Preheat oven to 350°F (175°C) and grease a 9×5-inch loaf pan.
In a small bowl, whisk together 2 1/2 cups flour, baking powder, baking soda, and salt; set aside.
In a large mixing bowl, cream together the softened butter and granulated sugar until light and fluffy.
Add eggs one at a time, mixing well after each addition.
Stir in vanilla extract.
Gradually add the dry flour mixture and alternating with milk, beginning and ending with flour.
Fold in half of the sliced peaches, reserving the rest.
Pour the batter into the prepared pan.
In a separate bowl, mix the remaining flour, brown sugar, cinnamon, nutmeg, and cloves.
Layer the reserved peaches on top of the batter and sprinkle the spiced flour mixture over the peaches.
Bake for 55-65 minutes or until a toothpick inserted into the center comes out clean.
Let cool in the pan for 10 minutes, then remove and cool completely on a wire rack before slicing.