TUSCALOOSA, Ala. (WIAT) — UPDATE: The suspect accused of taking 11 people hostage at a Tuscaloosa credit union has been charged with robbery 1. His bond has been set at $60,000 for the charge.

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A hostage situation at a credit union near the University of Alabama is over as of 10:45 a.m. this morning and all the hostages are said to be safe.

The incident began Tuesday morning around 8:30 a.m. before the Alabama Credit Union on Bryant Drive opened. Officials say the suspect at one time had around eight hostages who are employees. The suspect is now in custody and the hostages are reported safe.

Police have identified Cedrick Collins, 18, as the suspect in the case, he has been arrested and charged with Robbery I, according to Shane Dorrill with the University of Alabama.

Collins was previously arrested on charges of Robbery 1st and Rape 1st Degree in January of last year.

According to Tuscaloosa Police Chief Steve Anderson, the suspect was attempting to rob the credit union and was stopped by University of Alabama police, and the suspect subsequently took hostages.

There was a negotiator on the scene, but Anderson says negotiations were stalled when they decided to breach the building, knowing the suspect was away from the hostages. Officers were able to enter the credit union and end the situation around 10:40 a.m.

“We were able to go into the bank after determining that the individual was in a certain part of the bank and take him down without any injuries to the suspect or the hostages that were being held inside … It’s just a great day when we can resolve a situation like this that had the potential to be deadly without any loss of life,” said Tuscaloosa Police Chief Steven Anderson.

Law enforcement from Tuscaloosa, Birmingham, University of Alabama and the FBI all helped to bring the situation to an end without injury.

“I had a chance to see the victims of this bank robbery as they were escorted by the SWAT operators out of the bank and the look of relief but also of the concern of the critical incident that they have just been through. And I’m very proud to be part of the law enforcement community along with my friends from the Tuscaloosa Police Department, UAPD, and the sheriff’s office here in Tuscaloosa,” said FBI Special Agent Roger Stanton.

“The Tuscaloosa Police Department led a multi-agency team in response to a hostage situation at the Alabama Credit Union this morning. Our local law enforcement agencies worked together to resolve this incident with the best possible outcome,” Tuscaloosa mayor Walt Maddox said. “I say it often and I mean it: Our Tuscaloosa team is amazing. Today was an example of their determination, poise and expertise. I couldn’t be more proud.”

ORIGINAL: According to Lieutenant Richardson, there is a hostage situation at the Alabama Credit Union on Bryant Drive. It started at 8:30 a.m. before they opened.

It is reported that one armed suspect is inside. FBI are on the scene and they have a negotiator there assisting.

We have a crew on the scene and will bring you more information as we receive it.

The University of Alabama just tweeted out that “Local law enforcement and UAPD have responded to a robbery/hostage situation at the Alabama Credit Union located at 220 Bryant Dr. Bryant Drive is closed in the area, and we asking everyone to avoid the area.”

Local law enforcement and UAPD have responded to a robbery/hostage situation at the Alabama Credit Union located at 220 Bryant Dr. (1 of 2)— The Univ. of Alabama (@UofAlabama) January 10, 2017

Bryant Drive is closed in the area, and we asking everyone to avoid the area. (2 of 2)— The Univ. of Alabama (@UofAlabama) January 10, 2017

Tuscaloosa Mayor Walt Maddox tweeted out the following: