It happened around 11:15 Monday morning at the branch on the 6600 block of Frankford Avenue.
Investigators say the suspect walked inside and displayed a paper bag, claiming to have an explosive and demanding money.
After receiving an undisclosed amount of cash, the suspect fled on foot. The paper bag was left at the scene and no explosive was ever found.
The suspect is described as a black male in his late 30s to early 40s, approximately 6'2" tall, 230-250 pounds, with a dark complexion and a full beard. He was last seen wearing a blue hooded sweatshirt, black vest, and dark-colored winter cap.
Authorities say he is considered armed and dangerous.
Anyone with information is urged to contact the FBI at 215-418-4000 or the Philadelphia Police at 215-686-TIPS (8477), text a tip to PPD TIP (773847) or through PhillyPolice.com. Tips can remain anonymous.