Palo Alto Networks founder Nir Zuk agreed to buy local California lender Liberty Bank, according to people familiar with the matter. Zuk plans to use Liberty as a launchpad for artificial-intelligence tools aimed at financial services. The billionaire Zuk has sought approval from U.S. regulators to acquire the largest stake in Liberty from private-equity firms Stone Point Capital and Reverence Capital Partners, the people said. Betsy and Daniel Cohen, the mother-and-son fintech entrepreneurs, also plan to invest in the deal, the people said. Based in Irvine, Calif., Liberty has about $440 million in assets and serves individuals and businesses in Southern California and the Bay Area. Its chief executive, Don Griffith, stepped away from a different regional bank in the late 1980s to help private-equity pioneer KKR identify potential deals among the lenders upended by a credit crisis.

Full report : Palo Alto Networks Founder Agrees to Buy California Bank for AI Revamp.