Preheat oven to 375 degrees.  Grease a 8 x 5 inch loaf pan. Combine dry ingredients in a small bowl and set aside.  Mix butter and sugar together until light and fluffy, add eggs, one at a time.  Add almond extract, slowly add the dry mixture.  Fold in the cherries.  Spoon mixture into prepared pan.  Bake for 1 hour, cover lightly with foil if browning too quickly.  Let cool 10 minutes prior to removing from loaf pan.