The robbery happened just before 5 p.m., police said.
An armed suspect entered the bank and was last seen fleeing on foot after the robbery, police said.
The suspect is described as a heavy-set black man. He is about 5-foot-8 and believed to be in his 30s.
A bank employee was assaulted during the robbery and was taken to a nearby hospital. Police did not identify the employee or offer information about that person's injuries.
Anyone with information about the robbery should contact Raleigh Police Department’s Detective Division at 919-996-3555 or Raleigh Crime Stoppers at 919-834-HELP.
Crime Stoppers pays cash rewards for anonymous tips that help solve cases. The North Carolina Bankers Association is also offering a reward for information in the case.
The same SunTrust branch was robbed in late October 2009 by a masked man who fired gunshots at witnesses after leaving the bank.
Officers do not know if the two robberies are related.
Police are also looking into whether there is a connection between the recent SunTrust robbery and a series of six bank robberies in the Durham area in the past two weeks.
Authorities are searching for Willie Mortez Daniel, 41, of Lake Road in Creedmoor, who is charged with robbery with a dangerous weapon in connection with the robbery of the SunTrust branch at 4235 University Drive in Durham on Thursday.
At lease one other person was arrested as an accomplice in the crime.