Drain the maraschino cherries, reserving the juice. In a food processor or with a sharp knife, finely chop the cherries. Set aside.

In the bowl of a stand mixer fitted with a paddle attachment, or in a large bowl with a hand-held mixer, beat the butter and sugar at high speed until light and fluffy. This will take about 5 minutes. Scrape down the bowl and add the egg whites one at a time, mixing after each. Add the vanilla and almond extracts and mix until combined.

In a separate bowl, combine the cake flour, baking powder, baking soda and salt. In a smaller bowl, combine the buttermilk and maraschino cherry juice. Add the flour mixture to the mixer in 3 additions, alternating with the buttermilk mixture. Mix after each addition and scrape down the bowl as necessary. Stir in the chopped maraschino cherries.

Divide the batter evenly between the cake pans and bake until a toothpick inserted into the center comes out with a few moist crumbs, about 30-35 minutes. Let cool in the pans 10 minutes, then transfer to a wire rack to cool completely.

Place the butter, sifted powdered sugar, heavy cream, vanilla extract and almond extract in the bowl of a stand mixer fitted with a paddle attachment (alternately you can use a hand-held mixer). Mix on low speed until moistened, then increase speed to high and beat until smooth and fluffy, about 4-5 minutes.

Store cake in an airtight container at room temperature for up to 4 days.