Palo Alto Networks founder aims to buy Liberty Bank in California

Nir Zuk, founder of Palo Alto Networks, has applied with the Federal Reserve to buy a majority stake in Liberty Bank in Irvine, Calif.

Zuk would become the $442 million-asset bank’s largest shareholder if the purchase is approved, according to published reports. The plan is to buy shares held by private equity firms Stone Point Capital and Reverence Capital Partners.

Pricing hasn’t been disclosed.

Betsy and Daniel Cohen are expected to join the deal as strategic investors.