AN armed robbery at a Lobethal bank in which staff were terrorised and a suspicious package was left is not believed to be the work of the notorious Bicycle Bandit.

A man, armed with knife and possibly a firearm, was waiting outside the ANZ bank on Main St about 9.30am as staff were arriving to open the bank for the day.

He entered the branch and threatened two women and a male staff member, forcing them into a laundry or bathroom area at the back of the building.

He left a suspicious package in the branch and fled with “a large quantity of money” and a staff member’s set of keys, which he used to steal a blue Holden sedan police are now seeking.

Inspector Gus Sickerdick said police were alerted to the robbery about 10am.

“The (robber) did actually initially threaten staff with a knife,” he said.

“There were some other threats that were made to the staff at this stage and they are now forming part of our investigation.”

SA Ambulance officers treated bank staff for shock but no physical injuries were reported.

Insp Sickerdick said the robber had told staff not to contact police for 15 minutes after he fled, or else they would be subject to violence.

“Obviously anybody being threatened with a knife for a prolonged period like this has to pay a toll to them,” he said.

A police robot and bomb squad personnel have investigated and cleared the suspicious package that was left in the branch.

The blue 2009 Holden sedan used by the suspect as a getaway car was later found in Kleinschmidt Rd at Lobethal and towed away to be forensically tested.

The same ANZ branch was robbed by the notorious Bicycle Bandit, or Hills Bandit, in 2004. He has a track record of returning to banks he has previously robbed.

However, Insp Sickerdick said at this stage the latest robbery was not believed to be linked to the veteran bank robber.

“At this stage it does not appear to be the work of the Hills Bandit,” he said.

“The way in which this has occurred and the description does not appear to be that.

“But obviously with what is going on, and being in the Hills, it’s one part of the inquiries which we can’t rule out until we are really sure.”

The suspect was described as being about 165cm tall and had his face partially covered during the robbery.

He was wearing a high-visibility vest.

Police hope CCTV at the branch will help in their investigation.

Insp Sickerdick said the bank staff involved were doing well given the circumstances.

A man who identified himself as the husband of the ANZ branch manager said his wife was OK.

Rosemary Kay, who was caring for about a dozen schoolchildren in vacation care at Lobethal Primary School, was told by her director to lock down the school.

“We’re all locked down in one room ... we feel quite safe,” she said.

The school is about half a kilometre from the main street.

Businesses near the bank, including the pharmacy, are closed.

But Rising Sun Hotel proprietor Tony says it’s business as usual. “I didn’t hear anything, I didn’t see anything until I saw the police shutting down the main road,” he said.

Local Rob Walker said he had been in the main street all morning and was “dumbfounded” he hadn’t seen or heard anything suspicious.

An ANZ spokeswoman said support was being offered to the staff.

“Their welfare is our main priority and we’re offering all the support and counselling needed following what was a very distressing situation,” she said.

“A police investigation into the incident is underway and we are assisting this process.

“ANZ continues to proactively review security arrangements to ensure a high level of staff and customer safety.”

Adelaide Hills bank branches have been the subject of several robberies over the past 11 years, mostly at the hands of the Bicycle Bandit, so named because of his escape on a bicycle in several of the early robberies.

The evasive armed robber stole cash from the ANZ at Lobethal, in July 2004, in one of at least 11 bank robberies since May, 2004, that have been attributed to him.

A $100,000 reward is on offer for information that leading to the arrest on the Bicycle Bandit.

Road closures were in place at Lobethal while police investigated but roads are now being reopened.