Adjust oven rack to middle position and heat oven to 350 degrees. Grease 9-inch loaf pan. Combine flour, sugar, Grape-Nuts, baking powder, and salt in large bowl. Whisk banana, milk, oil, and egg in medium bowl until smooth. Stir wet ingredients into flour mixture until combined.
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Scrape batter into prepared pan. Bake until golden brown and toothpick inserted into center comes out clean, 45-55 mins. Cool bread in pan for 15 mins, then turn out onto wire rack. Serve warm or at room temperature. (Bread can be stored in airtight container at room temperature for 3 days.)
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