Cramer's 'Mad Money' Recap: Sept. 3

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"The failure of Integrity Bank over the weekend is not just another bank failure," Jim Cramer told viewers of his "Mad Money" TV show Wednesday.

He said the breakup of Integrity "a monumental shift in strategy" illustrates how the Federal Deposit Insurance Commission (FDIC) will handle bank failures from now on.

Cramer commended the FDIC for adopting a plan which he has been advocating for months, one that splits failed entities into "good" and "bad" parts.

The Integrity deal calls for Regions Financial (RF Quote) to acquire Integrity's "good" parts, mainly $900 million worth of deposits, while the FDIC assumes the "bad" parts, including all of the bank's failed and failing loans.

"This is the plan we've been waiting for," said Cramer, who replayed an appearance on NBC's Today Show back in July where he advocated the plan. He called the FDIC's shift in strategy terrific news for stronger banks which are now poised to pick up great assets from failing entities.

Cramer recommended BB&T (BBT Quote), a strong, yet conservative, Southern bank with a 6.36% yield. He said the bank is ready to reap the rewards of the FDIC's new strategy.

Cramer said BB&T tightened its underwriting policies back in 2005, ahead of the subprime crisis. Only 1.36% of its loans are currently listed as non-performing and the bank has only a .63% charge off rate. The bank is also still growing, with loans up 9% last month.

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