Preheat oven to 350°F (175°C). Grease and flour a 9-inch round cake pan.
Soak dried cherries in boiling water for 10 minutes. Drain and set aside.
In a large bowl, cream together butter and sugar until light and fluffy.
Beat in eggs one at a time, then stir in vanilla extract.
In another bowl, whisk together flour, baking powder, baking soda, and salt.
Gradually add dry ingredients to the butter mixture, alternating with sour cream, beginning and ending with dry ingredients.
Fold in the soaked cherries.
Pour batter into prepared pan and spread evenly.
Bake for 45 minutes, or until a toothpick inserted into the center comes out clean.
Cool in the pan for 10 minutes, then turn out onto a wire rack to cool completely.