NEWS RELEASE
FOR IMMEDIATE RELEASE CONTACT: BRIAN L. BEADLE
MARCH 1, 2000 PRESIDENT/CEO
PHONE: 715 268-7105
Amery, WI (March 1, 2000) Northwest Equity Corp. (NASDAQ:nweq) the
holding company of Northwest Savings Bank, held a Special Meeting of
Shareholders on Tuesday, February 29, 2000, at 2:00 P.M., at 608 Harriman Ave.
S., Amery, Wisconsin, to consider and vote upon the following matters:
1. To approve and adopt an Agreement and Plan of Merger, dated as of
February 16, 1999, as amended (the "Merger Agreement") among Bremer
Financial Corporation, a Minnesota corporation ("Bremer"), Bremer
Acquisition Corporation, a Wisconsin corporation and the Company for
the merger of the Company with and into Bremer Acquisition Corporation.
2. To adjourn the Special Meeting, to solicit additional votes in favor
of the Merger Agreement in the event that the required vote for
approval and adoption of the Merger Agreement has not been obtained by
the date of the Special Meeting.
3. In their discretion, the proxies are authorized to vote upon such
other business as may properly come before the Special Meeting or any
adjournments or postponements thereof.
The results of the voting were as follows:
Matter 1. Approval of the Merger Agreement
1. The affirmative vote of 50 % of the issued and outstanding shares of
Common Stock is required for the approval of the Merger Agreement. The votes
were as follows:
617,547 or 74.82% of the issued and outstanding shares of Common Stock
voted For;
6,477 or 0.78% voted Against; and
1,200 or 0.14% Abstain
The Merger Agreement was approved by the shareholders of the Company.
The closing of the transaction in accordance with the terms of the agreement is
tentatively scheduled for March 21, 2000.