Preheat oven to 350°F. Grease 2 8-inch cake tins with butter or vegetable shortening and flour, line the bottoms with parchment paper.
Whisk cake flour, baking powder, baking soda, and salt together in a large bowl, set aside.
Drain cherries, reserve the juice, and remove stems from cherries. With a food processor or with a sharp knife chop cherries until fine; set aside.
In the bowl of a stand mixer fitted with a paddle attachment or in a large bowl with a hand mixer, beat butter and sugar on medium high speed until light an fluffy (about 3 minutes.) Then, add eggs in one at a time. Next, add in vanilla and almond extracts and mix on low until combined.
Add five tablespoons of reserved maraschino cherry juice with buttermilk and whisk until fully incorporated.
Spoon in about ¼ of the dry ingredients and pour ¼ of buttermilk mixture into the mixer. Mix until fully incorporated. Repeat by adding the remaining dry ingredients and buttermilk in small additions until all is incorporated, then beat for about one minute.
Pour batter evenly into cake pans and bake about 30-35 minutes or until an inserted toothpick from the center comes out with a few crumbs. Let cakes cool in pans for at least 30 minutes on a wire rack, then remove cakes from pans and finish cooling cakes on a wire rack.