Bancshares, Inc.June                30, 2005 | Minimum                RegulatoryRequirement |
|-------------------------------------------|---------------------------------------------------------|---------------------------------------------------------------------|----------------------------------------------|
| Leverage                ratio             | 11.56%                                                  | 11.80%                                                              | 4.0%                                         |
| Tier                1 Risk weighted ratio | 12.95%                                                  | 15.20%                                                              | 8.0%                                         |
| Tier                2 Risk weighted ratio | 14.18%                                                  | 14.50%                                                              | 8.0%                                         |

**Regulatory      Matters **

----

**FREEDOM              BANCSHARES, INC.**

**AND              SUBSIDIARY**

**Part              I. Financial Information**

**Item                3. Controls and                Procedures**

----

**FREEDOM                BANCSHARES, INC.**

**AND                SUBSIDIARY**

** Part                  II. Other                  Information**

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

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

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

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

|                                                        | FOR     | AGAINST | WITHHELD |
|-------------------------------------------------------------|---------|---------|----------|
| Richard                    S.                    Adams, Sr. | 492,934 | 0       | 750      |
| William                    Keith Ariail                     | 490,864 | 0       | 3000     |
| Claude                    Philip Brown                      | 492,164 | 0       | 1700     |
| Vincent                    D. Cater                         | 492,934 | 0       | 750      |

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

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

**AND            SUBSIDIARY**

Pursuant

|                             | Freedom                  Bancshares, Inc.              |   |
|----------------------------------|--------------------------------------------------------|--------|
|                             | (Registrant)                                           |   |
|                             |                                                   |   |
| August                  15, 2005 | /s/                  Vincent D. Cater                  |   |
|                             | President                  and Chief Executive Officer |   |
|                             | (Principal                  Executive Officer)         |   |
|                             |                                                   |   |
|                             |                                                   |   |
|                             |                                                   |   |
| August                  15, 2005 | /s/                  Clyde A. McArthur                 |   |
|                             | Chief                  Financial Officer               |   |
|                             | (Principal                  Accounting Officer)        |   |
|                             |                                                   |   |