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




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


                                  EXHIBIT INDEX

Number                     Description

99       February 17, 1999 Press Release





                                   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.