I opened one of my community cookbooks ("Recipes: Old and New, Tried and True 4th Edition"...North Lamar Young Homemakers of Texas, Area V Powderly, Texas) and found the instructions to the Eagle Brand caramel pie...

Take the can of milk and remove label. Place Unopened can in saucepan and cover with water. Place lid on saucepan; boil over low heat for 3 hours. Remove can and Let Cool Completely Before Opening. (Note: Milk can be boiled the day before and placed in the refrigerator overnight to save time. You will need to place the milk into a bowl and stir to spreading consistency.)

Place layer of bananas in bottom of crust; spread with a layer of caramelized milk and then a layer of whipped cream, Dream Whip or Cool Whip. Repeat with a second layer of each.

Garnish top with banana slices. Refrigerate a couple of hours before serving.