SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date or earliest event reported) February 16, 1999
Northwest Equity Corp.
(Exact name of registrant as specified in its charter)
0-24606 39-1772981
(Commission File Number) IRS Employer Identification No.)
234 Keller Avenue South, Amery, Wisconsin 54001
(Address of Principal Executive Offices) (Zip Code)
Registrants telephone number, including area code (715) 268-7105
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ITEM 5. OTHER EVENTS
On February 16, 1999, the Registrant signed a Definitive Agreement and
Plan of Reorganization that provides for the acquisition of the Registrant, and
its wholly-owned banking subsidiary, by Bremer Financial Corporation ("Bremer").
Under the terms of the Definitive Agreement, Bremer will acquire all of the
outstanding shares of the Registrant through a merger transaction pursuant to
which the Registrant's shareholders will receive cash in exchange for their
shares. For information regarding the terms of the proposed transaction,
reference is made to the press release dated February 17, 1999, which is
attached hereto as Exhibit 99 and incorporated herein by reference. Consummation
of the transaction is subject to regulatory approval, approval of the
Registrant's shareholders and the satisfaction of certain other conditions.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits: Exhibit 99 February 17, 1999 Press Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Northwest Equity Corp.
(Registrant)
By: __/s/ Brian L. Beadle____
Brian L.Beadle, President and Chief Executive Officer
Dated: February 17, 1999
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EXHIBIT INDEX
Number Description
99 February 17, 1999 Press Release
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EXHIBIT 99
NEWS RELEASE
FOR IMMEDIATE RELEASE CONTACT: BRIAN L. BEADLE
FEBRUARY 17, 1999 PRESIDENT/CEO
PHONE: 715 268-7105
BREMER FINANCIAL CORPORATION AND NORTHWEST EQUITY CORP TO AFFILIATE
Amery, WI (February 17, 1999) Northwest Equity Corp. (NASDAQ:nweq)
("Northwest")and Bremer Financial Corporation ("Bremer") announced today that
they have entered into a definitive agreement and plan of merger for Bremer to
acquire Northwest stock in a transaction which would be valued at $24.00 in cash
for each share outstanding. The transaction is expected to be completed by the
third quarter of 1999, pending regulatory approval and approval of Northwest
shareholders.
"We're excited about the opportunity to serve the customers of Northwest
Savings Bank," said Stan K. Dardis, Bremer Financial President and CEO. "The two
organizations fit together naturally since both share a strong history of
serving customers and the communities in which they live."
Northwest's President and Chief Executive Officer Brian Beadle stated,
"The combining of our two institutions will merge similar customer bases and
banking philosophies with the advantage of extending a greater variety of
products, services and banking locations to the Northwest customer base. We
believe the opportunity for enhanced financial services to be provided to our
customers when combined with the financial terms offered to our shareholders
offers a very attractive package."
Bremer Financial Corporation, a privately held regional financial
services company with $3.4 billion in assets, is the holding company for 86
banks in Minnesota, North Dakota and Wisconsin. Bremer is owned by the Otto
Bremer Foundation and Bremer's more than 1500 employees. Bremer is headquartered
in Saint Paul, Minnesota.
Northwest Equity Corporation with $99.2 million in assets is the
holding company for Northwest Savings Bank , which has offices in Amery, New
Richmond, and Siren, Wisconsin.
Forward Looking Statements: When used in this press release, the words,
"expected", "will allow" and other similar expressions are intended to identify
forward-looking statements. Factors which could cause a variance to occur
include, but are not limited to, changes in interest rates, local market
competition, customer loan and deposit preferences, regulation, and other
general economic conditions.
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