Preheat oven to 350°.
Drain pineapple in a colander over a small saucepan, reserving juice. Cut 6 pineapple slices in half crosswise; reserve remaining pine-apple slices for another use. Coat a 9-inch round cake pan with cooking spray. Coat bottom of pan with 1 tablespoon melted butter; sprinkle with brown sugar. Arrange pine-apple, spoke-like, on top of brown sugar, working from center of pan to edge. Arrange cherries between pineapple slices. Sprinkle evenly with coconut, and set aside.
Bring pineapple juice to a boil; cook 3 minutes or until reduced to 1/3 cup. Remove from heat; let cool.
Combine softened butter and sugar in a large bowl, beating at medium speed of a mixer until well blended. Add egg, beating well.
Combine flour, baking powder, and salt in a small bowl; stir well. Combine banana, milk, and vanilla in another bowl. Add dry ingredients to butter mixture, alternately with banana mixture, beginning and ending with dry ingredients. Pour batter into prepared pan.
Bake at 350° for 35 minutes or until a wooden pick inserted in center comes out clean. Cool in pan 5 minutes on a wire rack. Loosen cake from sides of pan, using a narrow metal spatula. Invert cake onto a serving plate. Poke holes in cake with a wooden pick; slowly drizzle with reduced pineapple juice. Cut into wedges, and serve warm.