TheStreet.com TV Recap: Spain Could Set Sights On U.S. Banks

Now that Canada has infiltrated the U.S. and has started acquiring banks, Spain is not far behind on the same path, Jim Cramer said on TheStreet.com TV's "Wall St. Confidential" Web video Wednesday. TD Bank's(TD Quote) purchase of Commerce Bancorp(CBH Quote) may well be followed by acquisitions of National City(NCC Quote), Huntington Bancshares(HBAN Quote) and Comerica(CMA Quote), he said.

"Spain has historically been an acquirer when they feel their currency is strong or when their market is strong," Cramer said. "We have both going right now. I hear that they are kicking the tires [of] various Southern banks."

Southern banks like Synovus Financial(SNV Quote), which is overvalued, and Whitney(WTNY Quote), which is poorly run, would nevertheless make sense here, he said.

"What I would emphasize to you is that if you can find these banks, and they're all compressed in value because of the yield curve, you may win because of a major turn or because of a Spanish bank," Cramer said.

First Horizon(FNH Quote), a "real problematic" bank with big mortgage exposure, or Capital One(COF Quote) could also be acquired by either a Canadian or Spanish bank, he added.

"This is where all the action is," Cramer said. "These are inexpensive stocks. I am recommending them."