Preheat oven to 400°F. Spray 12 medium muffin cups with baking spray. Set aside. Stir together cereal and milk in large mixing bowl; let stand 5 minutes.
Combine flour, sugar and baking powder in medium bowl; set aside. Add Egg Beaters, melted Fleischmann’s and vanilla to cereal mixture; beat with wire whisk until well blended. Stir in flour mixture and bananas just until combined. Spoon evenly into prepared muffin cups.
Bake 20 minutes, or until wooden pick inserted in centers comes out clean. Serve warm.