The Bank of America branch at 5700 Creedmoor Road was robbed around 10:15 a.m.
According to Raleigh police dispatchers, the suspect is armed with a pistol. He was last seen running from the bank into a nearby residential subdivision.
The male suspect was carrying a green backpack.
Just after the robbery, police had set up a perimeter from Creedmoor to Millbrook Roads, east of the bank.
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