Place bread slices on a baking sheet; coat with cooking spray, and sprinkle evenly with 1 1/2 teaspoons basil. Bake at 350° for 15 minutes or until golden and crispy. Remove bread slices from baking sheet to a wire rack; let cool completely.
Combine olives, remaining basil, vinegar, and garlic in a small bowl; gently stir in cheese and peppers. Let stand 15 minutes.
Spoon 2 tablespoons olive mixture onto each bread slice.