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French Toast with Warm Peach Compote

1 lb. fresh or frozen unsweetened sliced peaches
8 1/2-inch-thick slices egg bread
1/2 cup [packed] brown sugar
1/4 cup water
1 tsp cinnamon
1/2 tsp nutmeg
5 large eggs
1/2 cup milk [do not use low-fat or nonfat]
1 tsp vanilla
3 Tbls butter
Maple syrup

Preheat oven to 300. Place baking sheet in oven. Combine peaches, brown sugar, 1/4 cup water, cinnamon and nutmeg in heavy saucepan. Cook compote over medium heat until liquid is reduced to medium-thick syrup, stirring occasionally, about 15 minutes.

Whisk eggs, milk and vanilla in large glass baking dish until well blended. Arrange bread slices in egg mixture. Let stand until mixture is absorbed, turning once, about 5 minutes.

Melt 1/2 the butter in large nonstick skillet over medium-low heat. Add 4 bread slices to skillet. Cook until golden brown, about 5 minutes per side. Transfer to baking sheet in oven. Repeat with remaining butter and bread slices. Serve with peach compote and maple syrup.