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Cramer Quick Take: Buy the Regional Banks

Tickers in this article: BAC KEY STI
Check out Jim Cramer's latest trading recommendations on "Action Alerts Plus".

NEW YORK (TheStreet) -- The big banks may not be out of the woods quite yet, Jim Cramer told Debra Borchardt at Monday.

That's why he's investing in the regionals for his charitable trust, Action Alerts PLUS .

Cramer said the big banks have already spent over $100 billion in fines and countless more in lawyers. But many, including Bank of America , still have plenty of lawsuits pending.

That means it will likely be one step forward and another one back, said Cramer. So he prefers regionals including SunTrust and KeyCorp , as these banks have lagged the group but are now poised to prosper.

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-- Written by Scott Rutt in Washington.

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