Olean was the home of several corporations. During the late 19th century, Olean had a few mills, a bicycle company, a manufacturer of mechanical pumps, and a glass works, among other factories. St. Bonaventure University was founded just outside town in 1858. Olean was incorporated as a village in 1854, and as a city in 1893. Olean was rivals with the comparably populated, but much newer, city of Salamanca (city), New York at the turn of the 20th century, but the decline of the timber industry in southwestern Cattaraugus County and complications with Salamanca being situated on borrowed Seneca Nation land allowed Olean to continue growing while Salamanca declined.