Adjust oven rack to lower-middle position and heat oven to 325 degrees. Cook bacon in large, deep sauté pan skillet until bacon is slightly crisp but not completely. Remove bacon from pan and drain on paper towels. Remove most of bacon grease only leaving about 1 tablespoon. Add onions and peppers to drippings in pan and sauté until tender, about 5 minutes. Add beans and remaining ingredients bring to a simmer. (If skillet is not large enough, add beans and heat to a simmer then transfer to a large bowl and stir in remaining ingredients).

Pour flavored beans into a greased 11-by 7-inch (or similar size) ovenproof pan. Crumble bacon or cut into small pieces and place on top of beans.

Bake until beans are bubbly and sauce is the consistency of pancake syrup, about 1 hour. Let stand to thicken slightly and serve.