Police say 51-year-old Stephen Arthur reportedly entered the Comerica Bank near McDowell Road and approached a teller. He then revealed a handgun and demanded cash from the teller, who complied and handed over an undisclosed amount from the drawer.
According to police, Arthur then fled the bank and was encountered by police down the street near the intersection of Scottsdale and McKellips roads.
Police said that four officers were involved in the shooting and that none were injured during the incident.
A handgun was found near the suspect who was pronounced deceased at the scene, police say. Investigators are reviewing the encounter and working to determine how the shooting unfolded.
Scottsdale Road was closed in both directions between McDowell Road and Palm Lane for several hours as detectives investigated the scene.
There have been 35 shootings involving Valley officers so far in 2018, including one that happened on Sunday morning.