In a saucepan, bring to a boil the water, cinnamon sticks, sugar and raisins. Toast the bread slices. Cut cheese into thin slices.
In casserole, layer bread slices, cheese slices and liquid mixture. Top with 1 sliced banana and 1/4 cup nuts. Repeat layers 3 more times. Simmer in 200 degree oven for 5-8 minutes. Serve hot or cold. Makes 10 to 12 servings.