Bremer Financial Corp., St. Paul, plans to buy an Amery, Wis., thrift holding company for about $19.8 million of cash.

Stockholders of $99.2 million-asset Northwest Equity Corp. are to get $24 per share from Bremer, a $3.4 billion-asset company. The deal, set to close in the third quarter, is for 1.6 times Northwest's book value.

Northwest is the holding company for Northwest Savings Bank, which has branches in Amery, New Richmond, and Siren, Wis. Bremer owns 86 banks in Minnesota, North Dakota, and Wisconsin. It is owned by the Otto Bremer Foundation and 1,500 Bremer employees.

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