Spread the peanut butter on 4 slices of bread and the raspberry preserves on the other 4 slices. Add the bananas and a nice pile of chips on top of the peanut butter slices; sandwich with the raspberry preserve slices.
Place the eggs and cereal in separate shallow bowls. Heat a 12-inch nonstick skillet over medium-low heat and melt 2 tablespoons of the butter. Dip a sandwich in the eggs, then the cinnamon cereal, pressing down to make sure the cereal adheres to both sides. Repeat with the other sandwiches.
In batches, fry the sandwiches low and slow until golden brown, 2 to 3 minutes per side, adding more butter to the pan as needed. Cut the sandwiches in half on the diagonal and serve.