Spread peanut butter evenly on one side of each slice of bread. Drizzle honey over peanut butter. Cut each banana in half lengthwise, then crosswise, making 8 pieces total. Arrange two banana pieces on four of the prepared bread slices. Top with remaining bread slices, peanut butter sides down.
In a shallow bowl, combine eggs, milk, and cinnamon. Carefully dip sandwiches into egg mixture, coating both sides.
In a large skillet or on a griddle, melt butter over medium heat. Cook sandwiches in hot butter about 2 minutes on each side or until golden.
Meanwhile, in a small saucepan or the microwave, heat fruit preserves until melted, stirring frequently. To serve, cut warm sandwiches in half crosswise. Drizzle with warm fruit preserves.