It happened outside of the Well Fargo Bank on Banks Drive at approximately 1:10 p.m.
The victim was approaching the bank when a male suspect grabbed a bank bag from him and fled on foot.
Officers were able to locate the suspect, 37-year-old Denis Dion Smith, of Durham. He is now in police custody.
Smith is charged with common law robbery, felony larceny, felony possession of stolen goods, possession of stolen motor vehicle, felony possession of cocaine, misdemeanor possession of paraphernalia, misdemeanor possession of stolen goods, resist, obstruct and delay, driving while license revoked, careless and reckless driving, and misdemeanor hit and run.
Smith is currently being held under $100,000 secured bond.