Preheat oven to 375°. Whisk flour, 1 cup sugar, baking powder, salt and cinnamon; cut in shortening until crumbly. In another bowl, whisk egg and vanilla until blended; add to flour mixture, stirring with a fork until crumbly.
Reserve 2-½ cups crumb mixture for topping. Press remaining mixture onto bottom of a greased 13x9-in. baking pan.
Toss peaches with almond extract. In another bowl, mix cornstarch and remaining sugar; add to peaches and toss to coat. Spread over crust; sprinkle with reserved topping.
Bake until lightly browned and filling is bubbly, 40-45 minutes. Cool completely in pan on a wire rack. Cut into bars.
