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Beat shortening and butter at medium speed with an electric mixer about 2 minutes or until creamy.
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Gradually add sugar, beating 5-7 minutes.
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Add eggs, one at a time, beating just until yellow disappears.
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Combine banana, milk, and vanilla.
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Combine flour, baking powder, and salt; add to shortening mixture alternately with banana mixture, beginning and ending with flour mixture.
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Beat at low speed just until blended after each addition.
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Pour batter into a greased and floured 10-inch tube pan.
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Bake at 350 degrees for 1 hour and 20 minutes or until cake tests done.
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Cool cake in pan on a wire rack 10 to 15 minutes; remove from pan, and let cool completely on wire rack.