According to police, Elgin State Bank at 590 N. McClean Avenue was robbed around 4:45 p.m. Police had two suspects in custody and were searching for a third suspect, who is believed to be armed, officials said.
Residents of the Big Timber and McClean Avenue were being asked to stay indoors and lock their doors and windows.
"There was an eyewitness who provided details of a vehicle of the suspects," said Sargeant Dan O'Shea, Elgin Police. "They fled in a vehicle. Officers spotted the vehicle."
After robbing the back, the three men tried to make their get-away. They did not get far, however, as police surrounded the red four-door get-away car. Authorities took one suspect into custody while the other two tried to run. Police caught one suspect and the other remains on the loose.
Police stopped Metra trains in the early stages of their search. They also activated their reverse 911 system to warn residents to be on the lookout.
"If they hear any suspicious noises, if their dogs start barking, if they see anybody walking, knocking on doors asking for a ride or to use the phone, we would ask that the residents please contact 911," said O'Shea.
Police have had help from dogs as well as a helicopter in their search.
Police said Wednesday night they believe the suspect may be out of the area. However, they are warning residents to remain cautious. They have only a general description of the suspect which they are not releasing.