After wiping the new bench down with a rag I primed it with Kilz latex primer and then painted it with a can of eggshell enamel that came with our house (I think it's the paint that was used on our living room walls). Here is how it turned out:
I'm going to let it dry another day and then I'll move it into place in the mudroom. It will be a great place to sit and take off or put on shoes. (We keep most of our shoes in the mudroom.)
Total Cost: $0
Hooray for another good scavenged find!