Preheat the oven to 350°F. Set oven rack to center position.
Grease an 8 1/2 by 4 1/2 inch loaf pan. For easy bread removal, you can also place a “sling” of parchment paper into the pan horizontally with a bit hanging over the edges to help you lift out the loaf. I love this trick!
Mix sugar and butter in a medium mixing bowl until completely blended.
Add banana, milk, vanilla, and eggs. Mix well.
Add dry ingredients, mixing just until moist. Stir in nuts and cranberries.
Spread batter evenly in the loaf pan.

Bake for 1 hour and 10 minutes, or until a toothpick inserted in the center of the bread comes out clean. Remove from pan, cool on rack.