UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                              ---------------------

                                  FORM 10-KSB405/A

                     ANNUAL REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                    For the fiscal year ended March 31, 1999

                         Commission file number 0-24606

                             NORTHWEST EQUITY CORP.
        (Exact name of small business issuer as specified in its charter)

         Wisconsin                                             39-1772981
(State or other jurisdiction of                             (I.R.S. Employer
 incorporation or organization)                             Identification No.)



 234 Keller Avenue South
 Amery, Wisconsin                                                54001
(Address of principal executive offices)                       (Zip code)

                                 (715) 268-7105
              (Registrant's telephone number, including area code)

         Check whether the issuer (1) has filed all reports required to be filed
by  Section  13 or 15(d) of the  Exchange  Act during the past 12 months (or for
such shorter  period that the Registrant was required to file such report(s) and
(2) has been subject to such filing requirements for the past 90 days.

                              (1) Yes __x__ No_____
                              (2) Yes __x__ No_____

         Check if  disclosure  of  delinquent  filers in response to Item 405 of
Regulation  S-B is not  contained  in  this  form,  and no  disclosure  will  be
contained,  to the  best of  Registrant's  knowledge,  in  definitive  proxy  or
information statements incorporated by reference in Part III of this Form
10-KSB405 or any amendment to this Form 10-KSB405. x

         State  issuer's  revenues for its most recent  fiscal year:  $8,517,000
(Total interest and dividend income and total non-interest income).

         As of May 31, 1999, there were issued and outstanding 825,301 shares of
Common Stock of the Registrant.  The aggregate  market value of the voting stock
held by non-affiliates  of the Registrant,  computed by reference to the average
of the bid and asked  price of such shares of Common  Stock as of May 31,  1999,
was $19 million. Solely for purposes of this calculation, all executive officers
and directors of the Registrant  are considered to be affiliates;  also included
as "affiliate  shares" are certain shares held by various employee benefit plans
in which the trustee are  directors of the  Registrant or are required to vote a
portion  of  unallocated  shares  at the  direction  of  executive  officers  or
directors of the Registrant.  The exclusion from such amount of the market value
of the  shares  owned by any  person  shall not be deemed  an  admission  by the
Registrant that such person is an affiliate of the Registrant.

                           DOCUMENTS INCORPORATED BY REFERENCE

Parts II and IV of Form 10-KSB405: Portions of the Annual Report to Shareholders
for the fiscal year ended  March 31, 1999 are  incorporated  by  reference  into
Parts II and IV hereof.

Part III of Form 10-KSB405: Portions of the Proxy  Statement for the 1999 Annual
Meeting of  Shareholders are incorporated by reference into Part III hereof.



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                                            PART IV

ITEM 13.          EXHIBITS AND REPORTS ON FORM 8-K.


(a)  Exhibits Required by Item 601:                                  Page Number


     2.1  Plan of Conversion of Northwest Savings Bank (as amended)(1)
     3.1  Articles of Incorporation of Registrant (1)
     3.2  By-Laws of Registrant (1)
     3.3  Stock Articles of Incorporation of Northwest Savings Bank (1)
     3.4  By-Laws of Northwest Savings Bank (1)
     4.1  Specimen Stock Certificate of Registrant (1)
     4.2  Specimen Stock Certificate of Northwest Savings Bank (1)
    10.1  Northwest Savings Bank Money Purchase Pension Plan (1)
    10.2  Northwest Savings Bank Employee Stock Ownership Plan (1)
    10.3  Credit Agreement by and between Northwest Savings Bank
          Employee Stock Ownership Trust and Registrant (1)
    10.4  Northwest Savings Bank Incentive Plan (as amended)(1)
    10.5  1994 Northwest Equity Corp. Stock Option Plan (1)
    10.6  Northwest Equity Corp. Incentive Plan (2)
    10.7  Northwest Equity Corp. 1995 Stock Option Plan (2)
    10.8  Employment Agreement - Mr. Brian L. Beadle (1)
    10.9  Employment Agreement - Mr. James L. Moore  (1)
    11.1  Statement Regarding Computation of Per Share Earnings             42
    13.1  1999 Annual Report to Shareholders                                43
    21.1  Subsidiaries of Registrant                                        44
    23.1  Consent of Wipfli Ullrich Bertelson LLP                           45
    99.1  Proxy Statement for 1999 Annual Meeting of Shareholders           46
  ----------------------------


(1) Incorporated by reference to exhibits filed with  Registrant's Form
SB-2 Registrant  Statement declared effective on August 5,1994 (Registration
Number 33-73264).

(2) Incoporated by reference to exhibits filed with  Registrant's  Form
S-8 Registration Statement declared effective on January 23, 1996 (Registration
Number 333-878).

(b) Reports on Form 8-K

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                                   SIGNATURES

         In accordance  with Section 13 or 15(d) of the Securities  Exchange Act
of 1934,  the  Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

                               NORTHWEST EQUITY CORP.

Dated:  June 8, 1999           By___/s/Brian L. Beadle___
                               Brian L. Beadle, President (Principal Executive
                               Officer and Principal Financial and Accounting
                               Officer)

         In accordance with the Securities Exchange Act of 1934, this report has
been signed below by the following  persons on behalf of the  Registrant  and in
the capacities and on the dates indicated.


     Signature                         Title                          Date


 __/s/Brian L. Beadle___    President(Principal Executive Officer  June 8, 1999
      Brian L. Beadle       and Principal Financial Accounting
                            Officer) and Director


__/s/Gerald J. Ahlin___               Director                     June 8, 1999
     Gerald J. Ahlin


 __/s/Vern E. Albrecht__              Director                     June 8, 1999
      Vern E. Albrecht


 __/s/Michael D. Jensen__             Director                     June 8, 1999
      Michael D. Jensen


__/s/Donald M. Michels__              Director                     June 8, 1999
     Donald M. Michels


__/s/Norman M. Osero__                Director                     June 8, 1999
     Norman M. Osero




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