Authorities say 38 year-old Kevin Barr entered the Key Bank branch on Kennedy Memorial Drive at 10:49 this morning.
They say he was armed with a handgun.
Officials say he fled the scene on a bicycle with an undetermined amount of money, but was soon located near a home on Lincoln Street.
Waterville Police Chief Joe Massey credits a GPS tracker system with helping them find the suspect.
He said, "The money that he was given included a GPS tracker, and that allowed the Waterville Regional Communication Center Dispatchers to start tracking him in real time."
Several police units helped create a perimeter around Barr before he surrendered. He's currently facing a robbery charge.