Combine banana and milk in medium bowl. Stir in cereal. Let stand 5 minutes or until cereal is softened.
Beat butter and Equal on medium speed of electric mixer until fluffy. Beat in egg and vanilla until well blended. Stir in cereal mixture. Gradually add combined flour, baking powder, baking soda and salt mixing until combined. Stir in raisins.
Spread batter evenly in sprayed 9 x 5-inch loaf pan. Bake in preheated 350F oven 45 to 50 minutes or until wooden pick inserted in center comes out clean. Let cool 10 minutes before removing from pan. Cool completely on wire rack.