Beat butter and cream cheese at medium speed with an electric mixer until creamy. Gradually add sugar, beating until light and fluffy. Add eggs, 1 at a time, beating just until blended after each addition.
Combine flour and next 3 ingredients; gradually add to butter mixture, beating at low speed just until blended. Stir in bananas, pecans, and vanilla. Spoon batter into 2 greased and floured 8- x 4-inch loafpans.
Bake at 350° for 1 hour or until a long wooden pick inserted in center comes out clean and sides pull away from pan, shielding with aluminum foil last 15 minutes to prevent browning, if necessary.
While bread is baking, stir together 1/4 cup butter, 1/4 cup sugar, brown sugar, and milk in a small saucepan over medium-high heat; bring to a boil, stirring constantly. Remove from heat. Stir in coconut; 1 cup chopped, toasted pecans; and 2 teaspoons vanilla extract.
Remove baked bread or muffins from oven, and immediately spread tops with coconut mixture. Broil 5 1/2 inches from heat 2 to 3 minutes or just until topping starts to lightly brown. Cool in pans on wire racks 20 minutes. Remove from pans, and cool 30 minutes on wire racks before slicing.