RELATED SLIDESHOW: Pictures of the bank robbery suspect
The man fled eastbound on Grant Avenue, and police say he dropped the money when a dye pack exploded.
The suspect is described as having a beard with grey hair. He was wearing a black hat with a blue symbol and a black jacket. Investigators say he may also have red dye on his hands and/or clothing.
The FBI says the same man is also believed to be responsible for a second bank robbery at the TD Bank branch located at 2900 Moreland Road in Abington Township, PA.
This robbery occurred at 11:45AM, approximately 45 minutes after the robbery of the TD Bank branch on Grant Avenue.
Police say the suspect is considered armed and dangerous. Anyone with information is asked to call the FBI at 215-418-4000 or the Philadelphia Police Department.
There may be a reward available for information that leads to an arrest and conviction.