Cramer said that Wells Fargo (WFC), US Bancorp (USB), Bank of America (BAC) and JP Morgan Chase (JPM) all reported quarterly results that showed they will survive.

Of the four banks, Cramer said he'd be a buyer of only US Bancorp right now. US Bancorp, he said, is the only one that's fallen far enough to make him comfortable.

Cramer said he would be a buyer of the other three only on weakness. He also cautioned that there will likely be other bank failures and negative news continuing to pressure the sector in the days to come.

Cramer said there are three positives taking the bank stocks higher. First is the fact that all four banks reported better-than-expected earnings. Second, Congress has finally begun moving on a housing bill to offer relief to homeowners and banks alike. Lastly, the federal government is considering lifting antitrust rules, making it easier for larger banks to begin buying up the smaller, failing ones.