The quiet town of Toronto is home to 212 people.
Shirley Hanson has lived in Toronto for 41 years and runs the Toronto Food Mart.
"(We) had no strangers in the store at that time. Actually, I went into the bank about 3:30 myself," said Hanson.
Fifteen minutes later, the town's only bank - First Bank and Trust - put up a closed sign on its front door.
"It was a given. I know what had happened. It's been robbed," said Hanson.
The FBI says a man armed with a semi-automatic handgun robbed the bank, giving a trash bag to an employee and demanding money from the bank's vault. The man then fled in a red SUV with an undisclosed amount of cash.
"We're a border town. Easy for them to get into Minnesota quick. That's the direction he evidently took."
The robber has been described as a white male with blue eyes, approximately 6'2 and weighs 200-210 pounds. He was wearing a black ski mask and jacket.
Anyone with information regarding the robbery should contact the FBI at 605-334-6881.