Palo Alto Networks co-founder Nir Zuk and The Bancorp co-founders Daniel and Betsy Cohen have finalised separate share purchases in DMG Bancshares, the parent of Liberty Bank, alongside other investors from the financial services and technology sectors.
As part of the deal, Daniel Cohen has been appointed chairman of the board at both Liberty Bank and DMG Bancshares.
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“Each new investor brings deep experience building and scaling companies, and a long-term commitment to Liberty Bank and the people it serves,” the California-based lender said.
Liberty Bank will remain a FDIC-insured national bank.
The bank customer accounts, deposits and existing banker relationships will stay unchanged.
The purchases come after an April Wall Street Journal (WSJ) report mentioned a deal struck by Zuk to acquire Liberty Bank, which caters to individuals and businesses. According to the report, Zuk had applied for approval from US regulators to buy the biggest holding in Liberty from private-equity groups Stone Point Capital and Reverence Capital Partners.
People familiar with Zuk’s position cited by WSJ said he had been seeking opportunities in the US banking industry as adoption of AI broadens.
Zuk founded Palo Alto two decades ago and stayed on as chief technology officer until retiring last year, when he also left the board.
He also co-founded eOS, an AI-agentic platform, and incorporated the company’s technology at Esh Bank, an Israeli lender in which he is an investor.
