Preheat oven to 350°F. Soak dried cherries in very hot water for about 15 minutes and drain thoroughly prior to chopping them. Coarsely chop and set aside.
In bowl of electric mixer, cream butter and sugar until light and fluffy. Beat in eggs until smooth. Beat in sour cream, banana and vanilla until blended. In a separate medium bowl, combine dry ingredients; add to banana mixture beating on low speed until just mixed. Fold in nuts and chopped cherries.
Spread batter into 9 x 5-inch loaf pan that has been coated with nonstick spray, and bake about 1 hour, or until toothpick inserted in center comes out clean.
Cool in pan 10 minutes, then remove from pan and cool completely on wire rack. Store in a sealed plastic bag in fridge or freezer.
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