Slice bread into 1-inch-thick slices; cut slices into quarters. Whisk together milk, melted butter, sugar, cinnamon, eggs and vanilla in large bowl. Pour into 2-1/2-quart casserole. Add bread and raisins; push down bread to cover with liquid. Refrigerate 1 hour or until bread absorbs liquid.
Heat oven to 350°F.
Bake in 350°F oven 1 hour or until skewer inserted in center comes out somewhat clean. If pudding begins to brown too quickly, cover loosely with aluminum foil. Let stand 30 minutes. Serve warm, at room temperature or cold, with vanilla ice cream.