Directions

1. In a saucepan, combine the first four ingredients. Cook and stir over medium heat until butter is melted. Remove from the heat; cool to 110 degrees F to 115 degrees F.
2. In a mixing bowl, dissolve yeast in warm water. Add the cooled butter mixture, eggs, extracts, nuts and cherries; mix well. Add enough flour to form a soft dough. Turn onto a floured surface; knead until smooth and elastic, about 6-8 minutes. Place in a greased bowl, turning once to grease top. Cover and let rise in a warm place until doubled, about 1 hour.
3. Punch dough down; divide into thirds. Shape each portion into an oval loaf; place in three greased and floured 8-in. x 4-in. x 2-in. baking pans. Cover and let rise until doubled, about 45 minutes. Bake at 350 degrees F for 60-65 minutes or until golden brown. Cover loosely with foil if top browns too quickly. Remove from pan to wire racks to cool.
4. Combine icing ingredients; drizzle over cooled loaves.