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Preheat oven to 400 degrees F. Slice bread in half lengthwise (though height of bread). Cut two sheets of foil about 24-inch long and place side by side letting one slightly overlap the other on a rimmed cookie sheet. Place bread, cut side up, on baking sheet.
In a mixing bowl, using a fork, stir together butter, olive oil, garlic, salt and pepper. Spoon and spread mixture evenly over entire surface of both bread halves (working to coat the edges too so they don't burn). Wrap foil over bread and crimp edges together and roll ends of foil up. Bake 10 minutes.
Remove from oven, open foil and roll foil inward. Sprinkle bread evenly with cheeses. Return to oven, bake uncovered, 5 - 6 minutes longer (broil during last 1 - 2 minutes for a crisper bread and more golden cheese if desired, no need to move rack upward). Sprinkle tops evenly with parsley. Cut into slices and serve warm.