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The robbers, numbering about 10, killed the manager of a branch of Wema Bank in the town and another employee of the bank during the robbery.
The deceased, whose identities were yet to be identified, were shot by the robbers for allegedly refusing to cooperate with them.
Residents said the robbers came into the town through the Abuja-Owo area at about 5pm, manned strategic entry and exit points into the town and started firing sporadically into the air.
One of them, who spoke on the condition of anonymity, said when the robbers got to the centre of the town, they robbed three branches of new generation banks.
It was also learnt that some bystanders, who were caught in the middle of the attack, were seriously injured.
Another resident, who did not wish to be named, said the incident took place while about eight policemen were watching helplessly. He added that they could not challenge the robbers.
“The robbers announced their arrival by firing sporadically. Policemen were watching them, but were too scared to challenge the robbers.”
It was gathered that the robbers escaped with undisclosed amount of money stolen from the banks after two hours of operation.
The state police command’s Public Relations Officer, Wole Ogodo, said the details of the incident were still sketchy, adding that police had mobilise its men to deal with the situation.
“The Police PRO said what the have about the incident is still sketchy. We have deployed our men in the area. I will speak with you when I get the details,” Ogodo said.