In a large pot over medium heat, melt the butter. Once melted and hot, add the onion and saute 3-4 minutes or until softened. Add green pepper, jalapenos, and garlic; saute an additional 3-4 minutes.
Add flour, ancho chili powder, cumin, oregano, and salt; stir until flour is absorbed and saute an additional 1 minute. Add in 1 cup chicken broth and whole milk, bring to a simmer.
Stir in tomato paste, beans, chicken, corn, and olives. Add remaining broth, stir, and reduce heat to low. Cover pot and simmer for 45 minutes, stirring occasionally. Remove lid, simmer for an additional 15 minutes.
Notes
Recipe adapted from Simply Scratch by (and submitted by) Beth H.