Also on Monday, two banks announced plans to fully pay back government bailout loans.
Huntington Bancshares and First Horizon National announced they will repay the U.S. Troubled Asset Relief Program, selling stock and bonds to clear the $1.4 billion and $867 million, respectively, that they owe. HBAN shares fell 16 cents, or about 2 percent, on the news, while FHN climbed 33 cent, or 3 percent.
But it’s HBAN that Cramer recommended buying when the company issues those new shares. FHN has delivered two poor quarters in a row, he said, making it hard to endorse the stock. HBAN, however, is “the best run of the MidWest banks.” He thought a Huntington offering was a must-have deal for investors.
“I’d call the broker and I’d say, ‘Look, I want it. Just give me that whole deal,’” Cramer said. “It’s that good.”
Cramer added that investors might consider First Horizon after its loans were paid off.
“Every dog can have its day,” he said. “Once you pay back TARP you’re in good shape.”
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