All the pieces would seem to be in place for an epic gangster drama: director Michael Mann, who has an affinity for complicated criminals; stars Johnny Depp and Christian Bale, who are famous for immersing themselves in their roles; and a thrilling true story of brazen bank robbers on the run.

Trouble is, "Public Enemies" feels rather stagnant.

It looks terrific with its period details and costumes, rich production values and striking high-definition cinematography from frequent Mann collaborator Dante Spinotti. Crisp, blue Midwestern skies pop off the screen and nighttime chases and shootouts have an eerie theatricality about them.

But until the final third, the film maintains a low-key, steady pace when it should be percolating with unbearable suspense. Mann follows the string of bank robberies John Dillinger (Depp) and his crew pulled off between his well-orchestrated escape from an Indiana prison in 1933 and his death at the hands of federal agents on the crowded streets of Chicago 14 months later.

Mann, who co-wrote the script, romanticizes him rather than presenting a complete picture including whatever wildness or darkness might have existed inside him and driven him. Bale also gets this kind of affectionate treatment as Melvin Purvis, the rising FBI agent charged with bringing Dillinger down.

R for gangster violence and some language. 130 min. Two and a half stars out of four.