Preheat oven to 450°F. Place 9- to 10-inch cast-iron skillet or 9-inch-diameter ovenproof skillet (do not use nonstick) on center rack in oven. Heat for 30 minutes.
Whisk first 5 ingredients in large bowl. Whisk egg and next 3 ingredients in medium bowl to blend. Whisk 1/4 cup oil, then milk into egg mixture. Add egg mixture to dry ingredients; stir batter just to blend. Stir in cheese and olives.
Remove skillet from oven. Add remaining 1 tablespoon oil to skillet; swirl to coat bottom and sides. Spoon batter into hot skillet. Place skillet in oven; reduce temperature to 400°F. Bake bread until golden and toothpick inserted into center comes out clean, about 22 minutes. Cool 5 minutes, then invert bread onto rack. Turn bread over. Serve warm or at room temperature.
