Officers were called to the bank at Kortright and Edinburgh roads at 12:30 p.m. on Wednesday.
Police said two men had entered with their faces partially covered and demanded money.
“We know at least one of them did brandish a handgun,” said Const. Mike Gatto. “They made away with an undisclosed quantity of cash.”
Gatto said they were seen leaving the area in a black Toyota Camry and both suspects are described as black with slender builds and wearing dark clothing.
No one was injured, but two people, including a pregnant woman, were sent to hospital for precautionary reasons.
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This is the fifth Scotiabank robbery in the Guelph and Waterloo region in the last month.
“The safety and security of our employees, customers and partners is a top priority for us,” said spokesperson Krista Stewart in a statement. “As a bank we are making significant investments and advancements to our security program to address the ever-changing threats of robbery.”
The most recent happened on Tuesday in Cambridge near Saginaw Parkway and Franklin Boulevard.
Waterloo police also described the two suspects in that incident as black men with slender builds.
“At this point in the investigation it’s too early to say definitely that they are connected, but we will always look at those avenues,” Gatto said.
Police are asking any with information to call the lead investigator at 519-824-1212 ext. 7226.
Anonymous tips can be left with Crime Stoppers at 1-800-222-8477.
Gatto said they are looking for witnesses or dash cam video from drivers who were in the area.
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