MALDEN (CBS) – One suspect is dead and two others have been arrested following an armed robbery in Saugus.

The robbery happened at Saugus Bank on Lynn Fells Parkway shortly before 5pm Friday.  A bank official confirms that no one at the bank was hurt. The robbers left with an undisclosed amount of cash.

According to authorities, three known suspects left the bank and went to a parking lot on Broadway in Malden.

Officers from Saugus and Malden Police Departments located the suspects in a nearby parking lot at 500 Broadway in Malden where gunfire was exchanged and one suspect was struck. The suspect was transported to Massachusetts General Hospital where he was later pronounced dead. He has been identified as 35-year-old William Eekasala.

The other two suspects arrested have been identified as identified as 38-year-old Michael Ginnietti of Winthrop and 48-year-old Gabriel Megna.

In Photos: Malden Shootout

There were two reverse 911 calls put out by the city of Malden. The second call told residents to remain vigilant because a fourth suspect was still on the loose as of 10:00pm.

Listen To Malden Reverse 911 Call

There were many tense scenes in Malden as dozens of state and local police officers could be seen canvassing the area.

A silver-colored sedan was seen inside the taped off area of Broadway with its rear window shot out. One witness told WBZ-TV he saw a gun battle with people inside the car shooting at officers and officers opening fire on the car.

bag1 One Dead After Bank Robbery, Shootout In Malden

Bag of money found in Malden after bank robbery. (Photo from Beth Germano)

The witness says he saw at least one person in the car get shot by officers.

Shortly after, Eastern Avenue in Malden was brought to a standstill. Police surrounded a building, unsure if a suspect was inside. They slowly made a move on the building, but it would turn out to be empty.

At the Grenada Highlands apartments where an arrest was made, crucial evidence was processed; gloves a handgun and a bag of money with stacks of hundred dollar bills from the armed robbery in Saugus.

Witnesses saw police tackle one of the suspects.

WBZ-TV’s Christina Hager has neighbors’ reaction

At another apartment complex where SWAT teams were on patrol, a red car was cordoned off believed to be a vehicle the suspect’s carjacked. It was seen speeding down Broadway with police in pursuit.

Hours later another suspect was arrested inside the apartment building, where neighbors say he was trying to hide.

Ginnietti was charged with armed robbery out of Saugus. Megna was charged with armed carjacking, assault with a dangerous weapon and receiving a stolen motor vehicle.

District Attorney Gerry Leone says the investigation is ongoing.

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