Preheat your oven to 375°F (190°C).

In a large mixing bowl, combine the softened butter, mayonnaise, and shredded Monterey Jack cheese. Mix well until smooth and creamy. Fold in the chopped black and green olives along with sliced green onions.

Slice the French bread in half lengthwise and generously spread the cheese and olive mixture all the way to the edges.

Place the prepared Olive Cheese Bread halves on a baking sheet lined with parchment paper. Bake in the preheated oven for about 25 minutes.

Remove from the oven and let it cool for a few minutes on the wire rack. Cut the bread into manageable pieces and serve warm.