Life Bancorp completed its acquisition of Seaboard Bancorp and the subsequent merger of Seaboard's operations into Life Savings Bank.

Terms of the acquisition call for each Seaboard shareholder to receive $1.65 a share in cash. The total cash consideration payable to Seaboard's shareholders will equal about $8.2 million.

Life Bancorp is the holding company for Life Savings Bank. Seaboard, based in Virginia Beach, Va., is the holding company for Seaboard Savings Bank. At Dec. 31, Life Bancorp's assets totaled $1.1 billion, and Seaboard's assets totaled $81.8 million.

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