Two men wearing ski-masks, both described as black about 6-feet-tall and weighing about 200 pounds, robbed the Georgia Bank and Trust branch at 1530 Walton Way about 9:15 a.m., witnesses said.
Lt. Scott Peebles, of the Richmond County Sheriff's Office, said the getaway vehicle, a green 1990 Chevrolet Caprice, was reported stolen last night from Augusta Mall.
Investigators are asking any businesses or nearby convenience stores that might have seen the car or those driving it to contact authorities.
They also asked merchants to be on the lookout for money that was red-stained after a dye-pack exploded following the robbery. Deputies said they think the explosion of the dye-pack prompted the thieves to get out of the car and flee into the neighborhood near Emmett and Parnell streets.
Police had tracking dogs searching the area this morning. Some of the stolen money was dropped in the neighborhood and police could be seen following the trail with the dogs.
Deputies said there was a lockdown of nearby Tubman Middle School to protect pupils. Paine College was also said to be taking security meaures.