David Wayne Oliver, 65 was arrested in a nearby Starbucks after the event.

A white-bearded man robbed a bank two days before Christmas, but threw the stolen cash in the air and wished passers-by a merry Christmas, US media reported.

Colorado police confirmed in a statement an "older white male" robbed the Academy Bank in Colorado Springs after threatening workers with an unidentified weapon and leaving with an unknown amount of money around midday Monday.

"He started throwing money out of the bag and then said, 'Merry Christmas!" witness Dion Pascale told local station KKTV 11 News.

A man, identified by police as 65-year-old David Wayne Oliver, was arrested in a nearby Starbucks after the event and without incident, Colorado police department confirmed.

Officers also told local media that there was no indication that Oliver was armed at the time of his arrest.

Passers-by reportedly attempted to return some of the stolen money to the bank, witnesses told local media, but an officer told the Denver Post that thousands of dollars remain missing.