1. Cook first 3 ingredients in a large skillet over medium heat, stirring constantly, 2 to 3 minutes or until bubbly. Add bananas; cook 2 to 3 minutes or until thoroughly heated. Remove from heat.
2. Whisk together 3/4 cup granulated sugar, next 3 ingredients, and 4 egg yolks in a heavy saucepan. Cook over medium-low heat, whisking constantly, 8 to 10 minutes or until a pudding-like thickness. (Mixture will just begin to bubble and will hold soft peaks when whisk is lifted.) Remove from heat, and stir in vanilla.
3. Divide half of banana mixture, pudding, and wafers among 8 (1-cup) ramekins or ovenproof glass dishes. Layer with remaining banana mixture, pudding, and vanilla wafers.
4. Beat 4 egg whites at high speed with an electric mixer until foamy. Add remaining 1/4 cup granulated sugar, 1 Tbsp. at a time, beating until stiff peaks form and sugar dissolves (2 to 4 minutes). Spread meringue over ramekins. Place ramekins on a baking sheet.
5. Bake at 325° for 15 to 20 minutes or until meringue is golden. Let cool on a wire rack 30 minutes.
For the best flavor, choose firm, ripe bananas with brown speckles.