Preheat oven to 300ºF. Coat two 9×5-inch loaf pans with cooking spray.
Cut each cherry in half. Pat cherries completely dry on paper towels. Place cherries, raisins and walnuts in a large bowl. Toss lightly with 1/4 cup of the flour. Set aside.
Beat butter, sugar and vanilla until fluffy in another large bowl. Beat in eggs one at a time.
Gradually beat in remaining flour, mixing until smooth. Gently stir in fruit and nuts. Divide between prepared pans. Pans will be about 1/2 full.
Bake about 1 hour 15 minutes or until pick inserted in center comes out clean. Cool in pans 15 minutes. Turn out and cool completely on a wire rack.
Slice in 1/4-inch slices to serve. Cake slices easier when chilled.
To store: Wrap un-sliced loaf tightly in foil and plastic wrap or bag and refrigerate. Best served within 3 months. Slice thin and serve cold or room temperature.
Food Trivia What is a maraschino cherry? A maraschino cherry is a varietal that originated in Croatia. For centuries the fruit was brined then preserved in the maraschino liquor that was distilled from the cherries and pits. Today, Queen Anne or Ranier are used to make the bright red jarred cherries that are first brined in a salt solution to leach the color, then soaked in a colored sugar syrup – FDA approved red, green or other colors – and usually flavored with a little almond.