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1. Combine eggs, cream, and vanilla in large, shallow bowl. Combine granulated sugar and cinnamon in medium bowl. Dip bread slices in egg mixture, then sprinkle slices on both sides with 1 tablespoon of the cinnamon-sugar (reserve remaining cinnamon-sugar).
2. Melt 1 tablespoon of the butter with 2 teaspoons of the oil in large nonstick skillet. Add bread in batches and cook until golden brown, 1-1/2 minutes per side, using additional 2 teaspoons oil as necessary. Transfer to plates and keep warm.
3. Add remaining 3 tablespoons butter to skillet. Toss bananas with remaining cinnamon-sugar. Add bananas to skillet and cook, stirring, over high heat until they begin to caramelize, 2 minutes. Add water and cook until mixture is slightly thickened. Pour over French toast and sift confectioners sugar on top. Makes 6 servings.